One such effect comes from the drugs themselves – anecdotally they seem to suppress addictive behaviours.
Another is a boon for minimally-invasive skin tightening devices (if you want to read full transcript two-week free trial here).
This interview with the scientists that originally investigated GLP-1 is also interesting to read – especially the point that repulsion to food might reduce these drugs’ long-term use.
High active share – where portfolios differ markedly from the benchmark – does well (+2% pa outperformance) but only if holding periods are over two years.
So having high active share isn’t enough if the fund trades a lot.
Being patient isn’t enough – as those with low active share do worse.
“In 2023, for the first time, investment in solar energy is expected to beat out investment in oil production. It’s a stark difference from what the picture looked like a decade ago, when oil spending outpaced solar spending by nearly six to one.”
Interesting analysis of Tesla’s purported business model compared to other automotive manufacturers – make cars that don’t break vs. the razor/razor blade (i.e. zero margin cars with high margin service and parts) typically adopted by others.
“Tesla does not have an existing fleet and that the auto industry, the reason incumbents succeed and newcomers fail, the biggest reason is that the incumbents have a large fleet, and they’re able to sell new cars at close to 0 margin and then sell spare parts at a very high margin, sort of razors and blades type thing.“
NB to access all the transcripts you can try Stream for free for two weeks.
