AMN: Adding AMN Healthcare to Investing Ideas (Long Side)

COVID-19 vaccine news is dominating headlines, whether it be vaccine development and approval or some other angle like distribution/allocations, and cases continue to rise around the U.S. causing new lockdowns in some cases (e.g., LA County). What’s becoming clearer to us, from the data, is that there are some major headwinds and tailwinds forming. The pull-forward of flu vaccinations has sort of cleared the supply chain for the COVID vaccine, which is interesting, and there's the incremental demand/recovery of in-person care, pent-up surgeries, colonoscopies, etc. coming (don’t forget the ~100MM people in the high risk category, most of which have been avoiding care). As such, we remain bullish on AMN – one of our top Long ideas – and can see staffing being “hot” for at least the next 12 months.