As we have been reading just about everywhere, the first wave of baby boomers turns 60 this year. Five years from now, 30 percent of the 78 million boomers will be 60 or older. And the waves will just keep coming.

Not surprisingly, many of the sectors that flourish will center on health care. In a recent report, Richard Bernstein, Merrill Lynch's U.S. strategist, explored the opportunities that await.

"As the boomers enter into their 60s, they will likely spend an increasing percentage of their income on health care," Mr. Bernstein wrote. "Boomers will alter their consumption pattern away from discretionary goods towards health care."

A typical 20-something directs about 3 percent of spending toward health care. By the time the average person is in her 70s, though, that number has jumped to 15 percent. Total national health care expenditures are expected to be pushing 20 percent of gross domestic product by 2015.

It sounds like something related to cars, but humans who live longer and continue to pack on the pounds, as Americans are apt to do, will need new hips, knees and, yes, hearts.

A natural side effect is that the number of prescription bottles in the old medicine cabinet will multiply, benefiting drug developers, distributors and sellers alike.

No doubt there's an exchange-traded fund in the works that will conveniently basket all of these boomer sectors into some cleverly named investment.

As Warren Buffett likes to point out, stock market declines always claim a number of undeserving victims of the fairly valued variety. That is when you buy bargains.

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