Last Cast Letter #31: America Is Aging

Hi All - Happy Tuesday. It’s the last day of the month, which means it’s time for the Last Cast Letter.

It’s also the final day before the final quarter of the year. Wild! I’m excited for this three-month sprint. It’s always chaos, but busy is good.

Last month, I told you we were launching Street Sheet Research. In a nutshell, our premium members get:

• A Weekly PDF report (macro commentary, sector spotlight, Trump trades, Wall Street’s top calls, and more) delivered every Saturday morning.

• Access to The Street Feed, a mini Bloomberg terminal

It’s always scary launching a new product, but our audience didn’t let us down. We had an unreal number of sign-ups for the first few weeks, and we haven’t even released what might be the best part about the entire program:

Our Monthly Deepdive Reports Like This One 👇

Tomorrow, we’re dropping our first one titled “An Aging America”. This is a trend I’ve been obsessed with for a while now, and quite frankly, it’s been pretty well documented.

Even so, I told my team that I think it’s worth covering because it will shape our country (and others) in profound ways for decades to come.

This is a truly global macro shift that will have profound implications for much of the Western world, particularly the United States.

Let me tell you something that you probably already know: America is getting older. Take these stats, for example:

• In 2025, an average of 11,400 Americans will turn 65 every day.

• The US Census Bureau projects that by 2034, for the first time in history, there will be more Americans over the age of 65 than under 18.

• The number of Americans ages 65 and older will more than double over the next 40 years, reaching 80 million in 2040.

• The number of adults ages 85 and older, the group most often needing help with basic personal care, will nearly quadruple between 2000 and 2040.

You might’ve heard this referred to as the “Silver Tsunami” or “The Grey Wave”.

The water metaphors are apropos because this will be a changing tide that alters the foundation of the United States.

Consider healthcare alone: the Centers for Medicare & Medicaid Services (CMS) estimates that national health expenditures will grow nearly 5% annually, reaching $7.2 trillion by 2031, driven largely by aging-related demand.

Medicare enrollment is expected to rise from 66 million people today to more than 80 million within the next decade. That’s an additional 14 million people relying on the system in just ten years.

I view this aging wave as both a challenge and an opportunity.

On one hand, it raises questions about how we finance entitlement programs and how the workforce adapts to slower population growth.

On the other, it creates a predictable demand curve for healthcare services, insurance coverage, and age-related care solutions.

Companies that are well-positioned in Medicare Advantage, integrated care, and healthcare technology stand to benefit as utilization rates continue to climb.

So what are these companies?

Well, if you’re a Street Sheet Research subscriber, you’re in for a treat this month because our team is highlighting two that stood out.

• One is a large cap

• One is a small cap

The small-cap is a REIT, which is why I am mentioning tomorrow’s report in this real-estate-focused newsletter.

Typically, these reports will only focus on one company that sits at the tip of the spear of a mega-trend we’re following. But since it’s our inaugural edition, there are a couple of options for you to sink your teeth into.

We’re dropping this first report Oct. 1, 2025 — tomorrow. It will only be available to our Street Sheet Research subscribers, so be sure to subscribe today.

I’ve created a special discount code for subscribers on this list. Click the button below and enter LASTCAST for $100 off.

I hope you enjoy it. I’ll see you on the inside.

— Brooks