Here is a message to everyone who has been investing in the biotech sector lately: thank you for investing in science. While the tragedies of this year’s pandemic will weigh deeply in our hearts forever, there are things about this moment in time we will one day look back on with rightful pride. Things such as the way healthcare workers bravely rallied to serve patients, how society’s unsung heroes from truck drivers to grocery store clerks reminded us of their vital roles, and how the scientific community’s all-hands-on-deck effort to combat the virus gave us hope that the problem could one day be solved during even the darkest hours.

这里有一条信息要传达给最近一直在投资生物技术领域的每一个人:感谢你们对科学的投资。虽然今年的大流行病的悲剧将永远深深烙印在我们心中，但有一天当我们回首这一时刻时，我们会感到理所当然的自豪。诸如卫生保健工作者勇敢地上涨为病人服务的方式,社会如何的无名英雄从卡车司机到杂货店职员提醒我们的重要角色,以及科学界的全民动员的抗击努力抗击病毒给我们希望有一天可以解决这个问题在甚至最黑暗的小时。

As a biotech investor, I am keenly aware of science’s role in all of this. We need to continue investing in it. 2020 was the year that the entire world saw how vital the biotech sector is to the normal functioning to society. It is a reminder that even investors can make an impact. Due in part to those of you who have already been investing in the sector, science was thankfully prepared. The biotech sector has already produced two vaccines with record speed that appear to be 90%+ effective and may very well end this once and for all. While measures like social distancing can do important blocking of the virus, only science can tackle COVID for good.

作为一名生物科技投资者，我非常清楚科学在这一切中的作用。我们需要继续在这方面投资。2020年，全世界都看到了生物技术部门对社会正常运转的重要性。这提醒我们，即使是投资者也能产生影响。在某种程度上，由于你们中已经在投资这个领域的人，科学已经准备好了。生物技术部门已经以创纪录的速度生产出了两种疫苗，有效率超过90%，很可能彻底结束这一局面。虽然社交隔离等措施可以对病毒起到重要的阻断作用，但只有科学才能永远解决COVID - 19。

In addition to witnessing how vital biotech is to society, the whole world has also seen what a transformational era this is for science. For example, it has been amazing to see messenger RNA become a household name. The way mRNA succeeded for the first time in the setting of the pandemic is a triumph of scientists who have worked on it for decades. Its success is due to their hard work, critical government funding of basic science, and billions of investor capital that has helped companies like Moderna (Nasdaq: MRNA) and BioNTech (Nasdaq: BNTX) be in a position to rise to the challenge. Those investments paid off big.

除了见证生物技术对社会的重要性之外，整个世界也见证了这对科学来说是一个多么转变的时代。例如，看到信使RNA成为一个家喻户晓的名字是令人惊讶的。信使rna第一次在大流行的背景下取得成功，是研究它几十年的科学家们的胜利。它的成功是由于他们的辛勤工作，政府对基础科学的重要资助，以及数十亿的投资者资本，帮助Moderna(纳斯达克:MRNA)和BioNTech(纳斯达克:BNTX)等公司站在一个位置上迎接挑战。这些投资获得了丰厚的回报。

This was the year biotech investing went mainstream, and I think it is here to stay. To those who know the sector’s progress, the recognition has been long overdue. The fact that biotech is often seen as a niche has previously been a point of frustration among biotech specialists. There are so many exciting things in development like mRNA that have the potential to transform medicine, but the average person doesn’t necessarily see them. In a normal year, tech grabs all the headlines because everyone can relate to seeing a Tesla driving down the street or using an app like Twitter. Biotech advances, on the contrary, are highly technical and usually hidden from most people.

今年是生物技术投资成为主流的一年，而且我认为这种趋势会持续下去。对于那些了解该行业进展的人来说，早就该得到认可了。生物技术通常被认为是一个利基市场，这一事实在过去一直是生物技术专家们感到沮丧的一点。在发展过程中有很多令人兴奋的东西，比如mRNA，它们有潜力改变医学，但普通人不一定能看到它们。在正常年份，科技占据了所有的头条，因为每个人都能想起看到特斯拉在街上行驶或使用Twitter等应用程序时的情景。相反，生物技术的进步是高度技术化的，通常对大多数人来说是不可见的。

For those who are new to biotech and have been inspired by the industry’s response to COVID this year, the good news is that there has never been a more exciting time to invest in science. mRNA is just the tip of the iceberg of potential gamechangers being researched in labs and clinical trials around the world. Immunotherapy in cancer, precision medicine, gene therapy, and CRISPR gene editing are just a handful of terms you will be hearing a lot about over the coming years if you haven’t already. These things are making a huge impact today yet are still in their infancy. They will change the world. I strongly believe that many of the exciting advances of the coming decades will be in biology.

对于那些刚接触生物技术，并受到今年该行业应对COVID - 19的鼓舞的人来说，一个好消息是，现在是投资科学的最令人兴奋的时刻。mRNA只是世界各地实验室和临床试验中正在研究的潜在游戏改变者的冰山一角。癌症的免疫治疗、精准医疗、基因治疗和CRISPR基因编辑只是几个你在未来几年里会经常听到的术语，如果你还没听说过的话。这些东西在今天产生了巨大的影响，但仍处于起步阶段。他们将改变世界。我坚信，未来几十年许多令人兴奋的进展将在生物学方面。

Biotech investing can be daunting because it is so technical, risky, and volatile. Investing via a professionally managed fund is typically the best route for most investors. And with all the exciting science out there, many challenges and risks, such as the endemic drug pricing problem in the United States, must still be overcome for the sector to reach its full potential and produce outperforming returns. For those who do insist on going it alone, all I can say is be careful and always try to invest in the things that will have the biggest impact on patients’ lives. With the good, there are also some questionable ideas peddled by our sector that might sound enticing but are unlikely to impact real lives.

生物技术投资可能会让人望而生畏，因为它太技术化，风险太大，而且不稳定。对大多数投资者来说，通过专业管理的基金投资通常是最好的途径。尽管有那么多令人兴奋的科学研究，但该行业仍必须克服许多挑战和风险，如美国的地方性药品定价问题，才能充分发挥其潜力，产生优异的回报。对于那些坚持单干的人，我能说的就是要小心，总是努力投资那些对病人生活有最大影响的事情。除了好的方面，我们的部门也在兜售一些有问题的想法，这些想法听起来可能很诱人，但不太可能影响现实生活。

When done right though, the awesome thing about biotech is it can be the ultimate impact investment, as we have seen this year. What bigger impact can you make than backing new treatments that might help people one day? The real superstars of the biotech industry are the researchers who are developing new medicines and the patients who are participating in clinical trials. But investors in our own small way have something to contribute too. Your capital has already helped advance science to where the industry was able to score its big vaccine wins this year. Thanks in part to you, lives will be saved. Thank you for investing in science

但如果做得好，生物技术的惊人之处在于，它可以成为最终的影响力投资，就像我们今年看到的那样。有什么能比支持有朝一日可能帮助人们的新疗法更有影响力呢?生物技术行业真正的超级明星是开发新药的研究人员和参与临床试验的患者。但投资者们也有自己的一份微薄之力。你的资金已经帮助推动了科学的发展，使得今年的疫苗行业能够取得重大胜利。多亏了你，很多人都得救了。感谢你们对科学的投资