Moat-of-Safety Healthcare Value 10

Wolf Buffett’s thesis

Six health-bio portfolios already chase GLP-1 pipelines, longevity moonshots, and telehealth disruptors — all expensive stories. The angle they miss is the mirror image: the GLP-1 demand shock is repricing legacy healthcare franchises (insurers, diversified pharma, medtech) at depressed multiples, exactly where a value investor wants to hunt. These are businesses with durable moats — pharmacy benefit scale, patent estates, razor-and-blade device install bases — trading near multi-year low earnin