BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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Posted on January 11, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Activation due to release from adaptation = Extra activation caused by stimulus change = (Response to the two different stimuli paired together) – (Response to same stimuli presented without the change) E.g. (1/4 + 4/1) – (1/1 + 4/4) To look for adaptation paralleling same/diff perception. Make a contrast weighting each adaptation release value by the subject’s behavioural responses on that part of the same/different curve. Rajeev Raizada – UW MRI talk, Oct
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Release from Adaptation is the joy you feel when something changes after becoming accustomed to it. It’s like the relief of a cool breeze after a hot day. Our brains get used to stimuli, making them less noticeable over time. When there’s a change, it’s like hitting the refresh button on our senses.
This is why, according to colleague Dan Ariely PhD, novelty feels so exciting and routine can become dull. So, inject some variety into your life to keep things fresh and enjoy the small releases from adaptation.
Posted on January 11, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Credit report with score on a desk
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Credit analysis is a form of financial analysis used primarily to determine the financial strength of the issuer of a security, and the ability of that issuer to provide timely payment of interest and principal to investors in the issuer’s debt securities. Credit analysis is typically an important component of security analysis and selection in credit-sensitive bond sectors such as the corporate bond market and the municipal bond market.
Credit default swap index (CDX) is a credit derivative, based on a basket of CDS, which can be used to hedge credit risk or speculate on changes in credit quality.
Credit default swaps (CDS) are credit derivative contracts between two counterparties that can be used to hedge credit risk or speculate on changes in the credit quality of a corporation or government entity.
Credit quality reflects the financial strength of the issuer of a security, and the ability of that issuer to provide timely payment of interest and principal to investors in the issuer’s securities. Common measurements of credit quality include the credit ratings provided by credit rating agencies such as Standard & Poor’s and Moody’s. Credit quality and credit quality perceptions are a key component of the daily market pricing of fixed-income securities, along with maturity, inflation expectations and interest rate levels.
Credit Rating Agency (CRA) is a company that assigns credit ratings for issuers of certain types of debt obligations as well as the debt instruments themselves. In the United States, the Securities and Exchange Commission (SEC) permits investment banks and broker-dealers to use credit ratings from “Nationally Recognized Statistical Rating Organizations” (NRSRO) for similar purposes. As of January 2012, nine organizations were designated as NRSROs, including the “Big Three” which are Standard and Poor’s, Moody’s Investor Services and Fitch Ratings.
Credit rating downgrade, by a credit rating agency (Standard & Poor’s, Moody’s or Fitch) means reducing its credit rating for a debt issuer and/or security. This is based on the agency’s evaluation, indicating, to the agency, a decline in the issuer’s financial stability, increasing the possibility of default. A downgrade should not to be confused with a default; a debt security can be downgraded without defaulting. And, conversely, a debt issuer can suddenly default without being downgraded first–credit ratings and credit rating agencies are not infallible.
Credit ratings are measurements of credit quality provided by credit rating agencies. Those provided by Standard & Poor’s typically are the most widely quoted and distributed, and range from AAA (highest quality; perceived as least likely to default) down to D (in default). Securities and issuers rated AAA to BBB are considered/perceived to be “investment-grade”; those below BBB are considered/perceived to be non-investment-grade or more speculative.
Credit risk is the inability or perceived inability of the issuers of debt securities to make interest and principal payments will cause the value of those securities to decrease. Changes in the credit ratings of debt securities could have a similar effect.
Credit Risk Transfer Securities (CRTS) are unsecured obligations of the GSEs (Government Sponsored Enterprises). Although cash flows are linked to prepays and defaults of the reference mortgage loans, the securities are unsecured loans, backed by general credit rather than by specified assets.
Posted on January 10, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Definition of the Paradox of Competition
The Paradox of Competition refers to the complex and often counterintuitive effects competitive behaviors can have within markets and industries. Generally, competition is seen as a positive force that drives innovation, lowers prices, and improves quality and choice for consumers. However, the paradox lies in the fact that intense competition can sometimes lead to negative outcomes, such as diminished profitability for companies, reduced incentives to innovate, and the potential for a race to the bottom in terms of quality and sustainability.
According to colleague Dan Ariely PhD, understanding the nuances of the Paradox of Competition reveals the complexity of market dynamics and the importance of strategic, informed approaches to competition, both from businesses and regulators.
