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    The sharpest minds in investing discuss the most important market and economic developments and their investing implications.
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Takeaway: Join us at 10am when we will cover themes in 3Q including labor, policy and fundamental trends

3Q 2019 Themes

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Confirmation Number: 13692385

Healthcare Subscribers: CLICK HERE for event details (includes video link, materials link and dial-in).

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Health Policy Subscribers: CLICK HERE for event details (includes video link, materials link and dial-in).

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3Q Themes Key Discussion Points:

  • Position Monitor updates to TDOC, a suspicious long, DXCM, a potentially disastrous short, and UNH, not a short but certainly not a long.  In the end, timing is all that matters, so what does 2Q19 have in store?  
  • A slowing economy, or the Macro Quad 4, is often marked by positive consensus revisions (you're right) and falling multiples (nobody cares), the nightmare scenario.for the fundamental investor.  As we've shown previously, there are stock factors which sort better or worse depending on the Macro Quad and we'll walk through what works and doesn't work in Quad 4.
  • Accelerating medical utilization is often associated with a slowing economy.  Our data trends show a consistent and continuing positive inflection point that began late in 2018, with both positive and negative impacts across Health Care.
  • Congress faces (another) self-imposed deadline to get drug price legislation done and the urgency has intensified now that the White House has withdrawn their rebate rule. We will cover the latest proposals and the ones most likely to make it to the oval office.
  • The Trump administration has announced a price transparency effort to require what is likely to be full price disclosure by hospitals and physicians practices in their employ. We will cover the tactical and strategic implications for high cost providers. 
  • The Trump administration has also proposed an overhaul of the Medicare outpatient dialysis system that will see a fully consolidated industry fight over the few eligible patients for home dialysis while seeking to reduce the TAM through greater transplantation.
  • The Affordable Care Act got another hearing at the appeals court level. The outcome promises to be more King v Burwell than NFIB v Burwell but that won't prevent a lot headline risk in the meantime and more talk to Medicare for All
  • Medicare Rule-A-Rama enters the final turn for the year. We will cover major policy statements and initiatives

Thomas Tobin
Managing Director


Emily Evans
Managing Director – Health Policy