Why the health-care sector — not gold — is the best inflation hedge

MarketWatch2021-03-17

Which industry historically has been the best inflation hedge? Most investors would say gold and gold mining. The correct answer is health care, according to study I conducted on the performance of 49...

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精彩评论

YenChing
2021-03-17
YenChing
[财迷] [财迷]
Walker975
2021-03-17
Walker975
I quite like this article. In a way, it highlights that anything that is a need, can be inflate dby the same amount as inflation as people won't turn it down. From a financial standpoint, it's a pretty good choice to invest in the healthcare sector. But from an ethical standpoint, it really mean that we treat people just as revenue and those who don't keep with the pace of inflation, either wages or they don't invest etc. Could be deprived from things they need or go into severe debt. Just a friendly reminder that even while we profit sometimes we need to stop thinking of humans simply as revenue, profits and data but as people as well
francis3
2021-03-17
francis3
Good to invest in these stockd
- 458b6d98:
  Need like and comment
- 43c0b98:
  i love u
FierySpade
2021-03-17
FierySpade
Hmm 🤔
- boonhong21:
  [思考]
- Foros:
  Nice thoughts
- MarkJuan:
  Historically medical inflation has always been higher than generaly inflation

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Most investors would say gold and gold mining. The correct answer is health care, according to study I conducted on the performance of 49...</p>\n\n<a href=\"https://www.marketwatch.com/story/why-the-health-care-sector-not-gold-is-the-best-inflation-hedge-11615857353?mod=home-page\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FT_SY_GC","symbol_name":"黄金","start_time":0,"source_url":"https://www.marketwatch.com/story/why-the-health-care-sector-not-gold-is-the-best-inflation-hedge-11615857353?mod=home-page","article_id":"1180610235","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1180610235","pubTimestamp":1615960232,"columns":[],"sourceInfo":{"source_id":"market_watch","name":"华尔街大事件"},"weMediaInfo":null,"summary":"Which industry historically has been the best inflation hedge? Most investors would say gold and gol","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"translate_title":"为什么医疗保健部门（而不是黄金）是最好的通货膨胀对冲工具","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"GCmain":0.9,"GOLDmain":0.9},"content_text":"Which industry historically has been the best inflation hedge? Most investors would say gold and gold mining. The correct answer is health care, according to study I conducted on the performance of 49 industry groups since 1926. I relied on data from Dartmouth College professor Ken French.\nConsider the extent to which changes in the Consumer Price Index over the trailing 24 months explain or predict contemporaneous changes in an index of health care stocks. (The statistic I calculated is known as the r-squared: A reading of 100% would mean that changes in the CPI explained and predicted all of the changes in the health care industry, while a reading of 0% would mean that the CPI had no explanatory power.) When focusing on all data since 1926, the r-squared is a statistically significant 23.2%. No other industry group comes close.\nGold is in second place, and its comparable r-squared is 13.6%. (I reached similar results when focusing on just the period since the early 1970s, which is when gold bullion ownership in the U.S. became legal.)\nYou shouldn’t be surprised that health care beats out other industries in hedging inflation. That’s because demand for health care is relatively immune from inflationary pressures. Except for the most elective of procedures you’re not likely to turn down medical care because of increasing price. Consider how fast the CPI for medical care has increased since the late 1940s (the earliest for which data are available): It has increased by a multiple of 40 over the ensuing seven decades. Over the same period, the regular CPI has increased by a factor of 12. (These rates of increase are equivalent to 5.1% and 3.4% on an annualized basis).\nNor should you be surprised that gold mining shares have not done as well as health care stocks. The relationship between the CPI and gold’s price has been anything but stable or consistent over time, as you can see from the chart below. That’s another way of saying that sometimes gold greatly outpaces inflation and other times in which it significantly lags.\n\nYou might be interested to know which industry historically has been the worst inflation hedge. The answer: candy; snacks and soda. The reason is that demand for the products sold by these companies are extremely price sensitive — just the opposite of health care services.\nWhat about the overall stock market, as represented by indices such as the S&P 500? I focused on this index’s inflation-hedging abilities in a column several weeks ago, pointing out that most investors fail to appreciate that a stock market index fund is one of the best long-term inflation hedges available. Because of investors’ mistake, however, the broad stock market historically has been a poor inflation hedge over the shorter term of a year or two. It only becomes an excellent hedge when bought and held over periods of several decades.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":324317139,"gmtCreate":1615963255421,"gmtModify":1703495590418,"author":{"id":"3576791655840004","authorId":"3576791655840004","name":"YenChing","avatar":"https://static.tigerbbs.com/6fdba5c5235dd9ac0d65620b074efb9b","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3576791655840004","authorIdStr":"3576791655840004"},"htmlText":"[财迷]&nbsp;[财迷]&nbsp;","listText":"[财迷]&nbsp;[财迷]&nbsp;","text":"[财迷] [财迷]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324317139","repostId":1180610235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":324314123,"gmtCreate":1615963178062,"gmtModify":1703495588876,"author":{"id":"3572845868461823","authorId":"3572845868461823","name":"Walker975","avatar":"https://static.tigerbbs.com/47a7e91bc7c022014ade594c1f141089","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3572845868461823","authorIdStr":"3572845868461823"},"htmlText":"I quite like this article. In a way, it highlights that anything that is a need, can be inflate dby the same amount as inflation as people won't turn it down. From a financial standpoint, it's a pretty good choice to invest in the healthcare&nbsp;sector.