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The Importance of Your Children having a Job
Issue #475, June 16, 2017

The Problem with Medical Student Debt is—the Med Schools
Issue #474, June 12, 2017

Critters and Varmints in your Home and Yard
Issue #473A, June 07, 2017

Leveraged ETFs
Issue #472, May 29, 2017

Leasing a Vehicle: Don’t!
Issue #471, May 22, 2017

Escheat
Issue #470, May 15, 2017

More on Buying Jewelry
Issue #469, May 08, 2017

Buying Jewelry: Gold, Diamonds and Pearls
Issue #468, April 30, 2017

Thomas Sowell: Part III of III
Issue #467, April 24, 2017

Thomas Sowell: Pat II of III
Issue #466, April 17, 2017

Live Close to Where You Work
Issue #465, April 10, 2017

Medtronic in Hospital Management
Issue #Interim Bulletin #464A, April 07, 2017

Thomas Sowell: Part I of II
Issue #464, April 03, 2017

A Political Contribution a an Investment: Part II of II
Issue #463, March 27, 2017

A Political Contribution as an Investment: Part I of II
Issue #462, March 20, 2017

Buffett Selling Vacation Home
Issue #461, March 13, 2017

Advanced Placement (AP) ourses
Issue #460, March 06, 2017

The Importance of a Credit History
Issue #459A, March 02, 2017

A Credit Card Scam
Issue #459, February 27, 2017

The Electronic Health Reord
Issue #458, February 20, 2017

Contracts
Issue #457, February 13, 2017

Platinum and Palladium
Issue #456, February 06, 2017

Economic Outlook for 2017: Part II of II
Issue #455A, February 02, 2017

Economic Outlook for 2017: Part I of II
Issue #455, January 30, 2017

A Story From Vegas
Issue #454A, January 25, 2017

Land Donation Deals and the IRS
Issue #454, January 23, 2017

The Theory of Gambler’s Ruin
Issue #453, January 16, 2017

Student Loans: But Wait, There’s More!
Issue #452, January 13, 2017

A Second Home
Issue #Interim Bulletin #451A, January 04, 2017

The Consumer Confidence Index
Issue #451, January 02, 2017

Social Security
Issue #450, December 26, 2016

My Outlook for 2017: Part II of II
Issue #449, December 19, 2016

My Outlook for 2017: The Market
Issue #448, December 12, 2016

Medicine in 20 Years
Issue #447, December 05, 2016

Higher Interest Rates
Issue #446, November 28, 2016

Trump and the Markets: The Bad and Ugly
Issue #445A, November 23, 2016

Trump and the Markets: The Good
Issue #445, November 21, 2016

Negative Trends: The Suits aren’t Makin’ Steel
Issue #444, November 16, 2016

The New DOJ Fiduciary Rule
Issue #443, November 07, 2016

Barron’s Conference, Part IV of IV
Issue #442, October 31, 2016

Barron’s Conference, Part III of IV
Issue #Interim Bulletin #441A, October 26, 2016

Barron’s Conference, Part II of IV
Issue #441, October 24, 2016

Barron’s Conference, Part I of IV
Issue #440, October 20, 2016

This Newsletter
Issue #439A, October 12, 2016

Memoirs of US Grant: Vol II
Issue #439, October 10, 2016

More Points on Collecting, Investing and the Economy
Issue #Interim Bulletin #438A, October 05, 2016

Personal Memoirs of US Grant
Issue #438, October 03, 2016

Ideas for a High School Part-Time Job
Issue #Interim Bulletin #437A, September 29, 2016

