Newsletter Archive
Issues older than 90 days

Available Issues

Getting Into Harvard
Issue #552, December 10, 2018

Postal Rates are Going Up
Issue #551A, December 03, 2018

Palessi Shoe Prank
Issue #551, December 03, 2018

How to Get Ahead: Hustle
Issue #550, November 26, 2018

Reverse Mortgages
Issue #549, November 19, 2018

High Dividend Stocks
Issue #548, November 12, 2018

Bad Blood and Theranos: Part III
Issue #547, November 06, 2018

Bad Blood and Theranos: Part II of III
Issue #546, October 29, 2018

Bad Blood and Theranos: Part I
Issue #545, October 22, 2018

Electric Scooters
Issue #544, October 15, 2018

The Breakout in Interest Rates
Issue #543, October 08, 2018

Skin in the Game: Pat II
Issue #542, October 01, 2018

Skin in the Game
Issue #541, September 24, 2018

The Precious Metals: I: Time for a Rally, II:But?
Issue #540, September 17, 2018

What People Wanr
Issue #539, September 10, 2018

Ride the Bull
Issue #537, September 04, 2018

Free Med School Tuition
Issue #537, August 27, 2018

Wealth in America
Issue #536, August 20, 2018

The Politicization of Student Loans
Issue #535A, August 16, 2018

Currencies and Trade Wars
Issue #535, August 13, 2018

Stuff
Issue #534, August 06, 2018

More on Retirement: Do You Have Enough?
Issue #533, July 30, 2018

More on Physicians Gaining Respect
Issue #532A, July 26, 2018

Physicians and Repect
Issue #532, July 23, 2018

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

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

Barron’s Conference, Part I of II
Issue #389, October 26, 2015

Unrealistic Goals Encourage Cheating
Issue #388, October 15, 2015

How to Beat The S&P 500 by 5% Per Year
Issue #387, October 12, 2015

The New ICD-10 Codes
Issue #386, October 05, 2015

More Points on Collectables: Books
Issue #384, September 28, 2015

15-Year Trailing Returns: The Next Bull Market
Issue #384, September 21, 2015

The Gordian Knot: Alexander and Bureaucracy
Issue #383, September 14, 2015

The Next Bear Market
Issue #382, September 07, 2015

The Hack of Ashley Madison
Issue #381, August 31, 2015

The Government’s War on Cash
Issue #380, August 24, 2015

Don’t Sell Your Future
Issue #379, August 17, 2015

The Gold/Housing Ratio
Issue #378, August 10, 2015

The Commodity Smackdown
Issue #377, August 03, 2015

Buying Your Company’s Stock
Issue #376, July 27, 2015

More Reasons to Avoid Whole Life Insurance
Issue #375, July 20, 2015

The Forgotten Depression: 1921, Part II
Issue #374, July 13, 2015

The Forgotten Depression: 1921, Part I
Issue #373, July 06, 2015

The Consumer Price Index
Issue #372, June 29, 2015

More Comments on Goodwill and Reciprocity
Issue #371, June 22, 2015

Rising Interest Rates
Issue #370, June 15, 2015

A New Thought on Recreational Land
Issue #369, June 08, 2015

Yet Another Problem With Physicians and Their Investments
Issue #368, June 01, 2015

1) The Precious Metals 2) Robo Investing
Issue #367, May 25, 2015

Importance of Defining a Goal and Thinking Strategically
Issue #366, May 18, 2015

The Hospital Chief Medical Officer
Issue #365, May 11, 2015

The Stock Market
Issue #364, May 04, 2015

The Problems With Low Interest Rates
Issue #363, April 27, 2015

Who Can You Trust?
Issue #362, April 20, 2015

Recommendations When Leaving Practice
Issue #361, April 13, 2015

Thoughts on Long-Term Care Insurance
Issue #360, April 06, 2015

Ways to Value the Stock Market
Issue #359, March 30, 2015

A Candid Discussion of Obesity
Issue #358, March 23, 2015

The Soaring US Dollar
Issue #357, March 16, 2015

Roth IRAs: Will the Government Renege?
Issue #356, March 09, 2015

High Hospital Administrator Salaries: A Conflict of Interest?
Issue #355, March 02, 2015

A Nation Wholly Free of Debt: Lessons for Today
Issue #354, February 23, 2015

A Nation Wholly Free, Part II of III
Issue #353, February 16, 2015

A Nation Wholly Free of Debt: Part I
Issue #352, February 09, 2015

The Swiss Franc and Currency Wars
Issue #351, February 02, 2015

College 529 Plans: Mr. Obama’s Proposal
Issue #350, January 26, 2015

Economic Outlook for 2015
Issue #349, January 19, 2015

Refinancing Student Loans: The Private Option
Issue #348, January 12, 2015

Home Warranty
Issue #347, January 05, 2015

Being the Executor of an Estate
Issue #346, December 29, 2014

My Outlook for 2015: The Stock Market
Issue #345, December 22, 2014

My Outlook for 2015, Part I of II
Issue #344, December 15, 2014

More Review
Issue #343, December 08, 2014

The Importance of Reviewing
Issue #342, December 01, 2014

If It Doesn’t Work, Change It
Issue #341, November 24, 2014

Hom to Choose a Financial Advisor
Issue #340, November 17, 2014

Barron’s Conference, Part III of III
Issue #339, November 10, 2014

Barron’s Conference, Part II of III
Issue #338A, November 05, 2014

Barron’s Art of Successful Investing Conference: Part I of III
Issue #338, November 03, 2014

Why the Fed Must Have Inflation and Keep Interest Rates Low
Issue #337, October 27, 2014

Student Loans: The Next Entitlement
Issue #336, October 20, 2014

Have Commodities and Gold Bottomed?
Issue #335, October 09, 2014

Student Loans: Just When You Thought It Couldn’t Get Worse, Part I
Issue #334, October 06, 2014

Blood May be Thicker than Water, But It Ain’t Thicker than Money
Issue #333, September 29, 2014

