2019 ANGELES INVESTMENT SYMPOSIUM
PRECISION MEDICINE: THE FUTURE OF HEALTH CARE

Thank you for joining the conversation on "Precision Medicine: The Future of Health Care" at the 2019 Angeles Investment Symposium. For anyone who missed it, we hope you will be able to join us next year.

INVESTMENT SYMPOSIUM OVERVIEW

Angeles Symposium on "Precision Medicine: The Future of Health Care" occurred on October 15, 2019 on the UCLA campus in Los Angeles, CA, and was attended by Angeles clients and friends of the firm. We hope to see you again next time and have included a summary of the discussion along with a video for those who weren't able to attend in person.

Angeles' Chief Investment Officer Michael Rosen opened the symposium with a brief presentation about the state of the markets entitled "Food for Bulls: Fear…And Hope!" He highlighted recent data points showing the very low level of investor confidence, a contrary market indicator, which is even lower today than during the Global Financial Crisis of 2008. The low level of confidence has coincided with investors pouring billions of dollars into fixed income, and out of equities, despite fixed income offering near record low yields. The extreme level of risk aversion is also evident in stock and bond yields, as investors are now willing to pay more than 3x the amount in bonds ($60) than stocks ($20) to receive $1 in income, a spread rarely seen in history. Paradoxically, this environment of low investor confidence, risk aversion, and flows out of equities into bonds is occurring during one of the best periods of stock market returns in history, still in a structural bull market. Michael then discussed our enthusiasm for the opportunity set within health care over the next decade, a theme we are expressing through our private capital investments. He discussed the major technological advances of the past decade as it pertains to DNA sequencing, particularly the rapidly declining cost, a trend expected to continue that will drive further innovation for years to come. Lastly, Michael provided data on the large market opportunity for genome medicine, as well as the significant increase in capital and deals in genomics by venture capital funds over the last few years.

Following Michael’s presentation, Derrick Cruz led a panel discussion on Precision Medicine, a transformation in healthcare that utilizes the power of big data to study our genes, environment, and lifestyle, to deliver personalized, precise treatment. Our distinguished panelists, Kelsey Martin MD, PhD, Dean of the David Geffen School of Medicine at UCLA, Johnese Spisso, President of UCLA Health, CEO of UCLA Hospital System, Daniel Geschwind, MD, Senior Associate Dean and Associate Vice Chancellor, Precision Health at UCLA, and Jared Kesselheim, MD, co-founder and Managing Partner of Leerink Transformation Partners, a leading investment firm, provided an overview of the framework and science behind Precision Medicine and discussed why it has emerged as a national priority. The core of the discussion centered around the programmatic priorities at UCLA Institute for Precision Health, the educational focus at David Geffen School of Medicine, and the ways these various programs and research initiatives will change how patient care and the patient experience will evolve with the advent of Precision Medicine. Given data plays an integral part in the acceleration of Precision Medicine, the panel concluded by discussing the concerns or sensitivities that need to be considered with respect to patient data and how the proliferation of data has created a tremendous investment opportunity.

PRESENTATION HIGHLIGHTS - 2:33

FULL PRESENTATION - 1:25:07

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To download a copy of Michael Rosen's presentation, please download PDF.