Glenview Capital Management CEO Larry Robbins said Monday that he’s shorting shares of industrial conglomerate 3M and likes health-care stocks like Cigna, Humana and UnitedHealth Group.
Despite his long call on HMO equities, Robbins said he doesn’t like pharmaceutical stocks due to the political risk, with many Democratic presidential hopefuls — as well as President Donald Trump — opposed to lofty drug prices.
“In pharmaceuticals … the president can act unilaterally to reduce drug pricing,” Robbins warned from the 2019 Sohn Conference in New York. “The same drug in the United States costs three times as much as other” developed countries.
Robbins said Glenview has three long and 16 short positions in the pharmaceutical space and recommends investors short any ETF that tracks the space. Long a fan of health-care stocks, Robbins in 2018 picked Express Scripts–Cigna, CVS–Aetna and McKesson as his winners in the field.
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