Yes, 2022 has been tough enough with all the turbulence and uncertainty. But unfortunately the picture is still pretty vague as we head into 2023.
How hard will the steep interest rate rises from the past six months hit Australian consumers going into Christmas? Will the unemployment queues lengthen? Will Australia sink into recession?
These are all still legitimate questions without clear answers.
Amid such chaos, Switzer Financial Group director Paul Rickard feels like the healthcare sector might be the most reliable to invest in.
It is considered a defensive sector, as people will still spend money on their health through tougher economic times. And the population is rapidly ageing in most developed nations.
But there is also a growth flavour in many ASX-listed healthcare stocks.
"Australia's a little bit different because we have companies that are really focused on a global marketplace — most of their revenues actually come from outside Australia," Rickard said on Switzer TV Investing.
"So the companies that represent the major part of our healthcare sector tend to command pretty high price-earnings multiples."
So which are the specific ASX shares that Rickard would go for at the moment?
Four top health stocks to buy now
Rickard is a "huge fan" of biotech giant CSL Limited (ASX: CSL).
The CSL share price has so far disappointed in the post-COVID era, remaining flat for the year to date.
"It hasn't really done a lot this year. [But] brokers like it."
CSL shares closed Tuesday at $297.32 apiece.
Rickard pointed out that it currently has a broker consensus target of almost $325, and he suspects "at some stage" the stock will burst out to that.
The Ramsay Health Care Limited (ASX: RHC) share price has sunk more than 10.6% since mid-September when a takeover bid was taken off the table.
Rickard suspects this now presents a great entry point.
"It's a hospital operator but it's diversified," he said.
"In the low $60s, it's looking like a pretty attractive proposition to me."
Ramsay shares closed at $63 each on Tuesday.
Resmed CDI (ASX: RMD) has served investors admirably over recent years.
"It's been a hugely successful growth story… Up from a low of about five years ago, it was trading about $8 to [last year] over the $40 mark."
The price has pulled back this year, with the stock closing Tuesday at $34.09.
Rickard can't see any reason why the respiratory equipment maker can't continue its growth narrative.
"I think, again, another really good stock for your portfolio."
Pathology provider Sonic Healthcare Limited (ASX: SHL) was Rickard's fourth pick.
It was a major beneficiary of COVID testing volumes in Australia, but now its growth fortunes lay offshore.
"Although Sonic really dominates the pathology sector in Australia, it's now a company where over 60% of its revenue is coming in from outside Australia," said Rickard.
"It's big in the United States, it's big in Europe and they're even more important markets than what's going on in Australia."
The share price has lost 31% year to date, closing Tuesday at $31.65.
"It's come back a bit as a result of the reduction in PCR testing," said Rickard.
"In the low $30s, it looks to have reasonable value."
