special situationship

Healthcare sellside equity research analyst seeking buyside role •• Not investment advice

[special situationship @positiveSKU]

@pmje73 Understood, really appreciate the dialogue and insight here

[special situationship @positiveSKU]

@pmje73 Given market structure - passive flows exacerbating momentum (and valuation dislocations) and positioning causing more violent corrections in either direction - the #4 setup in all types of biz value creation seems like the dominant driver of P&L and de/regrossing dynamics today

[special situationship @positiveSKU]

@S_curvecap Always wondered why folks comp to multiples from periods with different interest rate / liquidity / market structure. Relative multiples to peers/index vs. historical is still useful to an extent imo, but also has its issues

[special situationship @positiveSKU]

@Ballinacap Hi Kevin - interested and would be happy to discuss at your convenience. Your DMs are disabled, but can email CV and work samples separately if helpful

[special situationship @positiveSKU]

For any Analysts or PMs heading to MIA the week of March 9th for the healthcare conferences (Barclays, Leerink, UBS Biotech) - would love to catch up if you are looking to fill non-therapeutic analyst seats. >5 years of experience across services, disty, & medtech. DMs are open!

[Paul Enright @pmje73]

Heavily debated, secularly challenged stocks usually do not rip back the other direction unless the cause of the secular fear gets a wooden stake in the heart or it was never a real threat in the first place. The reason you think it will is because you missed it the first time it went up and now you think you have the chance to correct the mistake you made when you missed it. More likely you will make a second mistake than correct the first mistake.

[special situationship @positiveSKU]

@pmje73 @FundamentEdge His little book on behavioral investing is one of the best. Quick but effective read

[Alix Pasquet @alixpasquet]

This is a best practice in every performance field: sports, military, intelligence. The "post mortem", the "AAR: after action review" on winning or losing investments/trades is important. Theres a best practice of it though:

a) always do it with someone else, preferably someone who knows you well and is willing to give you the feedback without destroying your confidence.

b) wait at least a few weeks to a month after the action to review it. You need a bit of psychological distance from the win or the loss.

c) Peter Thiel argues that learning from failure is overhyped, asserting that failure is often "overdetermined" and teaches little because too many factors contribute to it, making lessons unclear. Its a really good point. But you should still do it to understand the determining factors that may have contributed to the outcomes. So that, in the futurer, when a similar investment shows up, if there is a difference in factors between the past investment you learned from and the current potential investment you are looking at, you know that that difference is important to understand.

d). Doing this process is important for intellectual honesty but be careful its doesnt break your spirit. The Judeo/Christian urge to self-flagellation is real so be gentle on yourself. Scars can impact. There's a reason they send 18 year olds to war. They dont have the scars to know they should not charge.

e) its important to do post mortems on the successes and mistakes of others. Some issues here, but good learnings from that.

f) Look at mistakes of omission too.

Happy hunting!

[special situationship @positiveSKU]

@1MainCapital Congrats on the continued success 📈

[special situationship @positiveSKU]

@GrantHesser @alexmeshkin Exciting, congrats!

[special situationship @positiveSKU]

@JaredKubin @X X mirrors the market…finding value requires some digging but filtering signal vs. noise can be massively beneficial

[special situationship @positiveSKU]

@nishantkumar07 @MarcusMilione doing his part by bringing sharpe into the argument

[special situationship @positiveSKU]

@sellsidepleb How Champions Think (by Bob Rotella) and pretty much anything Ryan Holiday puts out

[special situationship @positiveSKU]

@EVG102 @XavierIgnacious Breakfast before 18 at the Straits hits different

[special situationship @positiveSKU]

@TwannsWorld What’s the #1 aspect of the seat you didn’t know you don’t know until sitting in it?

[special situationship @positiveSKU]

💯 qtrs drive inflections in the LT view / terminal value. Table stakes to be Bayesian when quarters are thesis-changing and/or pull forward returns reflecting a de-risking of the LT thesis

[chatSBC @chat_SBC]

still confused at the perception that LT = don’t care about quarters

If anything the quarters are Bayesian updates of the LT view, and prints/rxn to prints are opps to add to overreactions or sell under-reactions.

That’s like saying I am LT about my child = I don’t care if he gets a C on a report card bc I am long term. It’s an excuse and a bad one

[special situationship @positiveSKU]

@S_curvecap @pekwat Fair, also more MM $ chasing the same alpha pools + incremental data sources (i.e. Yipit recently). Ime dislocations have gotten worse as a result, but maybe that’s a degree of theory vs. practice given I’m chasing the seat. Open to learn what I’m missing from practitioners

[special situationship @positiveSKU]

@S_curvecap @pekwat Could argue the alpha pools within healthcare are relatively larger as a result, no?

[special situationship @positiveSKU]

@returnoncap Re-ratings occur on fundamental inflections, not in a vacuum.