Dentaltown December 2013 - (Page 88)
finance
feature
by Douglas Carlsen, DDS
Face it: dentists are competitive and compulsive. We have to be to perform the miracles
of our daily work. When I tell the average person that tooth "preparation" is performed with
a drill running at 400,000rpm on a moving target within 1/16 inch or less of the nerve 90
percent of the time, I often hear, "No wonder you guys scare me to death!"
With that compulsive drive comes the idea that we can invest smarter than the average
Joe. Yet, according to noted author Larry Swedroe: "...the purchase by investors of individual stocks... would seem to be the ultimate in controlling your own portfolio. However, in
pursuing this course, you create two problems. First, you likely cannot achieve the extensive
diversification that the use of mutual funds accomplishes. Second, the evidence tells us that
individual investors who select their own stocks underperform appropriate benchmarks by
significant margins."1
Financial planners who utilize academic-based strategy agree that individuals cause little
damage by actively trading a small portion of the portfolio (five to 10 percent) as long as the
great bulk of one's investments are in passive index funds. Nevertheless, many doctors
choose to actively trade a significant portion of their funds.
Since many of you will or already have taken the trading plunge, let's examine the basics,
then hear comments from a dentist who has done well since 2001 with active trading. Active
traders normally use fundamental analysis or technical analysis, and often both.
1.
Larry Swedroe, Investment Mistakes Even Smart Investors Make, McGraw Hill, 2012, p.24.
continued on page 90
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DECEMBER 2013 » dentaltown.com
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Table of Contents for the Digital Edition of Dentaltown December 2013
Howard Speaks: Best Practices, 2013
Dentaltown.com Highlights
Professional Courtesy: It’s (Always) Showtime
Continuing Education Update
Second Opinion: Providing Personalized Care in Dentistry
Selling Your Soul to PPOs?
Townie Choice Awards
Hey, Carlsen! I’m Going to Trade Stocks, Time the Market and Beat It!
Long-distance Communication Led to Beautiful Full-mouth Implant Case Results
Ad Index
Product Profile: Dental EHR and Meaningful Use
What’s on Your Tray?
Perio Reports
Profile in Oral Health: Are Your Team Members Indispensable?
Dentally Incorrect
Simplifying the Challenging: The One-tooth Restoration with CEREC
White Smiles in the African Bush
Cycling for Charity
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