The Elitification of American College Students
Issue #332, September 22, 2014

Be a Better Decision Maker: Place a Percentage on Your Estimate
Issue #331, September 15, 2014

Is theCommodity Super-Cycle Over?
Issue #330, September 08, 2014

What Should a 70 year old do with the Money from the Sale of their Home?
Issue #329, September 01, 2014

How Bureaucracy is Strangling Medicine. Part III: Recommendations
Issue #328, August 25, 2014

How Bureaucracy in Strangling Medicine: Part II of III
Issue #327, August 18, 2014

Some Observations on the Market
Issue #326, August 11, 2014

The Bureaucracy of the Medical Establishment is Strangling Medicine: Part I: the Bureaucratic Mindse
Issue #325, August 04, 2014

The Significance of Falling Interest Rates and Flattening on the Yield Curve
Issue #324, July 28, 2014

Dealing with Insurance Adjustors
Issue #323, July 21, 2014

Some Tips on How to Study Medicine
Issue #322, July 14, 2014

How the Student Loan Bubble Might End
Issue #321, July 07, 2014

How to Save $100 Per Year Every Year for the Rest of Your Life
Issue #320, June 30, 2014

An Update on the Precious Metals
Issue #319, June 23, 2014

Options: Part II of Ii
Issue #318, June 16, 2014

Options: The Basics: Part I of II
Issue #317, June 09, 2014

Some Advice on Getting a Book Published
Issue #316, June 02, 2014

The Luhn Algorithm
Issue #315, May 26, 2014

The Phone Company Hustle
Issue #314, May 19, 2014

High Frequency Trading
Issue #313, May 12, 2014

Guidelines for Resident’s Work Hours: Have They Affected the Physician Work Ethic: Part II of II
Issue #312, May 05, 2014

The Guidelines for Resident’s Work Hours: Have They Affected the Physician Work Ethic? Part I
Issue ##311, April 28, 2014

How Much Should You Help Your Children
Issue ##310, April 21, 2014

Pascal’s Wager
Issue ##309, April 14, 2014

Janet Yellen’s Speech
Issue ##308, April 07, 2014

More Lessons from Games of Risk and Your Investments
Issue ##307, March 31, 2014

An Update on the US Dollar, the Federal Reserve and Interest Rates
Issue ##306, March 24, 2014

Warren Buffett’s Model Portfolio
Issue ##305, March 17, 2014

The Triple Package: Why Some Groups Succeed in the US: Part II
Issue ##304, March 10, 2014

The Triple Package: Why Some Groups Succeed in the US: Part I
Issue ##303, March 03, 2014

Some Tips on Selling a Home
Issue ##302, February 24, 2014

A Precious Metals Update
Issue ##301, February 17, 2014

Just Like the Old Gray Mare: You Ain’t What You Used to Be
Issue ##300, February 10, 2014

myRA
Issue ##299, February 03, 2014

Do We Have All the Gold in Fort Knox?
Issue ##298, January 27, 2014

Economic and Financial Outlook for 2014
Issue ##297, January 20, 2014

The Price of Free
Issue ##296, January 13, 2014

The Importance of Having a Patron
Issue ##295, January 06, 2014

My Outlook for 2014: Part II of II
Issue ##294, December 30, 2013

My Outlook for 2014: Part I of II
Issue ##293, December 23, 2013

The Costs of a Burial
Issue ##292, December 16, 2013

Is the Commodity Super-Cycle Over?
Issue ##291, December 09, 2013

Some Advice for Young Physicians
Issue ##290, December 02, 2013

Scarcity: How to Better Manage Your Time and Money: Part II
Issue #289, November 25, 2013

Scarcity: How to Better Manage Your Time and Your Money
Issue ##288, November 18, 2013

The Strategic Use of Debt
Issue ##287, November 11, 2013

The Barron’s Art of Successful Investing Conference Part II of II
Issue ##286, November 04, 2013

Barron’s Art of Successful Investing Conference: Part I
Issue ##285, October 28, 2013

Some Thoughts on the Future of Private Practice
Issue ##284, October 17, 2013

I Applied for Social Security Benefits
Issue ##283, October 14, 2013

Disability Insurance for Physicians-in-training
Issue ##282, October 07, 2013

The Significance of New Highs and New Lows
Issue ##281, September 30, 2013

The US Dollar Index
Issue ##280, September 24, 2013

The Real Mr. Obama
Issue #Issue #279, September 16, 2013

How a House Officer Should Manage Their Finances
Issue #Issue #278, September 09, 2013

How to Make Big Money in a Bull Market: Buy and Hold
Issue #Issue #277, September 02, 2013

Student Loan Forgiveness: A Faustian Bargain
Issue #Issue #276, August 26, 2013

Issue #275
Issue #275, August 19, 2013

Gold: Next Stop: $1,540
Issue #Interim Bulletin 274A, August 13, 2013

Some Thoughts on Collecting: Buy Quality and the Function of Dealers
Issue #274, August 12, 2013

The Correction in the Precious Metals: Is it Over Yet?
Issue #273, August 05, 2013

