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Ep 24 - Alex Beinfield, Blue Duck Capital: "Don't Miss the Forest for the Trees"
Description
In this episode of Hims House, Jonathan Stern and Patrick Lester are joined by Alex Beinfield, founder & CIO of Blue Duck Capital, for a wide-ranging conversation on markets, healthcare, and the future of HIMS. They kick off by unpacking the market implications of Trump’s tariffs, with ripple effects for global trade and the pharmaceutical sector. The conversation then turns to HIMS. Alex shares what first got him excited about the company back in 2020, and why he’s still bullish today. He breaks down HIMS’ long-term potential and competitive moats in telehealth—from its DTC strength and brand equity to its mission of solving one of the biggest pain points in modern life. They also discuss how shifts in healthcare policy — the “Make America Healthy Again” agenda — could shape the company’s path forward.
01:22 Tariff Turmoil
02:32 Market Reactions and Predictions
08:05 Impact on Hims and the Pharmaceutical Industry
12:43 Blue Duck Capital's Unique Approach
19:00 Alex's Investment Journey with Hims
24:03 The Pain Points in Healthcare
24:40 Reinitiating a Position in Hims
25:37 The Impact of RFK Jr. on Healthcare Policy
28:25 Hims' Growth and Market Position
29:34 Regulatory Environment Under the New Administration
33:58 Hims' Competitive Moats
41:12 GLP-1 and the Bigger Picture
45:44 Valuation and Price Targets
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