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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 #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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