WEBVTT - Investing in the BioRevolution Megatrend

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer from Bloomberg Radio.

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<v Speaker 1>So a name from Milatara audience is Jamie Matzl. He's

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<v Speaker 1>Senior Fellow at the Atlanta Council, former director on the

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<v Speaker 1>U S National Security Council of the State Department, and

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<v Speaker 1>on the Senate Foreign Relations Committee. Founder and chair of

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<v Speaker 1>the global movement One Shared World. He's also a special

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<v Speaker 1>strategist for Wisdom Tree, which leverage data from Jamie and

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<v Speaker 1>its construction of the Wisdom Tree by a Revolution Index

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<v Speaker 1>and the Wisdom Tree by a Revolution Fund. It's an

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<v Speaker 1>a t F targeting companies expected to be impacted by

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<v Speaker 1>advancements in genetics and biotechnology, and that fund about to

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<v Speaker 1>be launched. Jamie joins us with more, along with Jeremy Schwartz,

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<v Speaker 1>whose global head of research over at Wisdom Tree. Both

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<v Speaker 1>are joining us on the phone in New York City. Jamie,

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<v Speaker 1>welcome back, Jeremy. Nice to have you here on Bloomberg

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<v Speaker 1>Business Week. So, um, tell us about how you two

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<v Speaker 1>got together, Jamie, I know this is something that's been

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<v Speaker 1>on your radar for a long time. Yeah, well, thanks

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<v Speaker 1>so much. Carol's thrilled to be back with you and

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<v Speaker 1>you and I for years, and I've been talking about

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<v Speaker 1>these issues. When my book Hacking Darwin Genetic Engineering in

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<v Speaker 1>the Future of Humanity came out, um we talked about it,

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<v Speaker 1>and the big issue is that we are we humanity

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<v Speaker 1>are at the earliest stages of a revolution that is

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<v Speaker 1>already changing the way we do and think about healthcare.

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<v Speaker 1>But this is like the equivalent of the early days

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<v Speaker 1>of industrialization or the early days of the Internet revolution,

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<v Speaker 1>where the incredibly powerful tools of the genetics and biotechnology

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<v Speaker 1>revolutions aren't just going to transform healthcare, but these same

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<v Speaker 1>capabilities will overtime fundamentally transform a lot of other fields,

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<v Speaker 1>including agriculture, material energy, data storage. And so I've always

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<v Speaker 1>thought that this was just an incredible investment opportunity. And

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<v Speaker 1>then last year, um I somebody reached out to me

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<v Speaker 1>and it was Jeremy Schwartz, And Jeremy, you wanted to

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<v Speaker 1>the story from here? Yeah, Jerry, what was it about

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<v Speaker 1>it that was so appealing to you? Guys? Well, you know,

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<v Speaker 1>we've been doing a lot of investment around these big

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<v Speaker 1>trends we're calling mega trends and growth opportunities. And I

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<v Speaker 1>read Jamie's book, Actually one of my friends had highlighted

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<v Speaker 1>as something that he was doing some investing around. I

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<v Speaker 1>read the book and I was like, Wow, these are

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<v Speaker 1>these are really big picture trends that's changing our lives

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<v Speaker 1>UM And then I started thinking about how do we

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<v Speaker 1>identify these companies on an ongoing basis? And I just

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<v Speaker 1>reached out to Jamie and said, let's start the conversation.

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<v Speaker 1>Are you interested in collaborating on something like this. We've

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<v Speaker 1>been working with deep, thoughtful partners in this collab reform.

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<v Speaker 1>You need to really know the space and know the

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<v Speaker 1>cutting edge technologies, and I view Jamie as this biology

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<v Speaker 1>guru who really could help us guide the big picture.

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<v Speaker 1>What are the important technologies, what are the important companies?

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<v Speaker 1>And getting some collaboration from Jamie on identifying these technologies

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<v Speaker 1>and companies has has has been a really great experience here.

