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No. of Recommendations: 0
MKL is not risk free, to say the least, but its fate isn't largely based on what some bureaucrats in Washington cook up with respect to reimbursement schedules. DaVita just seems to have an extraordinary amount of regulatory risk. Insurers have regulatory risk but nothing compared to dialysis providers IMO. Lacking deep insight into the murky politics of health care, I feel that it is prudent to pass.

That said, I'm sure that Weschler has a hell of a lot more insight or he wouldn't have such a strong opinion. It isn't crazy to allocate funds on that basis alone, but that doesn't work for my concentrated portfolio. I feel like I have a better chance justifying a concentrated position with IBM following Buffett but I have much more work to do there before making any move.
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