Thinking | William Blair Thinking

Education

COVID-19 has had a significant impact on providers and recipients of education, and business models are evolving to keep pace.

Healthcare

From digitization to advancements in biotechnology, healthcare is quickly adapting to the new normal.

Industry & Investments

The current recession has had varying effects across industries and investment opportunities.

Market Review and Outlook

This past quarter will easily go down as one of the most extraordinary quarters the global economy has faced since at least the Second World War. Based on current tracking data from the Atlanta Fed, it looks like gross domestic product fell by around 35% (annualized rate), making this by far the worst quarter for growth in recorded history. Amazingly, this is an improvement on earlier expectations when “growth” was tracking closer to -54%.

Richard de Chazal, CFA, joined William Blair International, Ltd. in 2001. He is a London-based macroeconomist with two decades of experience analyzing the U.S. economy and financial markets. Prior to joining William Blair, Mr. de Chazal worked for UBS Warburg in the Global Investment Strategy Department, and PaineWebber Intl. Ltd. in the London Economics Department.

Richard de Chazal

Macroeconomist

Our take on trends that matter.

Technology

As industries move to digital environments, technology platforms have become the foundation of success.

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Topics

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Our take on trends that matter.

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From the impact of technology to the future economic outlook, our experts provide the latest market perspectives from inside the safety of their own homes. Stay up to date with our take on trends that matter most.

Navigating the Path Ahead

Industrial (R)evolution

The convergence of smarter hardware, software, and automation is disrupting business processes.

Humanizing Healthcare

Patient engagement, personalized medicine, and CAR-T therapies are driving the healthcare space.

Consumer Experience

Laboratory assistant putting test tubes into the holder, Close-up view focused on the tubes

The pandemic has forced the global education system to rethink how it operates. I’d like to think all the work that’s being done now will eventually lead us to a more effective, efficient, and equitable system.

Justine Chiou

Managing Director, Education

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Female scientist working in the CDC laboratory.

Q2 2020

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Richard de Chazal, CFA Equity Research

Business woman using laptop in the office.

Happy Young Mother Helping Her Daughter While Studying At Home

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From the archives, get our take on trends that matter, including friction-free real estate transactions, personalized medicine, brand intimacy, consumer-centric healthcare, and more.

Take a Look Back

Technology

As many industries move online and to remote working environments, technology has been put at the forefront of success. From secure IT support to opportunities in new sectors, recent technology adaptation proves to provide long-term benefits. Our experts share their views in the videos below.

Providing Secure and Seamless IT Support

Many companies across industries have transitioned to 100% remote employees. As a result, IT companies are constantly working to provide seamless and secure remote support. However, this task comes with a unique set of challenges.

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Jonathan Ho, partner, joined William Blair in 2005. Ho is an analyst specializing in cybersecurity and security technology. Previously, he worked as a lead software engineer and information technology project manager for seven years in the government/defense contracting industry. Ho holds a B.S. in finance and a B.S. in management science and statistics from the University of Maryland at College Park, an M.S. in information and telecommunications systems from the Johns Hopkins University, and an M.B.A. in finance and accounting from the University of Chicago.

Jonathan Ho, Partner

Cybersecurity & Security Technology Analyst

Jonathan Ho, Partner Technology Analyst Specializing in Cybersecurity and Security Technology

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Optimism for the Future of Medical Technology

Despite COVID-19’s unprecedented and devastating impact, there is hope for the medical technology sector on three fronts.

Margaret Kaczor Analyst, Medical Technology

Margaret Kaczor, CFA, partner, joined William Blair in June 2010 and covers medical technology companies, with particular interest in robot-assisted surgery, kidney disease, immunodeficiency diseases, sleep and oxygen therapy, surgical tools and equipment, and diabetes. Ms. Kaczor, jointly with analyst Ben Andrew, was named the No. 2 stock picker in the 2015 StarMine Analyst Awards for her coverage of healthcare equipment and supplies. In 2016, Institutional Investor named Ms. Kaczor a "Rising Star of Wall Street Research." She earned B.S. degrees in both accounting and finance from the University of Illinois.

Margaret Kaczor

Analyst, Medical Technology

IT Budgets After COVID-19

Executives and board members are going to look at digital transformation—from data analytics to chatbots—as a logical area of spending coming out of this global health crisis.

Maggie Nolan Analyst, Specializing in IT Services

Maggie Nolan, CPA, who joined William Blair in June 2015, is an analyst covering IT services companies. Ms. Nolan graduated from Miami University with a Bachelor of Science degree in business with majors in finance and accounting.

Maggie Nolan

Analyst, Specializing in IT Services

Opportunities for Technology in Real Estate

While real estate has faced challenges as a result of COVID-19, recent technology adaptation can continue to provide long-term benefits for the industry.

Stephen Sheldon Technology Analyst Focused on Real Estate and Education

Stephen Sheldon, CFA, CPA, who joined William Blair in September 2011, is a technology analyst focused on the real estate and education verticals. In 2018, Institutional Investor named Mr. Sheldon a Rising Star for the All-America Research Team. Before 2018, Mr. Sheldon spent more than six years as an associate covering companies in the HR technology, information services, and staffing industries. Mr. Sheldon graduated with a B.S. in accounting and business administration from the University of Kansas and a Master in Professional Accounting degree from the University of Texas.

Stephen Sheldon

Technology Analyst Focused on Real Estate and Education

Key Differentiators for Software Market Success

The overall impact of COVID-19 will vary across the technology industry; however, leaders that are able to differentiate themselves are likely to establish long-term growth.

