Editor’s note: Today, Porter turns the Journal over to Trading Club lead analyst Ross Hendricks, who outlines an opportunity recently recommended to Trading Club members… capitalizing on the U.S.’s broken healthcare system.

By any measure of price, the U.S. healthcare system is the most expensive on Earth.

Americans spent an average of $14,885 per person on healthcare in 2024, nearly 50% more than the next-highest-spending country Switzerland at $9,963 per person. And as a share of the economy, the gap is just as stark: healthcare spending makes up 17% of the U.S. GDP compared to an 11.0% average among comparable countries.

Despite all this spending, Americans don’t live as long. The average U.S. life expectancy at birth is just 79.0 years, or nearly four years less than the 82.7-year average among peer countries.

And on the two most basic tests of a health system – can it keep mothers alive, can it keep their babies alive – America comes in dead last with the highest infant and maternal mortality rates of any high-income country.

This is the paradox at the center of America’s healthcare system: we’re not dealing with a lack of capital.