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Misery loves company, and so it goes with the stock market for the innovation ecosystem these days.
The general risk-off market environment has been crushing both the emerging tech and biotech sectors alike. Last year, generalists in many ways capitulated on both sectors, shifting out of growth stocks. Lately, fears about less “transitory” inflation, tight labor markets, multiple interest rate hikes, and geopolitical conflagrations have pushed sentiment even more negative, towards less risky asset classes and defensive sectors. For example, asset allocation to inflationary commodities is now at a record high of 33%, reflecting a low…