Peter Dalrymple, Partner Managing Director, Technology

Peter Dalrymple joined William Blair in 2011 and is a partner and managing director in the software investment banking group at William Blair. Prior to joining, Peter spent three years in the technology investment banking group at Canaccord Genuity focused on software, internet, and digital media companies. Prior to his investment banking career, Peter was as an Associate with Pelion Venture Partners and also served as the Central and Southeast European Country Manager for the U.S. Trade & Development Agency. Peter graduated from Bates College with a Bachelor’s in Political Science and earned an M.B.A. in Finance from Northeastern University.

Peter Dalrymple, Partner

Managing Director, Technology

Technology Opportunity in Insurance

As a $2 trillion annual market, the insurance industry is seeing significant upgrades in technology. This has created room for opportunity within the sector.

Adam Klauber, CFA, Partner Co-Group Head-Financial Services and Technology

Adam Klauber, CFA, partner, co-group head–financial services and technology sector, joined William Blair in 2011. His coverage focuses on financial analytic service providers, insurance brokers, and property-and-casualty insurance. In 1998, Mr. Klauber was a founder of Cochrane Caronia Waller, a Chicago-based insurance boutique, which merged with Fox Pitt Kelton in 2007; the combined entity was acquired by Macquarie Securities Group in 2010. Mr. Klauber has been recognized three times in recent years in The Wall Street Journal's "Best on the Street" report, including a No. 1 ranking in 2007. Mr. Klauber has also worked as a managing director and senior insurance analyst at Nesbitt Burns Securities (US) and as a senior bank analyst at Duff & Phelps Equity Research. He holds a B.S. in business administration from Indiana University and an M.B.A. in finance from Loyola University.

Adam Klauber, CFA, Partner

Co-Group Head-Financial Services and Technology

Education

While many feel the global education sector is in turmoil, an industry that has been traditionally reluctant to change is embracing experimentation and innovation. COVID-19 has had a significant effect on the industry, such as adapting business models and evolving education models. Our experts share their views in the videos below.

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Brandon Dobell is a Managing Director and Head of Integrated Client Services at William Blair. Previously, Brandon spent 15 years in William Blair’s Equity Research department where he was named #1 Stock Picker and Earnings Estimator in 2017 by Thomson Reuters before transitioning to the Investment Banking group to launch the ICS group. The Firm’s ICS Group focuses on delivering a full range of services to clients with an emphasis on serving public companies. Prior to joining William Blair, Brandon was a Group Head in the Global Services Equity Research department at Credit Suisse. Brandon graduated from UC San Diego and has an MBA from the University of Southern California.

Brandon Dobell

Managing Directors, Services & Industrials

Brandon Dobell

Managing Director, Services & Industrials

COVID-19’s Economic Impact on Education

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7 Lessons Learned from COVID-19

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COVID-19’s Economic Impact on Education

The economic impact of the novel coronavirus has had a significant effect on the education sector. Early trends of the pandemic may indicate how the industry will rebound in a post-COVID-19 world.

Brandon Dobell Managing Director, Services & Industrials

7 Lessons Learned from COVID-19

From adapting business models to evolving education models, here are seven lessons learned from COVID-19 and the resulting economic downturn.

Brandon Dobell Managing Director, Services & Industrials

COVID-19’s Economic Impact on Education

The economic impact of the novel coronavirus has had a significant effect on the education sector. Early trends of the pandemic may indicate how the industry will rebound in a post-COVID-19 world.

7 Lessons Learned from COVID-19

The economic impact of the novel coronavirus has had a significant effect on the education sector. Early trends of the pandemic may indicate how the industry will rebound in a post-COVID-19 world.

Justine Chiou Managing Director, Education

The Post-Pandemic Global Education System

While many may feel the global education industry is in turmoil, there is confidence the current work and adaptation will lead to a more effective, efficient, and equitable pedagogy.

Justine Chiou is a Managing Director in William Blair’s Chicago office where she leads the firm’s education practice. Prior to joining William Blair, Justine worked for the Corporate Executive Board in their financial services practice, where she advised clients in retail banking and retirement services and launched their middle market platform. Justine holds an MBA from the University of Chicago Booth School of Business and a BA cum laude in History and Literature from Harvard University. She lives in the Wicker Park neighborhood in Chicago.

Justine Chiou

Managing Director, Education

Justine Chiou Managing Director, Education

The Post-Pandemic Global Education System

While many may feel the global education industry is in turmoil, there is confidence the current work and adaptation will lead to a more effective, efficient, and equitable pedagogy.

Justine Chiou

Managing Director, Education

Healthcare

From digitization in healthcare to advancements in biotechnology, the industry is quickly adapting to the new normal. This has led to greater opportunity for those that embrace and adapt to economic and cultural impacts of the pandemic. Our experts share their views in the videos below.

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Digitization of Healthcare in America

The COVID-19 pandemic has made clear that the ongoing digitization of healthcare in America is only accelerating. Impacts of the crisis have shown a clear call-to-action for innovation and spending in the industry.

Joe Schauenberg Managing Director, Healthcare

What COVID-19 Means for Biotechnology

From the importance of investing to improved perception of the pharmaceutical industry, here are three observations on COVID-19’s impact on healthcare from a biotechnology equity research standpoint.

Andy Hsieh, Ph.D. Analyst, Specializing in Biotechnology

Embracing Economic and Cultural Impacts in Healthcare

Healthcare providers that embrace and adapt to both the economic impacts and cultural impacts of COVID-19 will see greater opportunity as we emerge from this crisis.

