“An analysis of biopharma pipelines shows that the average number of assets per target investigated has more than doubled: 3 assets/target in 2000 to 7/target today. The number of assets in clinical development is outpacing the number of biological approaches, particularly in oncology.”
This large (22m records) cross sub-discipline study found that nearly one in ten people (13% for women and 7% for men) have an autoimmune disease – much higher than historic estimates.
this “research also confirmed that some autoimmune diseases tend to cluster together (for example, one person with a first autoimmune disease is more likely to develop a second autoimmune disease than someone without autoimmune disease), however at a much larger scale and for a much larger set of autoimmune diseases than previous studies.“
Useful read for both systematic and fundamental investors.
“Ilmanen et al. (2021) examine the out-of-sample performance of the main factors we focus on—value, momentum, carry, and defensive—using a century of data across multiple markets and asset classes.“
“Exhibit 2 highlights the results from their study, which shows that these factors work uniformly across all markets and asset classes and their performance is stable over the periods before and after the original sample period, with little degradation from the original sample period.“
“Aerospace is one of the deepest branches of humanity’s technological tree. It is a telling fact that more countries have produced a nuclear bomb than mass-produced a jet engine.“
Kotkin is a scholar of Russia and the Soviet Union. Most famous for his three-part (only two are published so far) biography of Stalin.
In this interview, he turns his attention to China.
There are a lot of interesting points made here.
“There are two subjects at Party School that are absolutely dominant in the Chinese case. One is the supposed decline of the United States … But the other big subject — in fact, it’s an even bigger subject for them — is not having a Soviet collapse in China“
Interesting to read this together with Dalio’s latest on the US v. China.
