I favor healthcare, not because AI has lost its future, but because investors are reassessing distant growth.

Sticky inflation and higher Treasury yields pressure businesses requiring massive capital spending before generating cash flow. Healthcare companies benefit from resilient demand and relatively stable earnings.

However, defensive stocks are not automatically bargains. Patent expirations, regulatory pressure and excessive valuations can still destroy returns.

The market is repricing earnings certainty. AI may continue transforming the economy, but investors are becoming less willing to pay any price for growth.

My strategy: favor fairly valued healthcare companies with durable cash flows. When uncertainty rises, investors should prioritize businesses offering the best balance between predictable profits and reasonable valuations.

@Tiger_comments [胜利]