Edward Nakayama Director, Healthcare

COVID-19 Therapeutics and Vaccine Expectations

Our expert says that there is reason to be optimistic for a COVID-19 vaccine by at least 2021. Hear more about our expectations for therapeutics and a vaccine.

Timothy Lugo, Partner Head of Biotech Equity Research

Brian Weinstein, CFA Healthcare Analyst with Coverage in Diagnostic Products and Medical Technology

Diagnostic & Antibody Testing for COVID-19

From diagnostic testing to antibody testing, we take a look at three different types of COVID-19 tests currently available, and explore what a vaccine could mean for the future of testing.

Brian Weinstein, CFA, partner, and group head of life sciences, joined William Blair in 2001. Weinstein is a healthcare analyst with coverage in diagnostic products and medical technology. Before joining William Blair, Weinstein was a senior analyst at Casas, Benjamin & White, L.L.C., where he worked on restructurings and workouts in the healthcare services space. In addition, he worked at Baxter International/Allegiance Corporation in a variety of finance roles, including manager of investor relations at Allegiance. He received his B.S. in business with concentrations in both finance and marketing from Indiana University, and also holds an M.B.A. from the University of Chicago Graduate School of Business.

Brian Weinstein, CFA

Healthcare Analyst with Coverage in Diagnostic Products and Medical Technology

Joe Schauenberg is a Managing Director in the Healthcare Investment Banking Group at William Blair and leads the Healthcare Information Technology Practice. He joined the firm in 2007 and has advised on more than 60 M&A and capital raising transactions for publicly-traded and privately-held clients. Significant transactions on which Joe has advised include the sale of MatrixCare to ResMed, the sale of symplr to Clearlake Capital, and the sale of the European Healthcare Software subsidiary of McKesson Corporation (nka System C) to Symphony Technology Group. Prior to joining William Blair, Joe spent six years in Revenue Cycle Management consulting for Arthur Andersen and Ernst & Young advising academic medical centers and large physician groups to optimize management of accounts receivable, reimbursement denials and overall cost to collect. Joe received a B.B.A. with Special Honors with Distinction from the University of Iowa in finance and management information systems and an M.B.A. with Honors from the University of Chicago. Joe lives in Barrington, Illinois with his wife and three children.

Joe Schauenberg

Managing Director, Healthcare

Ed Nakayama is a Director in the Healthcare Investment Banking Group at William Blair. He joined William Blair in 2013 and focuses on M&A, debt, and equity advisory services in the Healthcare Services sector, particularly healthcare providers and service providers into the healthcare ecosystem. Since joining William Blair, Ed has advised on more than 30 M&A and capital raising transactions. Prior to joining William Blair, Ed was an Environmental Engineer at Holcim (U.S.) in Boston, MA and Ann Arbor, MI and studied jazz performance at the Berklee College of Music in Boston. Ed received a B.S. in Chemistry from Duke University and an M.B.A. from the University of Chicago Booth School of Business.

Edward Nakayama

Director, Healthcare

Andy Hsieh, Ph.D., a biotechnology analyst, joined William Blair in January 2014, after an internship as a research associate with Cowen & Company. Dr. Hsieh earned a Ph.D. in chemistry from the University of California, Berkeley and a B.S. in biological sciences from Carnegie Mellon University.

Andy Hsieh, Ph.D.

Analyst, Specializing in Biotechnology

Tim Lugo, partner, joined William Blair in 2005 and focuses on the therapeutics space. Before joining William Blair, he worked at Pacific Growth Equities as a junior analyst on a number of specialty pharmaceutical companies. Mr. Lugo was named No. 1 stock picker and No. 3 earnings estimator in the 2016 Thomson Reuters Analyst Awards for his coverage of biotechnology. Mr. Lugo has a B.A. in molecular and cellular biology (with an emphasis in genetics) and a B.A. in economics, both from the University of California, Berkeley.

Timothy Lugo, Partner

Head of Biotech Equity Research

Digitization of Healthcare in America

Joe Schauenberg Managing Director, Healthcare

What COVID-19 Means for Biotechnology

Andy Hsieh, Ph.D. Analyst, Specializing in Biotechnology

Embracing Economic and Cultural Impacts in Healthcare

Healthcare providers that embrace and adapt to both the economic impacts and cultural impacts of COVID-19 will see greater opportunity as we emerge from this crisis.

Edward Nakayama Director, Healthcare

COVID-19 Therapeutics and Vaccine Expectations

Our expert says that there is reason to be optimistic for a COVID-19 vaccine by at least 2021. Hear more about our expectations for therapeutics and a vaccine.

Timothy Lugo, Partner Head of Biotech Equity Research

Diagnostic & Antibody Testing for COVID-19

From diagnostic testing to antibody testing, we take a look at three different types of COVID-19 tests currently available, and explore what a vaccine could mean for the future of testing.

Brian Weinstein, CFA Healthcare Analyst with Coverage in Diagnostic Products and Medical Technology

Brian Weinstein, CFA

Healthcare Analyst with Coverage in Diagnostic Products and Medical Technology

Joe Schauenberg

Managing Director, Healthcare

Edward Nakayama

Director, Healthcare

Andy Hsieh, Ph.D.

Analyst, Specializing in Biotechnology

Timothy Lugo, Partner

Head of Biotech Equity Research

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Matt Phipps, PhD Analyst, Specializing in Biotechnology

How the Biotech Industry Has Adapted to the Pandemic

The biotech industry has had to adjust to recent stress placed on the healthcare system. However, biotech companies have adapted, and have an opportunity to continue to hold the attention of physicians, investors, and the larger industry community.

