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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

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

THE PHYSICIAN INVESTOR NEWSLETTER

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

Want to Live a Long Time?

Issue #396, December 14, 2015

    Some time ago, Warren Buffett was asked “Now that you’re the richest man in the United States, what do you want”? He replied (I am paraphrasing) “I want to be the oldest. When they look at me in my casket, I want them to say “He was old”. John D. Rockefeller was meticulous about his health and made it to 98 years, 10 months (July, 1839 – May, 1937).
    I just returned from Dr. William C. Roberts’ 42nd annual Williamsburg Cardiology Conference, held over Illumination Weekend in Historic Williamsburg, VA. I have attended 8 times, spoken thrice, and believe this is the best clinical cardiology conference in the country. I strongly recommend it to you. Next year’s conference will be December 4-6, 2016. Go to   .(JavaScript must be enabled to view this email address) 
    If we could prevent premature deaths, our genome has programmed us to live about 90 years. Dr. Roberts discussed the simple steps you can take to make it to that age.
    Atherosclerosis is the cause of almost all heart attacks, most strokes, and many other problems. All of the traditional risk factors, including high blood pressure (see below), smoking, obesity, diabetes and stress drop out without cholesterol. Dr. Roberts argues, and I agree, that atherosclerosis is a disease of high cholesterol.
    In nature, herbivores don’t have atherosclerosis. But feed monkeys and rabbits a high cholesterol diet, and they develop atherosclerosis identical to humans. Roberts notes that humans are herbivores: large amounts of meat were not meant to be a part of our diet.
   
            Feature                   Carnivore               Herbivore
            Teeth                       Sharp                   Rounded
            Intestines         Short (3X Body Length)    Long (12X BL)
            Fluids                       Lap                     Sip (*)
            Cooling                     Pant                     Sweat
            Appendages               Claws                 Hands or Hoofs
            Vitamin C               Self-made                 Diet
    Here is the bottom line:
Your goal is to have an LDL (bad cholesterol) less than 70.
    Cholesterol numbers that were previously considered OK are not OK. Unfortunately, many physicians are still very far behind the curve. If your LDL is above 100, it is too high. Dr. Roberts feels, and I agree, that the cholesterol-lowering statins are the most important medicines in cardiology. I have taken a statin for more than 25 years (My latest numbers are Total Cholesterol = 145, Triglycerides = 59, LDL = 71 and HDL = 65).
    Also note that a systolic blood pressure of 120 is now considered ideal.
    The other things you can do to have the best chance of living the longest are:
    1) No more than 2 alcoholic beverages per day.
    2) BMI (Body Mass Index) of 20-25.
    3) Exercise. How often? The best advice I’ve heard is “Exercise as often as you eat”.
    4) Don’t smoke.
    5) Wear your seat belt.
    6) Keep your vaccinations, including flu shot, up to date.
                                                                  RMD
    (*): Dr. Roberts said (half-jokingly) that he has seen some men at the bar who appeared to lap their drinks.
    So what fueled the market rout on Friday? Oil dropped to a multi-year low, not only on a continued supply glut, but slack demand, suggesting a weak economy.
    But I think more important was the demise of Third Avenue Focused Credit Fund. The fund has barred investor withdrawals and will liquidate because of the poor performance of the high-yield (junk) bonds.
    RMD comment: Investors are rightfully spooked by forced liquidations and inability to get their money back. It always raises the question: is there more to come?
    I had originally intended this letter be my Outlook for 2016. Instead, I’m delaying that until next week to see if the Fed will raise interest rates (they probably will, but it’s not the best thing to do), and the market’s reaction. In the meantime, if the DJIA drops below the mid-November low of 17,250, it will probably mean that we have seen the high. Please be careful. 
    There was an article in the Wall Street Journal (12/1/15) on Negative Interest Rates (discussed in Issue #394, 12/1/15). It notes that in Denmark, some people with adjustable-rate mortgages are receiving a payment every month from the bank: the borrower pays the principal, but receive a refund for the negative interest rate. Not surprisingly, home prices in Denmark have surged.
    RMD comment: As several Barron’s Roundtable members have observed, the Fed (and other central banks) are in uncharted territory.

     
   
    On Sunday evening, December 6, President Obama spoke to the nation about the rising threat of domestic terrorism. The headline in the next day’s Wall Street Journal was “Obama Aims to Reassure Jittery Nation “.
    RMD comment: I’m not sure it worked. The firearm manufacturers Smith & Wesson (SWHC) and Ruger (RGR) immediately shot up (kind of a weak pun) on huge volume.
    I highly recommend Genghis Khan: His Conquests, His Empire, His Legacy (McLynn, Da Capo Press). We have the impression of Khan as a barbarian thug. He was, of course, a military genius. But he was also an administrative genius and master politician. Moreover, he was a great judge of talent, and had the self-confidence to surround himself with talented people. But what impressed me the most was his ability to accept new ideas and technologies. Ex: Khan had never seen or even heard of a book, but when writing was explained to him, he immediately recognized its power and made Uighur the official script of the Empire.
    I also recommend Phishing for Phools: The Economics of Manipulation and Deception by Nobel winners George Akerlof (married to Janet Yellon) and Robert Shiller (one of my favorite authors). In fact, I may do a newsletter on this book at some time in the future. They devote a chapter to the two completely legal yet highly addictive nicotine and alcohol. They argue quite convincingly that we grossly underestimate the problems with alcohol, especially the social effects: i.e., family life and job.

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