I'm a 基金 経営者／支配人: Why biotech 投資家 Ailsa Craig thinks 率 削減（する）s will 誘発する a 回復する
- Each month, we're putting a 基金 経営者／支配人 through their paces?
- We want to know where they'd 投資する for the next 10 years and what they'd 避ける
- We also ask about the 未来 of 利益／興味 率s, インフレーション, Tesla, gold and 所有物／資産／財産?
Deciding on where to put your money at the moment isn't 平易な.
The 株式市場 is erratic, 所有物／資産／財産 prices have fallen in many areas?and インフレーション has decimated people's 貯金 for more than two years - albeit finally savers are enjoying real returns.
You might think those in the 投資 管理／経営 産業 have a better understanding of how to 栄える under 現在の circumstances.
Each month, This is Money is putting a 上級の 基金 or 投資 経営者／支配人 to 仕事 with a number of questions that'll 要求する them to go out on a 四肢.
We want to know where they'd 投資する for the next 12 months or even next 10 years and what they would 避ける.?
In the hot seat: Each month, we put a 基金 経営者／支配人 to 仕事 with a number of 堅い questions
We will 質問（する） our willing professional 投資家s on the 未来 of インフレーション, 利益／興味 率s and the 所有物／資産／財産 market.
の中で other things, we will ask them for their 見解（をとる）s on gold, Tesla and bitcoin.
This week, we spoke to?Ailsa Craig, 大臣の地位 経営者／支配人 at International 生物工学 信用 (IBT).
The International 生物工学 信用 投資するs in around 100 引用するd and unquoted companies across the biotech and other 生命科学s 部門s.?
The 信用 現在／一般に 貿易（する）s at a 割引 of more than 11 per cent and 申し込む／申し出s a （株主への）配当 of 4 per cent of の近くにing 逮捕する 資産 value, paid biannually.
1. If you could 投資する in only one company for the next 10 years, what would it be??
Ailsa Craig replies:?Outside of my 職業 as a 基金 経営者／支配人, I never 投資する in 選び出す／独身 companies - I only 投資する in 基金s.?
存在 a 基金 経営者／支配人, I recognise the 危険s of 投資するing in 選び出す／独身 companies and this is 特に true in biotech where a diversified approach helps to 減ずる the volatility inherent in the 部門.?
Given biotech’s volatile nature, we 貿易（する） 活発に, so we would not typically 持つ／拘留する a 在庫／株 for 10 years at a time.
2. Okay, so what about for the next 12 months??
Within the 投資 信用, I would say Cytokinetics. This is a company with a 麻薬 that has proven efficacy for a type of heart 失敗.?
The next step for the company will be 伸び（る）ing 是認 for its 麻薬 from the regulator.?
I don’t think it’ll remain an 独立した・無所属 company for long as it seems likely that a larger 製薬の company will buy it to 拡大する its own 製品 pipeline.?
Even if it is not bought, it remains attractive as it has a de -危険d 資産 with 広大な／多数の／重要な data, 演説（する）／住所ing a 重要な unmet 医療の need.
可能性のある upside: Ailsa Craig doesn't think?Cytokinetics will remain an 独立した・無所属 company for long and that a larger 製薬の 会社／堅い will likely buy it to 拡大する its own pipeline
3. Why has the Biotech 部門 struggled of late??
Biotech goes in and out of favour for 非常に／多数の 推論する／理由s. There was a big 泡 in valuations during the pandemic, and the bursting of that 泡 と一緒に rising 利益／興味 率s has been a 二塁打 whammy for the 部門.?
This is にもかかわらず the strong 根底となるs of the underlying 産業, with a 劇的な 高齢化 全住民 運動ing growing 需要・要求する for 麻薬s and 科学の 革新 continuing to 加速する.
4. So, is the 未来 有望な for biotech??
The depressed valuations in biotech 権利 now are creating some exciting 適切な時期s.?
その結果, we are seeing a wave of 取得／買収s from big 製薬の companies, which recognise they can 選ぶ up high 質, innovative companies at 取引 prices.?
We are 特に excited about the 進歩s in rare 病気s and 麻薬s to 扱う／治療する central nervous system 病気s such as mental health 条件s.?
If 利益／興味 率s begin to 落ちる, this could also be a tailwind for biotech, as the 部門 has 歴史的に been 高度に reliant on 財政／金融ing to develop new 麻薬s.
Biotech: The depressed valuations in biotech 権利 now are creating some exciting 適切な時期s says?Ailsa Craig
3. Which other 部門 should 投資家s be excited about?
I think the UK inve stment 信用 部門 in general is 利益／興味ing at the moment.?
同様に as 公正，普通株主権 and specialist 公正，普通株主権 信用s, the 部門 also 申し込む／申し出s a means for 投資家s to get （危険などに）さらす to 代案／選択肢 資産s, or 投機・賭ける 資産s that are さもなければ hard to 接近.?
投資 信用s are 現在／一般に 貿易（する）ing at wider 割引s than usual and there are several 可能性のある catalysts that could change this, 含むing the FCA’s review into how the costs of owning 投資 信用s are 公表する／暴露するd.?
The 現在の 支配するs make them look more expensive than they 現実に are, so if this is changed, we may see 増加するd 投資 in the 部門.