This paradox challenges the conventional wisdom that competition is universally beneficial, highlighting the need for a more nuanced view of how competitive forces shape markets and societies.
Posted on January 10, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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China’s 10-year bond yield plunged to a record low this month, while the Chinese currency [yuan] traded in Hong Kong on Wednesday hit its weakest against the U.S. dollar in more than a year.
The People’s Bank of China is “trying to cool down the market by suspending government bond buying,” said Larry Hu, chief China economist at Macquarie.
And, the U.S. economy added a much larger-than-expected total of new hires last month, adding more upward pressure to wage inflation and likely stoking a further selloff in U.S. Treasury bonds.
The Bureau of Labor Statistics said 256,000 new jobs were created last month, well ahead Wall Street’s 164,000 forecast and the down-wardly revised 212,000 reading from November.
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Finally, Wall Street’s major averages are tumbling today as investors digested the hotter than expected jobs report. Early on and the S&P 500 (SP500) was -1.7%, the NASDAQ Composite (COMP:IND) was -2.2%, and the Dow (DJI) was -1.3%.
Posted on January 10, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Ibbotson Intermediate-Term Treasuries Index constructed by Ibbotson Associates using long-term historical data. The index calculates total returns from historical index prices and calculates income using a coupon accrual method.
The index replicates intermediate-term bond performance by selecting the Treasury bond with maturity closest to five years, holds it for the calendar year, then rolls to the next five-year bond.
Posted on January 9, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Sustainability focuses on meeting the needs of the present without compromising the ability of future generations to meet their needs. There are many different approaches to Sustainability, with motives varying from positive societal impact, to wanting to achieve competitive financial results, or both.
Methods of sustainable investing include active share ownership, integration of ESG factors, thematic investing, impact investing and exclusion among others.
Posted on January 9, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
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A Partner of the Institute of Medical Business Advisors , Inc.
Mail: The National Postal Mail Handlers Union has said that the U.S. postal service will pause its operations on Thursday. UPS and FedEX pickup and delivery services are expected to be available, and UPS Store and FedEX office locations will be open too.
Stock market: The NASDAQ is set to close all of its equities and options markets to mark the national day of mourning on Thursday. It’s also set to mark the late president’s death with a moment of silence at 9.20 a.m. E.T. The bond market is set to close at 2 p.m. E.T. following a recommendation from the Securities Industry and Financial Markets Association.
Banks: As the national day of mourning isn’t a federal holiday, many businesses, banks, and services will be open. But it’s worth checking local store hours before going out.
The S&P 500 (^GSPC) closed up more than 0.1% while the Dow Jones Industrial Average (^DJI) added 0.25%, or about 100 points. The tech-heavy NASDAQ Composite (^IXIC) closed just below the flat line.
Posted on January 8, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Smishing is a form of phishing that uses Short Message Service (SMS), commonly known as text messages, instead of email. Typically, the scammer poses as a legitimate institution, such as a bank, a service provider or a reputed company. The text message they send creates a sense of urgency or threatens consequences if the victim doesn’t respond immediately. It downloads malware on the phone or includes a link to a fraudulent website designed to look like the legitimate organization’s site. When victims reach that site they are tricked into entering their personal information.
Seven Types of Smishing Scams
1. Impersonation Scams: The attacker pretends to be a known organization or individual. The attack could be via a message pretending to be from a bank, government agency or a reputable company. 2. Tech Support Scams: Attackers pose as representatives from tech companies, claiming that the victim’s device or account has been compromised and that they need sensitive data to fix the problem. 3. Account Suspension Scams: These messages claim that an account (bank account, social media or any other service) has been suspended and prompt the victim to verify their identity by providing sensitive information. 4. Missed Delivery Scams: Attackers send messages claiming that the victim has missed a package delivery, and they need to provide personal details or a fee to reschedule the delivery. 5. Prize or Lottery Scams: Messages claiming that the victim has won a prize or a lottery, and they need to provide personal details or make a payment to claim the winnings. 6. Charity Scams: In these attacks, scammers impersonate a charitable organization, asking for donations, usually following a large-scale disaster or during holiday seasons. 7. Malware Link Scams: Messages containing a link, which when clicked, installs malware on the victim’s device, allowing the attacker to steal information or gain control over the device.
Attackers are constantly innovating and finding new ways to exploit human trust, so it’s crucial to be skeptical of any unsolicited or unexpected message that asks for sensitive information or prompts to click a link.