More Observations on Student Debt
Issue #272, July 29, 2013

The Bankruptcy of Detroit
Issue #271, July 22, 2013

The Match Program
Issue #270, July 14, 2013

Contracts are Important—But!
Issue #269, July 08, 2013

The Precious Metals and Currency Wars
Issue #249, February 18, 2013

Gambling, Part II of II, How to Beat the House
Issue #248A, February 13, 2013

Gambling, Part I, the House Advantage
Issue #248, February 11, 2013

Being an Expert Witness
Issue #247, February 04, 2013

Revenge of Geography, Part III of III
Issue #246, January 28, 2013

Revenge of Geography, Part II of III
Issue #245A, January 25, 2013

Revenge of Geography, Part I of III
Issue #245, January 21, 2013

Don’t Lose Faith (in Gold)
Issue #244, January 14, 2013

Satisfaction Surveys, IRA Conversion and Bank Fees
Issue #243, January 06, 2013

Wedding as an Investment: Follow-ip
Issue #242, December 31, 2012

A Wedding as an Investment
Issue #241, December 24, 2012

My Outlook for 2013, Part II of II
Issue #240, December 17, 2012

My Outlook for 2013, Part I of II
Issue #239, December 10, 2012

A Bear Raid
Issue #238, December 03, 2012

How to be a Good Decision Maker
Issue #237, November 26, 2012

Debt is Slavery
Issue #236, November 19, 2012

How Will the Election Affect the Markets
Issue #235, November 12, 2012

Barron’s Conference, Part III of III
Issue #234, November 05, 2012

Barron’s Conference, Part II of III
Issue #233A, October 31, 2012

Barron’s Conference, Part I of III
Issue #233, October 29, 2012

Some Thoughts About the Future of Medicine
Issue #232, October 22, 2012

Investing Ideas from Everyday Life
Issue #231, October 15, 2012

Diamonds
Issue #230, October 08, 2012

Silver
Issue #Issue #229, October 01, 2012

Annuities
Issue #Issue #228, September 24, 2012

Measure Your Wealth in Ounces of Gold
Issue #Issue #227, September 17, 2012

The Fiscal Cliff
Issue #Issue #226, September 10, 2012

The Rare Earths
Issue #Issue #225, September 04, 2012

Giving Unsolicited Medical Advice
Issue #Issue #224, August 27, 2012

A Breakout of the Precious Metals
Issue #Interim Bulletin #223A, August 22, 2012

A Variety of Things
Issue #Issue #223, August 20, 2012

Investing in Farm Land
Issue #Issue #222, August 13, 2012

An Education as an Investment
Issue #Interim Bulletin #221B, August 10, 2012

An Education as an Investment, Part II of III
Issue #Interim Bulletin #221A, August 08, 2012

An Education as an Investment, Part I of III
Issue #Issue #221, August 06, 2012

Your Yard as Productive Agricultural Land
Issue #Issue #220, July 30, 2012

Low Interest Rates and Deflation
Issue #Issue #219, July 23, 2012

Interest Rates and the Stock Market: Is Deflation Winning?
Issue #Issue #218, July 16, 2012

Lessons From Depression of 1837, Part II of II
Issue #Interim Bulletin #217A, July 11, 2012

Lessons From the Depression of 1837 and How They Relate to Today, Part I of II
Issue #Issue #217, July 09, 2012

Commodities May Have Bottomed
Issue #Interim Bulletin #216A, July 03, 2012

Are Expensive Schools Really Worth the Money?
Issue #Issue #216, July 02, 2012

Why You Should Subscribe to This Newsletter
Issue #Issue #215, June 25, 2012

Another Negative Secular Trend, High Administrator Salaries
Issue #Issue #214, June 18, 2012

The Coming Crisis and Case for Physical Gold
Issue #Interim Bulletin #213A, June 13, 2012

The Coming Crisis and the Continuing Case for Physical Gold, Part I of II
Issue #TPIN #213, June 11, 2012

Some Tips on Buying a Car
Issue #TPIN #212, June 04, 2012

The federal Reserve’s Playbook
Issue #TPIN #211, May 28, 2012

Some Thoughts on Pension and Retirement Accounts
Issue #TPIN #210, May 21, 2012

Key Stocks are Hitting New Lows
Issue #Interim Bulletin #209A, May 15, 2012

Fibonacci Numbers
Issue #TPIN #209, May 14, 2012

Sell Your Losers
Issue #TPIN #208A, May 07, 2012

The Focus of This Newsletter
Issue #TPIN #208, April 30, 2012

Closed-End Funds
Issue #TPIN #206, April 23, 2012

The trend of More and More Applications
Issue #TPIN #205, April 16, 2012

Buying Physical Gold
Issue #Interim Bulletin #204A, April 12, 2012

The Continued Case for Gold
Issue #TPIN #204, April 09, 2012

Being an Introvert, Part III of III
Issue #TPIN #203, April 02, 2012

Being an Introvert, Part II of III
Issue #Interim Bulletin #202B, March 29, 2012

Consider Taking Some Profits
Issue #Interim Bulletin #202A, March 28, 2012

Being an Introvert, Part I of III
Issue #TPIN #202, March 26, 2012

Some Thoughts on Giving Money to Your Family
Issue #TPIN #201, March 19, 2012

Watcg Commodity Prices
Issue #TPIN #200, March 12, 2012

Buying a Single-Family Rental Home
Issue #TPIN #199, March 05, 2012

When Can You Buy a House
Issue #TPIN #198, February 27, 2012

Should a Graduating Medical Student Buy a House
Issue #TPIN #197, February 20, 2012

How to Beat the Market, My Personal Strategy, Part II of II
Issue #Interim Bulletin #196B, February 16, 2012

The Bond Bubble
Issue #Interim Bulletin #196A, February 13, 2012

How to Beat the Market, Be Good and be Totally Devoted, Part I of II
Issue ##196, February 13, 2012

Counter-Party Risk, Clearing Agent and Re-hypothication
Issue ##195, February 06, 2012

Price, Price, Price
Issue ##194, January 30, 2012

Today’s Fed Announcement
Issue #Interim Bulletin #193A, January 25, 2012

Why Dividends Will Increase
Issue ##193, January 23, 2012

Lessons from Granite City Steel
Issue ##192, January 16, 2012

Lessons from my High School Job
Issue ##191, January 09, 2012

Advice for the Young Investor
Issue ##190, January 02, 2012

A Bear Market
Issue ##189, December 26, 2011

The Secret to Success
Issue ##188, December 19, 2011

Barron’s Conf., Part III
Issue #TPIN #182, November 07, 2011

Barron’s Conf, Part II
Issue #Interim Bulletin #181A, November 03, 2011

Barron’s Art of Successful Investing Conf., Part I
Issue #TPIN #181, October 31, 2011

