In 2007, just before the major global recession, Bailey bought stock in a medical device company called Covidien.
Covidien entered some choppy waters early on as the recession hit, that didn’t necessarily change the thesis. Medical device technology was still on track to play a big role in the future, and Covidien remained in a perfect position to outperform the market. So despite some concerned voices around him, Bailey stayed with the company. And it did indeed outperform for a number of years – before eventually being bought by Medtronic in 2015.
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