Matt Phipps, Ph.D., a biotechnology analyst, joined William Blair in November 2014, after working as a postdoctoral research fellow at Texas Scottish Rite Hospital for Children. In the 2019 StarMine Analyst Awards from Refinitiv, Dr. Phipps was ranked the No. 1 earnings estimator in biotechnology and No. 3 across all industries. Dr. Phipps earned a Ph.D. in cellular and molecular physiology from the University of Alabama at Birmingham and a B.S. in physics in medicine from the University of Notre Dame.

Matt Phipps, PhD

Analyst, Specializing in Biotechnology

Diagnostic & Antibody Testing for COVID-19

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Five Reasons Testing Is Still Important Even with Vaccines

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Brian Weinstein, CFA Healthcare Analyst with Coverage in Diagnostic Products and Medical Technology

Five Reasons Testing Is Still Important Even with Vaccines

While vaccines are unequivocally good news in the fight against COVID-19, there are five important reasons that diagnostics manufacturers should remain busy into the foreseeable future.

Coronavirus Covid-19 Protection and Vaccine. Doctor drawing up solution from vaccine bottle and filling syringe injection for patient vaccination in medical clinic, Coronavirus in background

Lady scientist in microbiology laboratory working with E coli culture

5 Biggest Trends Changing Healthcare Today

Healthcare advancements in response to the COVID-19 pandemic are rapidly becoming market mainstream and could make the U.S. system more effective.

Ryan Daniels Co-Group Head, Healthcare Equity Research

Ryan Daniels, CFA, partner, joined William Blair in 2002 and focuses on healthcare technology and healthcare services. Previously, he worked with Deloitte Consulting's M&A Advisory Services Group. Mr. Daniels holds a B.A. in economics from Northwestern University and earned an M.B.A. from the Kellogg School of Management.

Ryan Daniels, CFA

Co-Group Head, Healthcare Equity Research

COVID-19 Therapeutics and Vaccine Expectations

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What’s Ahead in COVID-19 Vaccine Safety and Distribution

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The doctor is injecting male patients.In the medical's hand have syringes.

What’s Ahead in COVID-19 Vaccine Safety and Distribution

Developing vaccines to beat COVID-19 has been the Manhattan Project of our time. Now we’re into distribution, but some of the public is questioning safety. Can we return to normal by the end of 2021?

Timothy Lugo, Partner Head of Biotech Equity Research

People in protective suits and masks delivering vaccine of coronavirus to population

Industrial (R)evolution

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Industry & Investments

The current recession has had varying effects across industries and investment opportunities. As we navigate the path ahead, it is important to recognize the lessons that can be learned from the impacts and challenges faced. Our experts share their views in the videos below.

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Setting Economic Recovery Expectations

As shelter-in-place policies are lifted, we begin to assess the economic damage and form expectations for economic recovery. But, how short will the current downturn be, and how swift the recovery?

Olga Bitel, Partner Global Strategist

COVID-19’s Impact on Specialty Distribution

As a result of the novel coronavirus, we have identified immediate trends taking place in the industrial distribution space. However, the long-term impacts of COVID-19 may create areas of opportunity within the space.

Ryan Merkel, CFA Analyst Specializing in Industrial Distribution and Commercial Services

COVID-19’s Impact on Global Industrial Infrastructure

The biggest change to impact the cyclicals industry as a result of COVID-19 will focus on safety, specifically food safety.

Lawrence De Maria Global Industrial Infrastructure Analyst Focusing on Agriculture, Construction, Mining, and Capital Goods

COVID-19’s Effect on Macro Investments

How has the pandemic impacted macro investments and emerging markets? We explore areas of opportunity in a post-COVID world and what lessons can be learned.

Lotta Moberg, PhD, CFA Analyst, Dynamic Allocation Strategies

COVID-19’s Effect on Global Utilities & Real Estate

Stocks in the global utilities and global real estate sectors are typically thought to be defensive in nature. While global utilities have held up their end of the bargain, global real estate stocks have been one of the worst-performing sectors as we navigate the pandemic.

Alaina Anderson, CFA, Partner Portfolio Manager and Global Research Analyst Covering Real Estate, Utilities, and Engineering Companies

Ryan Merkel, CFA, joined William Blair in 2005 and specializes in industrial distribution and commercial services. Previously, Mr. Merkel worked as a consultant at PricewaterhouseCoopers in its valuation services group. Mr. Merkel was named No. 3 earnings estimator in the 2015 StarMine Analyst Awards for his coverage of trading companies and distributors. Mr. Merkel received a B.B.A. degree in finance from Indiana University and an MBA from the University of Chicago.

Ryan Merkel, CFA

Analyst Specializing in Industrial Distribution and Commercial Services

Lotta Moberg is an analyst on the Dynamic Allocation Strategies team. She is responsible for global macro research. Lotta has previously worked for the Swedish foreign ministry in Russia, the Swedish Defense Forces in Kosovo, and has been a consultant for the World Bank. She has been published in several economics journals, including The Journal of Institutional Economics and The Review of Austrian Economics, and has taught classes in economics at George Mason University. Lotta has researched areas such as special economic zones, tax policy, and municipal bankruptcy. Education: Ph.D., economics, George Mason University; B.A., economics, Lund University, Sweden.

