#SuvenLife – Niche R&D play..very high risk and very high reward…key is right allocation…

Jazz Pharma was quoting around $0.5 in 2009, today its $150 and Mcap of $8.5 Bn on Nasdaq..almost 300x in 11 years. 80% of its total sales ($2.1 Bn) come from single drug Xyrem.

#Suven – Journey of my first 50 bagger…

I bought #Suven first in Apr 2013 around Rs 20…today after almost 7.5 years, its Rs 1000 (Suven pharma 920 adjusted for bonus + Suven Life 80)..CAGR of almost 68% for 7.5 years. I am fortunate to hold it throughout the journey and

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add on multiple occasions on way up. Like to share my experience in this thread for everyone’s benefit..

First time I bought because I like the management focus on R&D. It had chosen the most difficult therapeutic area in pharma which is CNS and it was investing the cash

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flow it used to earn from CRAMS. It also used to write off all the R&D expenses in the P&L instead of capitalizing it in BS. That gave me lot of comfort about management quality.

I kept on adding as funds keep coming. I remember giving a public presentation on Suven in

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Mumbai at one analyst meet in Nov 2017 when it was trading at Rs 160. There was a huge call option embedded at that time in the form of SUVN-502. That would have been the blockbuster molecule if succeeded with market potential of $10 Bn plus..result was due in Dec 2019,

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I loaded around 250-300 knowing the value of CRAMS business itself is more than 300.

SUVN-502 failed in phase-II trials, stock was down 15% from 300 to 250 in a single day, I added heavily. it was largest allocation in my portfolio because I knew the value of CRAMS business

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#IBullreal results have no significance at this point. Key points to understand –

Debt reduction – Ibulllreal will be debt free at the time of merger with 650 cr coming from Mr Gehlot and 580 crs from land sale to Elan group. Embassy will have 3000 crs debt out of which 1500 cr

will be reduced through QIP and rest 1500 crs will come from collections next year. So merged entity will be zero debt company in FY23

Sales potential – Launched + planned projects have 18000 cr sales potential with 3400 crs of near completed inventory. Pending cost is 3900 cr

and sold receivables is 4224 crs. That means 9900 crs of cashflow to come in next few years from these projects. In addition, it is holding land bank of 3353 acres and 350 acres (42.5 Mn) for commercial development with potential annual rental of 4300 crs.

JV/JDA/DM potential – With solid track record and backing of institutional investors, Embassy can acquire multiple large value projects under JV/JDA/DM model which enhance its RoCE. One such project is Embassy Bayview in Juhu with net surplus of 500 crs (quite big)..

#DeepakNitrite valuation is most attractive in the space...

growth will be most explosive in the space...

#chemicals surpassed #FMCG in valuations.. valuation range is 60x - 100x now. Chemicals will have much higher growth rate than FMCG for next 10 yrs

#Lauruslabs new website for CDMO
https://t.co/8GsCECr9Wq

and biologicals
https://t.co/pBr3GKEi9G

Both are multiyear themes...

I'll not leave Riddlersworld. But I'll redefine the notion of riddler. A riddler is a person who doesn't know about specific dates and even about dates in general such as the year things will happen. He only knows, in general, some of the events that will take place,... 1/*

a kind of general history, a plot. In this sense continuing in Riddlersworld goes through an approach of minimums, taking riddlers as what gives an outline of some of the events that could happen at an always unknown date. 2/*

Sure, riddlers intend to convey the idea that they do know the dates, or at least the year, but they don’t know them. 3/*

Take 2020 as an example. At this point of the year you can make so many ad hoc statements as you like, but guys, 2020 clearly meant year 2020. 2020 was the year of the visible "outcomes". 4/*

On November 4, 2019 Mr Pool suggested that outcome of action Plan B is what you have been waiting = price increase. It should have happened in November and December 2020, as Plan B ended on November 7, so the outcome should be those months. 5/*

There is a highly instructive symposium on "Veil of Ignorance" #ProcessTracing in the new @APSAtweets QMMR publication https://t.co/nxqEQ9HaRz There is lots to say ab it. For now, I want to focus on whether (causal) qualitative research has a problem w/ confirmation bias that 1/

needs to be addressed.
In short, Veil of Ignorance process tracing aims to blindfold the data collectors and analysts to the hypotheses to reduce risk of confirmation bias.
Proposal receives a lot of criticism by all respondents, partly for valid reasons, partly not, IMO 2/

If there was no bigger issue with confirmation bias, there would not be much benefit in talking about blinding in qualitative research.
As Beach notes, the intro to the symposium does not present evidence that bias is a problem. This is correct, but there is also no evidence 3/

that confirmation bias is not a problem. It's an absence of evidence situation with regard to comprehensive, direct evidence, i.e. from verification studies of qualitative research (for studies that are built on an epistemology for which the idea of verification makes sense). 4/

However, I'd say there is circumstantial evidence that confirmation bias is a problem.
1) Evidence for confirmation bias in quantitative research: The developments around #OpenScience and transparency in quantitative research in different disciplines present diverse evidence 5/