Welcome to Thoughts in the Market. I'm Andrew Sheets, chief cross-asset

strategist for Morgan Stanley Research, and I'm Matthew Harrison, equity

research analyst covering biotechnology. And today on part two of the

podcast, we'll be returning to the debate around COVID-19 variants and hot

spots and also talking about the outlook for the healthcare sector. It's Friday,

June 25th at 2 p.m. in London and 9 a.m. in New York. So Matt, I'd also like to

take this opportunity to talk about your day job, which is covering healthcare and

biotechnology companies. The companies you cover on the front lines of

manufacturing vaccines and also, you know, drug development has been impacted by

a global pandemic that, you know, makes that process more complicated. So I was

curious, you know, just to take a step back, when you think about incoming

questions for investors that are not focused on COVID, what are investors

focused on? And what do you think that says about the state of your sector?

Investors are mainly focused on topics of innovation, I would say. And I think

what we've seen from the pandemic has been a broader audience has been exposed

to biotechnology companies and to the innovations they've made. And so I think

it's driven people to ask a lot more about where's the disruption occurring?

What are the new technologies in the sector? You know, one of the interesting

things that's happened is it's caused a lot of investors, a lot of

generalist investors who maybe, you know, didn't look at the sector in a

lot of detail before, to be more willing to look at what I'll label the

riskier end of companies. And so I think the conversation has shifted and

...