BOARD CERTIFICATION EXAM STUDY GUIDES Lower Extremity Trauma
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The Role of Volatility Indices in Financial Markets
Volatility is often described as the pulse of financial markets, reflecting the collective emotions of investors as they respond to uncertainty, risk, and opportunity. Among the many tools designed to measure this phenomenon, the CBOE Volatility Index, or VIX, stands out as the most widely recognized. Dubbed the “fear gauge,” the VIX captures market expectations of near-term volatility in the S&P 500, derived from options pricing. Its movements often mirror investor sentiment: rising sharply during periods of crisis and falling when confidence returns. Yet, the VIX is not alone. A family of volatility indices exists across global markets, each offering unique insights into sector-specific or regional risk.
The importance of volatility indices lies in their ability to quantify uncertainty. Traditional measures such as historical volatility look backward, analyzing past price fluctuations. In contrast, indices like the VIX are forward-looking, reflecting implied volatility based on options markets. This distinction makes them invaluable for traders, portfolio managers, and policymakers. For example, a sudden spike in the VIX often signals heightened fear, prompting investors to hedge positions or reduce exposure to equities. Conversely, a low VIX suggests complacency, though it can also precede unexpected shocks.
Beyond the VIX, other indices provide complementary perspectives. The VXN tracks volatility in the Nasdaq-100, often dominated by technology stocks. Because the tech sector is highly sensitive to innovation cycles and regulatory changes, the VXN can diverge significantly from the VIX, highlighting sector-specific risks. Similarly, the RVX measures volatility in the Russell 2000, offering a window into small-cap stocks that are more vulnerable to domestic economic conditions. Internationally, indices such as the VSTOXX in Europe and India VIX extend this framework globally, allowing investors to compare risk sentiment across regions. Together, these indices form a mosaic of market psychology, enabling a more nuanced understanding of global financial stability.
Volatility indices also play a crucial role in risk management. Derivatives linked to these indices, such as futures and exchange-traded products, allow investors to hedge against sudden downturns. For instance, during the 2008 financial crisis, demand for VIX futures surged as investors sought protection from extreme market swings. More recently, volatility products have become popular among retail traders, though their complexity and tendency to lose value over time make them risky for long-term holding.
Critics argue that volatility indices can be misleading. A low VIX does not guarantee stability, and a high VIX does not always signal disaster. Moreover, the rise of volatility-linked products has occasionally amplified market stress, as seen during the “Volmageddon” event of February 2018, when inverse volatility ETFs collapsed. These episodes underscore the need for caution: volatility indices are powerful tools, but they must be used with a clear understanding of their limitations.
In conclusion, volatility indices such as the VIX serve as vital instruments for gauging investor sentiment and managing risk. They provide a forward-looking measure of uncertainty, complementing traditional metrics and offering insights across sectors and regions. While not infallible, their role in modern finance is undeniable.
For traders, analysts, and policymakers alike, these indices are more than numbers on a screen—they are reflections of the market’s collective psyche, guiding decisions in times of both calm and crisis.
SPEAKING: Dr. Marcinko will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit an RFP for speaking engagements: CONTACT: Ann Miller RN MHA at MarcinkoAdvisors@outlook.com -OR-http://www.MarcinkoAssociates.com
The thirty companies included in the Dow Jones Industrial Average are listed in the updated chart below.
The list is sorted by each component’s weight in the index. The weight of each company is determined by the price of the stock. A $100 stock will be weighted more than a $30 stock. If a stock splits its corresponding weighting in the Dow Jones will be reduced as its price will be about half of what it was prior to the split.
Posted on October 16, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By Staff Reporters and A.I.
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Stocks: Stock Market Indexes recovered yesterday from their losses, though the Dow remained in the red.
Commodities: Gold is rising above $4,200 to another new all-time high. Meanwhile, oil dropped to nearly a five-month low as trade tensions raised the specter of slowing economic growth.
Crypto: Bitcoin, ethereum, and altcoins of all shapes and sizes remain repressed after a massive selloff last weekend erased billions in crypto positions.
