Investors should be skeptical whenever they hear an argument why a stock or an industry is "can't miss." For quite some time the orthopedic implant companies have been characterized as a sure thing given the demographic inevitability of baby boomer demand. Daniel Lee in the Indianapolis Star reports on a variety of issues facing the industry.

From government investigations, to lagging Medicare reimbursements, and a growing awareness that rapid earnings growth is in the rearview mirror. It seems that the industry will need to transition into a more realistic phase. We have no idea whether the stocks are are a buy in here, but it is an interesting demonstration of how an industry can go from darling to the dumpster in a short period of time.