Collecting, Investing, and the Economy
Issue #437, September 26, 2016

Free College
Issue #436A, September 22, 2016

A Military Commitment to Pay for Med School
Issue #436, September 19, 2016

When a CD isn’t a CD
Issue #435, September 12, 2016

I Made a Mistake
Issue #Interim Bulletin #434A, September 07, 2016

What is Your Spare Time Worth?
Issue #434, September 05, 2016

Credit Cards and Bonus/Loyalty Points
Issue #433, August 29, 2016

The Write-off of Student Loans
Issue #Interim Bulletin #432A, August 25, 2016

412 Retirement Plans
Issue #432, August 22, 2016

Join the Club
Issue #Interim Bulletin #431A, August 18, 2016

The Case for Precious Metals and Hard Assets
Issue #431, August 15, 2016

When the US went off the Silver Standard
Issue #430, August 08, 2016

Why NOT to Open a Restaurant
Issue #429, August 01, 2016

Some Tips on Life Insurance
Issue #428, July 25, 2016

More Observations on Negative Interest Rates
Issue #427, July 18, 2016

Embezzlement
Issue #426, July 11, 2016

Is a PhD Worth It? Part II of II
Issue #425, July 04, 2016

Is a PhD Worth It? Part I of II
Issue #424, June 27, 2016

Avoid Part-time real Estate Agents
Issue #423, June 20, 2016

The VIX
Issue #422, June 13, 2016

The Problem with Auction Reserves
Issue #421, June 06, 2016

Make Full Use of Your Capital Investments
Issue #420, May 30, 2016

The Fed’s Announcement
Issue #419, May 23, 2016

Quit While You’re Ahead: A True Story
Issue #418, May 16, 2016

The Precious Metals
Issue #417, May 09, 2016

Negative Secular Trends: Part Ii of II
Issue #416, May 02, 2016

Negative Secular Trends: Part I of II
Issue #415, April 25, 2016

Not Winning is not the same as not Losing
Issue #414, April 19, 2016

Behavioral Economics: Part II: Weaknesses
Issue #413, April 11, 2016

Behavioral Economics: Part I: Valid Points
Issue #412, April 04, 2016

The Most Important Books I’ve Read
Issue #411, March 28, 2016

Secret to Success: Take Risks and do Things Differently
Issue #410, March 21, 2016

The Over-Priced Food Presentation Hustle
Issue #409, March 14, 2016

The War on Cash
Issue #408, March 07, 2016

Precious Metals: Don’t Jump in Yet
Issue #407, February 29, 2016

The Bear is Growling
Issue #406, February 22, 2016

The Importance of Showing Respect
Issue #405, February 15, 2016

The 80-20 Rule of Thumb Pareto Principle
Issue #404, February 08, 2016

Some Tips on Commercial Real Estate
Issue #403, February 01, 2016

Economic Outlook for 2016
Issue #402, January 25, 2016

Selling Short: Part II of II
Issue #401, January 18, 2016

Short-Selling. Part I. How it Works
Issue #400, January 11, 2016

Who Can You Trust, and How to Spot a Con Man
Issue #399, January 04, 2016

Outlook for 2016: Part II of II
Issue #398, December 28, 2015

My Outlook for 2016, Part I of II
Issue #397, December 21, 2015

Want to Live a Long Time?
Issue #396, December 14, 2015

Some Tips on Retirement
Issue #395, December 04, 2015

Negative Interest Rates
Issue #394, November 30, 2015

What if the US Dollar Breaks to New Highs
Issue #393, November 23, 2015

How to Decrease Student Debt by 25%
Issue #392, November 16, 2015

The Importance of Buying Life Insurance when you are Young
Issue #391, November 09, 2015

Barron’s Conference, Part II of II
Issue #390, November 02, 2015

THE PHYSICIAN INVESTOR NEWSLETTER

HELPING PHYSICIANS ATTAIN FINANCIAL SECURITY
By Robert M. Doroghazi, M.D., F.A.C.C.