Putting Things in Perspective
Issue #TPIN #180, October 24, 2011

Finances of an Aging Parent
Issue #TPIN #179, October 17, 2011

Part IV, How It will End, How to Protect Yourself
Issue #TPIN #178, October 10, 2011

How to Resolve Our Problems: Part III, Definition of Problems
Issue #Interim Bulletin #177B, October 07, 2011

How to Resolve Our Problems: Part II, WW II to Present
Issue #Interim Bulletin #177A, October 05, 2011

How to Resolve Our Problem, Historical Perspective, Pat I
Issue #TPIN #177, October 03, 2011

Arbitrage
Issue #TPIN #176, September 26, 2011

Safety of Your Money
Issue #Interim Bulletin #175B, September 21, 2011

Newmont and Freeport
Issue #Interim Bulletin #175A, September 20, 2011

Best Return: Pay Off Debt
Issue #TPIN #175, September 19, 2011

Reciprocity and Pramatism
Issue #TPIN #174, September 12, 2011

The German Stock Market
Issue #Interim Bulletin #173A, September 05, 2011

Taking Profits, The Myth of Buy and Hold
Issue #TPIN #173, September 05, 2011

$20 Gold Piece Then and Now
Issue #TPIN #172, August 29, 2011

Barron’s Roundtable
Issue #TPIN #171, August 22, 2011

Car Guys vs Bean Counters
Issue #TPIN #170, August 15, 2011

Wealth Outside the Banking System
Issue #Interim Bulletin #169A, August 11, 2011

TIPS
Issue #TPIN #169, August 08, 2011

Eight Down Days in a Row
Issue #Interim Bulletin #168A, August 02, 2011

A Variety of Topics
Issue #TPIN #168, August 01, 2011

How Paper Money and Debt Destroy Wealth
Issue #TPIN #167, July 25, 2011

Subscribers’ Comments
Issue #Interim Bulletin #166A, July 20, 2011

The Death of Cash
Issue #TPIN #166, July 18, 2011

Low Interest Rates and Intrinsic Value of Money
Issue #Interim Bulletin #164A, July 11, 2011

Make a Bargain at Once
Issue #TPIN #164, July 11, 2011

How to Avoid a Wipeout, Part II of II
Issue #TPIN #163, July 05, 2011

Observatios on Greee
Issue #Interim Bulletin #162A, June 29, 2011

How to Avoid a Wipeout, I of II
Issue #TPIN #162, June 27, 2011

Some Observations on the Market
Issue #TPIN #161(extra), June 20, 2011

Bureaucracy
Issue #161, June 13, 2011

Drop the Penny
Issue #160, June 06, 2011

Some Thoughts on Dividends
Issue #159, May 30, 2011

Land and Real Estate
Issue #158, May 23, 2011

Some Things to Talk About
Issue #157, May 16, 2011

Co-Signing a Note
Issue #156, May 09, 2011

Being a Contrarian
Issue #155, May 02, 2011

Some Interesting Questions
Issue #146, April 25, 2011

Speaking in Sonoma
Issue #154, April 25, 2011

S&P Issues Credit Alert
Issue #Interim Bulletin #153A, April 18, 2011

The Stock Market: Is it Headed Up or Down?
Issue #153, April 18, 2011

What is Your Spare Time Worth
Issue #152, April 11, 2011

The Precious Metals Have Broken Out
Issue #Interim Bulletin 151A, April 06, 2011

Investing Lessons from the War of 1812
Issue #151, April 04, 2011

Your State Lottery
Issue #150, March 28, 2011

Some Follow-Up
Issue #149, March 21, 2011

Two Points
Issue #Interim Bulletin #148A, March 16, 2011

The Precious Metals
Issue #148, March 14, 2011

The Precious Metals
Issue #148, March 14, 2011

A Rough Day in the Markets
Issue #Interim Bulletin #147A, March 10, 2011

How to Manage Your Finances When You Don’t Like Managing Finances
Issue #147, March 07, 2011

Some Austerity Stories
Issue #145, February 21, 2011

New Highs in the Market
Issue #Interim Bulletin #144A, February 17, 2011

several Observations
Issue #144, February 14, 2011

Investing During a Period of Inflation, Part Two (of Two)
Issue #Interim Bulletin #143A, February 10, 2011

Investing During a Period of Inflation, Part One (of Two)
Issue #143, February 07, 2011

Opening an Offshore Bank Account
Issue #142, January 31, 2011

The Importance of Studying History: It’s Never Different, Part Three
Issue #141, January 24, 2011

The Importance of Reading History: It’s Never Different, Part Two
Issue #Interim Bulletin $140A, January 20, 2011

The Importance of Studying History: It’s Never Different, Part One
Issue #140, January 17, 2011

A Correction in the Precious Metals
Issue #Interim Bulletin #139A, January 13, 2011

The Genetics of Being a Successful Investor
Issue #139, January 10, 2011

A Bad Day in the Precious Metals
Issue #Interim Bulletin #138A, January 06, 2011

The Malevolence of Debt: Part Two
Issue #138, January 03, 2011

Two Things
Issue #Interim Bulletin #137A, December 30, 2010

The Malevolence of Debt: Part One
Issue #137, December 27, 2010

A Rough Day in the Precious Metals
Issue #Interim Bulletin #136A, December 22, 2010

My Outlook for 2011: Part Three: The Precious Metals
Issue #136, December 20, 2010

My Outlook for 2011: Part Two: Where Your Money is Domiciled
Issue #Interim Bulletin #135A, December 15, 2010

My Outlook for 2011: Part One: Real Estate
Issue #135, December 13, 2010

A Metallic/Commodity-Backed Currency
Issue #134, December 06, 2010

The Precious Metals: Is the Correction Over?
Issue #Interim Bulletin #132A, November 22, 2010

Collectables
Issue #132, November 22, 2010

My Memory
Issue #131, November 15, 2010

How to Preserve Wealth on a Fixed-Income During a Precious Metals Bull Market
Issue #Interim Bulletin #130A, November 11, 2010

The Barron’s Art of Successful Investing Conference, Part Four
Issue #130, November 08, 2010

