The end of the JP Morgan Healthcare Conference invites reflection on lessons for investing. The legions of investors populating the Union Square hotels – almost all white, male, and wearing pale blue neckties – will face challenges finding value in the health care sector’s long bull market. Bears have already come out of hibernation in the larger US stock market’s first two weeks of 2016. They wait to pounce on the health care sector.

Investors could have thrown a dart at the universe of stocks and funds in the large-cap health care sector after 2010 and come away winners. The bull case made sense up until mid-2015. Consider the price trajectory of one very broad health care ETF, iShares Nasdaq Biotechnology ETF (ticker IBB).

iShares Nasdaq Biotechnology ETF (IBB) from Yahoo Finance