My suggestion is to approach this in concrete, rather than theoretical terms. Yours is not an abstract problem.First of all, the health care field generally is a good bet for long-term investors thanks to demographics. If you invested in a mutual fund, I don't see any particular risk you'd be taking on. If there's a recession, all sorts of stocks will get hit somewhat, but that's a short-term risk. Longer term, people get older.The risk is in betting on a company or small number of companies. If your experience gets you excited about a particular company or companies, do some research on their stock and see if it seems like a good investment. If it all checks out (if they're not overpriced), and if you can convince yourself you're not investing on the basis of emotion, then you're probably just putting your expertise to work for you. Placing a few small bets on companies is likely to be profitable.Investing in a combination of index funds and health-care sector funds seems like a good idea. Nice, boring long-term returns. If you see the opportunity to put 5-10% in one company that you think has a promising future, don't be afraid to do that, either.
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