WEBVTT

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--understand the
health care industry.

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Hi everyone.

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My name is Siyu Bao.

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You can call me Claire.

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I'm a senior at Mount
Holyoke College studying

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psychology and statistics.

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Today I would like to talk about
my summer internship working

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in a health care dedicated
hedge fund in New York City.

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So, first of all I will
introduce the working

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environment.

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This is the building
and this is our office.

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And I'll start with
what is a hedge fund?

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So a hedge fund is in the
opposite of sales side,

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so it's a buy side.

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It's generally a
private investment fund

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that only focuses on
accredited investors.

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So basically
wealthy individuals.

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And hedge funds generally have
a lot of investment latitude.

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That means we can invest in
almost every field, lend,

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real estate, equities,
derivatives and all.

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Compared to mutual funds,
we have more freedom

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and less regulatory limits.

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And hedge funds use leverage
to magnify financial returns.

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So, we are actually
risk seekers.

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We don't avoid risk
like mutual funds.

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And that's the general
difference with sell side.

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And health care,
from my perspective

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working in a hedge fund, is
that annually have a long term

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growth plan,
especially when, right

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now, a lot of new
technology is advancing

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and it really drives the
development of the health care

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industry.

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There's a huge market space.

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The United States every
year spends 17% of GDP

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in health care, so there
are numerous investment

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opportunities, especially during
the whole process of health

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care delivery process.

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We can take an example of
a heart disease patient

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He will generally first go
to a primary care physician

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to figure out
what's his problem,

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and then he will need
to go to the hospital

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to take further assessments.

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So in this whole
process, you will

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need a lot of facilities,
and also drugs, and also

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all kinds of technologies
that [INAUDIBLE] him.

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So there's a lot of
investment opportunities

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during the process.

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So the place I worked
was OrbiMed advisors.

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It consisted of three
general sectors.

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The first one is public
equity, the second one

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is private equity.

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We have investments in the whole
three regions in the world,

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and royalty opportunities.

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It's basically maintaining
a long term connection

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with our customers.

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So my responsibilities
consisted of the four sectors.

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The first one is
equity research.

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So I was working
two senior analysts

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and studying the other
companies they were covering.

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Every day, I would
work with them

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to look into Wall
Street projections

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of these companies's growth.

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There's a lot of specialist
calls and a lot of meetings.

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And also, I would look
into clinical trials.

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Because, generally speaking,
in the health care industry

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there's a lot of regulatory
limits in the products

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and technologies
we're working on.

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There's a high
possibility that it's not

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going to be passed by the
USDA, so there's huge risk

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and we need to be
careful about that.

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And the second
part was modeling.

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There is a lot of DCF modeling
and a lot of projections,

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and I was working on a
company that went public

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during my internship, and
we went to the road show

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and we met with the CEO.

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It was fancy, but I
didn't say a single word.

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But it was good to
take a look at it.

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I've also had ongoing projects.

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We were working with
the operation team

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on treating cost
model, and there's

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a lot of high level knowledge
that I have never heard of,

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but I learned on the
spot and also learned

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from the people I
was working with.

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So that has been a really
rewarding experience.

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I have also had
tons of challenges

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during my internship.

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The first one is I am
a psychology major.

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I have never worked
in finance before.

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So how did I manage that?

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Before the internship, I
learned a lot by myself.

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I studied the Vault guide.

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That's my recommendations
for anyone

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else who is not a
finance major but wants

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to go into that field.

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I also learned
accounting by myself.

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That has been really useful
not only for the interviews,

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but also on the job, like when
we're looking to the companies,

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I know where to go, I
know where to focus,

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and where to look for flaws
in the financial statements.

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And also general
technical questions

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and when you are working,
feel free to ask people

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as many questions as you
have, because they are really

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willing to help.

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And it was also a very
male dominated environment,

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which was a little
bit challenging

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for me at the very beginning.

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There was about 50 people in the
company, but only five of them

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are female.

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And that was really
intimidating to me,

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because I was coming
from Mount Holyoke,

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and I was stressed at
the very beginning,

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but actually it's still--

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males and females are
not different in any way

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in the workplace,
because they support

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you the same way, both
emotionally and in the work.

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And also, I'm not
a native speaker,

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and I was kind of
nervous that I would not

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fit into the
environment, but I would

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like to tell everyone who's
going to the workplace here

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that if the company is
willing to hire you,

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that means that you
will fit in that place

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and you will do well.

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OK, and what I've learned
from this experience

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was that my attention to detail
was promoted really high,

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because there's a lot
of rules and things

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to look at in daily
work, and I have

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to be really careful about it.

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It not only shows
your professionality,

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but also shows your ability
to complete your work.

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And the second one was
financial literacy.

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I learned so much,
and right now I

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can say that I'm not so
different than people

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who graduated from
a business school.

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And also how to--

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I also gained a
financial mindset,

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like how to put my money in the
most efficient way, personally.

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I also learned about
communication skills, which

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has been really useful
not only in the workplace,

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but also coming back
to Mount Holyoke.

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It was a very intensive
learning experience.

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Now I understand my ability
of learning new stuff,

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and I really want to
look into opportunities

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like this in the future.

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Because learning five minutes
every day is really not much,

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but if it accumulates,
it's going to be a lot

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and you're going
to be benefiting

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from it your whole life.

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I would like to thank to thank
OrbiMed advisors, who hired me,

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And the CEO, Stan Isaly,
I worked with him.

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He didn't like me at all at
the very beginning, [INAUDIBLE]

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but as we progressed, he
kind of saw the value in me,

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and he has been like
a grandfather to me

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at the very end.

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And my role models, Scott
Stevens and my senior analyst

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Jung Ryu, and my
supervisor, Cason Kim.

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Thank you very much.

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[APPLAUSE]

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