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Investment Thesis | Manager Selection
 
Investment Thesis

The healthcare sector has uniquely attractive characteristics for long and short investing:
  • Strong growth prospects –
      •  Extremely positive demographics
      •  Dramatic medical advancements
  • Significant challenges and risk –
      •  Substantial technology risk
      •  Regulatory risk
      •  Political and legal risk
      •  Complex payment structures
      •  Competition for intellectual property
      •  Healthcare cost pressures
  • Technical nature –
      •  Provides the specialist investor a marked advantage over the generalist investor
  • Favorable drug industry characteristics –
      •  High margins
      •  Patent and regulatory barriers
      •  Inelastic demand
  • Environment is one of creative destruction, which creates investment opportunity –
      • Pivotal events
      • Volatile earnings
      • Common overvaluation
      • Environment in flux

 
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