Ailsa Craig, 大臣の地位 経営者／支配人 at International 生物工学 信用
6. What 部門 would you be 避けるing and why??
US tech. The 部門 has had a fantastic run and it could be hard to repeat that this year.
7. Which country 申し込む／申し出s the best value for 投資家s??
The UK 株式市場 has gone sideways for over a １０年間. I hope that 現在の valuations are attractive and we w ill see a 回復 from here, rather than this 存在 symptomatic of a longer-称する，呼ぶ／期間／用語 問題／発行する with the UK.
8. Should 投資家s 的 growth or value 在庫／株s??
It really depends on what their 危険 appetite is and how long they have until 退職.
説 that, smaller and 中央の-sized company valuations do 一般に look attractive at the moment, as larger companies have been taking the limelight.
9. Tesla ? will it 最終的に be にわか景気 or 破産した／（警察が）手入れする??
Craig says companies like Tesla tend to experience hype from exuberant 投資家 support
Like biotech, these types of companies tend to experience hype from exuberant 投資家 support.?
I like companies that 混乱に陥れる／中断させる the status quo and bring 解答s for the 未来. Tesla is the 開拓する in electric 乗り物s and has taken all competitors by surprise.?
We are in the 早期に innings, and it looks like EVs will 結局 take over.?
However, in specialist 部門s, I would tend to follow the lead of specialist 投資家s who are better placed to take a 見解（をとる） on valuation.
10. Is the 所有物／資産／財産 market as '安全な as houses' or 予定 a 衝突，墜落?
Dull answer but it depends on 場所, 場所, 場所. I’m not a real 広い地所 専門家 but 本人自身で I’m 全体にわたる 消極的な on the 住宅 market.?
However, last time we saw a pullback in London, overseas 投資家s 急襲するd in. if I could afford to buy a 所有物／資産／財産 for my children now, I probably would.
11. Gold - should this form a part of everyone’s 大臣の地位 and why??
Yes, and it’s part of 地雷. I like the diversification. It is a 防御の 持つ／拘留するing in times of volatility and disruption in the market, and a hedge against インフレーション.?
Craig thinks gold is a 防御の 持つ／拘留するing in times of volatility and disruption in the market, and a hedge against インフレーション
12. Will 利益／興味 率s return to 激しく揺する 底（に届く） again??
Our 経済学者s 推定する／予想する 利益／興味 率s to be lowered later this year as インフレーション 長，率いるs 支援する に向かって 的.?
However, because インフレーション 圧力s are likely to 固執する, we don’t 推定する／予想する a return to '激しく揺する 底（に届く）' or 近づく-無 利益／興味 率s.?
This will be 堅い for borrowers but give savers something to 元気づける for.
13. Are obesity 麻薬s the next big thing??
Obesity 麻薬s are 現在／一般に in the スポットライト. The 麻薬s are incredibly 効果的な and this means many 患者s want them, even to the extent that they are 動機づけるd to 支払う／賃金 out of their own pockets for them.?
The 産業 will continue to innovate in this area, bringing 潜在的に better 麻薬s that are cheaper and easier to use.?
This could bring 負かす／撃墜する the overal l costs and その為に, associated 歳入s, but no one can 否定する that obesity 麻薬s will remain a 焦点（を合わせる） for 患者s and companies alike.
Craig 推定する／予想するs the 産業 will continue to develop obesity 麻薬s, bringing 潜在的に better 麻薬s that are cheaper and easier to use
14. How will the US 大統領の 選挙 衝撃 the biotech 部門?
麻薬 pricing is often used as a political football in the run up to the US 大統領の 選挙s which are held every four years.?
However, this time we 想像する the スポットライト 存在 on the general economy and geopolitical 関心s.?
This is 予定 to the fact the 民主党員s’ インフレーション 削減 行為／法令／行動する 許すs the US healthcare payer, Medicare, to 交渉する the price of 確かな popular 麻薬s with 製薬の companies which, in my 見解（をとる）, takes the 問題／発行する off the political （米）棚上げする／（英）提議する for the time 存在.
Since the pandemic, the 部門 has continued to 演説（する）／住所 病気s with an unmet 医療の need and in 2023 we saw 55 new 麻薬 是認s, the highest number since 2018
15. Has the pandemic moved the biotech 部門 今後s or backwards??
The biotech 部門 is 絶えず moving 今後s and adapting to what is thrown at it.?
The pandemic was a 広大な／多数の／重要な example where 革新 and 動機づけ （機の）カム together and our 産業 首尾よく innovated both ワクチンs and 治療s against Covid.?
Since then, the 部門 has continued to 演説（する）／住所 病気s with an unmet 医療の need and in 2023 we saw 55 new 麻薬 是認s, the highest number since 2018.
16. You 相続する £100k tomorrow. What would you do with the money??
I would probably use it to 支払う／賃金 for a deposit on a London 所有物／資産／財産. With prices where they are, I 恐れる my kids will have to live hundreds of miles away and I’ll never see them.
DIY INVESTING PLATFORMS
(v)提携させる(n)支部，加入者 links: If you take out a 製品 This is Money may earn a （売買）手数料，委託（する）／委員会／権限. These 取引，協定s are chosen by our 編集（者）の team, as we think they are 価値（がある） 最高潮の場面ing. This does not 影響する／感情 our 編集（者）の independence.
Compare the best 投資するing account for you