&nbsp;But from an ethical standpoint, it really mean that we treat people just as revenue and those who don't keep with the pace of inflation, either wages or they don't invest etc. Could be deprived from things they need or go into severe debt.&nbsp;Just a friendly reminder that even while we profit sometimes&nbsp;we need to stop thinking of humans simply as revenue, profits and data but as people as well","listText":"I quite like this article. In a way, it highlights that anything that is a need, can be inflate dby the same amount as inflation as people won't turn it down. From a financial standpoint, it's a pretty good choice to invest in the healthcare&nbsp;sector.&nbsp;But from an ethical standpoint, it really mean that we treat people just as revenue and those who don't keep with the pace of inflation, either wages or they don't invest etc. Could be deprived from things they need or go into severe debt.&nbsp;Just a friendly reminder that even while we profit sometimes&nbsp;we need to stop thinking of humans simply as revenue, profits and data but as people as well","text":"I quite like this article. In a way, it highlights that anything that is a need, can be inflate dby the same amount as inflation as people won't turn it down. From a financial standpoint, it's a pretty good choice to invest in the healthcare sector. But from an ethical standpoint, it really mean that we treat people just as revenue and those who don't keep with the pace of inflation, either wages or they don't invest etc. Could be deprived from things they need or go into severe debt. Just a friendly reminder that even while we profit sometimes we need to stop thinking of humans simply as revenue, profits and data but as people as well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/324314123","repostId":1180610235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":324338030,"gmtCreate":1615961274620,"gmtModify":1703495568748,"author":{"id":"3546933005981745","authorId":"3546933005981745","name":"francis3","avatar":"https://static.tigerbbs.com/5a5e1b786e43023ae6f9a0dc560e3dd6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3546933005981745","authorIdStr":"3546933005981745"},"htmlText":"Good to invest in these stockd","listText":"Good to invest in these stockd","text":"Good to invest in these stockd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/324338030","repostId":1180610235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3814762,"gmtCreate":1615961544302,"gmtModify":1635753276575,"authorId":3556756933727652,"author":{"id":3556756933727652,"idStr":"3556756933727652","authorId":3556756933727652,"name":"458b6d98","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324338030,"type":1,"supId":0,"prevId":0,"content":"Need like and comment","text":"Need like and comment","html":"Need like and comment"},{"id":3814774,"gmtCreate":1615961720668,"gmtModify":1635753275585,"authorId":3576232257279797,"author":{"id":3576232257279797,"idStr":"3576232257279797","authorId":3576232257279797,"name":"43c0b98","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324338030,"type":1,"supId":0,"prevId":0,"content":"i love u","text":"i love u","html":"i love u"}],"langContent":"EN"},{"id":324330359,"gmtCreate":1615960671571,"gmtModify":1703495562553,"author":{"id":"3574782248817587","authorId":"3574782248817587","name":"FierySpade","avatar":"https://static.tigerbbs.com/fb8785e459fcf0c0acff4291eed89a3b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574782248817587","authorIdStr":"3574782248817587"},"htmlText":"Hmm 🤔&nbsp;","listText":"Hmm 🤔&nbsp;","text":"Hmm 🤔","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/324330359","repostId":1180610235,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3814737,"gmtCreate":1615961204503,"gmtModify":1635753278542,"authorId":3575147848250182,"author":{"id":3575147848250182,"idStr":"3575147848250182","authorId":3575147848250182,"name":"boonhong21","avatar":"https://static.tigerbbs.com/4576487764c99ea59dfd1cfcdf89da5b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324330359,"type":1,"supId":0,"prevId":0,"content":"[思考]","text":"[思考]","html":"[思考]"},{"id":3814780,"gmtCreate":1615961756915,"gmtModify":1635753275090,"authorId":3574156765565189,"author":{"id":3574156765565189,"idStr":"3574156765565189","authorId":3574156765565189,"name":"Foros","avatar":"https://static.tigerbbs.com/4aab8cbc5838ac3992a3d449f933303e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324330359,"type":1,"supId":0,"prevId":0,"content":"Nice thoughts","text":"Nice thoughts","html":"Nice thoughts"},{"id":3814806,"gmtCreate":1615961968380,"gmtModify":1635753273873,"authorId":3574854199678785,"author":{"id":3574854199678785,"idStr":"3574854199678785","authorId":3574854199678785,"name":"MarkJuan","avatar":"https://static.tigerbbs.com/90cb9375bf12207de12cb272883acaa8","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":324330359,"type":1,"supId":0,"prevId":0,"content":"Historically medical inflation has always been higher than generaly inflation","text":"Historically medical inflation has always been higher than generaly inflation","html":"Historically medical inflation has always been higher than generaly inflation"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":17,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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