There were no past picks so he focused on health care in general and specifically. The space has been beaten down with a lot of unloved stocks. There is a hangover from the strong demand during Covid. The Trump administration is making changes on the regulatory front and meaningful reforms. It is a defensive space so there is better growth elsewhere in a bull market, so people move money out of it. 

UNH is affected by the sector. There is cost inflation on the medical device side so stability has gone down. The aging population is a tailwind but at a greater cost to the system.

Regarding Merk if you want to make a certain amount on drugs, a lot will disappear because of drugs coming off patent. He hopes they have more M&A deals or innovate internally. Innovation is positive for the industry. They will still have some valuable assets left when the regulatory picture clears.

Investing Psychology 101: Anchoring Bias

The anchoring bias is when an investor uses their information from a previous experience with a stock as a reference point for any future data. An example of this is if an investor had the opportunity to buy Stock A at $100 one year ago but did not act upon it and currently the stock price is $300. That investor, now seeing that the price has tripled, may only wish to buy Stock A close to a price of $100, as that is when they first could have bought it. The investor might feel that a share price of $300 is too expensive and that the stock price should come down to $100, however, the investors’ previous experiences are irrelevant to the share price as the company has likely continued to grow and generate revenue and become a more profitable and valuable company.
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He's very bullish nuclear power, and LEU supplies enriched uranium.

Central banks will announce their interest rate moves soon. Canada is seeing a weaker economy with significant job losses recently. The BOC will likely cut 0.25%. The U.S. will cut 0.25%  twice this year, is what the market is pricing. This will depend on economic data. Cutting by 0.5% at once is silly and looking like it is bowing to political pressure. A 0.5% total cut this year is unlikely. Those who say the Fed is already behind, then the Fed should cut 1.00-1.5%, because we're going into a recession. The Fed doesn't have enough info to make the 0.5% cut now. The U.S. labour market has slowed dramatic, not mass layoffs, but hiring has slowed a lot. How will Powell answer questions about political interference. Watch for that.