The October 2025 Stock Market Crash: A Perfect Storm of Geopolitics and Investor Panic
The weekend of October 10–12, 2025, marked one of the most dramatic downturns in global financial markets in recent memory. What began as a series of unsettling headlines quickly snowballed into a full-blown market crash, sending shockwaves through economies and portfolios worldwide. This event was not the result of a single catalyst but rather a convergence of geopolitical tensions, speculative excess, and investor psychology.
At the heart of the crisis was a sudden escalation in U.S.–China trade relations. President Donald Trump abruptly canceled a scheduled diplomatic meeting with Chinese President Xi Jinping and announced a sweeping 100% tariff on all Chinese imports. This move reignited fears of a prolonged trade war, reminiscent of the economic standoff that rattled markets in the late 2010s. Investors, already jittery from months of uncertainty, interpreted the announcement as a signal of deteriorating global cooperation and retaliatory economic measures to come.
The impact was immediate and severe. Major U.S. indices plummeted: the S&P 500 dropped 2.7%, the Nasdaq fell 3.6%, and the Dow Jones Industrial Average lost 1.9%. These declines marked the worst single-day performance since April and triggered automatic trading halts in several sectors. The selloff was not confined to the United States; European and Asian markets mirrored the panic, with steep losses across the board.
Compounding the crisis was a massive liquidation in the cryptocurrency market. As traditional assets tumbled, investors rushed to offload digital holdings, leading to the largest crypto wipeout in history. Trillions of dollars in value evaporated within hours, further destabilizing investor confidence and draining liquidity from the broader financial system.
Another underlying factor was growing concern over the valuation of artificial intelligence (AI) stocks. The International Monetary Fund (IMF) had recently issued a warning that the AI sector was exhibiting signs of a speculative bubble, drawing parallels to the dot-com era. With many AI companies trading at astronomical price-to-earnings ratios, the crash exposed the fragility of investor sentiment and the dangers of overexuberance in emerging technologies.
Perhaps most telling was the psychological shift among investors. The weekend saw widespread capitulation, with many choosing to exit the market entirely rather than weather further volatility. This behavior—marked by fear-driven decision-making and herd mentality—is often a hallmark of deeper financial crises. It underscores the importance of trust and stability in maintaining market equilibrium.
In conclusion, the October 2025 stock market crash was a multifaceted event driven by geopolitical shocks, speculative risk, and emotional contagion. It serves as a stark reminder of how interconnected and fragile global markets have become. As policymakers and investors assess the damage, the focus must shift toward restoring confidence, recalibrating risk, and ensuring that future growth is built on sustainable foundations rather than speculative fervor.
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SPEAKING: ME-P Editor Dr. David Edward Marcinko MBA MEd will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit an RFP for speaking engagements: CONTACT: Ann Miller RN MHA at MarcinkoAdvisors@outlook.com -OR-http://www.MarcinkoAssociates.com
The Dow Jones Industrial Average (DJIA), often referred to simply as “the Dow,” is one of the oldest and most well-known stock market indices in the world. It was created in 1896 by Charles Dow, the co-founder of The Wall Street Journal, and is designed to represent the performance of the broader U.S. stock market, specifically focusing on 30 large, publicly traded companies. These companies are considered leaders in their respective industries and serve as a barometer for the overall health of the U.S. economy.
The Composition of the DJIA
The DJIA includes 30 companies, which are selected by the editors of The Wall Street Journal based on various factors such as market influence, reputation, and the stability of the company. These companies represent a wide array of sectors, including technology, finance, healthcare, consumer goods, and energy. Notably, the companies chosen for the DJIA are not necessarily the largest companies in the U.S. by market capitalization, but rather those that are most indicative of the broader economy. Some of the prominent companies listed in the DJIA include names like Apple, Microsoft, Coca-Cola, and Johnson & Johnson.
However, the list of 30 companies is not static. Over time, companies may be added or removed to reflect changes in the economic landscape. For example, if a company experiences significant decline or no longer represents a leading sector, it might be replaced with another company that better reflects modern economic trends. This periodic reshuffling ensures that the DJIA continues to be a relevant measure of economic activity.
