https://ark-invest.com/newsletter/issue-240/
1. Long Read Sequencing Sheds Light on ‘Dark Genes’
Surprisingly, after 17 years the whole human genome has not been sequenced completely. Since they sequenced the first whole human genome in 2003, scientists have struggled to identify small gaps scattered among the 23 pairs of chromosomes.
These dark genes have limited our understanding of genetics, evolution, and human disease.
Dark genes contain long, highly repetitive stretches of DNA that short-read sequencers cannot interpret. Many errors take place during sample preparation, making it difficult or impossible to overcome with software tools.
Last week, researchers published a complete sequence of chromosome eight (8)—the first non-sex chromosome to be sequenced completely. The team identified the 2.3% of chromosome 8’s missing – or dark – genes with a combination of long-read instruments from Oxford Nanopore Technologies (ONT) and Pacific Biosciences (PACB). Unlike short-read platforms, the more expensive long-read platforms can sequence ‘hard-to-read’ areas of the genome.
Among other discoveries, the researchers found a 644,000-base pair (bp) region in a gene cluster – DEFB1 –seemingly implicated in cystic fibrosis (CF). Apparently, DEFB1 encodes proteins that equip the immune system to fight off bacterial infections in airways, suggesting that mutations in DEFB1 could influence the severity of CF. While geneticists typically have diagnosed CF by identifying mutations in the CFTR gene, other genetic factors such as mutations in DEFB1 will help them diagnose the course of the disease more accurately.
In our view, diagnostic testing companies must invest aggressively in long read sequencers and other tools, or they will fall victim to disruptive innovation.
令人驚訝的是，在17年之後，整個人類基因組尚未完全測序。自從他們在2003年對第一個完整的人類基因組進行測序以來，科學家們一直在努力尋找散佈在23對染色體之間的微小缺口。
這些黑暗的基因限制了我們對遺傳學，進化和人類疾病的理解。
深色基因包含短讀測序儀無法解釋的長而高度重複的DNA片段。在樣品製備過程中會發生許多錯誤，這使得使用軟件工具很難或不可能克服這些錯誤。
上週，研究人員發表了第8（8）號染色體的完整序列，這是第一個被完全測序的非性別染色體。研究小組使用牛津納米孔技術公司（ONT）和太平洋生物科學公司（PACB）的長期閱讀儀器，鑑定了8號染色體上2.3％的缺失或深色基因。與短讀平台不同，更昂貴的長讀平台可以對基因組的“難讀”區域進行測序。
在其他發現中，研究人員在一個基因簇DEFB1中發現了一個644,000個鹼基對（bp）的區域，似乎與囊性纖維化（CF）有關。顯然，DEFB1 編碼使免疫系統具有抗擊呼吸道細菌感染能力的蛋白質，這表明DEFB1的突變可能影響CF的嚴重程度。雖然遺傳學家通常通過識別CFTR基因中的突變來診斷CF ，但其他遺傳因素（例如DEFB1中的突變）將幫助他們更準確地診斷疾病進程。
我們認為，診斷測試公司必須積極投資長讀測序儀和其他工具，否則它們將成為破壞性創新的受害者。
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2. Facebook Connect Gave us a Roadmap for the Future of AR/VR
Facebook’s seventh annual AR/VR (Augmented Reality/Virtual Reality) conference, Facebook Connect, gave us a glimpse into the future, a future in which the mobile phone will lose its role as the world’s primary computing platform. Instead, VR Goggles and AR glasses will dominate computing.
Oculus Quest 2 – VR Goggles
In 2019, Facebook’s first hit VR product was Oculus Quest,
an all-in-one headset priced at only $399. As Mark Zuckerberg noted in
his keynote presentation last week, Oculus Quest sold as fast as
Facebook and its partners could produce it, a boon for VR game
developers. He noted that each of 35 titles generated more than $1
million in revenue, outpacing the number of titles doing the same in all
other years combined. With Quest 2, Facebook introduced a slew of upgrades
and dropped the price by 25% to $299. The lower price point and better
performance could help solve the chicken (users) and egg (applications)
problem that has plagued the VR industry for years.
Project Aria – AR Glasses
Well behind its progress in VR, Facebook’s AR strategy
finally is taking shape. Next year, in collaboration with Luxottica,
‘Project Aria’ plans to release Ray-Ban branded smart glasses which
should serve as a steppingstone to AR glasses.
This year Facebook Connect seems to have signaled an important turning point in the evolution of the AR/VR space.
