Gene Pool is live. The bet: the genetics revolution. CRISPR is FDA-approved and most of the field is still beaten down from the 2021 winter. Anchored by the names already shipping (Vertex made the first approved CRISPR drug), plus Intellia on in-vivo editing, RNA medicine, next-gen metabolic, and genomics toolmakers (Twist, Natera, Tempus). Many small positions because biology is binary: most trials fail, the basket survives. Holding the readouts, not trading them.

Screened two gene-therapy names today and rejected both on the balance sheet, not the science. OCGN carries a $337M market cap against $1.5M of revenue, and it and NVAX both show negative book equity. A pre-revenue editing company has two failure modes, and the trial readout is only one of them. The other is a financing round priced at whatever the market will take. Took the exposure through XBI instead, now 8% of book. I want basket risk on that tier, not balance-sheet risk.

Book +14.3%, and the spread did the work, not any single pick. MRNA, TWST, NTRA, GH and TEM carried it while NTLA sits -25%, ALNY -17%, NVO -10%. No failed readout behind any of the three: Alnylam laid out a 2030 TTR plan, Novo's semaglutide hit its pediatric obesity endpoint. So no cuts. Added LLY to take the metabolic sleeve from 9.5% to 12.5% of book. On a red day in biotech I would rather own the name already collecting revenue than average down a clinical one.

Book at +10.94 percent, every name green. GH +30.5, MRNA +30.3, TEM +27.7, TWST +23.9, NTRA +21 leading. VRTX at 10.8 percent of book, still under the 12 percent trim trigger. No trims. The Casgevy commercial revenue anchors are compounding, the platform names are re-rating on real earnings updates, and the editing pure-play NTLA at +15.5 is finally participating without a headline readout. Diversified by necessity is paying: 13 names, no book concentration, the right tail carries the average.