Oh What a Day
Issue #Interim Bulletin #129B, November 04, 2010

The Barron’s Art of Successful Investing Conference, Part Three
Issue #Interim Bulletin #129A, November 03, 2010

The Barron’s Art of Successful Investing Conference, Part Two
Issue #129, November 01, 2010

The Barron’s Art of Successful Investing Conference, Part One
Issue #Interim Bulletin #128A, October 28, 2010

Negative Secular Trends in Medicine
Issue #128, October 25, 2010

A View From China
Issue #Interim Bulletin #127A, October 21, 2010

I Missed My Big Chance
Issue #Interim Bulletin #127A, October 19, 2010

Always Buy Quality
Issue #127, October 18, 2010

My Qualifications to Provide Financial Advice
Issue #126, October 11, 2010

The Federal Reserve is Suceeding: In Destroying the Dollar!!
Issue #Interim Bulletin #125A, October 05, 2010

Some Things That Still Concern Me
Issue #125, October 04, 2010

Leasing a Car
Issue #124, September 27, 2010

The Precious Metals Have Broken to New Highs
Issue #123, September 20, 2010

MD Wealth Protector
Issue #122, September 13, 2010

The Case for Gold and Silver
Issue #121, September 07, 2010

Bullish on the Precious Metals
Issue #Interim Bulletin #120A, September 03, 2010

The Intrinsic Value of Money: What if we don’t have a Treasury Bubble?
Issue #120, August 30, 2010

Today in the Market
Issue #Interim Bulletin #119A, August 26, 2010

The Economics of Graduating from College Early: Advance Placement Courses
Issue #119, August 23, 2010

How to Identify Real Opportunities: Blink
Issue ##118, August 16, 2010

A Quick Market Update
Issue #Interim Bulletin #117A, August 12, 2010

What Would You do with $5,000,000?
Issue ##117, August 09, 2010

Gold Was Spanked Last Week: But Why?
Issue ##116, August 02, 2010

Making Money Aside From Your Practice
Issue ##115, July 26, 2010

Poor Mr. Bernanke: He Appears to be Losing the Deflation Battle
Issue #Interim Bulletin 114A, July 21, 2010

How Much Should You Save?
Issue ##114, July 19, 2010

The Interest Rate Conundrum Solved
Issue #Interim Bulletin #113A, July 16, 2010

My Response to Obama-Care: Let the Market Set Fees
Issue #113, July 12, 2010

Give Money to Your Family
Issue #112, July 05, 2010

You Need to Raise Some Cash—Now!!
Issue #111C, July 01, 2010

Another Terible Day in the Market
Issue #111B, June 30, 2010

Today in the Market
Issue #111A, June 28, 2010

Interest Rates and Deflation
Issue #110A, June 24, 2010

A Secular Bear Market
Issue #110, June 21, 2010

Gold Glittered Last Week
Issue #109A, June 19, 2010

Donate to Your Medical School Alma Mater
Issue #109, June 14, 2010

The Market is Falling Apart
Issue #108A, June 08, 2010

How Much do you Need to Retire?, Part Two
Issue #108, June 07, 2010

How Much do You Need to Retire?
Issue #107A, May 31, 2010

Two Similar, and Different, Opinions
Issue #106A, May 27, 2010

Some Points on Real Estate
Issue #106, May 24, 2010

My Recommendations
Issue #105B, May 20, 2010

Look Out Below
Issue #105A, May 18, 2010

Lessons from Grandma Nagy
Issue #105, May 17, 2010

My View of the Market
Issue #104A, May 13, 2010

Sell in May and go Away? The Events of Last Week
Issue #104, May 10, 2010

Traditional to Roth IRA Conversion
Issue #103, May 03, 2010

A Book You Should Read
Issue #102A, April 28, 2010

Questions from Subscribers
Issue #102, April 26, 2010

The Precious Metals in a Brokerage Account
Issue #101, April 19, 2010

How to Buy the Precious Metals
Issue #100A, April 14, 2010

An Update on the Precious Metals
Issue #100, April 12, 2010

Other People’s Money
Issue #99A, April 07, 2010

Bonds Have Seen Their Best Days
Issue #99, April 05, 2010

My Opinion on the Health Care Bill
Issue #98A, March 31, 2010

How to Make Big Money in Real Estate: Team Up With Someone Who Knows What They are Doing
Issue #98, March 29, 2010

Why it is so Important to Read History
Issue #97A, March 23, 2010

The Importance of New Highs and Lows and the Current Market
Issue #97, March 22, 2010

Some Follow-Up
Issue #96A, March 17, 2010

How Will Social Security End? - Part II
Issue #96, March 15, 2010

This Should Worry You, Because It Worries Me
Issue #95A, March 10, 2010

How Will Social Security End? - Part I
Issue #95, March 08, 2010

Are the People on Wall Street Worth What They Make?
Issue #94, March 01, 2010

A Great Opportunity
Issue #93, February 22, 2010

Several Things
Issue #92A, February 19, 2010

Why I Retired
Issue #92, February 15, 2010

A Quick Update
Issue #91A, February 08, 2010

The Goal of This Newsletter
Issue #90, February 01, 2010

Beware of Envy
Issue #88, January 18, 2010

Should you do a Traditional IRA to Roth IRA Conversion?
Issue #87, January 11, 2010

The Decade in Review: The Myth of Buy and Hold
Issue #86, January 04, 2010

My Outlook for 2010, Part Two
Issue #85, December 28, 2009

My Outlook for 2010 - Part One
Issue #84, December 21, 2009

What Would You Recommend?
Issue #83, December 14, 2009

My Father/Grandpa Nagy Rule
Issue #82, December 07, 2009

Things Just Don’t Add Up
Issue #81, November 30, 2009

The Government Will Increasingly Interfere in Your Life
Issue #80, November 23, 2009

The Barron’s Art of Successful Investing Conference Part IV
Issue #79, November 16, 2009

The Barron’s Art of Successful Investing Conference Part III
Issue #78, November 09, 2009

