Tim Beyers

Then suddenly, there's maybe some extra risk here.

When he's talking about that, is he talking about longer approval cycles?

Is he talking about inconsistent approvals?

What's the risk here for companies that we follow?

Let's talk about those.

I would love a couple of examples here.

What we want to understand as investors is, do we need to be more careful about the types of biotech companies we're looking at here?

What we thought would be a reasonable approval cycle is no longer.

What are some examples of what we're seeing in the industry right now?

Last point on this, or last question, I guess I should say, before we move on to our next section here.

But does this make you...

raise the bar for what we would consider a reasonable biotech investment and say, like Rule Breakers, do we need a bit more development, like a biotech company that's more mature before they make it to the scorecard, or does this really not change anything?

Okay.

Tom, any thoughts on this?

Does it make you more or less interested in biotechs to bring to the scorecard?

Still like biotech?

Maybe lengthen your timeline for how long you're going to stay invested in these companies.

Up next, we're going to do some biotech earnings predictions.

Stay tuned.

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