Market Memo: Talk to me, Goose

Healthcare Turbulence, Organoids, CitriniResearch Finally Seeks Professional Help

We spent the majority of the last two weeks preparing or reacting to macro developments from the administration. Our healthcare basket got an update just a couple of weeks ago, when we were “Insuring Against Insanity” by doubling down on our highest conviction ideas and adding some defensive (our “Wealth Effect/Policy Driven Recession” basket termed the Haves vs. Have Nots) and anti-momentum / negative beta (our Long Smart/Short Silly Insurance L/S basket and Stagflation Long/Short basket) tilts to our portfolio.

Well, insanity is exactly what we got. The volatility in financial markets has been unambiguously historic. The outlook for both the economy and markets is rife with uncertainty that’s been echoed by commentators up and down the hierarchy - from JPM CEO Jamie Dimon to mom-and-pop businesses.

Nonetheless, we recently updated subscribers that we increased our exposure to our Healthcare (life science and medtech) Innovation basket. Our enthusiasm is driven by developments at the macroeconomic, industry and company levels. In fact, while the world has been focused on tariffs, there have been several real and perceived industry-shifting announcements in healthcare.

Let’s dive into some developments that aren’t tariffs (for the first time in two weeks)…