Barron’s Art of Successful Investing Conference Part II
Issue #77, November 02, 2009

The Barron’s Art of Successful Investing Conference Part One
Issue #76, October 28, 2009

The Chinese Are Buying
Issue #75, October 19, 2009

Gambling
Issue #73A, October 12, 2009

Real Estate: Start Doing Your Homework
Issue #73, October 05, 2009

Condo Time Shares
Issue #72A, September 28, 2009

The Precious Metals
Issue #72, September 21, 2009

The Implications of $1,000 Gold
Issue #71A, September 14, 2009

Buy on Strength: The Precious Metals
Issue #71, September 07, 2009

George Washington’s Leadership Lessons
Issue #69A, August 10, 2009

My View of the Stock Market
Issue #67A, July 13, 2009

My Personal Investing Results
Issue #67, July 06, 2009

Suggested Reading
Issue #66B, June 29, 2009

A Trend That Concerns Me: Longer Training Periods
Issue #66A, June 22, 2009

The Bond Vigilantes are Back Interest Rates are Headed Up
Issue #66, June 15, 2009

The Collapsing US Dollar
Issue #65, June 01, 2009

Part II - How to Invest in the Precious Metals
Issue #64A, May 26, 2009

The Precious Metals: Part One - We Are Still in a Bull Market
Issue #64, May 18, 2009

Baseball Cards: How Information from Any Source Can Provide Investing Ideas
Issue #63A, May 11, 2009

Being Efficient
Issue #63, May 04, 2009

The Importance of Charity
Issue #62A, April 27, 2009

Lessons from Medicine that Apply to the Current Financial Crisis
Issue #62, April 20, 2009

Richard Russell Dinner in San Diego
Issue #61A, April 13, 2009

Why not to Open a Restaurant
Issue #61, April 06, 2009

A Monster Day in Gold
Issue #60A, March 25, 2009

How to Identify the Buying Opportunity of the Generation
Issue #60, March 16, 2009

Is the Concept of a Central Bank Logical?
Issue #59A, March 09, 2009

Why Won’t Doctors Pay for Good Advice?
Issue #59, March 02, 2009

Several Thoughts
Issue #58A, February 23, 2009

Has the Flight From the Dollar Begun??
Issue #58, February 16, 2009

Is Two Trillion Dollars Enough?
Issue #57A, February 10, 2009

How Playing Cards Will Make You a Better Investor
Issue #56, January 19, 2009

The Bubble in Treasuries
Issue #55A, January 08, 2009

Questions from Williamsburg
Issue #55, January 05, 2009

Some Grizzly Year-end Thoughts
Issue #54A, December 29, 2008

A Review of 2008 and Preview of 2009
Issue #54, December 15, 2008

Deflation
Issue #53, December 01, 2008

The Barron’s Art of Successful Investing Conference: Part Three
Issue #52, November 17, 2008

Year-end Tax Considerations
Issue #51A, November 10, 2008

The Barron’s Art of Successful Investing Conference: Part Two
Issue #51, November 03, 2008

The Barron’s Art of Successful Investing Conference: Part One
Issue #50A, October 23, 2008

The Importance of Dividends
Issue #50, October 20, 2008

A Little (Satirical) Humor
Issue #49A, October 08, 2008

The Bottom: We Aren’t There Yet
Issue #49, October 06, 2008

The Bottom: Are We There Yet?
Issue #48, September 15, 2008

Insurance and Security of Your Brokerage Account
Issue #47, September 03, 2008

Gold and Silver Coins are Disappearing
Issue #46A - Interim Bulletin, August 21, 2008

Preparing Your Children for Financial Literacy
Issue #46, August 18, 2008

A Review
Issue #45, August 04, 2008

Inflation, Gold and the Stock Market
Issue #44, July 21, 2008

My View of the Market
Issue #43, July 07, 2008

Inflation, Interest Rates and Housing
Issue #42, June 16, 2008

Wealth, War & Wisdom
Issue #41, June 02, 2008

Embezzlement
Issue #40, May 19, 2008

Beating the Market Part Two: How To Do It
Issue #39, May 05, 2008

Beating the Market Part One: Why You Shouldn’t Try
Issue #38, April 21, 2008

Beating the Market: Part One: Why You Shouldn’t Try
Issue #38, April 21, 2008

Several Observations
Issue #37A, April 08, 2008

A Run on the Bank
Issue #37, April 07, 2008

It’s Getting Ugly
Issue #36, March 17, 2008

It’s Getting Ugly
Issue #36, March 17, 2008

The Current Investment Environment
Issue #35, March 03, 2008

The Current Investment Environment
Issue #35, March 03, 2008

Dealing with Bankers
Issue #34, February 18, 2008

Buying a Boat
Issue #33, February 04, 2008

Buying Art: Part 2
Issue #32, January 21, 2008

Ed Rabinowitz Interview
Issue #31, January 07, 2008

Review of 2007 and Preview of 2008
Issue #30, December 17, 2007

Why NOT to Finance Your Children in Business
Issue #29, December 03, 2007

Barron’s The Art of Successful Investing Conference
Issue #28, November 19, 2007

Barron’s Art Of Successful Investing Conference, Part One
Issue #27, November 05, 2007

The Barron’s Art of Successful Investing Conference Part One
Issue #27, November 05, 2007

Gold and the Precious Metals, Part Two
Issue #26, October 15, 2007

Investing in Gold and the Precious Metals, Part One
Issue #25, October 01, 2007

What to Buy in the Next Bull Market, Part Two
Issue #24, September 17, 2007

What to Buy in the Next Bull Market, Part One
Issue #23, September 04, 2007

Urgent: Check Your Money Market Account
Issue #22A, August 20, 2007

The Sub-Prime Mess and It’s Effect on the Market
Issue #22, August 20, 2007

July 18, 2007, A Day to Remember
Issue #21, August 06, 2007

An Advantageous Way to Sell Short
Issue #20A, July 27, 2007

The Concept of Hedging and Hedge Funds
Issue #20, July 16, 2007

Why is Everything Going Up?
Issue #19, July 02, 2007

Inflation and Interest Rates are Headed Up, Bonds Are Headed Down
Issue #18, June 18, 2007

