He describes to Matt how the market has become more efficient since he started in the 1990's. He shares his perspective on single-asset vs pipeline companies, and today's M&A dynamic. Plus, his goal of being unbiased as an investor and how he tries to create an environment at Perceptive where that style is instilled in his analysts.

He talks about Perceptive's investment philosophy, his take on the year ahead, areas he thinks are over and under hyped, and thoughts on China. Plus, the rationale for a few of his top holdings.