A scary signal seems to have arisen within the U.S. healthcare industry where they're seeing deaths and disabilities and sickness that they didn't expect.

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Hello, everyone. I'm Dr. Chris Martinson of Peak Prosperity. We're going to be discussing this today, which is the excess deaths and morbidity, that's sickness, illness, that have hit the U.S. health insurance companies.

And this just came out last week, July 2nd. On Wednesday, Centine, the health insurance company crashed.

That little, you can see way over here, that little red blob right there is the stock price. Sure, it looked like it had what we call a head and shoulders. It was due for a correction, but that's massive. What happened? And by the way, this is not a small company. This is a very, very large company. If you haven't heard of it, it's very big. So going to GROC, which is now Super GROC, by the way, there's a share link down there if you want to find the same language I just got up here. So what happened was on July 1st,

Centine announced that it was withdrawing 2025, generally accepted accounting procedures, gap, and pulled all of its guidance for 2025.

Shocked investors, the reason for the withdrawal was that in 22 of 29 of its health insurance marketplace states, that 72% of its membership revealed, one, lower market market growth enrollment growth was slower than anticipated so oops right was it growing slower because there were fewer people to enroll maybe because the other bullet point was they were experiencing higher morbidity patients were significantly sicker than expected leading to higher medical claims.

This was materially inconsistent with the company's assumptions for risk adjustment revenue transfers,

which are federal reimbursements to balance the risk of ensuring less healthy population.

So they have these massive actuarial tables.

And sort of like if you know how many people get sick per 100,000, you bit stays in that

band and that's pretty tight. Well, that's not what happened. Their risk models got blown out.

People substantially sicker than expected. So how do we account for that? Well, we're going to

take a look at that. But first, here's the stock price itself. and you can see that massive plummet over here. And then very helpfully, later in the day, these yellow dots would be analysts downgrading the stock. It's amazing how they work. Now, that's a huge decline, nearly 38% in the past couple of days here.

That is a big decline.

So who are the bagholders?

Well, the usual crowd.

That would be Vanguard, Black Rock, FMR, Norgias Bank, State Street Corp, Harris Associates.

Those are the biggest bagholders.

But Vanguard, the biggest bagholder of them all holding 11.56% of all outstanding shares. So that's a pretty pretty big deal.

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