Kevin Roche

You may recall how I mock some of the insane IPO valuations and acquisition activity in health care.  Here is an example of why.  TelaDoc, a large telehealth provider which went public at an absurd valuation, and then wasted huge amounts of money on acquisitions that made no sense, like Livongo, a supposed disruptive care management company, is taking a $6.8 billion impairment charge to write down the value of those acquisitions.  The stock price, already socked over the last few months, sunk to an even more depressed, and for shareholders, depressing, level, but at least it is getting closer to its actual value as a company, which might be zero.   Don't ever buy hype, especially in health care.