Jon Quast

Full disclosure, I have owned Shopify stock in the past.

I don't currently own a position.

I would say that this is more market jitters than the breaking of the investment thesis.

There could be some execution risk here, for sure.

Agentic Commerce is a new animal, and I don't know exactly how it's going to shake out.

It does have some valuation risk as well, in my opinion.

Shopify stock is always kind of pricey.

When you stack the execution risk with the valuation risk, it's not a stock that's high up on my watch list right now.

Yeah.

In one sense, this is why I don't invest typically in biotech companies.

The reward could be astronomical, but the outcomes tend to be binary.

Either you get your drug to market or you don't.

I think there's definitely room in a balanced portfolio for stocks like these.

so long as you have other things that are a little bit more certain.

Maybe you're in the medical field and have a better understanding of what's going on.

Therefore, you can make more educated decisions.

I will say, though, listening to Matt talk, one of the things that I do like, and I think that investors could be encouraged by Moderna, is the fact that it's not just a one-drug pipeline, that the pipeline is so robust.

There is risk that comes with this sector, but the fact that it has a large

potential pool of drugs that could come to market.

I think that is something that investors can stay encouraged with.