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  • Doctor Hubris (paging Dr. Hubris...)

    Now that the White Coat Investor Facebook Group is in full swing, along with the Physicians on Fire and Doctor Money Matters groups, my Facebook feed is filled with doctors asking each other for financial and career advice and getting it from their peers, on the surface a very good thing.

    I have noticed, however, that the quality of the advice has been uneven. Sometimes, it feels like going into the Hospital’s Doctor’s Lounge in 1998 and asking for stock tips. There are a lot of people with little apparent experience or lack any depth of knowledge who are dogmatic and occasionally argumentative, all the while offering advice that is of dubious value. Interestingly, the lack of anonymity seems to have an effect that I had not expected: people appear to be bolder and more confident in their knowledge and wisdom than they are here, in our relatively anonymous forum.

    The obvious solution is to turn off the feeds. I have not done this yet, but I have blocked some posters who are just tiresome to me - not exactly offensive, certainly have not broken any rules, but seem to have seen it all and know it all. (Maybe I was like that? Maybe I AM like that?) Responses are dripping with hubris, and these are a red flag to me.

    What I have learned about everything that I study (medicine, investing, exercise, The Grateful Dead, space exploration, etc.) is that the more I know, the less I really know about anything. (Okay, may not so re: The Grateful Dead.) Many questions that cannot be easily answered have no great answer and maybe not a good answer, either.

    Medicine especially is full of reversals and upheavals. We see what was once sacrosanct proven wrong, time and again.

    https://www.kevinmd.com/blog/2013/09/hubris-medicine.html

    I am not sure what this ramble is about. I guess I am less a fan of these new Facebook groups than I expected. If I were posting there, I might encourage people to stay flexible and be critical when confronted with personal finance orthodoxy. The future is unknown, and being overconfident increases the odds of not meeting your goals. Rant over.

  • #2
    In general, personal finance and investing are relatively boring subjects. Those that are somewhat educated on the subject know the general path to success. The path doesn't have to be equal and nobody has to take the same path but the principles stay the same. Earn as much as you can, save, invest (don't try to beat the market or time the market), and live below your means...just stick to the plan.

     

    As far as the Facebook group goes, I don't get on Facebook much but I did to join the group and I checked the group the first few days but the chance I interact there is going to be about 0%.

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    • #3
      I'm glad in some ways to see the new discussions there but find the continuity, etc. better here. Maybe this is the "old school" group now.

      Comment


      • #4




        Now that the White Coat Investor Facebook Group is in full swing, along with the Physicians on Fire and Doctor Money Matters groups, my Facebook feed is filled with doctors asking each other for financial and career advice and getting it from their peers, on the surface a very good thing.

        I have noticed, however, that the quality of the advice has been uneven. Sometimes, it feels like going into the Hospital’s Doctor’s Lounge in 1998 and asking for stock tips. There are a lot of people with little apparent experience or lack any depth of knowledge who are dogmatic and occasionally argumentative, all the while offering advice that is of dubious value. Interestingly, the lack of anonymity seems to have an effect that I had not expected: people appear to be bolder and more confident in their knowledge and wisdom than they are here, in our relatively anonymous forum.

        The obvious solution is to turn off the feeds. I have not done this yet, but I have blocked some posters who are just tiresome to me – not exactly offensive, certainly have not broken any rules, but seem to have seen it all and know it all. (Maybe I was like that? Maybe I AM like that?) Responses are dripping with hubris, and these are a red flag to me.

        What I have learned about everything that I study (medicine, investing, exercise, The Grateful Dead, space exploration, etc.) is that the more I know, the less I really know about anything. (Okay, may not so re: The Grateful Dead.) Many questions that cannot be easily answered have no great answer and maybe not a good answer, either.

        Medicine especially is full of reversals and upheavals. We see what was once sacrosanct proven wrong, time and again.

        https://www.kevinmd.com/blog/2013/09/hubris-medicine.html

        I am not sure what this ramble is about. I guess I am less a fan of these new Facebook groups than I expected. If I were posting there, I might encourage people to stay flexible and be critical when confronted with personal finance orthodoxy. The future is unknown, and being overconfident increases the odds of not meeting your goals. Rant over.
        Click to expand...


