Excess Returns This Hasn't Happened Since 1930 | Eric Pachman on Why the Labor Market is Lying to You
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Sep 7, 2025 
Eric Pachman from Bancreek Capital, an expert at blending data, economics, and investing, shares his transformative journey from corporate roles at Morgan Stanley and ExxonMobil to pioneering healthcare transparency. He discusses alarming labor market trends, revealing how healthcare dominates job growth while other sectors decline. Pachman emphasizes the power of information theory in investing and the implications of immigration on labor forces and inflation. His insights urge a rethink of data-driven investment strategies for navigating today’s complexities.
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From Personal Loss To Healthcare Activism
- Eric founded 46Brooklyn after his mother's pancreatic cancer exposed him to drug-pricing failures and motivated healthcare transparency work.
- He later left to join Bancreek because Andrew Skadoff's information‑theory investment approach excited him.
Healthcare's Hidden Price-Discrimination Engine
- U.S. healthcare functions via hidden price discrimination and intermediaries that inflate list prices and hide rebates.
- That structural arbitrage enabled persistent job growth and profits but is politically and economically fragile.
Elderly Care Jobs Are Medicaid-Dependent
- The fastest growing granular industry is services for the elderly and disabled, heavily funded by Medicaid waivers.
- Cutting or altering Medicaid funding would directly threaten millions of jobs and create wider economic fallout.
