Tag Archives: Biotech


We are pleased to announce that our weighted average return in December was +2.72%, resulting in total net return of +18.39% in 2017. Since 2015, we have generated a net return of 37.30% with a Sharpe ratio of 1.48.

In terms of investment strategy performance, our weighted average net returns were (a) +4.34% for conservative strategies, (b) +15.34% for balanced strategies, and (c) +28.40% for aggressive strategies.

In our November commentary, we mentioned that many of our favoured sectors had performed poorly. In December, they stormed back with a vengeance. Our largest individual equity holding – Canadian mining company Teck Resources Ltd. – rallied 15%. Our largest equity fund holding – the Polar Biotechnology fund – increased by 4.75%. Both have continued to trade up strongly in the New Year.

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LINK: Tesla Starts Producing Its Model 3
The first Tesla Model 3 rolls off the production line!
It’s finally here! The first Tesla Model 3 rolled of the production line on July 9th, as Elon Musk tweeted a photo of the newly-built vehicle. According to a series of tweets, it was poised to be delivered to Ira Ehrenpreis, the first of four hundred thousand people to put down the $1000 pre-order deposit. As it turns out, Mr. Ehrenpreis was kind enough to let Musk have the first ever production vehicle.
The new Model 3 has a base price of $35’000, making it the most affordable Tesla to date.

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We Have Been Busy

This has been a fairly active month in terms of portfolio changes.

As mentioned previously, we have been busy selling off technology stocks and positioning ourselves in new companies and sectors that we believe will come to warrant the market’s attention.

We have already acknowledged that our sale of tech stocks might have been too early. However, we were heavily overweight the sector. The rise in tech equity prices, coupled with underperformance in other sectors, has resulted in a reevaluation of opportunity cost, and as such, we have acted accordingly.

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The Internet of Things + Healthcare

This business is only going to get bigger and bigger:

LINK: IoT and Healthcare

Think of the simplest analytics that we use on cars, then think of the analytics (of lack thereof) that we currently employ for our own health.

Cars have had speedometers for over a hundred years (LINK: History of the Speedometer, but we are only now popularizing devices that constantly monitor our heart rate. Think of the analytics that are used in the auto industry today, then think about the equivalent for the human body. The possibilities are astounding.

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Biotech Update

Back in March, I mentioned that it was time to look at the Biotechnology sector. As I explained in the post, we choose to invest our core biotech holdings with very capable fund managers rather than a broadly based ETF such as the iShare NASDAQ Biotechnology ETF (IBB US). So far our chosen managers at the Polar Biotechlogy Fund have done a great job in a very challenging sector:

LINK: Contrarian Thoughts – Biotech Edition

polar bio

Looking at the biotech chart we have seen two nice runs coupled with two equally damaging sell-offs:

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Contrarian Thoughts – Biotech Edition

When mutual fund sales people come to visit, they come with a bag full of presentations on their ‘hottest funds’. These include whatever funds have nice charts that go from the bottom left to the upper right, or whatever happens to be the hot topic of the day (unconstrained, short duration bond funds were quite popular over the past 6 months). This makes sense. Their job is to sell their funds, and they focus on whatever funds they think will capture our interest. As such, they are invariably thrown for a loop when I ask them to tell me about their worst fund.

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