        Sounds like the "Cocktail Party" Theory in full effect - made famous by Peter Lynch.  Late market cycle indicator.

        Comment


        • #5
          I will say my favorite guy on FB has to be the guy who was starting 4th year med school and already asking about how to tax advantage his moonlighting income which had to be about 2 years away. Pretty sure he should work on finishing med school first.

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          • #6
            Oh, to be a fly on the wall...
            Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #7
              Almost makes me wish I had a FB, sounds interesting to look at. We are very sheltered here indeed.

              Comment


              • #8




                I will say my favorite guy on FB has to be the guy who was starting 4th year med school and already asking about how to tax advantage his moonlighting income which had to be about 2 years away. Pretty sure he should work on finishing med school first.
                Click to expand...


                I think that may be audience WCI trying to reach more via Facebook. Early in med school and residency better chance to start/get financial house in order before it is too late.

                Comment


                • #9




                  Almost makes me wish I had a FB, sounds interesting to look at. We are very sheltered here indeed.
                  Click to expand...


                  Uh, no you don’t!

                  Comment


                  • #10
                    I work with a Dr. Hubris (not his real name) every few days or so.  Although it's not financial advice he is spewing.  It has more to do with how he can do other specialities jobs just as well and often gets to play the part while doing missions work in Africa.  Those darn rules, regulations, and hospital privileges bind his hands here in the US and prevent him from practicing medicine outside his scope of practice.

                    Comment


                    • #11
                      I don't think I'm a big fan of these fb groups.  Hard to follow.  Tons and tons of repetitive questions (multiples per day).  And then you have to get on facebook to see them, which is just so plagued with old people and weirdos these days.  Blech.

                      Comment


                      • #12
                        My favorite part of the forum is that over time you really get to know the posters’ personalities through their posts and responses. A big reason I started posting is because I had been silently watching your banter from the sidelines for years and wanted to interact.

                        Facebook is about one thing - volume. I predict that Facebook will quickly become the #1 click referrer for WCI and PoF.

                        The most basic questions elicit 80 responses in a day. People are comfortable and familiar using Facebook. My 90 year old grandfather has Facebook. It will never have the fun intimacy of the forum, but it will drive traffic to WCI by the bus load. I smell a new wakeboat!

                        Comment


                        • #13




                          My favorite part of the forum is that over time you really get to know the posters’ personalities through their posts and responses. A big reason I started posting is because I had been silently watching your banter from the sidelines for years and wanted to interact.

                          Facebook is about one thing – volume. I predict that Facebook will quickly become the #1 click referrer for WCI and PoF.

                          The most basic questions elicit 80 responses in a day. People are comfortable and familiar using Facebook. My 90 year old grandfather has Facebook. It will never have the fun intimacy of the forum, but it will drive traffic to WCI by the bus load. I smell a new wakeboat!
                          Click to expand...


                          That's a very interesting perspective - so FB becomes the new marketing tool for the home site rather than just another resource for physicians?
                          Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                          Comment


                          • #14




                            That’s a very interesting perspective – so FB becomes the new marketing tool for the home site rather than just another resource for physicians?
                            Click to expand...


                            I won’t presume to speak for Jim or pretend to have his business savvy, but it seems to me that WCI generates revenue through selling ads (more views = more $), selling sponsored posts (more views = higher sponsorship fees), selling Fire Your Financial Advisor and the WCIcon courses (now being advertised to a wider audience)

                            Jim always had great content.  It was his ability to drive page views that built the empire.  Facebook is going to turn it up to 11 (as PoF would say)

                            Comment


                            • #15
                              I find these fb groups hard to follow.  One of them that I am a member of has a very low knowledge base and I could not handle it. Here most posters know some basic definitions and ask for actionable advice.  I like this forum format best or maybe it is the sense of camaraderie that has developed here.  I am also running out of bandwidth to follow all these blogs and fb groups.

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