At buzzy health care business conference, investors fear the bubble will burst

Health care's business class returned to its San Francisco sanctuary last week for JPMorgan's annual health care confab, at the gilded Westin St. Francis hotel on Union Square. After a two-year pandemic pause, the mood among the executives, bankers and startup founders in attendance had the aura of a reunion — as they gossiped about promotions, work-from-home routines, who's getting what investments. Dressed in their capitalist best — ranging from brilliant-blue or pastel-purple blazers to puffy-coat chic — they thronged to big parties held in art galleries and restaurants.

But the party was tinged with new anxiety: Would the big money invested in health care due to COVID-19 continue to flow? Would investors ask to see results — meaning profits — rather than just cool ideas?