How the DJIA is Calculated
The DJIA is a price-weighted index, which means that the value of the index is determined by the share price of the component companies, rather than their market capitalization. To calculate the DJIA, the sum of the stock prices of all 30 companies is divided by a special divisor. This divisor adjusts for stock splits, dividends, and other corporate actions to maintain the integrity of the index over time. The price-weighted method means that higher-priced stocks have a greater impact on the movement of the index, regardless of the overall size or economic weight of the company.
For instance, if a company with a higher stock price like Apple experiences a significant change in value, it will influence the DJIA more than a company with a lower stock price, even if the latter has a larger market capitalization. This makes the DJIA somewhat different from other indices, like the S&P 500, which is weighted by market cap and gives more weight to larger companies in terms of their economic impact.
Significance of the DJIA
The DJIA is widely regarded as a barometer of the U.S. stock market’s performance. Investors and analysts closely monitor the movements of the Dow to gauge the overall health of the economy. When the DJIA rises, it generally suggests that investors are optimistic about the economic outlook and that large companies are performing well. Conversely, when the DJIA falls, it often signals economic uncertainty or a downturn in market conditions.
Despite being a narrow index, with only 30 companies, the DJIA holds substantial sway in financial markets. It is widely covered in the media and is often cited in discussions about the state of the economy. In fact, the performance of the DJIA is considered a key indicator of investor sentiment and economic confidence.
However, the DJIA has its limitations. Since it only includes 30 companies, it does not necessarily represent the broader market or capture the performance of smaller companies. Other indices, like the S&P 500, which includes 500 companies, offer a more comprehensive view of the market’s performance.
Conclusion
The Dow Jones Industrial Average is a key metric for understanding the state of the U.S. economy and the stock market. Although it has evolved over the years, it continues to provide valuable insights into the performance of large, influential companies. While it is not a perfect reflection of the market as a whole, the DJIA remains one of the most important and widely recognized indices in global finance. Through its historical significance and its role in shaping market sentiment, the Dow has cemented its place as a cornerstone of financial analysis.
Posted on October 7, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By A.I.
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Stocks: The S&P 500 hit its seventh record close in a row today, its longest win streak since May. The NASDAQ was buoyed by big tech, while the DJIA fell.
Commodities: Oil climbed thanks to a decision by OPEC+ to boost crude production at a more modest rate than experts expected. Gold continued its record run, rising above $3,900 for the first time ever, while bitcoin hovered just below a new all-time high.
Japan and France: Japanese stocks rose after the country elected its first female prime minister, and French stocks dropped after its prime minister quit less than a month into the job.
Stocks: The Russell 2000 went 967 days without hitting a new record high until Thursday. But, it looks like it will have to keep waiting for the next one—the small-cap-focused index fell, even as the DJIA, NASDAQ and S&P 500 rose to new closing highs on Friday.* Bonds: 2-year yields and 10-year yields both hit two-week intra-day highs even after the FOMC cut interest rates, indicating that traders still aren’t sure how the economy will perform in the months ahead. Commodities: Arabica futures fell on reports that lawmakers will introduce a bipartisan bill to exempt coffee from tariffs.
Dr. Harry Markowitz is credited with developing the framework for constructing investment portfolios based on the risk-return tradeoff. William Sharpe, John Lintner, and Jan Mossin are credited with developing the Capital Asset Pricing Model (CAPM).
CAPM is an economic model based upon the idea that there is a single portfolio representing all investments (i.e., the market portfolio) at the point of the optimal portfolio on the Capital Market Line (CML) and a single source of systematic risk, beta, to that market portfolio. The resulting conclusion is that there should be a “fair” return investors should expect to receive given the level of risk (beta) they are willing to assume.
The excess return, or return above the risk-free rate, that may be expected from an asset is equal to the risk-free return plus the excess return of the market portfolio times the sensitivity of the asset’s excess return to the market portfolio excess return. Beta, then, is a measure of the sensitivity of an asset’s returns to the market as a whole. A particular security’s beta depends on the volatility of the individual security’s returns relative to the volatility of the market’s returns, as well as the correlation between the security’s returns and the markets returns.
