Gerard van Hamel Platerink

@AndrewSteinwold So to be clear here R squared is 0.25 which is a weak correlation.

This is so insane it’s hard to believe

@RevShark Agree re $XERS (I own) the chart to me says no need to add here it's ok to wait until it turns back around. My 2c is that it happens when people focus on 2027 numbers and see a 20% grower with margin expansion trading at 2.3x 2027 revs. Maybe not till 3Q26 or even 4Q26.

$XERS problem currently is that the lack of relative strength is feeding on itself. There is no concern about being left out because the stock is languishing. It has nothing to do with fundamentals. It is the psychology of price action.

@PearlF Why tag biotech tickers with a medtech story

A major US medical device maker, Stryker, was hacked & a group in the Middle East said they're behind the cyberattack $XBI $BBC $IBB. Stryker said "the attack caused disruptions & limitations of access to some systems, & that the timeline for a full ​restoration is not yet known." A link to the Reuters story is below

@Chesschick01 @jack Big Math strikes again.

This adds up.

@autosport Whilst we are busy making sports relevant let’s also make football players wear loafers.

After the F1 season opener many drivers voiced their criticism but, at the same time, everyone recognises that road relevance is crucial 🤔 It is a thin tightrope for F1 and the FIA to balance on ⚖️ autosport.com/f1/news/f1s-di…

The $DAWN deal at just 3.7x 2026 revs and 4.0x 2026 GP feels like a steal. Servier can eliminate much of the SG&A so is paying maybe 5x 2026 cashflow for the asset, with the top line growing at 50%. Terrible M&A comp for other biopharma targets under M&A scrutiny eg $XERS and many other $XBI names.

Painful day for $HROW holders. Investor relations 101: Guide conservatively, beat & raise. But also. Zoom out 1, 2, 5 or 10 years and it’s been a pretty fruitful journey. $XBI

$BSX 2016-2025 Income Statement and Cashflow math: docs.google.com/spreadsheets/d…

Medtech is a tough biz. $BSX has generated negative business cashflow the last 10 years, on a cumulative basis. Accounting matters. Cumulative EBITDA, EBIT, Net Income and Operating Cashflow are all positive over the same 10-year period. Superficially impressive. But medtech is capital intensive and requires significant investment (capex, M&A, equity investing) to keep the growth engine going. Perhaps helps to explain the recent decline in the $BSX stock price. (Math in link below)

@BullandBaird ETFs FTW

BTW, the S&P500 is flat on the year (the DJIA is up 2%). There are whole swaths of investors who have no idea any of this happened to individual stocks.

My portfolio is $ARDX $ARQT $HROW $KNSA $MDGL $SNDX $TARS $TVTX $URGN $XERS. Benchmark is the $XBI

Another beat & raise print for $KNSA in 4Q25. Top line growth of ~35% forecast for 2026, 89% gross margins and CF+. A lot to like here. Happy to be long at 3.5x 2026 revs - this has plenty of room to run the next 12+ months IMO. $XBI

@unicornbiotech $HROW is profitable and a durable 40% grower trading at 15x cashflow. Seems inexpensive to me.

@gvanhp What is $HROW thesis?

My healthcare portfolio finished FY25 up 99.3% (gross) vs the $XBI benchmark up 35.4%. In 4Q25 my portfolio was up 32.3% vs 21.7% for the $XBI. Since inception in 9/30/23, my portfolio is up 2.7x (63% CAGR) vs the $XBI up 1.7x (39% CAGR). (The Nasdaq is also up ~1.7x since 9/30/23).

IMO $TARS is a pretty good comp for $ARDX (I am also way long), a durable >30% grower, profitable, and trades at just 2.5x 2026 revs. Gonna keep adding $ARDX here whilst I can. $XBI $TARS

Very solid $TARS numbers & guidance today. Relentless beat & raise story - great execution. Stock up 9% AH - back close to its ATH if it holds. Trades at 3.8x 2026 revs (growing at >50%) with 93% gross margins. Happy to be way long here. $XBI $ARDX

Interesting market reaction to $ARDX results and guidance. Consensus revs, ebitda and eps numbers all up thru 2029. Profitable. >30% grower. Trades at 2.2x 2027 revs, 7.1x 2027 ebitda. Adding more here. $XBI

@BullandBaird Many use cases. I use it to review SEC filings eg review the last two years of Q and K filings and summarize accounting policy changes such as depreciation and bad debt policies. Would have taken hours now takes minutes.

I’m still faced with the issue of having to check it all no matter what. I don’t know how this problem is solved.

Let’s talk about an issue those in the financial services face with respect to using AI in their workflow. Say my task is to analyze a portfolio of equities and then create talking points around it for a client meeting.

@BobEUnlimited @AugurInfinity R squared of this chart?

Seems the smart money is looking abroad this year to help generate returns (many HF included). h/t @augurinfinity

@JeffWeniger Leverage probably also has something to do w it.

As a group, the stocks of Blackstone, KKR, Apollo and Carlyle are down 23% since November 2024. For years, private equity stocks moved arm-in-arm with the S&P 500. Equity is equity. If private equity is struggling, public stocks should pay attention.

@fejau_inc Idk. Daily volume in META is $14BN so the buyback amount is rounding error no?

What happens to market structure when MAG7 buybacks disappear this year? Think diversifying out of megacap tech is important theme to consider this year.