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The Coming Bear Market: Part II How to Prepare
Issue #492, October 16, 2017

Some Observations on Cemeteries
Issue #Interim Bulletin #491A, October 12, 2017

The Coming Bear Market: Part I: The Myth of Buy and Hold Forever
Issue #491, October 09, 2017

The Market makes New Highs
Issue #490, October 02, 2017

The Importance of a New High
Issue #489, September 25, 2017

A Little Insurance: Wealth, War and Wisdom
Issue #488, September 18, 2017

Some Observations
Issue #487, September 11, 2017

How to be Successful in Your Career
Issue #486A, September 07, 2017

How NOT to Buy a Home
Issue #486, September 04, 2017

This Week in the Market
Issue #485, August 28, 2017

Is the “Trump Bump” Running Out of Gas?
Issue #484, August 21, 2017

Gold is on the Move
Issue #483, August 14, 2017

The Importance of Estimation
Issue #482, August 07, 2017

Buying Art and Collecting: Part II of II
Issue #481, July 31, 2017

Buying Art and Collecting in General, Part I of II
Issue #480, July 24, 2017

Physicians need to be More Forceful: Follow-up
Issue #479, July 17, 2017

Physicians need to be More Forceful
Issue #478, July 10, 2017

Your First “Real” Investment
Issue #477, July 03, 2017

Leasing a Watch: Don’t
Issue #476, June 26, 2017

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

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

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

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

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


By Robert M. Doroghazi, M.D., F.A.C.C.


Issue #470, May 15, 2017

    With the Norman conquest of England in 1066, William the Conqueror either exiled or executed all of the English nobility, and claimed the land as his personal possession, becoming the sole “owner” of all of the land in the kingdom (the Crown still owns all the land today). He then granted the lands out to various nobility, who became tenants-in-chief. This did not conferred ownership of the land, but merely ownership of the rights over it, the estate in land. These rights were heritable by the holder’s heir(s).
    When no legal heir existed, logic suggested that, to prevent land from lying fallow or in limbo; it revert back to the crown. This is the basic operation of an escheat (excadere), a failure of heirs. Since the US was established as a British colony with British Common Law, when there is no heir or claimant, all property reverts to the state.
    Lists of unclaimed property are periodically published in the newspaper, and more recently, on websites. Older son John, an attorney, found that I have $31.79 held by the state of Missouri, some at my current home address, and some at our old office address at Boone Clinic. Documentation required to claim the property include 1) Driver’s License (or photo ID), 2) verification of SS # (I copied my Medicare card), and 3) proof of address. I sent a copy of my utility bill for my current home address, and a copy of an old prescription pad for our office address (they might not take this. I may have to find an envelope to show that I received mail at the Boone Clinic address (see below). It says on the submission form the process can take up to 90 days (see below).
    I discuss this because it allows me make 3 points:
    First: it is interesting, and provides insight into how our legal system developed. There is a logic behind most things we do.
    Second: check this out for yourself. You may have something coming that you never expected. It might be only $31.79, more likely, there is nothing. Or it might be ???
    Third. Long ago I made a personal rule: If I lost or didn’t make money because of a poor decision on my part: so be it. Move on, and hopefully learn from your mistakes. But I would never lose a penny to paperwork (easier to say when your nurse or secretary are the ones doing the paperwork instead of you, but you see my point).
    Check it out. You might get lucky.
    I mentioned to a local subscriber, who previously worked in a bank trust department, that I would write on this subject, and my basic recommendation would be to give away as much of your property as possible before you die. To paraphrase Warren Buffett “You make better decisions when you’re above ground than when you’re below ground”. I told her another reason was that families that are so lovey-dovey and (seem to) get along so well together while grandpa’s alive, change their tune when there’s money involved. She said “Doctor, it can get really nasty, and they may not be fighting over much”.
    Shortly after I retired, I was leafing through the local paper. There was a 4-page list, in small print, of unclaimed property held by the state of Missouri. I didn’t purposefully look, just glanced, and happened to see the name of a patient, a retired physician. I called him. “Charlie, I saw your name in the paper for unclaimed property”. (Laughter). “Bob, thanks for calling, but that’s not me” (More laughter). “He’s not a relative, and he’s on the list because he’s in and out of jail”.
    RMD comment: if you do have some unclaimed property and discover it from reading this newsletter, give me a heads-up. I’d just like to know.
    In the 1947 film “Miracle on 34th Street”, a department store Santa (played by Edmund Gwenn) claims to be the real Santa. When the Post Office, a branch of the US Government, delivers letters addressed to “Santa Claus” to Gwenn, it is used in court to substantiate his claim.
    RMD comment: There is no better confirmation of time than a postmark. Say you had a conversation with someone that you would like a record of should there be future issues. Write a letter and mail it to yourself. The postmark confirms the date. For this to work, you must not open the letter: it must remain sealed.
    I have already received my money—$31.79, and it took only a week!!
    RMD comment: This is unbelievable. No extra paperwork, no bureaucrat getting their jollies from making you jump through needless hoops. Eric Schmitt is the newly-elected State Treasurer in Missouri. Whatever office he runs for in the future, he has my vote.
    Comments on buying jewelry continue to pour in.
    This is from a Jewish gentleman who grew up on the hard-knocks streets of NYC.
    “In my early 20s, I was very impressed by men who wore expensive jewelry, diamond pinky rings, Patek Philippe or Vacherin Constantine watches, etc. When I sold my business in my 40s, we lived in SF and I went straight to a high-end jeweler. I bought a Patek Calatrava at 40% off list. It’s now worth 3x what I paid for it”.
    “I bought the engagement ring for my wife from the uncle of a friend who had a small store on 47th street. Trust was everything. He brought 2 rings to Linda’s home and said keep the one you like and return the other. Later, when we were living in Michigan, Sam from 47th street, mailed a ring. I took it to a well-known local jeweler for his opinion. He conned me out of buying Sam’s ring to buy one of his. Forty years later, this still raises my blood pressure. I thought I was sophisticated, but still had a lot to learn”.
    RMD comment: remember that: “Trust is everything”. Sowell talks about this in Wealth, Poverty and Politics. “A high degree of trust within particular groups…can be an advantage. Hasidic Jews in NY can sell consignments of expensive jewelry…on verbal agreements, and share the proceeds later…Some societies have a strong enough sense of honesty and decency among its people as to enable many useful activities to take place without the heavy costs and risks that restrict such activities in other societies”. 
    I highly recommend Shattered: Inside Hillary Clinton’s Doomed Campaign (Allen and Parnes, Crown). I usually avoid books on current/recent events, but this is extremely insightful. The authors note they were able to write the book because they promised 1) all sources would be kept confidential and 2) nothing would come out before the election. One basic point made by the authors is that when things went wrong, Hillary blamed her staff, or the opponent, or whoever, and rarely, if ever, blamed herself.
    RMD comment: One thing I learned from marriage counseling is that you can’t change other people, but you can change yourself. Even if the other person did fail, you’re better off blaming yourself. 
    In prefacing some remarks about Trump, the authors use an old quote about George HW Bush: “He was born on third base and thought he hit a triple”.
    If you wish to communicate with me, do not go through the website. Use my personal email listed at the top of the first page:  .(JavaScript must be enabled to view this email address)   

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