Lotta Moberg, PhD, CFA

Analyst, Dynamic Allocation Strategies

Larry De Maria, CFA, co-group head–global industrial infrastructure, joined William Blair in 2011 and focuses on agriculture, construction, mining, and capital goods. Mr. De Maria was a managing director of global industrial infrastructure equity research at Sterne Agee for the previous four years, serving as co-manager of the group. Previously, he was a senior vice president–sales trading pod manager, institutional equity sales and trading at Prudential Equity Group from 2000 to 2007 and an associate vice president–institutional equity sales and trading at A.G. Edwards from 1998 to 2000. Mr. De Maria has a B.S. in business management (finance concentration) from Providence College.

Lawrence De Maria

Global Industrial Infrastructure Analyst Focusing on Agriculture, Construction, Mining, and Capital Goods

Olga Bitel joined William Blair in 2009. She is responsible for economic research across all regions and sectors. Prior to joining the firm, Olga was a Senior Economist at the National Institute of Economic and Social Research in London, U.K., where she was responsible for macroeconomic forecasting and thematic research projects for international organizations and government bodies. Education: B.A., University of Chicago; M.Sc. Economics, London School of Economics and Political Science.

Olga Bitel, Partner

Global Strategist

Alaina Anderson is a portfolio manager for the International Leaders ADR strategy and a global research analyst covering real-estate stocks. Before joining William Blair in 2006, she was a senior analyst in the investments department of the MacArthur Foundation, where she provided research support for internally managed portfolios and was involved in investment manager due diligence, selection, and monitoring for the foundation’s U.S., non-U.S., and hedge-fund portfolios. Before joining the MacArthur Foundation, Alaina was an investor relations consultant with Ashton Partners and a financial advisor with UBS Painewebber. She is a member of the CFA Institute, the CFA Society of Chicago, and a trustee of Lawrence Hall Youth Services. Alaina received a B.S. from the Wharton School at the University of Pennsylvania and an M.B.A. from the University of Chicago’s Booth School of Business.

Alaina Anderson, CFA, Partner

Portfolio Manager and Global Research Analyst Covering Real Estate, Utilities, and Engineering Companies

COVID-19’s Impact on Specialty Distribution

As a result of the novel coronavirus, we have identified immediate trends taking place in the specialty distribution space. However, the long-term impacts of COVID-19 may create areas of opportunity within the space.

Ryan Merkel, CFA Analyst Specializing in Industrial Distribution and Commercial Services

COVID-19’s Impact on Global Industrial Infrastructure

The biggest change to impact the cyclicals industry as a result of COVID-19 will focus on safety, specifically food safety.

Lawrence De Maria Global Industrial Infrastructure Analyst Focusing on Agriculture, Construction, Mining, and Capital Goods

COVID-19’s Effect on Macro Investments

How has the pandemic impacted macro investments and emerging markets? We explore areas of opportunity in a post-COVID world and what lessons can be learned.

Lotta Moberg, PhD, CFA Analyst, Dynamic Allocation Strategies

Setting Economic Recovery Expectations

As shelter-in-place policies are lifted, we begin to assess the economic damage and form expectations for economic recovery. But, how short will the current downturn be, and how swift the recovery?

Olga Bitel, Partner Global Strategist

COVID-19’s Effect on Global Utilities & Real Estate

Alaina Anderson, CFA, Partner Portfolio Manager and Global Research Analyst Covering Real Estate, Utilities, and Engineering Companies

Ryan Merkel, CFA

Analyst Specializing in Industrial Distribution and Commercial Services

Lotta Moberg, PhD, CFA

Analyst, Dynamic Allocation Strategies

Lawrence De Maria

Global Industrial Infrastructure Analyst Focusing on Agriculture, Construction, Mining, and Capital Goods

Olga Bitel, Partner

Global Strategist

Alaina Anderson, CFA, Partner

Portfolio Manager and Global Research Analyst Covering Real Estate, Utilities, and Engineering Companies

Dylan Carden Analyst, Specializing in Consumer Technology and Specialty Retail

5 Themes to Expect from the Current Recession

From online migration to inventory utilization to consumer communication, major themes are beginning to emerge as a result of the current recession.

Dylan Carden joined William Blair in 2014. Mr. Carden is an analyst specializing in consumer technology and specialty retail. Before working at William Blair, he worked at Telsey Advisory Group. Mr. Carden has an undergraduate degree in English from Kenyon College and an M.B.A. from Indiana University with a concentration in finance and accounting.

Dylan Carden

Analyst, Specializing in Consumer Technology and Specialty Retail

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Dylan Carden Analyst, Specializing in Consumer Technology and Specialty Retail

5 Themes to Expect from the Current Recession

From online migration to inventory utilization to consumer communication, major themes are beginning to emerge as a result of the current recession.

Dylan Carden

Analyst, Specializing in Consumer Technology and Specialty Retail

Yan Krasov, CFA, Partner Analyst, Specializing in Industrials and Healthcare

The Industrial Sector’s Response to the Recession

Facing the third recession in 12 years, the industrial sector is familiar with navigating periods of economic uncertainty and fluctuation in demand for products and services. In fact, many industrial companies have actively responded to the pandemic by shifting their manufacturing processes.

Yan Krasov is a research analyst at William Blair Investment Management. He focuses on U.S. large-cap industrials and healthcare companies. Before joining William Blair in September 2006, Yan spent four years at JPMorgan Securities in Chicago, where he began his career in the firm’s institutional equity sales and private client services groups. He is a member of the CFA Institute and the CFA Society of Chicago. Yan received a Bachelor’s in speech and economics from Northwestern University and an M.B.A. from the University of Chicago’s Booth School of Business.

Yan Krasov, CFA, Partner

Analyst, Specializing in Industrials and Healthcare

Romina Graiver Portfolio Specialist

The Heightened Importance of ESG Investing

Learn how rising risks of climate change, social injustice, and the economic crisis are impacting environmental, social, and governance (ESG) investing.