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<v Speaker 1>So what's the data specifically behind the index that ultimately

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<v Speaker 1>led to the a t UM Jamie, what was what

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<v Speaker 1>was it the data that was specifically used? Because I

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<v Speaker 1>think you know, when you're talking about things that can

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<v Speaker 1>impact agg materials, data storage, I mean there's a lot

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<v Speaker 1>there to unpack. So there's a lot there. But what

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<v Speaker 1>we were looking at is parts of all of these

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<v Speaker 1>different sectors where these revolutionary tools of the genetics and

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<v Speaker 1>biotech revolutions we're going to empower new business models, new

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<v Speaker 1>ways of doing things. And one great example of this

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<v Speaker 1>that's very intimate for many of us are these m

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<v Speaker 1>RNA vaccines. And so you and I, Carol, have talked

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<v Speaker 1>about this the miracle of these mr and A vaccines.

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<v Speaker 1>They're very different from the polio vaccine, for example, which

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<v Speaker 1>was a dead or attenuated version of the polio virus.

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<v Speaker 1>What the mRNA vaccine is we are basically injecting new

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<v Speaker 1>instructions to ourselves to produce something that otherwise our bodies

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<v Speaker 1>can't produce, which is this this spike protein uh. And

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<v Speaker 1>then we have a natural immunological response, but that ability

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<v Speaker 1>um to kind of manipulate in many ways the code

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<v Speaker 1>of life. It's the mr and A vaccines aren't just

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<v Speaker 1>about vaccines. This technology is a platform for thinking differently

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<v Speaker 1>about how we treat all sorts of diseases going future,

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<v Speaker 1>including lots of cancers and possibly even Alzheimer's. But the

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<v Speaker 1>mr and A technology also has huge implications for how

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<v Speaker 1>we think about growing crops and disrupting the way we

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<v Speaker 1>think about fertilizers. The same is true with with tissue

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<v Speaker 1>engineering and regenerative medicine. There's a transition and translation of

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<v Speaker 1>all these great technologies from healthcare into thinking differently about

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<v Speaker 1>how we cultivate food and precision agriculture, and so that

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<v Speaker 1>we're trying to really capture areas of these technologies where

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<v Speaker 1>the revolutionary tools are leading to new and disruptive business models.

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<v Speaker 1>All right, gentlemen, sit tight for a second. Got to

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<v Speaker 1>do a little bit world of national news here on Bloomberg,

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<v Speaker 1>But we'll come right back and continue the conversation. We're

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<v Speaker 1>gonna get back to Jeremy Schwartz, global head of Research

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<v Speaker 1>over at wisdom Tree, along with Jamie Metzel, Senior Fellow

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<v Speaker 1>at the Atlantic Council, former National Security Council official, on

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<v Speaker 1>the phone in New York City, but talking about this

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<v Speaker 1>new Wisdom Tree by a Revolution Index and ultimately the

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<v Speaker 1>Wisdom Tree Bio Revolution Fund. I want to get back

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<v Speaker 1>to our two guests. It is Jamie Metzel, Senior Fellow

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<v Speaker 1>Atlantic Council, former director on the U S National Council

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<v Speaker 1>at the State Department on the Senate Form Relations Committees,

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<v Speaker 1>also special strategist for Wisdom Tree. He is still with

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<v Speaker 1>us along with Jeremy Schwartz, global head of Research at

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<v Speaker 1>Wisdom Tree, and talking about the launch of their new

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<v Speaker 1>Wisdom Tree by a Revolution Fund UH in e t F,

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<v Speaker 1>which actually launched Thursday. So forgive me because I think

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<v Speaker 1>I miss spoke before. Both of them still with us

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<v Speaker 1>on the phone in New York City. So let me

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<v Speaker 1>ask you, Jeremy, talk to me about the interest in

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<v Speaker 1>the fund so far. You know, it's a these type

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<v Speaker 1>of funds, Uh, They're easy to understand, and then you

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<v Speaker 1>get news stories like the Biogen announcement on the new

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<v Speaker 1>Alzheimer's drug treatment up four percent. Biogen is actually the

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<v Speaker 1>top holding in w DNA today, which is the you know,

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<v Speaker 1>it's large and we're seeing good uh early conversations. One

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<v Speaker 1>of the first clients I've talked to said they don't

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<v Speaker 1>like very niche fund. A lot of folks fund folkus

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<v Speaker 1>just on healthcare or the genomics theme. But what we

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<v Speaker 1>are unique at is providing exposure to more than just

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<v Speaker 1>the human health elements of things from Jamie talked about

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<v Speaker 1>the tradition energy and agriculture and food and the new

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<v Speaker 1>development that biogy is going to impact all these other sectors.

