The Biggest Bubble in Biotech

We had the largest bubble that we've seen in biotech, although in my 25 years I've lived through four or five of these similar bubbles. $68 billion was raised between IPOs and secondaries that flowed into what's a relatively small sector of 1,400 publicly traded companies globally. The generalists continued to fuel that frenzy for a good 12 months. And then we had the biggest bust we've seen. Between March of 2021 and June of 2022, it was simply the worst bear market we've ever seen in biotech. Socks were down almost 64% in that period of time.