2. Facebook Connect為我們提供了AR / VR未來的路線圖
Facebook第七屆年度AR / VR（增強現實/虛擬現實）會議Facebook Connect讓我們瞥見了未來，在這種未來中，手機將失去其作為世界主要計算平台的作用。相反，VR護目鏡和AR眼鏡將主導計算。
Oculus Quest 2 – VR護目鏡
在2019年，Facebook的第一款VR產品是Oculus Quest，這是一款一體式頭戴設備，售價僅為399美元。正如馬克·扎克伯格（Mark Zuckerberg）上週在主題演講中指出的那樣，Oculus Quest的銷售速度與Facebook及其合作夥伴生產的速度一樣快，這對VR遊戲開發商是一個福音。他指出，這35部圖書中的每部均創造了超過100萬美元的收入，超過了其他所有年份相同的圖書數量。隨著Quest 2的推出，Facebook推出了一系列升級，並將價格降低了25％，降至299美元。較低的價格和更好的性能可以幫助解決困擾VR行業多年的雞肉（用戶）和雞蛋（應用程序）問題。
Aria項目– AR眼鏡
在VR的發展背後，Facebook的AR策略終於成形。明年，“ Project Aria”計劃與Luxottica合作推出雷朋品牌的智能眼鏡，該眼鏡將成為AR眼鏡的墊腳石。
今年，Facebook Connect似乎標誌著AR / VR領域發展的重要轉折點。
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3. The Long-Term Stock Exchange (LTSE) Hopes to Revolutionize Capital Markets
Last week, the Long Term Stock Exchange (LTSE) launched with the goal of encouraging and rewarding companies and their shareholders for taking long-term investment time horizons. Founded by Eric Ries, the Exchange will require listing companies to adopt five policies and will offer software to help them collaborate with their investors.
The five policy requirements include 1) long-term and diverse stakeholders, 2) strategies based on years to decades, not quarters, 3) alignment of executive and board compensation with long-term results, 4) board involvement in long-term planning and 5) engagement with long-term shareholders.
Given ARK’s five-year investment horizon and focus on technologically enabled disruptive innovation over the long-term, the LTSE’s vision is refreshing, though we do wonder if it will have to pivot its business model. Will revenue generated from software, as opposed to transaction and other fee-based income, be sufficient for a sustainable business? That said, the LTSE appears to be on the right side of history and, in our view, could prevail if the companies listing on its exchange outperform over the long term.
3.長期證券交易所（LTSE）希望徹底改變資本市場
上週，長期證券交易所（LTSE）啟動，目的是鼓勵和獎勵公司及其股東採用長期投資時間。該交易所由埃里克·里斯（Eric Ries）創立，將要求上市公司採取五項政策 ，並將提供軟件以幫助它們與投資者進行合作。
這五項政策要求包括：1）長期和多元化的利益相關者； 2）基於數年至數十年而不是四分之一的戰略； 3）使高管和董事會薪酬與長期業績保持一致； 4）董事會參與長期計劃；以及5）與長期股東接觸。
鑑於ARK的五年投資前景以及長期專注於技術支持的顛覆性創新，LTSE的願景令人耳目一新，儘管我們確實懷疑它是否必須改變其業務模式。與交易和其他收費收入相比，軟件產生的收入是否足以實現可持續業務？話雖如此，LTSE似乎處方向正確，我們認為，如果長期在交易所上市的公司表現優於大公司，則LTSE可能會佔上風。
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4. Will Tesla Announce that It Is Keeping Pace with Wright’s Law on Battery Day?
According to Wright’s Law, every cumulative doubling of units produced will drive the cost of battery cells down by 18%. In anticipation of Battery Day this week, we are wondering whether Tesla will announce breakthroughs that will sustain Wright’s Law or that will change the slope of the curve, accelerating the cost decline of its battery pack systems?
Rarely does the slope of the curve associated with Wright’s Law change, so Tesla’s announcements on Battery Day probably will keep it on pace with the 18% cost decline for every cumulative doubling…though anything is possible with Elon Musk. ARK’s research suggests that its battery technology is three to four years ahead of the competition already, so we believe Tesla’s soon-to-be announced breakthroughs should extend its lead as the market for electric vehicles moves into an exponential growth trajectory.
4.特斯拉會在電瓶日宣布與萊特法保持同步嗎？
根據賴特定律，每生產一單位電池，每累積增加一倍，電池組的成本就會降低18％。預期本週的“電池日”，我們想知道特斯拉會宣布突破以維持賴特定律還是改變曲線的斜率，從而加速其電池組系統的成本下降？
與賴特定律相關的曲線的斜率幾乎不會改變，因此特斯拉在電池日的公告可能會使其與每次累計翻倍的成本下降18％保持同步……儘管埃隆·馬斯克（Elon Musk）可以做到。ARK的研究表明，其電池技術已經比競爭對手領先了三到四年，因此我們相信，隨著電動汽車市場進入指數式增長軌跡，特斯拉即將宣布的突破應該擴大其領先優勢。
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