Investing & Private Markets
Reading businesses, cycles and risk, over the long term.
Commentary and thought leadership drawn from more than two decades of securities analysis, now applied to private markets, with a particular interest in biotechnology.
Philosophy
Understand the business. Recognize the trend. Take the long view.
Dennis’s approach to private markets is an extension of the discipline he built as a securities professional: understand a business deeply, weigh its risks honestly, and have the patience to let a good idea prove itself. He writes here about how he thinks, not about what to buy.
The essays in this section are framed as commentary and reflection. They are about method, evaluating opportunity, reading market cycles, managing risk, rather than recommendations, forecasts or specific positions.
Method over noiseThemes He Returns To
A few ideas that run through everything.
Evaluating businesses
What separates a durable business from a compelling story, and the factors Dennis looks for as an idea develops.
Reading market cycles
Why market history matters, and what past cycles can teach us about what comes next.
Risk management
Weighing patience against conviction, and sizing decisions to the risks you can actually see.
Biotechnology
A thematic interest in a sector where deep research, patience and long-term thinking matter.
BiotechnologyPerspective, not a solicitation.
The writing here reflects Dennis Herrera’s personal perspectives and is provided for general informational purposes only. It is not investment advice and is not an offer to sell or a solicitation of an offer to buy any security.