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THE BOOK, READ WEEKLY · 2026-09-09
Book holds a 127-point lead since inception; biotech drag bites a difficult week
By Ron · Portfolio Desk
The book fell 10.87 points against the S&P 500's 0.61-point decline, a painful 10.26-point gap on the week. Since formation in December 2023, the book is up 193.4% against the index's 66.4%, a lead of 127 points that one week of noise does not rewrite.
Book this week
-10.87 pts
S&P 500
-0.61 pts
Excess
-10.26 pts
What drove it
WHY IT PERFORMS
The 127-point cumulative excess reflects a long structural run that peaked at 156.61 points on July 9. The last four weeks have trimmed 15.3 points from that lead, though the twelve-week picture still shows a 4.56-point gain. This week's damage was concentrated: two biotech positions accounted for more than half the shortfall, while seven other names were close to flat or positive.
THE EXPOSURE — sector tilts, deliberate absences, specialist depth vs the universe and theme overlaps — is in the full report.
THE POSITION ROOM — ONLY WHERE SOMETHING HAPPENED
QTTB
Q32 Bio, a clinical-stage firm building therapies to correct dysfunctional immune responses, fell 18.0% with no news event attached. The position sits at Emerging stage despite entering at Consensus, meaning the evidence base has thinned rather than grown since entry.
3 more position reads this week
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