Lonza/Catalent: part 1

Related posts [TMO] Thermo Fisher [DHR] Danaher Over the last 4 decades, a growing share of the pharmaceutical market has shifted from small molecules derived through chemical reactions to large molecules extracted from living cells. The latter process is far more difficult. Cell populations are temperamental. They need to be fed with just the right […]

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[DHR] Danaher

Related post (read this first): [TMO] Thermo Fisher The life sciences behemoth we now know as Danaher was birthed in 1980 as Equity Group Holdings, an investment vehicle through which brothers Steven and Mitchell Rales acquired struggling industrial businesses. The earliest acquisitions included Master Shield (vinyl siding and rubber products) and Mohawk Rubber (tires for […]

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yet another Schwab post

(our regularly scheduled life sciences programming resumes in a week or so) Schwab lost a shitload of deposits last quarter. Not as many as the most vociferous bears feared (hoped?) but still, a lot, more than I expected. Across on-balance sheet and BDA balances, it looks like $86bn, or nearly ~18% of the 4q22 deposit […]

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[TMO] Thermo Fisher

Most of the time the subjects of my writing are more similar than they appear. They rhyme with or operate in the same ecosystem as something I’ve looked at in the past, so I can leverage prior knowledge to understand them. But every so often, as in the case of Dow DuPont or Nvidia, I […]

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[APH] Amphenol + quick $APG follow-up

Soon after I published a bullish post on APi Group last week, a few Twitter people hinted that the company might be playing games with their organic growth (as always, thank you for the pushback). I looked into this a bit and noticed the following footnote in an 8-K dated Feb. 15, 2021 announcing preliminary […]

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[APG] APi Group

I was going to combine APG and APH into a single write-up but now I’m breaking them up into two shorter ones…so APG today, APH next week. Every few months on FinTwit there is a new stock or two outside the big tech complex that is heaped with adulation and sucks all the oxygen out […]

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quick follow-up on Charles Schwab

Original post: some thoughts on Charles Schwab, published Mar. 12, 2023: In The Media Very Rarely Lies, Scott Alexander writes: the media rarely lies explicitly and directly. Reporters rarely say specific things they know to be false. When the media misinforms people, it does so by misinterpreting things, excluding context, or signal-boosting some events while […]