There are obviously ways in which things can go wrong with...

There are obviously ways in which things can go wrong with Konekt, as its history shows. The slight earnings downgrade resulting from "file portability in NSW as a result of the recent tender" is an indication of the earnings sensitivity.

But Konekt managed to turn around and start making a proft in the teeth of the GFC round one, and the sector looks like it should cope relatively well if there's a serious downturn in the economy. Health care generally is defensive, and Konekt's sector is a lot less capital-intensive than some.

So I'm bearish about the market generally, but this is one holding I'm keeping.