Chris Mack's fund has crushed its competition for 15 years. He shares 3 little-known stocks driving his market-beating record, and tells us why he just dumped Amazon.
He was also aware of the endowment effect, which is the idea that people are likelier to keep an item they own than buy the same thing when they don't own it. Mack decided to put client capital to work in other stocks instead of slavishly holding on to Amazon. his largest holding and a firm he expects to expand its margins.
These include getting ahead of competitive threats, putting one's eggs in multiple baskets, and not conflating a stock's performance with the health of the underlying business. "Antibodies are actually 10% of the cost of a typical R&D budget for investigating new drugs. But their quality is ultra-important. And so even though they're not raising prices and jacking things up, they have strong bargaining power because no one wants to skimp on that 10%.
"Right now, antibodies are about a $3-$4 billion addressable market revenue opportunity, growing at 4-5%. The other more customized work — where they think that they can exchange their technology for royalties or license-type revenue — could double that to an $8 or $9 billion addressable market. "You always have a need for industrial gases for production or other types of innovation. There's a cyclical element to them but they have high-quality, durable-growth characteristics.
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