Posted on January 8, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Three UnitedHealth-owned insurance companies must pay over $165 million for misleading thousands of customers in Massachusetts into paying for additional health insurance, a state judge has ruled.
Nvidia stock (NVDA) tumbled more than 6% Tuesday, a day after shares closed at a record high in anticipation of CEO Jensen Huang’s keynote at the tech industry’s annual CES trade show in Las Vegas.
The Biden administration’s Consumer Financial Protection Bureau (CFPB) issued a new rule Tuesday that will hide an estimated $49 billion in medical debt from credit reports. The rule, which is slated to affect 15 million Americans, prohibits the inclusion of medical bills on credit reports and bars creditors from using medical information in making lending decisions. The policy specifically targets national credit-reporting companies Equifax, Experian and Transunion, which provide detailed evaluations of consumer finances to banks, employers and landlords.
Posted on January 7, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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William S. Jevons Paradox suggests that increases in efficiency lead to even larger increases in demand; according to colleague Dan Ariely PhD.
The Jevons Paradox is when making something work better actually leads to using more of it, not less.
Imagine you have a really fast bike that makes you use less energy to speed up. Because it’s so good, you want to bike everywhere, even more than before. Now, even though your bike is better at saving energy, you end up using it so much that you may use even more energy overall
Posted on January 7, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Institute for Supply Management (ISM) Manufacturing Index. Now, published on a monthly basis, the ISM surveys more than 300 manufacturing firms on employment, production, new orders, supplier deliveries, and inventories.
A composite diffusion index of national manufacturing conditions is constructed, where readings above (below) 50 percent indicate an expanding (contracting) manufacturing sector.
Posted on January 7, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
US stocks largely rose on Monday as chip names popped and investors awaited the release of key monthly jobs data later this week.
The S&P 500 (^GSPC) was up about 0.5%, while the Dow Jones Industrial Average (^DJI) fell about 0.1% after being higher for most of the session. The tech-heavy NASDAQ Composite (^IXIC) led the gains, adding about 1.2%, after a tech-led rally on Friday.
Posted on January 6, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Confabulation Bias is the creation of false memories without the intent to deceive. Our brain fills in gaps, sometimes creating memories that feel real but are entirely fabricated.
According to colleague Dan Ariely PhD, this can happen especially when memory gaps are subconsciously filled to maintain coherence.
Posted on January 6, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
BREAKING NEWS!
By Staff Reporters
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TORONTO—Canadian Prime Minister Justin Trudeau just announced that he will resign after almost a decade in power, bowing to members of his party who have been calling on him to step aside ahead of an election later this year.
“It has become clear to me that if I’m having to fight internal battles, I cannot be the best option in that election,” said Trudeau in an announcement from the country’s capital, Ottawa.
Posted on January 5, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Morality Priming refers to subtle reminders of ethical principles that can make us behave more responsibly. It’s like an internal nudge that brings our conscience to the surface.
And, according to colleague Dan Ariely PhD, by focusing on moral standards, people are often encouraged to act more honestly, even in small, everyday decisions.
Posted on January 5, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Reporters
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For Question 1, people preferred Prospect A to prospect A , which means: (0.11) u( 1,000,000) > (0.10) u( 5,000,000) For Question 2, people preferred Prospect B to prospect B, which means: (0.10) u( 5,000,000) > (0.11) u( 1,000,000) Allais Paradox. shows that, individuals’ decisions can be inconsistent with Expected Utility Theory.
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Allais Paradox is a change in a possible outcome that is shared by different alternatives affects people’s choices among those alternatives, in contradiction with expected utility theory.
The Allais paradox is a choice problem designed by Maurice Allais 1953 to show an inconsistency of actual observed choices with the predictions of expected utility theory theory.
According to colleague Dan Ariely PhD, the Allais paradox demonstrates that individuals rarely make rational decisions consistently when required to do so immediately. The independence axiom of expected utility theory, which requires that the preferences of an individual should not change when altering two lotteries by equal proportions, was proven to be violated by the paradox.
