Healthcare is enormously complex, only rewarding fund managers with deep technical understanding of scientific and regulatory developments within the industry. A love of minutia and obsessive attention to detail is a requirement.In my opinion, Healthcare more so than other sectors, rewards industry-specific domain expertise. This can be further magnified for emerging managers given the opportunities for outsized returns in small and microcap healthcare plays. In comparison, the S&P500 returned 8.53%, S&P500 healthcare index lost -4.02%. Outside of a position in PFE, which was more market timing than anything, I’ve had very little success in healthcare investing.

Source: Forbes February 04, 2017 18:33 UTC