Romina Graiver is a portfolio specialist for William Blair’s global equity strategies. In this role, she participates in the team’s decision-making meetings, conducts portfolio analysis, and is responsible for communicating portfolio structure and outlook to clients, consultants, and prospects. Previously at William Blair, she was a senior client relationship manager. Before joining William Blair in 2012, Romina was deputy head of the international equity investment team at BNP Paribas Investment Partners, where she was responsible for product development and investor communication. Before taking on that role, she was a product specialist for model-driven equity investments and a marketing manager. Romina received a Bachelor of Science in international business and a Master of Science in economics from the University of Pantheon-Sorbonne in Paris, France.

Romina Graiver

Portfolio Specialist

Luis Olguin, CFA Portfolio Manager

Pandemic Recovery: Emerging Market Corporates

While the pandemic has tested emerging markets, the corporate asset class has shown maturity and remained resilient.

Luis Olguin, CFA, is an Emerging Markets Corporate portfolio manager on the Emerging Markets Debt team. Prior to joining William Blair, he was a senior portfolio manager on the EMD team of NN Investment Partners. Having rejoined NNIP in 2014 with both portfolio management and credit analysis responsibilities, Luis had global portfolio management responsibilities in Emerging Markets corporate credit as well as analyst duties in Latin America across oil and gas, metals and mining, and industrials sectors. Previously, he was Head of Equities for AFP Habitat, a pension fund in Peru. During this time, he was also a professor at the University of Lima teaching several courses in investment management. Before that, he served as a director with financial and managerial responsibilities of a family-owned conglomerate in Peru. Prior to this, he spent eight years at ING Investment Management (predecessor firm to NN Investment Partners) across diverse roles within fixed income research and portfolio management. Luis received a Bachelor of Business Administration from Emory University’s Goizueta Business School.

Luis Olguin, CFA

Portfolio Manager

Vivian Lin Thurston is a portfolio manager for William Blair's China A-Shares Growth strategy and a global research analyst covering Chinese equities. Previously, she was a global research analyst covering large-cap consumer stocks. Before joining William Blair, Vivian was vice president and consumer sector head at Calamos Investments. Before that, she was an executive director and senior investment analyst at UBS Global Asset Management/Brinson Partners, where she was responsible for stock selection and research for consumer sectors in the United States and emerging markets. Vivian also held roles at Mesirow Financial, China Agribusiness Development Trust and Investment Corporation, and Vanke. She is a member of the CFA Institute and the CFA Society of Chicago. She is also the founder and chairman of the board of the Chinese Finance Association of America, a 501(c) nonprofit organization. Vivian received a B.A. in sociology from Peking University and an M.A. in sociology and M.S. in finance from the University of Illinois Urbana-Champaign.

Vivian Lin Thurston, CFA, Partner

Portfolio Manager, Global Research Analyst

Vivian Lin Thurston, CFA, Partner Portfolio Manager

China's Post-Pandemic Recovery

China's consumer, healthcare, and technology sectors are experiencing significant impacts from COVID-19. Learn how China is recovering from the pandemic from both a societal perspective and an investment standpoint.

Vivian Lin Thurston, CFA, Partner Portfolio Manager

A Short Title Sometimes Can Be A Long Title

A brief description of the topic discussed in the video by the expert. Sometimes the length of the description can be short while other times can be quite long.

Vivian Lin Thurston is a portfolio manager for William Blair’s China A-Shares Growth strategy and a global research analyst covering Chinese equities. Previously, she was a global research analyst covering large-cap consumer stocks. Before joining William Blair, Vivian was vice president and consumer sector head at Calamos Investments. Prior to that, she was an executive director and senior investment analyst at UBS Global Asset Management/Brinson Partners, where she was responsible for stock selection and research for consumer sectors in the U.S. and emerging markets. Vivian also held roles at Mesirow Financial, China Agribusiness Development Trust and Investment Corporation, and Vanke. She is a member of the CFA Institute and the CFA Society of Chicago. She is also the founder and chairman of the board of the Chinese Finance Association of America, a 501(c) nonprofit organization. Education: B.A., Sociology, Peking University; M.A., Sociology and M.S., Finance, University of Illinois Urbana-Champaign.

Brian Drab, CFA, Partner Analyst, Specializing in Industrial Technology

Current Trends in Engineering and Manufacturing Technology

From rapid manufacturing and 3-D printing to standby generators, industrial technology companies are adjusting to growing demand.

Brian Drab, CFA, partner, joined William Blair in 2006. Drab covers industrial technology. Previously, he worked as an engineer at Motorola, with mechanical design and manufacturing responsibilities. He graduated summa cum laude with a Bachelor of Science in mechanical engineering from Washington University in St. Louis and earned an M.B.A. from Harvard Business School.

Brian Drab, CFA, Partner

Analyst, Specializing in Industrial Technology

Steve Maletzky Managing Director, Head of Equity Capital Markets

Current Trends in Equity Capital Markets

Throughout the COVID-19 pandemic, there has been one major trend in equity capital markets: the convergence of public and private. Learn how companies are utilizing access to public markets.

