Biotech Values

[AlpineBV_Miller]

We expect small-cap bios to trade more with an the macro market in relation to their percevied risk. Lower risk = more with the macro. Alpha will only be found in riskier bets, which sounds good until we remind ourselves alpha is not inherently positive.

Bio investors are increasingly afraid of everything regulatory. The toxic political environment is also adversely affecting bio investing. Nowhere is the conspiracy theory situation more rampant than ascribing every bobble in the regulatory process to some black helicopter (hmmm, red socialist helicopter?) interference from up the administration power chain.