Baby boomers may still be romantic, but as old age catches up with them, more and more health problems will bring in more dollars. Both generic and brand-name drugs, and the pharmaceutical companies that manufacture and distribute them, stand to profit from the graying of America. Whether it's arthritis or an ailing heart, companies that provide balm for the aging will be sure to benefit.
As far as the cutting edge of medicine, Ralph Acampora, director of technical research at Prudential Securities in New York City, advises investors intent on focusing on the millennium to consider biotechnology. The latest in "designer genes" are full of "what ifs," says Acampora. "What if they find a cure for cancer? What if they discover something equally fantastic? These stocks have to be part of the future if you're thinking out 10, 15, 20 years."