Exchange Traded Funds, Part Two
Issue #17, June 04, 2007

Exchange Traded Funds (ETF), Part One
Issue #16, May 21, 2007

Do We Have Inflation or Don’t We?
Issue #15, May 07, 2007

A Physician is an Executive
Issue #14, April 16, 2007

The Secret for Making Money in the Market
Issue #13, April 02, 2007

Long-Term Care Insurance
Issue #12, March 19, 2007

When To Sell
Issue #11, March 05, 2007

Go Go Gold
Issue #10A, February 25, 2007

How to Spot a Con Man
Issue #10, February 20, 2007

Speaking in Louisville
Issue #9, February 05, 2007

Investing in For-profit Facilities
Issue #8, January 15, 2007

Why Are People “Ashamed” of Being Thrifty?
Issue #7, January 03, 2007

My Outlook for 2007
Issue #6A, December 30, 2006

Unconventional Success
Issue #6, December 18, 2006

Is This the First Domino?
Issue #5A, December 09, 2006

Uncle George’s Rule, or why Cash is King
Issue #5, December 04, 2006

Barron’s The Art of Successful Investing Conference, Part III
Issue #4, November 20, 2006

Barron’s The Art of Successful Investing Conference, Part II
Issue #3, November 05, 2006

Barron’s The Art of Successful Investing Conference, Part I
Issue #2A, October 30, 2006

Gold and the United States Dollar
Issue #2, October 16, 2006

The Inaugural Issue
Issue #1, October 02, 2006

THE PHYSICIAN INVESTOR NEWSLETTER

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

The Coming Crisis and the Continuing Case for Physical Gold, Part I of II

Issue #TPIN #213, June 11, 2012

The Coming Crisis and the
Continued Case for Physical Gold
Part I of II
    If possible, I suggest you read the interview with Simon Mikhailovich in last week’s Barron’s (6/4/12). In 2007 he gave early warnings about the collapse of the derivatives market, and now believes another Lehman-like crisis is almost inevitable.
    He notes the politicians have no incentive to act unless they are faced with an immediate threat, and that a compromise only delays the problem. “You can’t solve a balance-sheet problem without solving it, except by delaying it”.
    Government policies have increased the interconnectedness of the markets, which increases the risk. “Rather than enable a quick but extremely painful deleveraging, Western governments are trying to delay it by borrowing significant amounts”.
    RMD comment: We live beyond our means, and borrow to do it. Instead of paying off debt, we borrow more. The politicians have known for years that the present course is unsustainable but they have no will to act. There have been misplaced incentives, such as the housing bubble and artificially low interest rates. There is not a painless solution of the problem. The longer the pain is delayed, the more painful it will be. 
    “The hidden cost of deleveraging (the unwinding of debt) proceeding without a blowout is that it transfers value from savers to debtors”.
    RMD comment: I have mentioned this in almost every newsletter for the past year: Savers are punished while debtors are rewarded. A glaring example is the artificially-low interest rates. My mother has a $20K CD at the bank. That represents a definite percentage of the money it took my parents a lifetime to save. Last month it earned $1.07 in interest. It would take 2 months of interest just to buy a cup of coffee at Starbucks. The income from the CD for a whole year isn’t enough to pay for even one weeks’ worth of my mother’s meds. 
    Mikhailovich feels the ideal asset to A) protect the value of your portfolio and B) have access to liquidity when others don’t—is physical gold bullion. He notes that central banks have been increasing their gold reserves, and that the Swiss central bank (an expert in safe-haven assets) holds its gold reserves in diverse locations around the globe (that really caught my attention).
    Other safe-haven assets are silver, diamonds, art, real estate and agricultural land. The downside of these as compared to gold is what he calls the “Philadelphia problem”. In the movie “Trading Places” Dan Aykroyd tries to sell his very expensive watch at a Philadelphia pawn shop. He’s told that it may be very expensive but all it’s worth in Philadelphia is 50 bucks.
    RMD comment: Several important points here: 1) I continue to feel physical gold in your personal possession is the ultimate asset should the system freeze up. I have recommended it be the core of your entire investment portfolio since the beginning of my financial writing. 2) I have also recommended that another way to preserve wealth in the current environment is to own other hard assets debt-free. I have also noted, as Mikhailovich does, that these assets can be illiquid; you may not have access to your money when you need it most.3) What you believe an asset is “worth” means nothing to anyone else in the universe. An asset is worth what the market says it is worth.
    “The US system was built on a very simple premise: if you take a chance and succeed, you reap the rewards of your success. If you take a chance and fail, you have to take the consequences of your failure. When you disconnect fear and greed, greed runs rampant”.
    RMD comment: For years the trend in our society has been away from self-reliance, from making people responsible for their actions. You don’t need to save for a rainy day. It’s McDonalds’ fault you’re overweight. It’s the bank’s fault people are losing their homes to foreclosure. Likewise the banks make loans they know can never be repaid; but do it because they know the Federal Reserve and the Treasury (spelled the taxpayer) won’t allow them to fail (see Issue #211, 5/28/12).
    People used to deposit their money only at the bank run by the hardest-nosed SOB in town, whose one-word vocabulary was “NO!” because they felt it was as safe as it could be. This old curmudgeon only loaned money to people of character, people he knew would pay it back. Now with FDIC insurance, people aren’t as careful. And guess what—neither is the bank. The bank now loans money to people who really do need it—and of course they can’t pay it back.
    He comments on re-hypothecation, market disruptions and counter-party risk.
    RMD comment: I discussed these concepts in Issue #195 (2/6/12). Counter-party risk refers to the ability of the person you are dealing with to uphold their end of the bargain. An insurance policy is worthless if the company is out of business. A CD at the bank is worthless if they don’t have cash to redeem it. Physical gold is the only money that has no counter-party risk: it stands alone.
    Re-hypothecation is where a bank or broker-dealer reuses the collateral pledged by clients (your money) as collateral for its own borrowing (Wikipedia). The money you deposited at the bank in a CD has been lent out. The money in your brokerage account is not sitting in some nice little pile in Charles Schwab’s office. If (really not if, but when) there is a market disruption, a meltdown, as occurred when Lehman Brothers or MF Global went down, there is a real possibility you won’t have access to your money when you need it most. There’s even a chance you might not get it back—ever!!
    I’ll finish this discussion in an Interim Bulletin due out Wednesday, with comments from the Wall Street Journal, from the mid-year Roundtable discussion in today’s Barron’s, and my recommendations on how best to protect your wealth. 

