In short: A defensive healthcare turnaround he owns ("one company we own"): largest dental-supply business since the late 1800s, a GDP-growing business whose stock was hit by bad management. Its tell — it used a good slug of its tariff refund to buy back stock "in the hole," which he rates far above management talk ("watch what they do").
DENTSPLY Sirona sells the equipment and supplies dentists use — it has been the largest supplier in that market since the late 1800s. That makes it a boring, defensive, roughly GDP-growth business inside healthcare, exactly the sort of thing Hayes wants while the AI trade unwinds. It's a "turnaround" because the stock was beaten down by bad management, and he owns it.
The reason he singles it out is a behavioral tell rather than a forecast. Companies in the middle of a turnaround almost never buy back their own stock — they need every dollar to fix the business. So when DENTSPLY took a chunk of its tariff refund and used it to repurchase shares while the price was still "in the hole," that was management putting real money behind a belief the stock was too cheap. His rule: "watch what people say, but watch what they do is more important." He contrasts it directly with AI companies, where insiders are selling and buybacks have dried up because the cash is gone.
27:49But we have one company called Densly Serona which is defensive which is healthcare. They do largest supplier of dental supplies since the late 1800s. It's a GDP growing business. The stock had been hit due to bad management etc. And they used a good slug of that, their refund, for buying back stock in the hole.
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