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Strange Things in the Precious Metals
Issue #531, July 17, 2018

Buying Years of Retirement
Issue #530, July 09, 2018

Rent-A-Kid for Retirement
Issue #529, July 02, 2018

The Dark Side of Student Loans
Issue #528, June 25, 2018

The Cost of Out-sourcing Convenience
Issue #527, June 18, 2018

Social Security: 66 or 70?
Issue #526, June 11, 2018

Student Loans: There’s (Unfortunately) a Lot More!
Issue #525, June 04, 2018

Co-signing a Note
Issue #524A, May 31, 2018

The Knight Frank Luxury Index and Collectables
Issue #524, May 28, 2018

The Importance of Diversification: The Myth of Diversification
Issue #523, May 21, 2018

How to Save Thousands on Your Food Bill
Issue #522, May 14, 2018

MoviePass and Other Things
Issue #521A, May 10, 2018

Degree Inflation, Long Training Periods, and “Certification”  Part III
Issue #521, May 07, 2018

Degree Inflation, Long Training Periods, and Certification” Part II of III
Issue #520, April 30, 2018

Follow-up on Several Things
Issue #519A, April 25, 2018

Degree Inflation, Long Training Periods, and “Certification”: Part I of II
Issue #519, April 23, 2018

The Kids Birthday Party Hustle
Issue #518A, April 18, 2018

A Pension Question: Part II of II
Issue #518, April 16, 2018

A Physician is an Executive
Issue #517A, April 11, 2018

A Pension Question: Part I of II
Issue #517, April 09, 2018

Is the Correction Over?
Issue #516A, April 05, 2018

Used Car Dealers, Student Loans, the Chinese, and Uncle George’s Rule
Issue #516, April 02, 2018

Starter Homes
Issue #515, March 26, 2018

Redecorating: Beware!
Issue #514, March 19, 2018

NASDAQ Closes at Record High
Issue #513, March 12, 2018

A 40% Chance
Issue #512, March 05, 2018

Several Things
Issue #511, February 27, 2018

Human Capital, Education and Wealth
Issue #510, February 19, 2018

Another Stock Market Update
Issue #509A, February 18, 2018

Some Thoughts on Savings
Issue #509, February 12, 2018

A Stock Market Upfate
Issue #508S, February 10, 2018

Who Can You Trust? Part II of II
Issue #508, February 05, 2018

The Christmas Decoration Pre-worn Jeans Hustle
Issue #Interim Bulletin #507A, February 03, 2018

2018 Outlook for Financial Markets
Issue #507, January 29, 2018

Who Can You Trust? Part I of II
Issue #506, January 22, 2018

Life Insurance Settlements
Issue #505, January 15, 2018

Commodities and Buying the Breakout
Issue #504, January 08, 2018

Buffett Wins His Bet
Issue #503A, January 04, 2018

Practice Real Estate and Free Agency
Issue #503, January 01, 2018

Outlook for 2018: Part III: Stocks and Bonds
Issue #502, December 25, 2017

My Outlook for 2018: Part Ii: Precious Metals
Issue #501A, December 21, 2017

Outlook for 2018: Hard Assets: Part I of III
Issue #501, December 18, 2017

More Thoughts on Bitcoin
Issue #500A, December 14, 2017

Fees and Good Relations with Bankers
Issue #500, December 11, 2017

Salvator Mundi
Issue #499A, December 07, 2017

Should You Rent or Own a Home?
Issue #499, December 04, 2017

A Gift Subscription
Issue #Interim Bulletin #498A, December 02, 2017

Stocks vs Real Estate: Asset Allocation: Part II of II
Issue #498, November 27, 2017

When Good Enough is Fine
Issue #497A, November 22, 2017

Stocks vs Real Estate: Asset Allocation. Part I of II
Issue #497, November 20, 2017

The Saudi Arrests and the Perils of Foreign Investing
Issue #496, November 13, 2017

Gambling and Las Vegas
Issue #495, November 06, 2017

Some Tips on Auto Insurance
Issue #494, October 31, 2017

Bitcoin and the Digital (Crypto) Currencies
Issue #493, October 23, 2017

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


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


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.
    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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