                                                                      RMD
    I received more inquiries about last week’s letter—the man who negotiates car deals—than any previous newsletter—EVER!!. “Who can I contact in Chicago, in Sioux City (IA), in Boston, in Minneapolis”?
    The primary goal of this newsletter is to 1) Provide advice that affects everyone’s pocketbook, so that if you read this newsletter for a year, I am confident you will save or make many times the cost of the subscription, and 2) Advice and opinions you will find nowhere else. I’ve never seen a similar article in Barron’s or Forbes or the Wall Street Journal or anywhere.
    He is unique: this is not a standard service you can just look up in the phone book. From the first I met him; I recognized this as a totally unexploited niche. I see the requirements as 1) Someone who can be trusted. 2) Who represents you.3) Who has an intimate knowledge of the car business, such as an ex-salesman or whose’ consuming hobby is cars. 4) Someone like my Uncle George, who knew how to make money on a deal (see Issue #5, 12/4/06, “Uncle George’s Rule). After General Steel closed, my dad took a job as a custodian and mowed lawns to make extra money. U. George took a job in the stock room at the May Co. (Famous-Barr) and frequented pawn shops in the Granite City, East St. Louis area. He would put the merchandise he wanted in one stack and the money he was willing to pay in another and say to the pawnshop owner “Which stack do you want?” He’d laugh his giggle, cackle, mischievous laugh, and say “Bobby, they always take the cash”.
    This man told me how he got started. Many years ago a physician was going to pay $38K for a Mercedes. “Doc, that car’s only worth $32K”. He got the car for him for $32K. The one thing he insisted upon in the original deal, and still does, is that you not interfere and leave the entire negotiation process to him.
    As mentioned previously, I have found Royal Gold (RGLD, see chart next page) to be the best and earliest indicator of the direction of gold. It turned up more than a week before gold turned, and was up more than 10% on huge volume on June 1 (the day of the weak jobs report, when gold took off). Although gold was down almost $50 on Thursday, RGLD was down only slightly. It was up on Friday. Don’t be shaken out of your precious metals positions: I added to mine on Friday.
    From a presentation on CNBC on Monday: The current dividend yield of the S&P 500 is 2.15%. The mean historical yield since 1871 is 4.46%.
    RMD comment: The current yield on the S&P 500 is above the yield of the 10-year Treasury, suggesting the market is a great value. BUT, when you consider interest rates are being held artificially low, the comparison is not valid. By the historical standard of the dividend payout, the current market is a very poor value. The dividend yield must double or the market must drop 50% just to come in line with historical norms. We are in a secular bear market that still has 5-8 years to run.
    Wall Street Journal (6/6/12): “The recession produced a wave of legislation expanding commercial gambling”.
    RMD comment: Gambling is the legalized transfer of wealth from “the fish” (chumps) to casinos, governments and the sharpies. To quote Voltaire, “The lottery is a tax on stupidity”. In games where you play against the house, such as blackjack, craps, slots and the roulette wheel, the house always wins in the long run. That’s why they are in business. In games where you play against another person, such as Texas Hold’em, only about 10% of people (the sharpies) come out ahead.
    Moral and social issues aside: 1) Revenues generated from gambling are the politicians dream—an addictive tax. It just doesn’t get any better than that. 2) It is the dream of the wealthy: a terribly regressive tax that falls disproportionately on the poor—and they don’t even complain. In fact, they want more of it.

   
    The stock market anticipates by about 6-9 months. The chart of US Steel (X, next page) is about as ugly as you can imagine. So I talked to a friend who is associated with “The Mill” (the US Steel Works in Granite City, IL). He says there have been no layoffs and customer activity remains solid.
    RMD comment: Very interesting: We’ll see in 6-9 months if business remains strong (meaning the market was wrong, my friend’s personal observations were correct and this was a buying opportunity) or if the market knew something that was not yet overtly apparent. I’ll bet that in 6-9 months business at US Steel will be softer than it is now.
    I just finished The Man Without a Face: The Unlikely Rise of Vladimir Putin (Gessen, Riverhead Books). If there’s one man in this world I wouldn’t cross, it’s Putin. Ever hear of polonium poisoning? (see The Poisoning of Alexander Litvinenko and the Return of the KGB, Goldfarb and Litvinenko, Free Press, 2007). 
    I ask each of you to send me a potential topic to discuss or your favorite investment idea: it can be a stock, bond, collectable, sector of the market, commonsense way to save money, anything. A lot of very smart people subscribe to this letter: some supervise 10 and even 11-figure sums or run investment banks. One man has out-performed the S&P 500 by 14% per year for more than a decade. A Nobel Prize winner in Economics receives this letter. Good investment ideas can come from anywhere.


    I started my second year as President of the Alumni Assoc. of the Pritzker School of Medicine and Division of the Biological Sciences at the Univ. of Chicago. I am also starting a 3-year term on the University-wide Alumni Board of Governors.
    I was in Chicago twice in the last two weeks: for Alumni Weekend and then for the student/faculty recognition dinners for the Med School and the Division of Biological Sciences. I think I have a good memory. What I find fascinating is to see people you haven’t seen in decades and they remember things about you that you don’t remember. What is it that occurred at that time to imprint upon their memory, but not yours, and then

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