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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.

Memoirs of US Grant: Vol II

Issue #439, October 10, 2016

    Grant’s describes his first meeting with Andrew Johnson, then Military Governor of Tennessee, who later became President with the assassination of Lincoln. “He delivered a speech…It was long, and I was in torture…fearing something would be expected of me…I was relieved, the people having heard enough”.
    Grant’s opinion of military acumen of Confederate President Jefferson Davis: “On several occasions he came to the relief of the Union army by means of his superior military genius (emphasis in original).
    RMD comment: I love the way Grant can diss people. 
    “There was no time during the rebellion when I did not think…the South was more to be benefitted by its defeat than the North. (It) was burdened by an institution (slavery) abhorrent to all civilized people…which degraded labor, kept it ignorant, and enervated the governing class…The labor of the country was not skilled, nor allowed to become so. The whites could not toil without becoming degraded, and those who did were denominated “white trash”…The non-slaveholders would have left the country, and the small slaveholders would have sold out…Soon the slaves would have outnumbered their masters…and exterminated them”.
    RMD comment: I have never seen a better description of the corrupting effect of slavery on society. The Ante-bellum South was a third-world country. A few people lived a life of leisure, but even they were themselves degraded by keeping other humans in bondage (read Uncle Tom’s Cabin, or Life among the Lowly). The slave owners kept the slaves uneducated for obvious reasons, and most of the other whites were not much better off. The South had almost no manufacturing, and few institutions of higher learning. 
    “(General George) Meade urged me that the work before us was of such vast importance to the nation that the feelings of no one person should stand in the way of selecting the right men for all positions…This gave me an even more favorable opinion of Meade than did his great victory at Gettysburg”.
    RMD comment: as the saying goes “We can do anything if nobody cares who gets the credit”. I believe the greatest quality of George Catlett Marshall (my personal hero) was his selflessness.
  “The armies of Europe are machines: the men are brave and the officers capable: but a majority are taken from a class of people who are not very intelligent and have little interest in the contest…Our armies were composed of men able to read and who knew what they were fighting for”.
    RMD comment: a beautiful description of the citizen-soldier of the Roman Republic, the Republic of the United States, and our current all-volunteer Army.
    “Mr. Lincoln gained influence over men by making them feel that it was a pleasure to serve him. He preferred yielding his own wish to satisfy others, rather than insist upon having his own way. It distressed him to disappoint others. In matters of public duty, however, he had what he wished, but in the least offensive way…Mr. Lincoln did not require a guardian to aid him in the fulfillment of the public trust. He was not timid and was willing to trust his generals”.
    RMD comment: The #1 book on my all-time list is Dale Carnegie’s How to Win Friends and Influence People. Grant feels that the worst thing that happened to blacks, the South, and the US in general, was the assassination of Lincoln.   
    Grant concludes: “To maintain peace in the future it is necessary to be prepared for war…Growing in population, wealth and military power, we may become the envy of nations…Now, scarcely 20 years after the war, we seem to have forgotten the lessons it taught, and are going on as if we are in the greatest security.
    We should have a good navy…and seacoast defenses…The costs are not much (compared to) what we get in return. The money is spent on our own people…and tends to prevent war in the future.
    England and the US are natural allies…We speak one language…We…are better qualified than any other people to establish commerce between all nations of the world”.
    RMD comment: The last comment is not a justification of the White Man’s Burden philosophy of the time, because Grant was not an imperialist, but rather it sings the praises of our Western Liberal Democracy. Since WW II, the world has profited from us being the world’s policeman. The US is the strongest nation in the world. Would you prefer it be Russia or China? To paraphrase George Marshall: “Throughout our history, we have pursued our desire for peace by a display of weakness. That course has failed us utterly”.     
                                                                  RMD
    A quick review: in issue #404 (2/8/16), I discussed the Pareto Principle, or 80/20 rule. 80% of your business comes from 20% of your customers (80% of your referrals come from 20% of your referring physicians), and 80% of the complaints come from 20% of the customers. But to be valid, there must be cause and effect: application of only 20% of the resources should solve 80% of the problems.
    RMD comment: You’ll see the 80/20 principle more often than you think. It seems to be a natural distribution of parameters, similar to Fibonacci numbers, which explains the branching of trees and many other things. The Fibonacci sequence is the sum of the two previous numbers, starting with zero. Thus 0-1-1-2-3-5-8-13-21-34-55-89-144-233, etc.
    I spoke this last weekend in Lexington at the meeting of the Kentucky Chapter of the American College of Cardiology on “Negative Secular Trends in Medicine”. It was a first-class event, with attendance of almost 300. Thanks to Drs. Jesse Adams, past Governor, and Dr. Susan Smyth, current Governor, for the invitation.   
    Privately-held Bass Pro is paying $5.5B in cash for Cabela’s (CAB).
    RMD comment: The story behind Bass Pro is similar to Walmart (Sam Walton was from Shelbyville, MO, and is a grad of the U. of Mo.). Johnny Morris’ parents opened Brown Derby Liquor stores in Springfield in the 1930s (they are still open, and my #1 choice to buy quality wines. They ship anywhere). In 1971, Morris set up a table in one of the Brown Derby stores and sold fishing lures. Business was so good that he opened the first Bass Pro the next year.
    This is the All-American success story: a guy notices a niche, works hard, keeps his nose clean, and is now worth billions. It also brings up an advantage of a private vs. a publically held company: the former don’t have to satisfy shareholders with quarter after quarter of rising earnings: they can play for the long term.
    An observation that doesn’t get as much play as it should: the biggest conservationists are usually the hunters and sportsman: think of Teddy Roosevelt.
 
    A local businessman read my book The Alien’s Secret and provided a unique ending I had not considered. Mator, the man/machine, who failed by seconds in making a functioning invisibility device for our hero Hoken, redeems himself by finding a way for the field generator to reverse the union (assimilation) of Hoken from Human #1. The rebels cough up the codes for Rennedee’s space ship the Romboll (means to destroy or devastate in Hungarian). The re-entry suit comes down to Earth, picks up Hoken, and the ship transport him back to Oria to a hero’s welcome. Historical accuracy is maintained because Human #1 remains on Earth to meet his fate.
    For an autographed copy, send a check for $25 to me at 115 Bingham Rd, Columbia, MO 65203.
    Next weekend I’ll be traveling to Manhattan for the annual Barron’s Art of Successful Investing Conference on Saturday. There will not be a newsletter next weekend, but I will follow this with 3 quick letters to report on the Conference highlights.     

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