Welcome to Healthcare Stock Ideas

Hi 👋

My name is Nico.

I write about healthcare microcaps.

It’s the corner of the market most investors are told to stay away from.

Too volatile. Leave it to the specialists. Buy a fund instead.

I think that advice is a big part of why the opportunity exists.

When the crowd gets steered toward big pharma and the index, the small companies get left behind. Good businesses end up trading near their own cash, or priced on a story that’s two years out of date.

That gap between what the market believes and what the numbers say is what I go looking for.

What I Look For

I’m not here to bet on a single trial readout.

Every company I write up has to clear the same bar first:

• Something real underneath it: Cash on the balance sheet, a product on the market or in trials, and revenue already coming in. That anchors the downside to something tangible.

• More than one way to win: A platform, a pipeline or a second business line, so the thesis doesn’t hang on one event.

• A genuine problem being solved: Unmet medical need, a clear regulatory path and customers willing to pay.

• Management with skin in the game: Founder-led or heavily invested teams whose interests line up with shareholders.

Most of what I cover falls into a handful of archetypes. A turnaround at its inflection point. A profitable compounder nobody is paying attention to. A business trading below the value of what it already owns, with the optionality thrown in for free.

How I Manage Ideas

Microcaps swing hard, so sizing is part of the process.

I start small. The first position is deliberately modest, sized so that being wrong does little damage.

I add as the business delivers and the data backs up the story.

And once something is working, I’m in no rush to sell it.

What You Get

Free subscribers get the preview of every new write-up, plus philosophy pieces on how I think about the sector, like my take on Peter Lynch’s “Chicken’s Guide” to Biotech.

Paid subscribers get everything:

• 2-3 new healthcare microcap ideas a month, written up in full: the business model, the inflection, the balance sheet, the optionality and the risks

• Updates when a company reports or the story moves, including when my view changes

• The full archive of every write-up

• The Healthcare Research Portal

Founding members also get access to Multibagger Ideas and Real Economy Ideas, along with the Multibagger Research Portal and the MBI Model Portfolio.

The Healthcare Research Portal

Substack is a great place to publish. It was never built for equity research.

As the archive grew, older write-ups got harder to find and there was no easy way to see how a thesis had evolved. So I built a dedicated research portal, included in the paid subscription.

Inside, you’ll find:

• Every company I’ve covered, in one searchable database you can filter by sector, geography and conviction

• One current thesis per company. Every post I’ve written on a name is folded into a single up-to-date view, so there’s no piecing together an original write-up and three updates

• A live price chart at the top of every page

• Links to every underlying post, in date order

• A time-stamped updates timeline for earnings, filings and anything that changes the picture

• The watchlist. It now lives in the portal rather than in occasional posts, and names get added the moment they clear the bar

Logging in takes the same email as your paid subscription, through the Perks tab.

The Track Record

Every idea goes into the Idea Archive from the day it’s published, tracked from the price on that day. Winners and losers both stay in, including the ones that have gone badly.

Microcaps are volatile. A stock can halve on news that has nothing to do with it, and past performance is not a reliable guide to what happens next.

If you’d like to follow the research, I’d love to have you here.

Thanks for reading,

Nico

Disclaimer: This is not a recommendation to buy or sell any securities. The Content does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Nothing in this newsletter should be construed as a personal recommendation or advice to buy, sell, or hold any investment or security. All Content is provided for general informational purposes only and should not be relied upon for making investment decisions. You should not make any investment decision based solely on the Content without first consulting with qualified financial advisors, conducting your own research, and considering your individual financial circumstances, investment objectives, and risk tolerance. To read our full disclaimer, click here.