NYT: How a Struggling Company Won $1.6 Billion to Make a Coronavirus Vaccine. “‘The market wants to believe in fairy tales,’ said David Maris, the managing partner of Phalanx Investment Partners and a longtime analyst covering the pharmaceutical industry. He said investors wanted to believe that — like Cinderella — the companies that couldn’t go to the ball would eventually win the prince.” (Considering the stakes, the strategy still makes some sense. It’s like angel investing in startups. Fifty can fail as long as one hits it big. And in this case, we only need one fairy tale to come true.)