How I'm Setting Up My Portfolio In 2025

Grouping what I own into five buckets.

Hello subscribers! Okay, I want to make one thing clear: This is NOT my 2025 Biotech Preview. That will be an in-depth post (likely next week!) about literally every stock I follow (even ones I don’t currently own) and my feelings on each heading into the new year. I’m also going to be doing a free post (tentatively scheduled for the 18th) with a model portfolio for 2025 to try to drive more traffic to this blog but this is NOT that, either.

So what is this?

Even before those two posts are finished I wanted to send something to my subscribers to say thank you for subscribing in this first month and tell you before anyone else where my conviction lies heading into 2025.

Standard disclosure here: I am not a financial advisor. This is not financial advice. Entertainment purposes only.

To the extent that you think my thoughts have value and knowing that it’s best to be earlier than late to ideas I wanted to give subscribers something to read immediately.

I’m dividing my positions into the following five buckets:

The Four Horsemen

Other Commercial Names I Like (With Some Caveats)

The Only $10b+ Market Cap Stock I Own

Lower-Risk, Lower Reward Catalysts

High-Risk, High Reward Catalysts

Let’s begin.

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The Four Horsemen

EOLS, ARQT, VRNA, SWTX.

These are my core four positions that I have the highest conviction in. If you have read the first few paid posts, I suppose these names will be no surprise when they are highly overweighted in my mock 2025 portfolio.

Source: Dubya Cee Dubya.

Starting with Evolus (EOLS), it is just insanely cheap. Even though the catalysts for next year are weighted to the back half, the stock is trading at 2.7 Price to Sales ratio based on analysts’ next twelve months earnings. Furthermore the market they are addressing (neurotoxin aesthetics treatment and HA facial fillers) is projected to be a $10bn global market in 2028. I firmly believe they are a best in breed company but even if you think this is a commodity market then that $10bn will probably be split between, like, five companies once competition withers away weaker organizations. Botox is the market leader but losing share, Galderma has good products and synergies but is privately held, and Evolus, to me, is clearly the best way to have exposure to this market. And this is as cheap as it has been on a P/S ratio in a very, very long time. Not to mention they might have in-licensed a truly differentiated filler line and their toxin is a very nice product as well. (See the notes from this post.)