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One of the best: Healthcare. In terms of stability, subverticals ranked top to bottom as how I see it - ie. most stable being HC services and least stable being small-cap/startup biotech.
- Healthcare Services will always have M&A and LBOs. The perks of a necessary industry that has shrinking margins. A lot of these smaller HC service companies have trouble growing on their own without being acquiring/merging with another company or getting a cash infusion from a PE firm.
- I would say the same for HCIT in terms for capital raising. Health information technology is super hot and a very cool space to be IMO. Loads of startups if that's an exit people are looking for after IB. Seen a few articles compare the current HCIT market these past few years to Fintech in the late 2010s.
- Unfortunately can't elaborate much on biotech/pharma as I'm not too familiar with it. Will always be deal flow, not as "vanilla" as HCIT/HC Services in terms of deal complexity. I feel biotech startups have a higher likelihood of failing but if you have equity -- you can make a ton of money if you play your cards well with of course some luck.
Healthcare/biotech/pharma are the most recession proof groups to work in besides rx
HCIT and Biotech aren’t recession proof. HCIT was always bunch of air that always goes out to these companies that never make money. What was Castlight once is Teladoc or Accolade today. Biotech - obviously look at performance last 1 year and all the lay offs. Mature pharma, med device or healthcare services - they do fine.
Teladoc's downfall was a surprise to me. I don't think many institutional investors saw this happen in 2020 after they acquired Livongo. Besides that, I agree with your assessment.
Industrials too.
Can you expand on that? Is it just the volume of industrials companies out there is so large and therefore there is so much strategic and sponsor activity (M&A, LBO, debt)?
Breadth of the industry helps to diversify. For example, automotive is struggling, but A&D might be strong.
Infrastructure/Power & Utilities dealflow seems to be relatively consistent
Infra
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