Regulation Drives M&A, Especially in Health Care
I'm very fond of saying that regulation drives opportunity and in this case investment opportunity. I've been in health care running businesses until I became a professional investor, my whole career. That's what I cut my teeth on. It's counterintuitive, but in health care the absence of regulation leaves nothing but gravity. So things go very slowly in the absence of regulation. Even great ideas percolate, but they never quite get there unless there's a regulatory driver. So the advent of ObamaCare, the Affordable Care Act, drove all of this change. This huge industry, this huge complex industry, reacts really quickly to external drivers like regulation, but otherwise doesn't move at all. So it's no surprise to me that we've had all this rapid change in the first full year of implementation, but there's a lot of differed consequence that we're starting to see now. So I expect you're going to see lots of M&A activity and lots of investing going on, related to the ACA, for years.