FOMO Investing

Abivax became one of June 2026's wildest biotech stories: a potential best-in-class drug to treat ulcerative colitis, a scary “cancer” headline, a violent selloff, and then a dramatic rebound after Part 2 safety data helped reframe the risk. We unpack how the market may have misread the cancer risk and why deep context matters in biotech investing and taking advantage of wild swings.

References:
-Brian's X poll on the part 2 safety data
-Brian's practical approach to using cash-secured puts to get paid while waiting.

Is SpaceX's $1.75 Trillion IPO more like Project Hail Mary or Interstellar?  We unpack the SpaceX IPO from a valuation lens. We synthesize the highly varied perspectives from the ultra bulls (Gavin Baker), the bears (Jim Chanos, Nicolas Owens, and Suryansh Sharma - Morningstar), and the astute observers (Ashwath Damodaran, aka "the dean of valuation").

Michael Burry is back, and this time the newsletter gang is paying monthly. We explore his shift from hedge fund manager to Cassandra Unchained newsletter writer, the ideas that stood out to us, and his bearish take on Nvidia and Palantir in the middle of a very frothy AI market. 

Brian and Mik unpack a live activist situation at Humm Group, a small Australian non-bank lender now facing public pressure from investor Jeremy Raper, who owns ~6% of the company and is pushing for a vote on board change ahead of a February shareholder meeting.

They walk through the competing narratives: a founder-led board defending its strategy versus an activist arguing the company is undervalued due to poor governance and capital allocation. Along the way, they discuss downside protection, third-party bids, and special situations.

Rather than a stock pitch, this is a case study in...

In this year-end episode, Brian and Mik reflect on FOMO Investing—its origins, how the podcast has evolved, and where they hope to take it in 2026. They revisit key themes from the past year, including quantum computing and GLP-1 biotechs, and share plans for the year ahead. 

After the post-IPO drawdown,  we review whether Rivian is worth another look. Rivian's software-first design, the Volkswagen JV, the R2, as well as its own autonomous driver investments, seem to indicate it may be more than just another EV manufacturer.  

$15 salads, a 90% drawdown, and a very confused stock market. We explore Sweetgreen as a potential turnaround—what’s broken, what might work, and why demand alone doesn’t save a business. Sometimes the hardest investments aren’t the complex ones—they’re the obvious ones. 

In this episode of FOMO Investing, Brian and Mik revisit IonQ (IONQ).

Building on our original Theory of the Case from November 2024 and our January 2025 update, we unpack recent developments, including:

🔗 Links

OpenAI is racing toward a trillion-dollar valuation while burning tens of billions on chips, data centers, and Azure commitments. We break down the new capital structure, Microsoft’s leverage, why Zuck is FOMO-building compute, and whether OpenAI should even want to be a public company. Also: the underrated bottlenecks—power, foundries, CUDA, China—and why this boom feels like 1999 with actual revenue.

Then we jump to biotech to cover the Pfizer and Novo bidding war for Metsera (Pfizer ultimately won with its $8 billion deal).  The bidding for Metesera  drew at least six bidders and may set-off a chain...

The AI & investing episode. Brian and Mik talk about whether AI will actually replace white-collar jobs or just transform them, how professionals can stay relevant by becoming AI-powered specialists, and where value might accrue across chips, power, “boring” traditional industries, and healthcare and drug discovery. They also explore whether giants like OpenAI will hoover up SaaS, how constraints in compute and electricity could shape the next decade, and why the biggest AI winners may come from unknown unknowns we can’t yet see. 

In this episode, Brian and Mik launch a new segment called “Dealable”—where they set aside strict analysis and let their imaginations run on mergers, acquisitions, partnerships, and spin-outs that should happen (even if they probably won’t).

The conversation kicks off with Apple’s AI dilemma—is Siri too far behind, and could Apple’s cash hoard finally push them into a big acquisition? Would buying Perplexity or Anthropic give them the AI-native layer their ecosystem needs? And what about the $20B Google search deal that DOJ scrutiny could upend?

From ther...

(This show was recorded on 31st July 2025)

Brian and Mik catch up on a few investment ideas they have been following

What we cover

In this episode of FOMO Investing, Brian O’Neill and Mikhail Bulchandani do a deep dive into one of Brian’s favorite stocks, TG Therapeutics (TGTX).  Brian outlines his multi-year investment thesis in TGTX, from its setbacks in oncology to its successful commercialization of Briumvi (ublituximab) for relapsing forms of multiple sclerosis.

What You’ll Learn:

In this episode of FOMO Investing, Brian and Mik dive into the volatile world of Carvana, exploring its business model, recent stock performance, and the ongoing debate between short and long theses. Mik shares his personal experience selling cars to Carvana during the pandemic, leading into a discussion about the company's unique approach to the used car market. They analyze Carvana's operational efficiencies, the controversy surrounding related-party transactions, and the potential future of online car sales.

Links Mentioned

For the lucky no. 13 episode of FOMO Investing,  we explore the powerful yet often misunderstood force of "Fear of Missing Out" (FOMO) in investing. We unpack the psychology behind why investors often feel compelled to act impulsively and discuss how some legendary investors harness this instinct to their advantage. We explore how to turn the urge to act into a structured process that maximizes your edge without succumbing to panic or peer pressure.

