The White Coat Investor

b00icxcuj6-01-lBook #9: White Coat Investor: A Doctor’s Guide to Personal Finance and Investing, James M Dahle

I have spent in total 25 years of my life in school and in training for the job that I now do.  From kindergarten through high school, college through fellowship, I have spent countless hours learning and training.  Doctors when they graduate from residency or fellowship are well versed in human anatomy, physiology and the latest evidence based strategies for patient evaluation and treatment.  But in these 25 years of training, the one area that received the least amount of training was personal finance.  Excluding an hour long seminar in Medical School and courses in Macro and Microeconomics, all of my training in personal finance was handed down from my Dad or self sought.  Doctors (and most people in general) receive little formal training on the one aspect that will have the biggest impact on their personal lives, career and standard of living in retirement: money management.  Choices made over a career can be the difference between retiring in comfort or with very little.  While there are general principles of money management and investing that are universally applicable, there are aspects of financial planning for physicians that are unique to this cohort.  This book, written by an Emergency Physician, is a primer on investing geared specifically for doctors.  It is a must read for physicians especially those early in their career.

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The Case Against Obamacare

41sa1iavfmlBook #7: The Case Against Obamacare, Avik Roy

A lot of attention is being paid to Obamacare.  Some claim that it saved their lives.  Other say that it is itself in a death spiral.  Without doubt, Obamacare has been the largest, most comprehensive legislative package affecting the delivery of health care.  And the effects of Obamacare (for good or ill) will be felt by every patient and every doctor.  So why is Obamacare so criticized?  Why is it overall such a bad piece of legislation?  In this book Avik Roy explains the reasons why Obamacare is a policy disaster.  Bottom line, it comes down to, Incentives Matter.

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The Conservative Heart

b00nepdgrw-01-lBook #29: The Conservative Heart: How to Build a Fairer, Happier, and More Prosperous America, Arthur Brooks

“We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”  These immortal words penned by Thomas Jefferson in 1776 describe the ethos of what it means to be an American.  But sadly, for many people in our country, the principles of this statement are just out of reach.  There are a large number of people who are trapped in a cycle of poverty and don’t have the ability to pull themselves up into a life of dignity.  Liberals and conservatives debate how best defeat poverty.  In this book, Arthur Brooks gives an apologetic for why conservative principles are the best way to elevate the status of the poor and bring dignity to those who have been left behind.

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Hostile Takeover

51fn7uvusllBook #23: Hostile Takeover, Matt Kibbe

In 2008 with the election of Barak Obama, our politics shifted strongly toward a liberal, progressive agenda.  But while certain policies have been noticeable in the last 8 years, our federal government has been growing substantially for the past century.  And through presidents like FDR, LBJ and now Barak Obama, we have seen the expanding size and scope of the federal government.  At it’s heart, is a political worldview that all can and should be managed from a centralized place and in a centralized manner.  But our country was founded on the principle of individual liberty and freedom.  We threw off the yolk of centralized government in 1776 and the war to follow.  It is this top down vs bottom up perspective of economics and politics that was at the heart of the debate then and is at the heart of the debate now.  And while we do not take up arms against our federal government, the Tea Party movement was the call of the American people to return to decentralized, market based politics.   This book offers a prescription for market based solutions to the challenges facing our country.  From medicare to social security utilizing the free market and decentralizing regulation will allow for better quality and greater affordability both to the U.S. government but also to each and every tax payer.

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The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail

b012bltm6i-01-lBook #18: The Innovator’s Dilemma: When New Technologies Cause Great Firms to Fail, Clayton Christiansen

To innovate is to take a risk.  And risk is the engine of the entrepreneurial market place.  Often where there is little risk, there is little reward.  But where there is great risk there is a great potential for reward, yet also a great potential for failure.  Good business supply products that are based on and cater to market demand.  But truly great companies create and define markets.  Apple has thrived by innovating a product you couldn’t even imagine and revolutionizing a market.  Apple has mastered the art of disruptive technology.  But this is not always the case.  Why is it that many well run and profitable companies fade away as a result of disruptive technologies.  In this book, Harvard Business professor Clayton Christiansen describes the phenomenon whereby companies of disruptive technologies often fail.  He outlines his observations about why this happens and his solution to avoiding market irrelevance in the wake of a disruptive technology.

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This book is definitely different from anything else I have read and posted so far and harkens back to my high school class in macroeconomics.   Continue reading

The Poverty of Nations: A Sustainable Solution

b00ehmmhwq-01-lBook #16: The Poverty of Nations: A Sustainable Solution, Wayne Grudem & Barry Asmus
The last century has seen the emergence economic theories ranging from free markets to centralized planning.  And across the world there are nations that live in prosperity and nations that live in poverty.  The prosperity of a nation is directly related to the economic and social policies of that nation.  In this book the authors discuss the reasons for impoverishment and a plan for how a nation can move from poverty or prosperity.  They blend free market economics with biblical teaching and social ethics to propose a path from poverty to prosperity.  It is a one of the best apologetics I have seen on the benefits of a free market economy.  It is a must read for anyone interested in free market economics and a biblical view of economic/social policy.
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