Steve Maletzky is the head of William Blair’s Equity Capital Markets team. He joined the Equity Capital Markets group at William Blair in 2010 to lead the healthcare capital markets practice. Maletzky has more than 18 years of experience structuring equity and equity-linked IPOs, follow-ons, confidential follow-ons, PIPEs, and late stage private placements. In total, he has raised over 10.0 billion USD through more than 250 bookrun transactions. Over 80% of these transactions have been for companies in the life sciences sector and he maintains an active dialogue with fundamental life science institutional investors. Prior to joining William Blair, Maletzky worked in the Equity Capital Markets Groups at Needham & Company and Cowen and Company. He is a board member of The Nora Project, a not for profit that works to promote meaningful connections between students and their peers with disabilities. Maletzky holds a B.S.M. in finance from Tulane University.

Managing Director, Head of Equity Capital Markets

Steve Maletzky

Key Areas of Convergence in Public and Private Capital Markets

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Current Trends in Equity Capital Markets

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Steve Maletzky Managing Director, Head of Equity Capital Markets

Key Areas of Convergence in Public and Private Capital Markets

A robust appetite for high-growth investments is driving more focus on private investments. Learn more about SPACs, or special purpose acquisition companies, and other trending topics in equity capital markets.

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Industrial Technology

The industrial tech market is experiencing sweeping changes in how it delivers services to clients. Smarter hardware coupled with software solutions and new business models are driving the change and fueling M&A activity.

Corey Ryan Managing Director, Investment Banking

Shortening time spent pre-construction and on the job site reduces cost for developers.

Construction Industry Embraces Technology

Thinking about space differently than in the past will facilitate better environments and relationships.

Workspace Designed for Virtual Collaboration Rising

Internet healthcare consultation has tremendous growth prospects.

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New Technology to Expand Care, Cut Costs

Understanding genetics results in targeted treatments and better patient outcomes.

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Customizing Pharmaceutical Treatments

CAR-T and other advanced technologies transform healthcare.

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Gene Therapy, Cell Therapy, Gene Editing Grab Spotlight

Personalized Medicine

Personalized medicine customizes the treatment for each patient using genetic information and gene therapies. It’s seen as the wave of the future for the drug industry, moving away from a one-size-fits-all approach to medicine to treating people in a more targeted and personalized way.

Tommy Sternberg, CFA Global Equity Research Analyst, Investment Management

Vendors struggle to drive awareness and acceptance of technology.

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Patients Slow to Engage Using Technology

Changing the health of a population to impact the cost of care is a long-term commitment.

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Driving & Measuring ROI: A Messy Business

Investment in technology that addresses cost is becoming increasingly acute.

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Incentives Need to Engage and Satisfy Patients

It is the early innings of healthcare consumerism and the shift toward value-based care.

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Bullish on Patient Engagement

Patient Expectations and Provider Solutions

As healthcare shifts towards value-based care, providers are getting smarter about how to engage patients through technology as well as how to track and measure outcomes. The most successful vendors are those that provide patients some technology solutions but with a high degree of human touch.

Steve Tole Managing Director, Investment Banking

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The opportunity is to create a brand and capture a long-term revenue stream.

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Loyalty Programs to Capture Millennial Market

Consumer-centric companies see an enormous opportunity in healthcare.

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Non-Traditional Players Gain Market Share

Patient Engagement: The New IT in HCIT

Patient engagement and related technologies have been among the hottest investment areas in all of healthcare information technology (HCIT) as patients want to be treated more like consumers. If current healthcare providers miss the opportunity to engage patients, non-traditional players like Apple, Google, Amazon, and Walmart will be there to capture the market.

Ryan Daniels Healthcare Technology and Services Analyst, Equity Research

Increased Expectations of Brands

Consumers are shifting their buying to reflect their beliefs, spending more on discretionary items and less on consumer staples. This pattern is seen in both developed and emerging markets. Companies are paying close attention to the rising demand of these buyers, with a special focus on China.

Kwesi Smith, CFA Global Senior Research Analyst, Investment Management

Parents and students challenged by the time and financial investment to earn a degree gives rise to more self-paced learning.

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Push for Innovation is Seen in Higher Education

New educational models combine face-to-face learning with online programs.

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Online Learning Impacts Pre-K to Corporate Training

Corporations adopt technology to hire the right person and keep them.

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Workplace Education Supports Corporate Productivity Goals

New Models of Education

Technology is having an impact within the entire educational eco-system, from pre-K to corporate training. Institutions have better access to information that is allowing them to understand how individuals learn, changing the dynamics at every age group.

Brandon Dobell Managing Director, Services & Industrials

Corey Ryan joined William Blair in 2011 and focuses on Industrials. Previously he worked at BMO Capital Markets Corporation, Danaher Precision Systems, and iAutomation. Mr. Ryan holds a B. S. degree from the University of Illinois and an MBA from the University of Chicago.

Corey Ryan

Managing Director, Investment Banking

Steve Tole joined William Blair in 2011 and focuses on healthcare. Previously he worked at Great Lakes Scrip Center and National City Bank. Mr. Tole holds a B. A. from Michigan State University and an MBA from the University of Chicago. He serves on the Board of Directors of the Michigan State Financial Markets Institute.

Steven Tole

Managing Director, Investment Banking

Tommy Sternberg is a global equity research analyst. He covers large-cap healthcare companies. Previously, he was a research associate focused on the healthcare industry. Before joining William Blair in 2004, Tommy spent two years as an equity analyst in Oak Brook Bank’s investment management and trust department. He is a member of the CFA Institute and the CFA Society of Chicago. Tommy received a B.S. in economics from Duke University and an M.B.A. from the University of Chicago’s Booth School of Business.

Tommy Sternberg, CFA

Global Equity Research Analyst, Investment Management

Ryan Daniels, CFA, partner, joined William Blair in 2002 and focuses on healthcare technology and healthcare services. Previously, he worked with Deloitte Consulting’s M&A Advisory Services Group. Mr. Daniels holds a B.A. in economics from Northwestern University and earned an MBA from the Kellogg School of Management.

