In short: The host's holding, offered as his answer to the same bandwidth problem Polomny had just described — rent the expertise rather than build it: "it's a UK listed but they operate out of New York… I think it's 13 PhDs and MDs and they're the guys that have the big brains about biotech but they're business people as well. It's not just run by scientists… honestly their track record has been superb. Almost every week… NAV has just increased another percent because this has been bought out and this has been merged." Polomny's parallel route is an ETF plus 13F-correlation screening; he offers no view on RTW.
Also the host's, not Polomny's. RTW is a London-listed investment company that owns a portfolio of biotech assets, run out of New York by a team the host describes as roughly thirteen PhDs and MDs who are also commercially minded.
The logic is delegation. Polomny had just explained why he avoids single-name biotech: judging whether a drug will work is a full-time speciality, and "you can't kiss all the girls." Buying a listed vehicle staffed by specialists is one answer to that — you are hiring the expertise rather than pretending to have it. The value shows up as net asset value stepping up whenever a holding is acquired or hits a milestone.
Polomny's own answer to the same problem is different and cheaper: buy a biotech ETF for the cycle exposure, then read the regulatory filings of the best biotech funds to see which names they all hold. Two routes to the same admission — that this is a sector where you should rent judgement rather than fake it.
1:02:38And it just goes in the too hard pile. — You could spend a lifetime just studying biotech, couldn't you? It is very complicated. My approach on it has been to buy, like what you're saying, buying into things like [clears throat] again it's a UK listed but they operate out of New York so RTW Pharmaceutical I think it is and those guys are, I think it's 13 PhDs and MDs and they're the guys that have the big
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