The Nervous System Economy
Jonny Miller@jonnym1ller
−3.2%
since Sep 30
The idea
I believe anxiety and related disorders keep rising, and treating the nervous system grows from niche into a real industry over the next several years. The basket spreads across approved drugs for anxiety and depression, therapy platforms and clinic networks, devices and wearables that track or treat the nervous system, and retreat and recovery spaces, with a small slice in pre-approval psychedelic developers so a win helps without a loss doing real damage. I keep some cash on the side and avoid concentrating in any single name, since this is a multi-year bet on the category itself.
What it owns
- Nerve-stimulation devices and health-tracking wearables treat or monitor the nervous system directly, independent of prescription approvals or clinical visits. · LivaNovaIt makes implanted vagus nerve stimulators approved for treatment-resistant depression and epilepsy, treating the nervous system through approved medical devices placed in clinics., AppleIts Watch is the most widely worn stress and mood tracker globally, with mindfulness and mental health features that deepen each year as health monitoring expands., NeuroneticsIt sells NeuroStar machines that treat depression with magnetic pulses in clinics, a device-based therapy that spreads as more clinics open across the country., GarminIts watches track stress and recovery through health features that stay central to the product, growing wearable sales as people manage their nervous systems through data.25%
- These companies operate the therapy clinics and online platforms where rising demand for mental health care translates directly into patient visits and subscriber growth. · LifeStance HealthIt operates hundreds of in-person and virtual therapy clinics across the US, directly capturing patient demand as the nervous system care economy grows., Teladoc HealthIt owns BetterHelp, one of the largest online therapy platforms, capturing the shift toward screen-based mental health care as demand for treatment grows., Hims & Hers HealthIt prescribes anxiety and depression treatments online at consumer prices, removing friction from starting care and capturing demand as mental health disorders rise.21%
- These operators run the wellness clubs, spas, and retreat centers where people spend time and money specifically to reset their nervous systems. · Life Time GroupIt runs upscale wellness clubs with spas and recovery programming, letting members access nervous system treatments and stress reduction as part of daily membership., OneSpaWorldIt operates spas on cruise ships and resorts worldwide, making it the largest pure operator of recovery and wellness spaces where guests spend on stress relief., Hyatt HotelsIt owns Miraval, the flagship wellness retreat brand, and is expanding wellbeing travel across resorts as people seek destination-based nervous system recovery.21%
- Drugmakers and medical device companies with approved treatments for anxiety and depression earn revenue today from rising disorder prevalence, not from future approvals. · Axsome TherapeuticsIt sells Auvelity, a fast-acting depression pill already approved and on the market, earning revenue directly from rising prescriptions rather than waiting on approvals., Johnson & JohnsonIt sells Spravato, the ketamine-based nasal spray for treatment-resistant depression, the largest approved drug in the nervous system space that grows as disorder prevalence rises., Bristol-Myers SquibbIt maintains one of the largest neuroscience pipelines among major drugmakers, bet on brain and mood drugs moving toward approval as nervous system treatment becomes a real industry.20%
- This is a small position on psilocybin-based therapies moving through late-stage trials, representing the potential next standard of care if regulatory approval succeeds. · Compass PathwaysIt is furthest along in getting psilocybin therapy approved for treatment-resistant depression, a small position on the potential next standard of care if trials succeed.3%
- Cash10%