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The Hedgeye Macro Team has been right on both the deceleration of GDP and the risks associated with the Federal Reserve's response. For Health Care this has meant improving our sensitivity to style factors and incorporating the risks into fundamental views.
For Tenet Healthcare Corp (THC), where we are positive on the fundamentals, the debt factor has been toxic. For DexCom, Inc. (DXCM), the deceleration in growth appears increasingly likely to overwhelm the recent upside and optimism over the long term opportunity. Meanwhile, we continue to see a positive backdrop for utilization, so while the shorts are more likely to work in Quad 4, threading the fundamental needle in the short to intermediate term will be a challenge. Check out the replay of today's Q&A session for more!