Reporting each exited position here helps keep me focused on the fundamentals and eliminate the noise of daily/weekly overall account fluctuations. It also keeps me improving and accountable to my rules. Below are the gains/losses of my closed positions since the beginning of March 2025. 28 holdings rolled into the current period as well as 8% cash.

Last update: March 5, 2025

Intended Long(er) term holds (NOT equally weighted):

  • Company bought by Jazz Pharma this morning. Unexpected surprise.

  • The reason I am selling is I want more commercial names and I do not understand the evolving competitive landscape enough in MS indication. If there is another opportunity later in the year here, I will reconsider after I learn more.

  • I feel an overexposure to biotech. And with the drop in the market due to tarifs, I want to purchase more commercial companies that are strong long-term plays and that were already undervalued.

  • I am in over my head in this company and want more commercial names in my portfolio. It feels to me after the last 3 months that I have been too unselective in what I own in some ways. In that I have allowed some investments because I was diversifying and needed a place to put funds. This was one of those selections. It will likely still do well. It is just not where I want to be, not how I want to invest.

Equally Weighted Trial/Partner/FDA-Decision-Dependent-Trades: - up to 1.6% of portfolio per holding, - begin with 1.16% and add if further derisked, - up to 10% portfolio category weight in total, - must be an unmet need or have previously beaten standard of care, - be potentially best in class, - be for a 1B+ market opportunity, - be considered derisked, - be grossly undervalued, - if alpha has already been realized and r/r changed, sell prior to catalyst date.