Transcript:
Brendan Byrnes: Are there any specific industries, as a whole, that you're overly bullish or bearish on, or do you prefer to look more at the individual companies?
Bruce Greenwald: You've got to look at individual companies, always, but ask yourself what's the industry that's under biggest threat at the moment? The answer is clearly health care.
In the long run, health care is not going away. In the short run, whatever the government does about the Obamacare could wreak extraordinary havoc, because it's not going to work out in terms of cost control the way they hope it is, and they think they're going to get all the suppliers to take much less money.
But in the long run, of course, that's not a stable situation. We've got an aging population. Demand is going to go up, and it's very hard to get the supply you need in the face of growing demand, when you repress the prices that you pay the suppliers, so it's going to be an unstable situation.
I think that creates long-run opportunities in the face of short-run difficulty. I think it's industries like that that you want to look at.
Byrnes: Great. Bruce Greenwald, thank you so much for your time. I think it was an interesting conversation.
Greenwald: Brendan, it's always a pleasure to talk to the Fools!
Byrnes: Thank you.
