on china and biotech: 1) we regularly see founders and execs in our tech portfolio trade in salary for increased equity. across biotech in the US, we've seen for a decade+, the opposite behavior. convince a salaried person to work 9-9-6, the same hours those at the leading AI labs and those in China are doing... it's near impossible. culturally, biotech in china is faster and cheaper 2) ironically, a decades long trend of conservatism - consensus herding around the same small set of "validated" targets - may well be western biotech's achilles heels. as long as we're all crowding around the same targets (PD1, TL1A, GLP1, etc..) china will inevitably finds ways to develop the same medicine within the same well trodden modality (small molecule or antibody) hitting the same clinical goal post with a fraction of the time and money. the answer here isn't "western biotech is dead", but rather we've lost our way. we used to be inventors and cowboys. manifest destiny, so to speak. until we (the west) regain comfort and confidence again charting the frontiers of biology, chemistry, and science, then we'll be chasing the same commoditized known biology against cheaper and faster competitors this isn't localized to the private sector, but instead a corollary of self inflicted damage by cuts to NIH, attacks on academia, and the thwarting of world class immigrant talent that 20 years ago would have dreamt of being educated and working in the US, and now is often far more welcome in Europe and China. we're seeing it across our friends in academia and across the broader private sector. American exceptionalism is premised on being a global melting pot of the world's .001% smartest and most ambitious people. The moment we lose that we become just another nation state, just another economy 3) this is not the end of western biotech. the two sides can and will continue to learn from each other. increasing numbers of US biotech are ideating in the west, running research in China, and early clinical trials in China and Australia before coming back to America for larger registrational studies. China knows they have to ultimately cater to a western audience (see: BeOne for example). This means using the Chinese market as a stepping stone to a global market financially backstopped by the US and Europe 4) we cant rest on an assumption that China will fast follow and America will have a monopoly on invention. Did we learn nothing from deepseek last year? Have we not looked at the obvious performance, battery, design, and technology advantages of say BYD over Tesla? we have to lean into innovation and invention, knowing that any prior hegemony we may have had is now momentarily a jump ball, up for grabs 5) the fact this is described as a "spicy topic" where folks are wary to confront the issue head on and instead sharing their honest opinions only in hushed corners is itself part of the problem. without having honest, data driven conversations about what's happening the rhetoric turns very quickly to team-cheering dogma which is neither a strategy nor solace for global capital markets. i'm happy to take advantage of these market dislocations as an investor, though as a society we should seek to have open honest candid conversations that right the ship much much sooner than later