For US healthcare equities, 2025 was a year of pivoting from suppression to recovery.
In the first half of the year, valuations were significantly depressed—with forward P/E ratios falling to historical lows—due to a confluence of headwinds: tariffs, "Most Favored Nation" pricing models, healthcare reform uncertainties, and a high-interest-rate environment.
However, as the second half of 2025 progressed, the narrative shift...

2025 has been a macro rollercoaster—tariffs, data blackouts, inflation surprises, and political volatility have all collided to reshape the economic landscape. But 2026 will not be defined by the same forces. Instead, it will hinge on power—who holds it, who wields it, and how far they’re willing to push it. The U.S. midterms, the appointment of the next Federal Reserve Chair, and the continuing shockwaves of Trump’s policy archite...