- In the last decade, spending on R&D in the U.S. has surged.
- Almost entirely driven by businesses.
- More than offsetting the multi-decade decline of government spending on R&D.
- Source.
Author: Snippet.Finance
The Rise of Chinese Biotech
- China is making immense progress in many fields. Biotechnology is no exception.
- “A 2024 IQVIA report shows that the share of clinical trials launched by Chinese-headquartered biopharmaceutical companies rose from 3 percent in 2013 to 28 percent in 2023, suggesting a growing involvement of Chinese companies in early-phase drug development.“
- More interesting charts on the topic here.
FTC and Pharma Mergers
- In 2023 the FTC substantially changed guidelines for antitrust enforcement.
- This has had far and wide ramifications for the pharmaceutical industry.
Decline of LA Film and TV Production
- Remarkable.
- Source: Hollywood reporter.
Loeb’s Third Point Q3 2024 Letter
- The latest investment letter here.
Greenlight Capital Q3 2024 Letter
- The latest investment letter here.
China and the US
Problem for Media Companies
- If you have ever tried to cancel a subscription you know how hard it can sometimes be.
- After 16,000 public comments, the FTC is acting.
- This could be a problem for media companies.
Sector Returns from here?
- During previous instances of soft landing (if there is one) + rate cuts sector returns looked like this.
- Source: Apollo.
Fund Out(Under)Performance
- “Cross-category summary of the average underperformance rates reported for actively managed funds spanning across regions in the first half of 2024 and longer periods, across local equity, international equity and fixed income categories.“
- Source: S&P Global.
Lean against Concentration
- It has historically paid to deviate from the market as concentration rises.
- Source: Schroders.
Seeing like a CEO
- What really happened at Boeing?
Job Growth Breadth
- Is increasingly narrow.
- Source: KKR.
Bull and Bear Markets
- This chart is a good visual of how long bull markets last compared to bear markets.
News Consumption
- Online is now on par with TV in terms of how people in the UK consume news – a significant milestone.
- Source.
Health Insurance in America
- A remarkable drop in the percentage of uninsured in the US.
- However, 26m people are still uninsured.
- Source.
Y Combinator Startups
- All in on AI.
Myth Busting – Oragnic Food
- Claims debunked in this article include: Organic farms don’t use pesticides, organic food is healthier and better for the environment.
Power Law – UK Edition
- Comprehensive data set on UK startup returns from SyndicateRoom.
- It shows that the returns do indeed follow a power law.
- Full whitepaper here.