Contracts

Issue #457, February 13, 2017

    This newsletter could easily be subtitled “Preventing Stupid Doctor Mistakes”. If I can help just one of you avoid a 6 or 7-figure disaster, I’ve done my good deed for the day, and you have covered the cost of your subscription for life.
Never sign anything you haven’t read.
    You say “Of course”. Well, what’s obvious to some people isn’t obvious to all (or most) people. In fact, it’s hearing the following story that encouraged me to write The Physician’s Guide to Investing: A Practical Approach to Building Wealth.
    About 15 years ago a group of physicians (one sure sign of a loser is when all the potential investors are physicians), were approached by non-US citizen (you must always be wary of investing with foreign nationals) about a sweet, can’t miss opportunity. The physicians were to put up some money and sign notes. After barely an hour of discussion and (very weak) questions (they did not wish to offend a man who was about to change their lives), the majority of physicians signed the contracts—contracts that weren’t even in English. I’ll repeat that in case you missed it: the contracts were not in English. 
    In short order, the deal fell apart, costing them all between $3M and $10M. Some were forced into bankruptcy, and all will be working until they’re 70 just to get out of the hole. When a physician who didn’t sign up, the one who told me the story, asked one of his (ex) partners why he participated, he said he would have kicked himself if he were left out and was still working and taking call while his partners retired in luxury in Boca Raton. Let’s call this what it is—greed and stupidity.
Always have an attorney look over a contract.
    Your attorney may charge a couple of hundred bucks, but if they save you tens or hundreds of thousands, you’re way, way ahead. They always seem to find something of importance you passed over.
    Everyone should have a personal attorney anyway. When you start in practice, you might ask your senior partner who they use as their personal attorney. You should take the junior person in that group. A good general rule: you want your physician, lawyer and accountant to be younger than you. You don’t want them retiring on you: you want to retire on them.
All contracts are negotiable.
    This would seem obvious for major contracts, such as those involving your job or sale of a home, but it applies to everything. Ex: all standard credit card contracts include an arbitration clause, which is (of course) quite favorable to the creditor. When you sign the contract, just put above your name that you will not accept arbitration.
    Our capitalistic democracy is based on the protection of private property and the sanctity of contracts. The US Constitution, Article I, Section 10, says “No State shall enter into a Treaty, Alliance or Confederation; grant Letters of Marque and Reprisal; coin money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payments of Debts (RMD: don’t you love that one): pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title…”. 
    To repeat:
Never sign anything you haven’t read.
Always have an attorney look over a contract.
All contracts are negotiable.
                                                                          RMD
    It’s important when something breaks to a new high or new low: people are willing to pay more than they ever paid before, or willing to sell for a lower price than they would previously accept.  Last week all three major averages, the DJIA, the S&P 500 and the NASDAQ, finished at record highs. The Russell 2000 Small Cap Index and XLF (an ETF of the largest financials) finished at the upper part of their range and are on the verge of breaking out. The VIX (Volatility Index, or “fear” index) is at multi-year lows.
    RMD comment: It’s hard not to be bullish. The 2 basic rules of stock market investing are 1) don’t fight the Fed, and 2) don’t fight the tape. The tape is bullish.
    Blips in the market can occur because of anything, but significant moves are based on fundamentals. If Mr. Trump and the Republicans can come through with the simplification of regulations and taxes (esp. corporate tax reform), it will be a tremendous boost to the economy.
    The expected upside breakout in the US Dollar seems to have stalled. Interest rates remain flat and the precious metals are doing well. I’ll discuss this in more detail in the next few weeks.   

    This is from a long-time coin/bullion dealer re: last week’s letter on Platinum (Pt) and Palladium (Pd): “I enjoyed it and thought it was spot on. Since these metals are mined and traded mostly in other countries, they can be volatile and unpredictable”.
    RMD comment: To remind you, I recommend the average investor avoid Pt and Pd. I will note though, that Pd hit a high of about $800 almost 15 years ago, and is on the verge of breaking out (but I would still let it go).
    The Darwin Awards are given annually to people who do the dumbest things to remove themselves from the gene pool. My favorite from last year was the runner-up. A young man was an alcoholic and lived with his sister. He ran out of money to buy liquor, so mixed some gasoline with milk, drank it, and promptly got sick. He vomited into the fireplace, and the house blew

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