Healthcare just had its best 6-month run vs Tech in 25 years.
Healthcare up 31.7%, Tech down 3.9%. That's a 35.6 percentage point swing.
For context: during the 2008 crisis, Healthcare only outperformed Tech by 22.9 points. In 2022's bear market, it was 21.2 points.
The only time we saw bigger Healthcare dominance? After the 2000 dot-com bubble burst.
Just six months ago, Tech was crushing Healthcare by 45.6 points. Now it's completely flipped.
This isn't just rotation. This is a full regime change in market leadership. Defensive positioning, aging demographics, and Tech fatigue all playing out in real time.
Healthcare isn't sexy. But it's working.
Healthcare up 31.7%, Tech down 3.9%. That's a 35.6 percentage point swing.
For context: during the 2008 crisis, Healthcare only outperformed Tech by 22.9 points. In 2022's bear market, it was 21.2 points.
The only time we saw bigger Healthcare dominance? After the 2000 dot-com bubble burst.
Just six months ago, Tech was crushing Healthcare by 45.6 points. Now it's completely flipped.
This isn't just rotation. This is a full regime change in market leadership. Defensive positioning, aging demographics, and Tech fatigue all playing out in real time.
Healthcare isn't sexy. But it's working.