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Healthcare: from Hero to Zero?

Politics and profit taking are souring the sentiment towards the healthcare sector Drug transparency legislation is unlikely to affect long-term profitability “Medicare-for-all” sounds good but is highly unlikely to ever become reality in the US Record new FDA approvals bode well for the pharma sector We remain constructive on Healthcare, especially because of the secular demographic tail-winds Usually, when investors want to defensively position their portfolios, they rush into non-cyclical sectors such as utilities, consumer staples, and healthcare. These sectors are known for their stable cash flows and earnings consistency. After a stellar 2018, healthcare is the worst performing S&P50

Investing for the Long-Term: Here is Why

Investors are frequently reminded that they should only invest “long-term”. The natural question that arises is: why? If you, like us, believe in data and evidence, here’s your answer. Look at the post-World War II (in our opinion the correct time frame to analyze long-term market data) annualized 10-year rolling rates of return of the S&P500 Index and you’ll notice the following: Of the 64 readings only 7 were negative. Nearly 90% of the annualized rates of returns were positive. The worst return was registered between 1998 and 2008 (following the dotcom bubble) and was -3% per year.​​​ Source: data from www.macrotrends.net (dofollow) and Livian & Co. Smart investors know that there are no

  1. "Best ideas", R. Cohen, C. Polk, B. Silli, 2010

  2. "How active is your fund manager? A new measure that predicts performance", M. Cremers, A. Petajisto, 2009

  3. "The inefficient stock market", R. Haugen, 2002

  4. "The triumph of the optimists", E. Dimson, P. Marsh, M. Staunton, 2002

  5. "From efficient market theory to behavioral finance", R. Shiller, 2003




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