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Palo Alto Investors LP (PAI) is a physician-led investment firm conducting deep, fundamental research since 1989. We apply our expertise, original insight and exhaustive research to identify long-term investments for high net worth and institutional investors. We don’t rent stocks. We own them.

OUR MISSION IS TO BE AN ENDURING LEADER OF THE INVESTMENT MANAGEMENT INDUSTRY.

Philosophy

Philosophy

PAI is a physician-led healthcare focused investment firm. Using our unique perspective, we immerse ourselves in companies that are misunderstood and/or mispriced. We believe our years of experience practicing medicine allows us to identify competitive advantages and find companies that stand out from the overall sector.

PAI looks beyond consensus opinion and uncovers opportunities by employing a disciplined, bottoms-up approach. We avoid the crowds by focusing on companies that could be overlooked due to their limited impact on major indices.

In order to maintain our independent and original thought, PAI does not use outside research. Our proprietary process and years of clinical experience creates unique insight to identify investment opportunities.

COMMITTED TO TRUST AND ALIGNMENT OF INVESTMENT INTERESTS

Research

RESEARCH

Analysis of an individual security can take six months or longer before an initial position is even established. This intensive research process continues for the duration of our investment. Our commitment to continuous learning allows us to develop a comprehensive understanding of every company in our portfolio – an understanding that only deepens over time.

Clinical experience combined with an entrepreneurial approach

People

Palo Alto Investors employs thirteen professionals at our offices in Palo Alto. At the center of our company is our experienced team of five research analysts who have extensive industry experience, market knowledge, and clinical expertise in the healthcare sector. The PAI research team has more than 65 years of collective investment experience.

Joon Yun, MD, CFA

MANAGING MEMBER
Patrick Lee, MD

MANAGING MEMBER
John Doux, MD

Analyst
Charles Cho, MD

Analyst
Rakesh Marwah, MD

Analyst

Joon Yun, MD, CFA is a co-managing member and the president of PAI. Dr. Yun joined PAI in 1998 and is a board certified radiologist. Dr. Yun brings clinical expertise as well as medical industry experience to PAI where he focuses primarily on the evaluation of pharmaceutical, medical device and biotechnology companies.

Dr. Yun was a physician at Stanford in the Department of Radiology where he served on the clinical faculty from 1995 to 2006. Dr. Yun received his bachelor of arts in biology from Harvard University and his doctor of medicine from Duke University School of Medicine.

Patrick Lee, MD is a co-managing member at PAI. Dr. Lee joined PAI in 2001 and is a board certified radiologist. Dr. Lee is currently an adjunct clinical associate professor in the Department of Radiology at Stanford University and an assistant professor at UT Southwestern.

Dr. Lee received a bachelor of arts in economics from Northwestern University, a doctor of medicine from Duke University School of Medicine and an MBA from Duke Fuqua Business School.

John Doux, MD joined PAI in 2004 and is a board certified dermatologist. Dr. Doux specializes in the healthcare sector.

Dr. Doux received his bachelor of science with distinction from Stanford University and also obtained his doctor of medicine from Stanford University, where he was a Howard Hughes Medical Institute Fellow. He completed his MBA from the Wharton School of Business at the University of Pennsylvania, where he was a Palmer Scholar.

Charles Cho, MD joined PAI in 2008 and is a board certified neuromuscular specialist. Dr. Cho serves on the faculty at the Stanford Medical Center where he is the Director of the Amyotrophic Lateral Sclerosis Clinic. Previously, Dr. Cho was a Clinical Instructor at the Harvard Medical School. Dr. Cho brings research and clinical knowledge as well as experience in the private equity markets to PAI.

Dr. Cho received his bachelor of science from Brown University and his doctor of medicine from Georgetown University School of Medicine. He completed his residency at Stanford and did a post-graduate fellowship at Massachusetts General Hospital.

Rakesh Marwah, MD joined PAI in 2011 and specializes in the healthcare sector. Dr. Marwah brings clinical and medical industry expertise to PAI where he focuses on life science and other healthcare companies. Dr. Marwah is a board-certified anesthesiologist and was Clinical Faculty at Stanford University Medical Center for almost 15 years.

Dr. Marwah received his bachelor of science in biology and his doctor of medicine degree from UC Irvine.

OUR PURPOSE IS TO MAKE MONEY FOR OUR CLIENTS BY INVESTING FOR THE LONG TERM BASED ON FUNDAMENTAL AND ORIGINAL RESEARCH.

Our Heritage

OUR HERITAGE

Founded in 1989 with a simple guiding principle: "Clients First". PAI employs a dedicated team of thirteen professionals and manages assets primarily in domestic healthcare equities.

The firm has been SEC registered since 1989 and is independently owned.

Located in Palo Alto, California, PAI is nestled between Stanford University and Silicon Valley. The city is a hotbed of innovation and entrepreneurism. It is home to word-class researchers, disruptive technologists and leading venture capitalists, giving us a unique opportunity to tap into resources envied by many on Wall Street.

OUR RIGOROUS, EXACTING RESEARCH IS THE GROUNDWORK UPON WHICH PAI HAS GROWN ITS REPUTATION AS AN ENDURING INDUSTRY LEADER.

Contact Us

PALO ALTO INVESTORS LP
470 University Ave.
Palo Alto, CA 94301

 
T: (650) 325-0772
F: (650) 325-5028

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