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<v Speaker 1>So I have high expectations. I think this is going

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<v Speaker 1>to be a a great story and and a fund

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<v Speaker 1>that gets a lot of interest. Yeah, exactly, Well, it

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<v Speaker 1>does sound like a basket that's going to expose you

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<v Speaker 1>to a lot of different things. I mean, Jamie, as

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<v Speaker 1>you mentioned, you know, it's agg it's you know, manufacturing it.

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<v Speaker 1>Really it's not necessarily I think you hear biotech and

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<v Speaker 1>you think medicine science, that's part of it, but that's

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<v Speaker 1>just a component that's that's exactly right. The way I

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<v Speaker 1>say is that healthcare is the first station on this journey.

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<v Speaker 1>And part of that is because human health is so

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<v Speaker 1>important to us, and part of that is because we're

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<v Speaker 1>investing such a large percentage of our total GDP in healthcare.

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<v Speaker 1>But these same underlying technologies, as I was saying before,

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<v Speaker 1>that are driving the massive transformation in healthcare as we

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<v Speaker 1>move from our world of generalized medicine to precision medicine,

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<v Speaker 1>and we have all these new technologies that are allowing

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<v Speaker 1>us to have these amazing vaccines and gene therapies and

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<v Speaker 1>regenerative medicine, all this great stuff. It applies in all

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<v Speaker 1>of these different sectors. Because the core issue is we

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<v Speaker 1>are developing the ability to read and understand and manipulate

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<v Speaker 1>in some ways the basic source code of life, and

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<v Speaker 1>that scares a lot of people. But um, there are

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<v Speaker 1>a lot of things that we're doing that we can

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<v Speaker 1>just do in a better way. We we dig up

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<v Speaker 1>oil and we go to wars over it, um, but

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<v Speaker 1>we can create it using things like from things like algae.

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<v Speaker 1>The same is true with different kinds of protein. We

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<v Speaker 1>think of data storage. Um, we we know that we

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<v Speaker 1>can have silicon chips, but you can dig up We

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<v Speaker 1>just didn't this and I didn't do it, but dig

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<v Speaker 1>up a DNA from a mammoth from a million years

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<v Speaker 1>ago and it's still readable. So it's you know. As

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<v Speaker 1>you know, Carol, I also write science fiction. I do

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<v Speaker 1>a lot of thinking about the future, and this is

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<v Speaker 1>really the intersection of science and science fiction. But it's

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<v Speaker 1>happening in real time now with massive economic implications, and

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<v Speaker 1>I have to say it reminds me a lot. I've

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<v Speaker 1>been talking with Kathy wood over at our Investments for

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<v Speaker 1>seven years, and she kicked off her company and she

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<v Speaker 1>taps completely into the innovative space. She in particular has

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<v Speaker 1>a fun that's just focusing on the genomic revolution, which

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<v Speaker 1>was up a percent last year. About before that, it's

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<v Speaker 1>kind of treading a little bit of water in terms

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<v Speaker 1>of performance UM this year. You're fun though, the biotech

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<v Speaker 1>and pharmaceutical exposure really is the bulk of the investments

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<v Speaker 1>at this point. Are you concerned at all though that

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<v Speaker 1>the run you know has kind of already happened. What

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<v Speaker 1>makes you confident that it has the legs to keep

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<v Speaker 1>going because your exposure, even though it applies to a

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<v Speaker 1>lot of the world, is still really concentrated in particular

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<v Speaker 1>in that biotech UM space. Uh, Jamie or Jeremy Jamie,

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<v Speaker 1>you want to take that, sure, Well, I'll speak in