MONEY SUPPLY: The amount of money in circulation. The money supply measures currently (1985) used by the Federal Reserve System are:
M 1 – Currency in circulation + demand deposit + other check-type deposits. 35 M2 – M 1 + savings and small denomination time deposits + overnight repurchase agreements at commercial banks + overnight Eurodollars + money market mutual fund shares. M3 – M2 + large-denomination time deposits (Jumbo CDs) + term repurchase agreements. M4 – M3 + other liquid assets (such as term Eurodollars, bankers acceptances, commercial paper, Treasury securities and U.S. Savings Bonds)
A Bullet bond structure is a bond portfolio structure that clusters a portfolio’s bond maturities around a single maturity (usually an intermediate-term maturity).
This structure tends to perform best when the yield curve is moving from flat to steep (long-term rates are rising faster than short-term rates, or short-term rates are falling faster than long-term rates).
Posted on January 4, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
Nvidia stock (NVDA) led gains among the “Magnificent Seven” tech stocks to start the new year after a group-wide sell-off in the last days of 2024. Shares of the AI chip-maker rose 4.5% Friday after gaining roughly 3% the prior day.
Quote: “If your credit card gets compromised, your bank will alert you, cancel it and send you get a new one. But your medical records have a long lifespan. They can be misused without detection for long periods of time, because it’s harder to identify malicious activity. That makes them very valuable.”—Geetha Thamilarasu, associate professor at the University of Washington Bothell, on why hackers want healthcare information (the Wall Street Journal)
That upswing followed a 4% dip between Christmas Eve and New Year’s Eve as megacap tech stocks dropped across the board in the absence of a “Santa Claus” rally, where the stock market typically enjoys a surge between December 24th and January 2nd. Tesla (TSLA) stock plunged nearly 13% over that time frame, while Amazon (AMZN) and Microsoft (MSFT) dropped more than 4%. Meanwhile, Meta (META) and Google (GOOG) fell just under 4%, and Apple (AAPL) dropped 3%.
Even with its December decline, Nvidia shares still ended 2024 up more than 150%. Wall Street analysts have remained bullish on the stock, estimating shares will rise to roughly $173 over the next year from their current level of $138, according to Yahoo Finance data.
Posted on January 3, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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What is a Revenue Agent?
IRS revenue agents are unarmed, civil agency employees that are skilled auditors who typically conduct in-person field audits. These are normally scheduled at the taxpayer’s home, place of business or accountant’s office where the organization’s financial books and records are located.
What is a Revenue Officer?
IRS revenue officers are unarmed civil agency employees whose duties include visiting households and businesses to help taxpayers resolve their account balances. Their job is to collect taxes that are delinquent and have not been paid to the IRS and to secure tax returns that are overdue from taxpayers.
The IRS currently has about 2,300 revenue officers working cases across the country. Revenue officers educate taxpayers on their tax filing and paying obligations and provide guidance and service on a wide range of financial issues to help the taxpayer resolve their tax issues. They also ensure taxpayers are aware of their rights under the law and provide them with quality customer service.
Confirming if it’s the IRS
Revenue officers and revenue agents are unarmed and carry two forms of official credentials with a serial number and their photo. Taxpayers have the right to see each of these credentials and can also request an additional method to verify their identification.
Remember, taxpayers should know they have a tax issue before these visits occur since multiple mailings occur. And, IRS-CI special agents are the only armed IRS personnel and always present their law enforcement credentials when conducting investigations.
Posted on January 3, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Outcome bias is judging a decision based on its result rather than the quality of the decision at the time it was made.
It’s like saying a bad poker play was smart because you won the hand. Or, a bad stock picker or financial advisor was good because the price went up!
According to psychologist and colleague Dan Ariely PhD, this bias ignores the process and focuses solely on the outcome. It’s why we celebrate lucky breaks and criticize thoughtful risks that didn’t pan out.
So, the next time you’re evaluating a decision, focus on the reasoning behind it, not just the end result.
Posted on January 3, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
China’s stock market suffered its worst start to a year in nearly a decade, as investors brace for Donald Trump to impose tariffs on the world’s second-largest economy. The CSI 300 index closed down 2.9pc on Thursday, marking its steepest drop on the first day of annual trading since 2016, while the Hang Seng in Hong Kong fell 2.2pc.
The fall for US stocks accompanied a rally in the dollar, a popular haven, which set a fresh two-year high Thursday and opened little changed Friday. The yen climbed in early trading after a third daily decline against the greenback in the prior session. The moves are a sign the selling that has sapped US equities over the past week may be starting to turn. Investors are preparing to implement asset-allocation strategies for the 2025 year ahead after a rocky end to 2024.
