Preamble: COVID-19 might destroy huge swaths of the consumer economy as it runs its course (or it might not) but rather than predict epidemiological curves, we are better served finding opportunities in parts of the economy that have no real exposure to COVID. The one area that stands out is non-elective healthcare. These businesses should see sales minimally affected – COVID or not, patients still need their treatments. However, in the sort of liquidating markets that exist today, all companies are getting sold particularly small cap healthcare names. AMAG Pharmaceuticals is just that sort of