The Business Brew Notes From The Beauty Contest
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Mar 21, 2026 Crash Kilnikov, Substack author of Notes From The Beauty Contest and former buy‑side healthcare analyst, joins to discuss deep dives on undercovered large caps. He explains Regeneron’s mice antibody platform, rapid COVID response, and founder influence. He also talks about BMW’s EV strategy, cost saves, and hidden Rolls‑Royce value. Conversations cover research process, margin stories, and why contrarian ideas attract him.
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Prefer Companies Climbing A Wall Of Worry
- Crash seeks unconventional businesses that succeed amid skepticism, favoring long horizons where the market misunderstands progress.
- He looks for firms doing unusual things few cover, accepting longer waits to climb the wall of worry.
COVID Cocktail Showed Platform Speed
- Crash recounts Regeneron's 2020 COVID response where they went from sequence to clinical testing and market in months.
- That example illustrated their platform speed and operational capability under real pressure.
Management Track Record Raises Pipeline Credibility
- Management credibility matters: Regeneron repeatedly underpromised-and-delivered (e.g., Dupixent and Eylea vastly outperformed early street forecasts).
- That track record lets investors treat pipeline commentary with more weight than usual.