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<v Speaker 1>general and I'll let you Jeremy go specific. There is

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<v Speaker 1>a lot of excitement in this in this space, but

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<v Speaker 1>we are at the very earliest stages of this, as

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<v Speaker 1>I was saying before, of this transformative revolution. And so yes,

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<v Speaker 1>I mean there are some companies that have gone up

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<v Speaker 1>a lot, and they've and they've pulled back UM, but

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<v Speaker 1>we're going to see more and more of that. I

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<v Speaker 1>mean we we there would have been these same kinds

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<v Speaker 1>of trends in the early days of the Internet revolution

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<v Speaker 1>where there were some stocks that got bit up and

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<v Speaker 1>then they and then they pulled back. And so for

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<v Speaker 1>us UM, the bet is not on one individual stock.

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<v Speaker 1>Our bet is on this this megatrend. And I think

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<v Speaker 1>that's what's so interesting, and I think novel about our

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<v Speaker 1>fund is that we have a lot of maturation in

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<v Speaker 1>the healthcare field, but it's way it's very early in

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<v Speaker 1>these other areas like agriculture and materials and energy, and

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<v Speaker 1>so we're going to see this same kind of growth

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<v Speaker 1>at some point. And that's why the distributed bet um

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<v Speaker 1>in our view makes sense. But Jeremy Well and Jerry,

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<v Speaker 1>let me just jump in for a second, because I

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<v Speaker 1>do wonder, as I said right now, if I look

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<v Speaker 1>at the allocations, you know, the exposure to biotech and pharmaceuticals,

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<v Speaker 1>I think it's like fifty six for biotech and about pharmaceuticals,

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<v Speaker 1>I would assume as the impact of the work that

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<v Speaker 1>they are doing impacts you know, healthcare, agg food, electronics,

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<v Speaker 1>that potentially you're holdings will evolve to reflect that. You'll

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<v Speaker 1>you'll have more of the companies that are being impacted

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<v Speaker 1>by it. That's right. And when you look at the

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<v Speaker 1>broad industry, I mean there's funds that are as narrow

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<v Speaker 1>as thirty companies and as broad as hundred fifty companies.

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<v Speaker 1>We're at around a hundred and fifteen at the start,

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<v Speaker 1>and we are trying to get the companies at the

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<v Speaker 1>most cutting edge of technology. So we think we are

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<v Speaker 1>going to be in in the companies at the cutting edge, um,

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<v Speaker 1>but we are so managing risk. Our our portfolis roughly

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<v Speaker 1>equally way to spread out, so you get only around

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<v Speaker 1>one percent in the top holding. So it's diversified exposure

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<v Speaker 1>to the themes at this cutting edge. And I do

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<v Speaker 1>think your point is exactly spot on that today it

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<v Speaker 1>was around human health, and then we think over time

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<v Speaker 1>these other sectors, as more companies become public, there's a

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<v Speaker 1>big pipeline in things like the agricultural space and development

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<v Speaker 1>of different food technologies. We think those companies coming to

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<v Speaker 1>market will be green editions over time, and we're gonna

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<v Speaker 1>we have an index committee reviewing this on a semi

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<v Speaker 1>annial basis and we'll look to add companies as we

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<v Speaker 1>think most appropriate over time. Well, looking forward to hearing

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<v Speaker 1>more to guys, and especially as that evolution happens. Thank

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<v Speaker 1>you so much for joining us, really appreciate it. Jimmie

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<v Speaker 1>Metzel Uh you know him well. He's been on our

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<v Speaker 1>air a lot. Senior fellow at the Atlanta Council, former

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<v Speaker 1>National Security Council official, and as we mentioned, special strategist

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<v Speaker 1>for the Wisdom Tree. He helped his data in the

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<v Speaker 1>construction of that Wisdom Tree Buy a Revolution index, and

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<v Speaker 1>now the fund that has launched it launched last week.

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<v Speaker 1>The Wisdom Tree By a Revolution funds are thanks to

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<v Speaker 1>Jamie as well as the Jeremy Schwartz, Global Head of

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<v Speaker 1>Research at Wisdom Tree.