Erin Bagley
AUDIOLOGIST
Lisa Thomas
AUDIOLOGIST
The Psychology of Investing
By Steve Barrett
THE QUEST TO BECOME A PHYSICIAN IS AMONG THE MOST RIGOROUS OF INTELLECTUAL
PURSUITS, AND PEOPLE WHO FOLLOW THAT PATH TEND TO BE EXCEPTIONALLY BRIGHT.
BUT PARADOXICALLY, THAT CAN HAMSTRING THEIR ABILITY TO INVEST WISELY.
B
ECAUSE THEY ARE highly respected for their
intelligence, physicians may assume their
understanding of complex issues will natu-
rally translate to financial matters. But that
did not stop Mark Gurland, MD, a New Jersey hand
surgeon, from investing based on tips and hunches.
Dr. Gurland told The New York Times he took the
advice of a cardiologist friend and pumped money into
fiber-optic cable. He lost nearly all his investment. He
also lost money on a company that was marketing a
drug related to hand surgery.
Now, Dr. Gurland says, he follows the guidance of
a financial adviser.
Part of the difficulty for physicians is that they
often think investing is a science, but it's actually an art,
Greg Erwin, Managing Principal at Oregon-based
Sapient Private Wealth Management, told The Times.
Moreover, while physicians have the intellectual
firepower to grasp complicated subjects, they often
don't have the time to dedicate to understanding what
goes into sound investing. Erwin takes pains to explain
to physicians the perils of blindly investing based on
tips from friends.
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FINANCE ❯