Ryan Daniels

Healthcare Technology and Services Analyst, Equity Research

Kwesi Smith is a global equity research analyst. He covers large-cap consumer companies. Before joining the firm in 2015, Kwesi was an equity research analyst for TimesSquare Capital Management for 10 years. In this role, he supported the firm’s research efforts across a variety of sectors, including healthcare, technology, media/cable, defense, and consumer, before focusing on healthcare. Before that, Kwesi worked at MetLife Investments as a technology, media/cable, and telecom fixed-income research analyst and provided credit analysis across a variety of fixed-income asset classes, including high yield, private placement, leveraged finance, and investment-grade public corporates. He is on the governing board of 3Arts and Breakthrough. He is also a member of the CFA Institute and the CFA Society of Chicago. Kwesi received a B.S. from the University of Virginia’s McIntire School of Commerce.

Kwesi Smith, CFA

Global Senior Research Analyst, Investment Management

Sharon Zackfia, CFA, partner and group head–consumer sector, joined the equity research group of William Blair in 2000 with a focus on lifestyle and leisure brands, restaurants, and consumer technology. Previously, she worked in research at Credit Suisse First Boston and with the Nasdaq Stock Market and Jennison Associates. Zackfia has been recognized as a top earnings estimator multiple times in the StarMine Analyst Awards, including most recently in 2019. She was also recognized by The Wall Street Journal’s Best on the Street as the No. 1 stock analyst in restaurants in 2010 and 2011 and as the No. 2 analyst in 2010 in leisure goods and services, and was named the No. 1 stock picker in restaurants in both 2009 and 2010 in the Financial Times/StarMine World’s Top Analysts listing. Zackfia is a CFA charterholder and received a B.A. from Yale University. She also serves as a board member of the YWCA of Metropolitan Chicago.

Sharon Zackfia

Group Head of Consumer Sector, Equity Research

Kwesi Smith, CFA

Global Senior Research Analyst, Investment Management

Sharon Zackfia

Group Head of Consumer Sector, Equity Research

Consumers & Brand Intimacy

Successful companies position themselves to focus on consumers’ higher needs.

Increased Expectations of Brands

Kwesi Smith, CFA Global Senior Research Analyst, Investment Management

Push for Innovation is Seen in Higher Education

Parents and students challenged by the time and financial investment to earn a degree gives rise to more self-paced learning.

New educational models combine face-to-face learning with online programs.

Online Learning Impacts Pre-K to Corporate Training

Workplace Education Supports Corporate Productivity Goals

Corporations adopt technology to hire the right person and keep them.

New Models of Education

Brandon Dobell

Managing Director, Services & Industrials

Loyalty Programs to Capture Millennial Market

The opportunity is to create a brand and capture a long-term revenue stream.

Non-Traditional Players Gain Market Share

Consumer-centric companies see an enormous opportunity in healthcare.

Patient Engagement: The New IT in HCIT

Ryan Daniels Healthcare Technology and Services Analyst, Equity Research

Steven Tole

Managing Director, Investment Banking

Tommy Sternberg, CFA

Global Equity Research Analyst, Investment Management

Ryan Daniels

Healthcare Technology and Services Analyst, Equity Research

Patients Slow to Engage Using Technology

Vendors struggle to drive awareness and acceptance of technology.

Driving & Measuring ROI: A Messy Business

Changing the health of a population to impact the cost of care is a long-term commitment.

Incentives Need to Engage and Satisfy Patients

Investment in technology that addresses cost is becoming increasingly acute.

Bullish on Patient Engagement

It is the early innings of healthcare consumerism and the shift toward value-based care.

Patient Expectations and Provider Solutions

Steve Tole Managing Director, Investment Banking

New Technology to Expand Care, Cut Costs

Internet healthcare consultation has tremendous growth prospects.

Customizing Pharmaceutical Treatments

Understanding genetics results in targeted treatments and better patient outcomes.

Gene Therapy, Cell Therapy, Gene Editing Grab Spotlight

CAR-T and other advanced technologies transform healthcare.

What are the Investment Opportunities?

Investors globally are looking at companies that help biomedical researchers find cures.

Personalized Medicine

Tommy Sternberg, CFA Global Equity Research Analyst, Investment Management

Construction Industry Embraces Technology

Shortening time spent pre-construction and on the job site reduces cost for developers.

Workspace Designed for Virtual Collaboration Rising

Thinking about space differently than in the past will facilitate better environments and relationships.

Real Estate Technology

The commercial real estate sector has embraced the latest tech to design, develop, and construct buildings, which is saving time and money. Meanwhile the residential sector, traditionally slower to adopt technology, is now changing as home buyers have expectations of shorter closing times and overnight mortgages.

Brandon Dobell Managing Director, Services & Industrials

Bullish on Industrial Tech M&A Market

The industrial tech M&A market is one of the hottest in the overall industrial space.

Industrial Technology

Corey Ryan Managing Director, Investment Banking

Corey Ryan

Managing Director, Investment Banking

Take a Look Back

From the archives, get our take on trends that matter, including friction-free real estate transactions, personalized medicine, brand intimacy, consumer-centric healthcare, and more. Our experts share their views in the videos below.

Watch the videos

Brandon Dobell

Managing Directors, Services & Industrials

Brandon Dobell

Managing Director, Services & Industrials

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Real Estate Technology

New Models of Education

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Real Estate Technology

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