Reade Griffith is the co-founder and Chief Investment Officer of Tetragon and Polygon. Tetragon is a European-listed public holding company with $38 billion in assets, comprised of $3 billion in direct investments on its balance sheet and $35B at TFG Asset Management, a subsidiary that backs external funds in an array of alternative strategies. Polygon is a $1 billion European event-driven hedge fund within Tetragon that Reade co-founded in 2002 and still serves as its portfolio manager. Our conversation covers Reade’s path to investing and experience at hedge funds dating back to the early 1990s. We discuss the founding of Polygon and Tetragon, managing volatility and macro risk, event-driven investing, and TFG Asset Management’s partnerships with managers across sourcing, value add, and alignment. We close by discussing the benefits and drawbacks of being a public company. Access Stream by AlphaSense Free Trial   For full show notes, visit the episode webpage here.  Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership     

On today’s show we’ll discuss another empty room – an opportunity ignored by most investors because they either don’t want to or can’t participate. Andy Acker is a Portfolio Manager at our anchor sponsor, Janus Henderson Investors, where he manages the firm’s healthcare strategies. Janus Henderson is a global asset manager with $300B in assets under management, and Andy oversees the firm’s Global Life Sciences strategy and its Biotechnology strategy. Biotech stocks have been crushed despite significant advances in drug development, making it a proverbial empty room with only specialists and contrarians left standing. Our conversation starts with Andy’s path to becoming a healthcare investor, scientific innovation over his time at Janus Henderson, translation of science into commercial success for businesses, and the 90/90 rule for how stocks behave. We then turn to his investment process across filtering ideas, research, assessment of management teams and commercial success, portfolio construction, trading around names, and private crossover investing. We close with Andy’s perspective on opportunities and risks to the space from here, and green shoots he sees that might fill seats in the empty room. For full show notes, visit the episode webpage here.    Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership