wci's practice

[q-school]

i read a book about twenty? years ago.  it was about warren buffett and the spillover effect.  so he got seed money by going around to his parent's neighbors more or less and asking them to invest.  his father was some kind of politician (US house of rep?)  so he probably had some wind at his back.

anyhow, the story goes that decades later, the highest concentration of supermillionaires in the US from a census perspective was the area surrounding the Buffett household.  there was a clear difference in wealth in those that had invested with Buffett and those that had demurred.

I have this same vision about WCI's group.  they are a bunch of superrich ED docs basically supermaxing their retirements, talking about their travels and hobbies and stuff, and basically doing medicine as a hobby.  someday they are just going to fill their job opening by saying --yo, we got wci here.  there will be no negotiations.  jobs here are an invitation, not an application.  this is the package you get, take it or leave it.  ps- you're stupid if you don't take it.  you will be working harder for longer and for less money anywhere else.

anyone else?

they call buffett the oracle of omaha.

wci would be like the seer of salt lake or something.



 

[q-school]

Rex wrote:

Not sure if you are talking actual physical location or some of us who have been around electronically for a long time but my intention is not to be “super rich” and make medicine a hobby. I personally manage my money so I can practice medicine more the way I want to. But I’m pretty sure I’m a minority in this regards.

Click to expand...

We have a committee trying to figure out what a fill time physician could be defined as.  The committee has struggled for over a year to find a universal definition for the hospital.   They are trying to standardize HR policies including access to disability, part time, vacation time et.   Turns out it is really hard.

What we find is that people practice very differently within a specialty and many specialties have evolved their own schedule to suit their particular needs.  Haven't seen too many people say they make medicine a hobby but lots of people practice what would be considered 30-50 percent full time by almost any definition.  Some specialties lend themselves better to colleagues having different schedules and to part time work. However at some point, and I don't know what the percent is, if your optimal practice preference is sub fifty percent I would argue that is approaching hobby.  Maybe hobby is not the right word, but part time?  Apologize if it caused offense as that was not the intent.

[Lithium]

This is a different era than the heyday of Warren Buffett.  Working with WCI would be cool, but if you're that big of an admirer that's not much of a reason to take a pay cut, work crappy hours, etc when you can interact with him on this forum and speaking engagements/EM conferences.

I assume the high financial IQ and FI mindset is something that has a selection bias for independent contractors.  Maybe specialty dependent too.  Most of the employed docs I know make less money but when I bike through the parking lot I see a lot of Teslas and BMW's.

[q-school]

I'm post call so I may be writing less clearly than normal, which is not good.

The whole post was a joke.

I edited the original post to try to make clear I thought wci's group would provide an opportunity to have build a healthy retirement find faster than most places.   It seems to me more graduates are 'starting with the end in mind' and aware of the importance of retirement funding.  Where better to go than wci?    That's all.

[The White Coat Investor]

I'm going to have to show this thread to my partners. It'll crack them up. I've got 2-3 of them that I would say are what you would expect. The other 15 are not. But none of them drive a Tesla or anything particularly nice and most are very lifestyle focused. That's probably why we won't make more money than we do. We could work more shifts and work harder on shift, but we're pretty focused on longevity.

[jfoxcpacfp]

The White Coat Investor wrote:

I’m going to have to show this thread to my partners. It’ll crack them up. I’ve got 2-3 of them that I would say are what you would expect. The other 15 are not. But none of them drive a Tesla or anything particularly nice and most are very lifestyle focused. That’s probably why we won’t make more money than we do. We could work more shifts and work harder on shift, but we’re pretty focused on longevity.

Click to expand...

Just to clarify - is “what you would expect” a lifestyle similar to yours or to (what I think of as) the “typical” physician lifestyle (I.e. overindulgence)?

[q-school]

morning everyone.

i wouldn't expect anything other than huge and i mean enormous retirement accounts from partners of wci.

well, also that they enjoy outside hospital activities and try to balance work and personal life.

tesla and other spendy things would be contrary to the mission.

warren buffett also talked about his (relative lack of)charitable giving (at that time) in the book--why would i give away my tools?  i know i can invest better than anyone else.  better to build it into something big in my lifetime and then decide what to do.

 

 

[The White Coat Investor]

jfoxcpacfp wrote:

The White Coat Investor wrote:

I’m going to have to show this thread to my partners. It’ll crack them up. I’ve got 2-3 of them that I would say are what you would expect. The other 15 are not. But none of them drive a Tesla or anything particularly nice and most are very lifestyle focused. That’s probably why we won’t make more money than we do. We could work more shifts and work harder on shift, but we’re pretty focused on longevity.

Click to expand…

Just to clarify – is “what you would expect” a lifestyle similar to yours or to (what I think of as) the “typical” physician lifestyle (I.e. overindulgence)?

Click to expand...

I'm just saying have their ducks in a row financially, could have a discussion about their portfolios, and are making rapid progress toward financial independence.

[MPMD]

You actually kind of described my brother's EM group.

Great contract, highly compensated, lots of supersavers.