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Who Wins if Aging is Dead? THE DAILY --- H.E.A.T. Torching Wall Street’s Obsolete Playbook. Delivered straight to your inbox 5 days a week. Subscribe Home Posts Who Wins if Aging is Dead? Who Wins if Aging is Dead? Oct 22, 2025 I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you. Today, my firm manages around $4.5 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me. In Daily --- H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on. Table of Contents Announcements --- H.E.A.T. What’s Moving Markets Today How Else Can I Help You Announcements I’m doing a webinar tomorrow about why covered calls – one of the most-touted “safe” ways to generate income – are in reality portfolio poison… and I’ll tell you what to do instead. You can sign up here I had a great conversation with Max Convexity yesterday about all things options…… --- H.E.A.T. Today’s Financial --- H.E.A.T. podcast was about biotech, and we discussed a lot of interesting concepts. I think the AI biotech theme is going to be huge, and we’ve hit it a bunch in the newsletter. We talked about one issue that we haven’t hit though, it’s longevity. Andy talked about the possibility of soon being able to double life expectancy potentially. If this is true it could be a game changer for a number of different companies and industries. The exact kind of investment opportunities we look for. Who Wins if Aging is Dead? Winners • Therapeutics aimed at aging pathways: CRISPR/programmable medicine (CRSP, NTLA, EDIT), senotherapeutics and related biology (UBX—small/risky; watch for new senolytic entrants), telomerase & cell‐replicative programs (GERN), mitochondrial/metabolic modulation (CDXC), gene therapy platforms (RGNX). • Obesity/metabolic disease leaders that extend healthspan: LLY, NVO. • Early detection & screening that shift mortality curves: GH, EXAS, NTRA; sequencing/toolmakers that enable them: ILMN, DHR, TMO. • Regenerative/repair and cardio devices that push healthy years higher: EW, MDT, RMD, INSP, AXGN, MESO (speculative). • Plasma/biologic inputs with aging applications: GRFS (Alkahest). • Infrastructure for chronic monitoring and prevention: ABT, DXCM; big-platform software/AI in R&D and real-world evidence: RXRX, SDGR. • Insurers selling life insurance (not lifetime income): later mortality improves life claims experience; reinsurers with life books benefit first. • Education, travel, premium senior housing, and fitness—if healthspan rises, consumption shifts toward “decades two and three of adulthood.” Losers • Annuity writers and defined-benefit pension sponsors: longevity risk extends payout tails; without re-pricing, earnings and funded status deteriorate. • Governments with unfunded old-age promises: Social Security/Medicare math worsens unless eligibility ages, payroll taxes, or cost curves change. • Providers geared to late-stage acute care rather than prevention and repair; long-term-care insurers if added years are not healthy years. • Employers with static retirement assumptions: labor, benefit and upskilling budgets rise if careers run 50+ years. Portfolio implications • Tilt toward healthspan cash flows: metabolic disease franchises, screening/diagnostics, repair devices, and enabling tools. Use pure “longevity biotech” (senolytics, reprogramming) as a high-beta sleeve, position-sized. • Own life insurers/reinsurers selectively; underweight annuity-heavy writers without credible hedging of longevity risk. • Favor asset managers and wealth platforms exposed to longer contribution horizons and multi-decade glide paths. • Expect multiples to expand for prevention/monitoring names as payers re-price toward “keep people well” economics. • Hedge public-finance risk with selective muni exposure (shorter duration, higher coverage) and consider TIPS if longer lifespans reignite medical-cost inflation. Retirement planning—what changes now • Retirement age and savings rates move up: plan for 30–40-year drawdowns, not 20–25. • Glide paths stay growth-tilted longer: more equities/higher real-asset mix deeper into one’s 60s–70s; later, ladder annuities only if priced for new longevity tables. • Human capital becomes a core asset: mid-career re-training budgets and “second-act” earnings streams are no longer optional. • Sequence-of-returns risk lasts longer: build cash/T-bill sleeves and dynamic withdrawal rules; consider deferred longevity insurance only from writers with robust reinsurance. Fast watch list (public, liquid, investable) • Healthspan core: LLY, NVO, GH, EXAS, NTRA, EW, RMD, INSP, ABT, DXCM. • Platforms/enablers: ILMN, DHR, TMO, RXRX, SDGR. • Speculative longevity biotech: CRSP, NTLA, EDIT, UBX, GERN, RGNX. • Insurance tilt: MFC, PRU, MET (life); avoid/underweight annuity-heavy names without disclosed longevity hedges. Bottom line Longevity isn’t a niche—it’s a cash-flow shock. Own the businesses that turn added healthy years into recurring revenue, and avoid liability structures that weren’t priced for a world where 95 is the new 70. If you want to talk longevity with Andy Lee on LinkedIn Click Here What’s Moving Markets Today With stocks at these levels the debasement trade (buying precious metals and crypto because you don’t trust central banks) has been the most interesting thing to watch. Yesterday gold had it’s steepest decline since 2013 and silver had it’s steepest decline since 2021. Interestingly, Bitcoin started the day weak and rallied to close (4pm close since Bitcoin trades 24 hrs) green. I didn’t buy the precious metals dip because this chart looks more like a quantum stock than a commodity…. I do think you should have an allocation to gold, and if you do, then you don’t have to buy every dip. I will probably add at some point over the rest of this week as it looks like the selloff was more technical than fundamental. How Else I Can Help You Beat Wall Street at it’s Own Game Why Covered Call ETFs Suck-And What To Do Instead Thursday October 23rd 2-3PM EST Covered call ETFs are everywhere — and everyone thinks they’ve found a “safe” way to collect yield in a sideways market. The truth? Most of them suck. They cap your upside, mislead investors with “yield” that’s really your own money coming back , and often trail just owning the stock by a mile. Join me for a brutally honest breakdown of how these funds actually work — and what you should be doing instead. What You’ll Learn: 🔥 Why “high yield” covered call ETFs are often just returning your own capital 📉 How most call-writing strategies quietly destroy compounding 🚫 Why owning covered calls in bull markets is like running a marathon in a weighted vest 💡 The simple structure that can fix these problems — and where the real daily income opportunities are hiding Click Here To Register All rights reserved. Keep Reading No posts found View more caret-right 0