In times of instability and uncertainty, I tend to focus on opportunity. In more stable times, the status quo is too entrenched to shift or challenge. Humans—and markets—gravitate toward predictability and often enjoy the comforts of the familiar, which is why the last five years of turbulence and t...

There’s plenty to be said about the current volatility in federally funded research: unpredictable executive orders, shifting rules and compliance notices, open threats of budget cuts or clawbacks. It’s destabilizing—but also a distraction.

Because even without the noise from Washington as of late,...