What do a Tortoise, a Hare and an Ostrich Have in Common? They might just show us the way through today’s biotech market

Earlier this year, I wrote about the “Psychology of Negativity” in our markets and the need for clear, confident communication. Since then, I’ve had over fifty conversations with professionals across the Life Sciences ecosystem—from CEOs and CFOs to investors, marketers, analysts, and even lawyers.

The topics varied, but the through-line was unmistakable: everyone is grappling with the same headwinds—and no one has the definitive answer. Not surprising. What was surprising, though, was the pattern that began to emerge in how people are responding to today’s uncertainty.

Borrowing from Keynes’ concept of Animal Spirits, I saw these instincts come to life in many forms:

• The Three Wise Monkeys – See no evil, hear no evil, speak no evil. These individuals choose focus over fear, keeping their eyes on the road ahead while tuning out the noise.
• The Ostrich – Heads firmly in the sand, they avoid conflict and controversy in hopes it will pass them by.
• The Hare – Reacting quickly, seeking fast fixes, and chasing short-term wins—often at the expense of long-term positioning.
• The Tortoise – Intentional, measured, and patient. These are the long-haulers committed to weathering the storm.

What struck me most is that no single animal spirit holds the answer. To navigate this storm, we may need a touch of each—focus, pragmatism, urgency, and patience.

Reading Bruce Booth’s recent blog reminded me of the wisdom in the tortoise’s approach. Bruce, a longtime voice in the biotech world, makes the case that now—yes, now—is actually a great time to start new biotech companies. Why? Because the laws of supply and demand haven’t changed. Great science, strong teams, and sufficient capital are still the pillars. And when the market returns—and it will—these companies will be ready.

Bruce Booth writes, “Great companies are often born out of tougher times.” The ones being built today, he argues, “the few and the proud,” could be the breakout stars of the 2030s.

But here’s the question: do we have the patience of the tortoise?

I’d love to hear your thoughts. Email me at tclevenger@waterhousebrands.com.