Posted on January 2, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Anonymous
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When you keep donating without thinking it through, people can start relying on those donations more than building their own sustainable solutions. It can feel nice to help, but constant aid might discourage local initiatives. You want people to grow and thrive on their own, not just depend on outside help.
This is known as donation dependency.
Sometimes, consistent aid can become a crutch instead of a stepping stone. Communities may stop exploring ways to solve their own problems if help is always coming in from elsewhere. Encouraging self-reliance is crucial in ensuring your help leads to long-term benefits.
Posted on January 2, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Anthem Blue Cross and Scripps Health will part ways impacting thousands of patients.
Scripps Health and Anthem Blue Cross officially just parted ways on January 1st, 2025, leaving about 125,000 patients uncertain of what their healthcare and insurance will look like in 2025.
Posted on January 2, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters
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Understanding the K-shaped Economy
According to Olivia Voltaggio, in a V-shaped economy, things go down but then bounce back for everyone. In a K-shaped economy, the overall economy might go down. Only some parts of it recover, while others keep struggling.
In a K-shaped economy, people’s financial situations vary widely. Not everyone faces the same struggles. Lenders and financial institutions need to be flexible with strategy. They need to understand the different challenges their customers are dealing with.
Navigate with caution: The gaps in economic recovery highlight the importance of taking a careful, strategic approach.
How did we end up with a K-shaped recovery in 2024?
Inflation-driven price increases seem to be getting more stable. But, they may not reach the goal set by the government until 2026. This has made things more expensive for regular families.
For example, people with student loan debt had to start paying it back in October 2023. This was after a pandemic-induced grace period. Student loan repayment made budgeting harder. Borrowers might need to spend more on average than expected. For young adults (Gen Z), it could be even more.
Finally, more people are using credit cards because things are getting more expensive. Some are struggling to pay their credit card bills on time.
LAS VEGAS (AP) — A vehicle caught fire and exploded Wednesday outside the lobby of President-elect Donald Trump’s hotel in Las Vegas, authorities said.
Las Vegas police said they are investigating the fire and explosion, but neither they nor the Clark County Fire Department immediately provided more details. A county spokeswoman said in a statement that the fire was in the hotel’s valet area and was reported at 8:40 a.m.
Posted on January 1, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
MEDICAL EXECUTIVE-POST–TODAY’SNEWSLETTERBRIEFING
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Essays, Opinions and Curated News in Health Economics, Investing, Business, Management and Financial Planning for Physician Entrepreneurs and their Savvy Advisors and Consultants
“Serving Almost One Million Doctors, Financial Advisors and Medical Management Consultants Daily“
A Partner of the Institute of Medical Business Advisors , Inc.
US stocks slipped Tuesday, closing 2024 with an uncharacteristic down note after a roaring year of trading. The S&P 500 (^GSPC) fell 0.4%. The Dow Jones Industrial Average (^DJI) dropped just below the flatline, while the tech-heavy NASDAQ Composite (^IXIC) led the losses at 0.9%.
Despite the sour final stretch, the benchmark S&P 500 closed 2024 up 23%, according to Yahoo Finance data. The tech-heavy NASDAQ Composite gained almost 30%. The Dow Jones Industrial Average posted a more modest 13% win. The S&P’s annual gain roughly matches 2023’s performance, logging the highest consecutive back-to-back annual gain in nearly 30 years.
At least 10 people are dead and 35 injured after a man drove a pickup truck into a large crowd on New Orleans’ Bourbon and Canal streets early New Year’s Day, officials said. The suspect is dead. President Biden has been notified.
In an early Wednesday press conference, New Orleans Police Department (NOPD) chief Anne Kirkpatrick said a man drove a pickup truck down Bourbon Street with “clear intent.”
“He was hell bent on creating the carnage and the damage he did,” Kirkpatrick said, adding that two NOPD officers are among those injured.
The man drove down Bourbon Street “at a very fast pace,” indicating “very intentional behavior [and] trying to run over as many people as he possibly could,” Kirkpatrick said.
At least one improvised explosive device was found on the scene, said FBI New Orleans special agent-in-charge Alethea Duncan, and officials are “working on confirming if this was a viable device or not.”
The FBI is taking over the investigation, officials said.
More updates are expected from NOPD headquarters at 11 a.m. and 3 p.m. local time.
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