−8.9%
since Oct 6
Practiced to +1.3% before going real.
Practice chapter: simulated results; no money was invested.
The idea
I believe the economy is shifting from rewarding what we know to rewarding the act of discovery itself, and AI is accelerating how many attempts get made. Rather than bet on which lab or biotech finds the next breakthrough, I own the toolmakers who get paid regardless: instrument giants, simulation and AI-for-science software, the companies that write and read DNA, and lab automation. It's spread across dozens of names with no single-stock concentration, a 9% cash buffer for pullbacks, and I'm holding for years, not quarters.
What it owns
- These companies sell the foundational instruments, consumables and services that labs worldwide depend on for nearly every discovery attempt, collecting revenue across research spending cycles regardless of which experiments succeed. · Thermo Fisher ScientificIt is the largest seller of instruments, consumables and services to discovery labs worldwide, collecting revenue on nearly every research attempt regardless of which experiments succeed., DanaherIt owns a diversified portfolio of life-science and diagnostics businesses that generate revenue as research and drug production scale, and it regularly expands its toolkit through acquisitions., Agilent TechnologiesIt supplies the chromatography, spectroscopy and analytical instruments that chemistry and biology labs run daily, plus the recurring consumables and services those tools require., Waters CorporationIt dominates liquid chromatography and mass spectrometry, the core tools for molecular characterization, with high-margin recurring revenue from its large installed base., BrukerIt sells the advanced scientific instruments, including NMR, mass spectrometry and microscopy systems, that frontier research laboratories require for their most demanding work., Mettler-ToledoIt manufactures the precision balances and measurement equipment that sit in essentially every laboratory and quality-control operation globally, supporting every experiment that begins with exact measurement., RevvityIt sells reagents, instruments and software that labs and diagnostics providers consume continuously, creating a recurring revenue stream tied to ongoing research and testing activity.34%
- These companies provide the computational platforms that let researchers test and design molecules, chips and systems in simulation before building them, displacing some wet-lab trial and error with software-first approaches. · SchrodingerIt sells physics-based simulation software that lets drug hunters test molecules on a computer before synthesizing them, representing computational drug design at its most direct., Cadence Design SystemsIt holds the other half of the chip-design software duopoly and is extending its simulation-first approach into drug discovery and broader systems design., SynopsysIt provides the design software without which modern chip development cannot proceed, holding a dominant position in a duopoly serving the expanding semiconductor design market., CertaraIt provides the biosimulation software that models drug behavior in biological systems, allowing companies and regulators to replace portions of human and animal testing with computation.19%
- These companies provide the tools and platforms for reading, writing and engineering biology at scale, from DNA sequencing and synthesis to cell-level analysis and organism engineering. · IlluminaIt manufactures the sequencing machines that read DNA, the foundational data layer of biological discovery, and collects revenue per run from a large installed base., Twist BioscienceIt writes DNA to order on silicon chips, allowing every attempt at biology engineering to start with low-cost synthetic genes rather than expensive natural extraction., 10x GenomicsIt sells the tools that let researchers analyze biology at single-cell resolution, a capability moving from specialized niche to standard practice across research laboratories., Ginkgo BioworksIt operates a platform for engineering organisms, collecting revenue as companies outsource their biology research and development rather than building internal laboratory capacity, representing outsourced cell programming as a market., Pacific BiosciencesIt reads long stretches of DNA with accuracy that short-read sequencing cannot achieve, positioned to gain share as discovery work increasingly pays for complete genetic information.16%
- These companies make the test, measurement and sensing gear that engineers and scientists use to develop new electronics, quantum systems, materials and physical technologies across industries. · Keysight TechnologiesIt makes the test and measurement equipment that engineers use to develop new electronics, wireless systems and quantum hardware, getting paid on every technology advancement attempt., Teledyne TechnologiesIt manufactures the sensors, cameras and instruments that extend scientific and engineering observation across environments from ocean depths to space, expanding physical-science measurement capability., FortiveIt provides precision instruments and workflow software that industrial and healthcare operations depend on, serving the measurement and connectivity demands of data-driven physical processes.13%
- These companies automate the movement, storage, testing and handling of samples and products, getting paid as discovery and production volumes rise and labs seek to scale without proportional staff growth. · AzentaIt stores, moves and manages the biological samples that discovery work generates, scaling its business as sample volumes and automation adoption increase., TeradyneIt tests semiconductor chips before shipment and sells collaborative robots that automate laboratory and factory work, capturing revenue from both high-volume manufacturing and automation adoption.9%
- Cash9%