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Counting Cards In BioTech, Mike Caldwell, Driehaus

Event Description

Driehaus, Michael Caldwell, February 19, 2020, 12PM, The City Club

Luncheon Sponsored by


Counting Cards in Biotech


Many investors believe early stage biotech companies are a gamble. As a result, most managers avoid the industry entirely or employ a diversified basket approach for exposure, hoping that a few big winners can offset losing positions. We believe a better approach exists to capitalize on the exciting opportunity-set in therapeutics over the next decades. The central pillar of our biotech investment philosophy at Driehaus is the observation that markets systematically misprice the probability of success in development stage biotech companies, and this inefficiency can be repeatably and sustainably exploited. By focusing on the key determinants of a product’s ultimate success (biology and clinical strategy), we believe an opportunity exists to “count cards.”

Join us for a discussion of the framework Mike and his team developed over the last decade for investing in the biotech industry. We’ll also share views on where we believe opportunities and risks lie going forward, as well as the significant impact we believe genomics will have on how healthcare is delivered in the future.

Michael Caldwell is a portfolio manager and a senior analyst on the US Growth Equities Team with a focus on the health care sector.  His in-depth fundamental research, idea generation and buy/sell recommendations are leveraged across all four of the strategies managed by the Driehaus US Growth Equities Team.  Additionally, specific to the Driehaus Life Sciences and Driehaus Event Driven strategies, Mr. Caldwell acts as a portfolio manager and is also responsible for security selection, portfolio construction and risk management.

Mr. Caldwell has been investing in healthcare equities for more than a decade and has analyzed, followed, and interacted with management of most small cap healthcare companies in the Russell 3000. Prior to joining Driehaus in 2007, Mr. Caldwell worked as a graduate research  associate for the Department of Biomedical Engineering at Yale University.
Mr. Caldwell received his B.S. in biomedical engineering from Yale University.

Twitter: @DriehausCapital



Event Type

Career; Featured

Education Topic


Start Time

2/19/2020 12:00 PM

End Time

2/19/2020 1:30 PM





Event Country


Event Region


Location Info

The City Club
850 Euclid Avenue Floor 2
Cleveland, Ohio 44114​


Mike Caldwell

CE Credits


SER Credit




Member Price


Non-Member Price


Candidate Price



All Day Event









2/19/2020 1:30 PM

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Counting Cards In BioTech, Mike Caldwell, Driehaus

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Event Short Info

Counting Cards In BioTech, Mike Caldwell, Driehaus


Content Type: MyCFA Calendar
Created at 11/12/2019 10:09 AM by
Last modified at 12/3/2019 11:53 AM by