Stephen Otter
speaker
116 appearances
1 recordings
1 series
first heard Jun 2026
last heard 16 Jun
Stephen Otter’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.
Appearances
We now own a royalty over a nasal inhaler, which has the same impact as the EpiPen, but it's much easier to carry, it's much easier to use.
We think it will be an absolute blockbuster.
And if it is, because we get a percentage of revenue, you can see plausible scenarios where we're not making that low to mid-teens return.
You can see plausible scenarios where we're making a 20%, 25%, 30% IRR.
But it does also come with more downside risks.
So I would say one of the key risks in all of the investments we do
is predicting the future, particularly outside of 5, 10, 15 years.
So to give an example, The Weeknd is the number one artist on the planet today, but will he be in 20, 30, 40, 50 years' time?
Nephi, the nasal inhaler that I just mentioned, is unique for treating severe allergic reactions, and it will be for the next five, 10 years.
But will it be in 15 or 20 years?
Natural gas is a key commodity today, but will it be in 10, 20, 30 years?
It's hard to say, right?
And so what we try to do in all of our investments is drag back the cash as quickly as possible through structuring to de-risk ourselves such that in the future, when it's much harder to predict
the use of the product, at that point in time, we've already generated the returns we've made.
So we try and look at everything on an equal basis.
And so notwithstanding the investments are actually quite long dated, the weighted duration of our portfolio is between five to eight years, because that's really the time period we think you have good visibility in terms of ensuring your product still has a selling point in the market.
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