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Vault Series: Biotech
Counting Cards in Biotech
Distinguished Speaker Series Advisory Group
Many investors believe early stage biotech companies are a gamble. As a result, most managers avoid the industry entirely or employ a diversified basket approach for exposure, hoping that a few big winners can offset losing positions. We believe a better approach exists to capitalize on the exciting opportunity-set in therapeutics over the next decades. The central pillar of our biotech investment philosophy at Driehaus is the observation that markets systematically misprice the probability of success in development stage biotech companies, and this inefficiency can be repeatably and sustainably exploited. By focusing on the key determinants of a product’s ultimate success (biology and clinical strategy), we believe an opportunity exits to “count cards.”
Join us for a discussion of the framework Mike and his team developed over the last decade for investing in the biotech industry. We’ll also share views on where we believe opportunities and risks lie going forward, as well as the significant impact we believe genomics will have on how healthcare is delivered in the future.
Members - $10 or FREE with function ticket
Student Members - $10
Nonmembers - $20
(member pricing underwritten by CFA Society Chicago)
CFA Institute Qualified Activity:
Eligible for 1 credit hour
Refreshments & Light Snacks
3:30 pm - 4:00 pm - Registration
4:00 pm - 5:00 pm - Program
*Please note distribution of presentation slides is at the discretion of the speaker and may not be available for this event
is a portfolio manager and a senior analyst on the US Growth Equities Team with a focus on the health care sector. His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across all four of the strategies managed by the Driehaus US Growth Equities Team. Additionally, specific to the Driehaus Life Sciences and Driehaus Event Driven strategies, Caldwell acts as a portfolio manager and is also responsible for security selection, portfolio construction and risk management.
Caldwell has been investing in healthcare equities for more than a decade and has analyzed, followed, and in-teracted with management of most small cap healthcare companies in the Russell 3000. Prior to joining Driehaus in 2007, Caldwell worked as a graduate research associate for the Department of Biomedical Engineering at Yale University. Caldwell received his B.S. in biomedical engineering from Yale University.
*Special Notes Regarding Fees
Regular, Candidate, and Affiliate Members may apply function tickets as payment for Nonmember or Student Member. Credit card required to guarantee ALL reservations except for reservations using Function Tickets. Day-of-event registrations accepted on-site only if applicable and space available. There is a $5 surcharge for walk-ins. Visa, MasterCard, American Express, Discover and Diners Club are accepted.
Cancellations accepted until 5:00 pm, November 7th.
Members of any CFA society may attend at the CFA Society Chicago member rate. Please call the CFA Society Chicago office at 312-251-1301 to register. If you are only a member of CFA Institute, you do not qualify for the Society member rate.
CFA Institute CE Qualified Activity
This program qualifies for credit under the guidelines for the
CFA Institute Professional Development Program
11/14/2019 3:30 PM - 5:00 PM
The Vault 33 N. LaSalle Street (Lower Level) Chicago, IL 60602 UNITED STATES
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