In this episode, we develop our Theory Of The Case (TOTC) on the ANSYS + Synopsys  merger. We cover the potential upside from the deal. Why  ANSYS + Synopsys could be the backbone of Physics AI. The merger arbitrage opportunity and lessons from past trades (hello, Rite Aid 👀)

Key Topics Covered:

In this episode of FOMO Investing, we dive into the full story of Checkpoint Therapeutics, a microcap biotech that just entered into an agreement to be acquired by Sun Pharma. Brian walks us through his personal “theory of the case”—from early conviction to final outcome—including investor psychology, capital efficiency, clinical development hurdles, and what the CVRs (Contingent Value Rights) might still deliver post-deal.

We explore the science behind Checkpoint UNLOXCYT™.  How Checkpoint navigated FDA delays, dilution, and an unforgiving cash runway — all leading to an eventual $355 million acquisition.

Whether you're into biotech invest...

An update to our Theory of The Case (TOTC) on IonQ ~ mid-January 2025.  

We review Jensen Huang's and Mark Zuckerburg's claims about the timeline for useful quantum computing (being 15+ years out). We also include IonQ management responses, including the CFO's (Thomas Kramer) view. 

We reflect on the current state of play of AI and the potential role for Quantum computing. 

In this end-of-year episode, Brian and Mik explore the evolution of Bitcoin—from its mysterious beginnings with Satoshi Nakamoto’s 2008 white paper to its current six-figure price. They discuss how Bitcoin’s role has shifted from “electronic cash” to a potential reserve asset, the concept of “digital real estate,” and whether it truly lives up to its promise of decentralization. They also discuss skepticism by prominent figures like Charlie Munger and Jamie Dimon, debate energy usage, and consider Bitcoin’s ongoing risk from governments and regulatory bodies. If you’re curious about how Bitcoin got here, and what the maximalists believ...

In this episode, we unpack the latest developments at Intel following the sudden resignation of CEO Pat Gelsinger. 

In this Theory Of The Trade (TOTT) episode, we recount why Mik initially started investing in Intel when Pat Gelsinger rejoined the company (~ February 2021) and why he is now cutting his exposure to the stock, given the uncertainty overhang after Pat’s departure. 

We explore Intel’s storied past—from the 386/486 “glory days” to missed opportunities in mobile—and dissect whether Intel can reclaim its position as a leading-edge semiconductor manufacturer or if this is the beginning...

In this episode of FOMO Investing, we develop our Theory Of The Case (TOTC) on IonQ (IONQ). 

In TOTC episodes, we have an open-ended discussion on an investment that we are beginning to research. We dive into the fundamentals, the opportunity, and ultimately whether we believe there is a good investment thesis.  

IonQ is one of the few pure play quantum compute companies.  IonQ is working on developing and scaling general purpose quantum compute. In this episode we discuss what is quantum compute, potential use cases for quantum compute.   

...

In this episode of FOMO Investing,  we unpack the outcome of the 2024 elections from a betting market, polling data, and what biases might explain what made them get the odds on the outcome quite wrong.

We touch on topics like the wisdom of crowds, the efficient market hypothesis, and how these new betting markets could hedge traditional financial markets. We discuss whether betting on elections is a legitimate hedging tool or just a gamified gamble. 

We discuss what may have driven poll bias. How analyst predictions for a very tight race ma...

In this episode of FOMO Investing, we develop our Theory Of The Case (TOTC) on Viking Therapeutics (VKTX). 

In TOTC episodes, we have an open-ended discussion on an investment that we are beginning to research. We dive into the fundamentals, the opportunity, and ultimately whether we believe there is a good investment thesis.  

Viking Therapeutics (VKTX) has become a fast follower in the rapidly growing GLP-1/obesity drug market. We discuss the current state of play of VK-2735 research and Phase 2/3 studies.  We discuss the potential addressable market for GLP-1 drugs in the obesity and dia...

In this episode of FOMO Investing, we kick off Q42024 with a chat about market indices and the pros and cons of index funds.  

We discuss index funds and how Vanguard / Jack Bogle started a trend toward low-cost index funds. We discuss active management as compared with passive index fund investing. We discuss the incentives in fund management that drive asset managers to end up with diversified asset allocations that are closely correlated with indices. We challenge the conventional wisdom of "set it and forget it" indexing and diversified portfolios and highlight the benefits of having a c...

In this episode of FOMO Investing, Brian and Mik discuss the nuances of risk management in investing, the role of position sizing, and the pros and cons of using leverage. They share personal stories and frameworks for understanding risk, explore the balance between diversification and concentration, and provide practical tips on how to approach investments with a thoughtful mindset.  They draw from legendary investors like Charlie Munger/Warren Buffet and Nomad Capital (Nick Sleep).

References:

Full Collection of Nomad Capital Letters (Nick Sleep Letters)
Founders Podcast - Nick Sleep Letters
Acquired Podcast - C...

Episode Summary: In this episode of FOMO Investing, Brian and Mik discuss the role of CEOs in determining the success of companies. They explore whether a CEO's leadership matters more than the industry's inherent economics. Drawing parallels with iconic leaders like Steve Jobs, Tim Cook, and Mark Zuckerberg, the discussion highlights how different leadership styles impact innovation, company culture, and strategic decision-making. The conversation also touches on investment strategies and the importance of understanding business fundamentals and leadership quality when evaluating potential investments.

In this episode, Mik and Brian discuss the concept of FOMO investing and how to develop a principled approach to investing. They explore the current state of the market, the valuation of tech stocks, and the significance of Warren Buffett's decision to reduce his exposure to Apple. They also touch on the topics of AI, compute, and the potential opportunities and risks they present. The conversation highlights the importance of understanding one's edge as an investor, recognizing the difference between a great business and a great investment, and being comfortable with the ups and downs of the market.