Is Ramsay Health Care really recession proof?

Australia's largest private hospital operator is often called the country's most 'recession proof' stock. Colour us sceptical.

The pitch goes something like this: ‘People won’t stop getting sick in a downturn and operating earnings have risen for 20 consecutive years. Ramsay Health Care is recession proof. BUY’.

On the face of it, that argument seems reasonable. Ramsay Health Care (ASX: RHC) is a phenomenal business and now accounts for 26% of the private hospital industry.

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