Summary

• For the last two weeks, the headline has been a rotation out of mega-cap tech, while breadth broadens underneath them. The money didn’t leave the market, it split into baskets. And this week, one of those baskets resolved into focus: genomics.
• There is one asset class that is pure leverage to falling long rates: long-duration growth, companies whose value sits far out in the future, discounted back at a rate that is now dropping. It’s genomics: pre-profit, cash-burning, terminal-value-in-2035 biology.
• Of the names breaking to new highs this week, a coherent genomics basket stands out, and it’s broad, not a single flyer.

I don’t have a thesis about genomics. I have a data set, and this week it started pointing at the same place.

The motto here is distrust the story and let the data tell