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   

Marcia Page is the Co-Founder and Executive Chair of Värde Partners and Founder and CEO of MPowered Capital. Värde is a thirty-year-old $13 billion leading global alternatives firm specializing in credit. MPowered came out of Marcia’s personal investing and focuses on accelerating equity for best-in-class female and underrepresented talent through capital, commitment, and connections. Marcia is one of the few women to have founded and scaled an alternatives firm over three decades. Our conversation spans Marcia’s extensive career. We discuss her Minnesota roots, early days at Cargill, founding and scaling of Värde, value investing, and transition of leadership at the firm. We then turn to the latest phase in Marcia’s career at Mpowered Capital and her efforts to address the industry’s diversity gap. Learn More Follow Ted on Twitter at @tseides or LinkedIn Subscribe to the mailing list Access Transcript with Premium Membership