While a stock may have significantly greater volatility than the market, if that stock’s returns are not highly correlated with the returns of the overall market (i.e., the stock’s returns are independent of the overall market’s returns), then the stock’s beta would be relatively low. A beta in excess of 1.0 implies that the security is more exposed to systematic risk than the overall market portfolio, and likewise, a beta of less 1.0 means that the security has less exposure to systematic risk than the overall market.
MPT has helped focus investors on two extremely critical elements of investing that are central to successful investment strategies.
First, MPT offers the first framework for investors to build a diversified portfolio. Furthermore, an important conclusion that can be drawn from MPT is that diversification does in fact help reduce portfolio risk.
Thus, MPT approaches are generally consistent with the first investment rule of thumb, “understand and diversify risk to the extent possible.”
Additionally, the risk/return tradeoff (i.e., higher returns are generally consistent with higher risk) central to MPT based strategies has helped investors recognize that if it looks too good to be true, it probably is.
Passive Investing
Passive investing is a monetary plan in which an investor invests in accordance with a pre-determined strategy that doesn’t necessitate any forecasting of the economy or an individual company’s prospects. The primary premise is to minimize investing fees and to avoid the unpleasant consequences of failing to correctly predict the future. The most accepted method to invest passively is to mimic the performance of a particular index. Investors typically do this today by purchasing one or more ‘index funds’. By tracking an index, an investor will achieve solid diversification with low expenses.
An ivestor could potentially earn a higher rate of return than an investor paying higher management fees. Passive management is most widespread in the stock markets. But with the explosion of exchange traded funds on the major exchanges, index investing has become more popular in other categories of investing. There are now literally hundreds of different index funds.
Passive management is based upon the Efficient Market Hypothesis theory. The Efficient Market Hypothesis (EMH) states that securities are fairly priced based on information regarding their underlying cash flows and that investors should not anticipate to consistently out-perform the market over the long-term.
The Efficient Market Hypothesis evolved in the 1960s from the Ph.D. dissertation of Eugene Fama. Fama persuasively made the case that in an active market that includes many well-informed and intelligent investors, securities will be appropriately priced and reflect all available information. If a market is efficient, no information or analysis can be expected to result in out-performance of an appropriate benchmark. There are three distinct forms of EMH that vary by the type of information that is reflected in a security’s price:
Weak Form
This form holds that investors will not be able to use historical data to earn superior returns on a consistent basis. In other words, the financial markets price securities in a manner that fully reflects all information contained in past prices.
Semi-Strong Form
This form asserts that security prices fully reflect all publicly available information. Therefore, investors cannot consistently earn above normal returns based solely on publicly available information, such as earnings, dividend, and sales data.
Strong Form
This form states that the financial markets price securities such that, all information (public and non-public) is fully reflected in the securities price; investors should not expect to earn superior returns on a consistent basis, no matter what insight or research they may bring to the table.
While a rich literature has been established regarding whether EMH actually applies in any of its three forms in real world markets, probably the most difficult evidence to overcome for backers of EMH is the existence of a vibrant money management and mutual fund industry charging value-added fees for their services.
The notion of passive management is counterintuitive to many investors. Passive investing proponents follow the strong market theory of EMH. These proponents argue several points including;
In the long term, the average investor will have a typical before-costs performance equal to the market average. Therefore the standard investor will gain more from reducing investment costs than from attempting to beat the market over time.
The efficient-market hypothesis argues that equilibrium market prices fully reflect all existing market information. Even in the case where some of the market information is not currently reflected in the price level, EMH indicates that an individual investor still cannot make use of that information. It is widely interpreted by many academics that to try and systematically “beat the market” through active management is a fools game.
Not everyone believes in the efficient market. Numerous researchers over the previous decades have found stock market anomalies that indicate a contradiction with the hypothesis. The search for anomalies is effectively the hunt for market patterns that can be utilized to outperform passive strategies. Such stock market anomalies that have been proven to go against the findings of the EMH theory include;
Low Price to Book Effect
January Effect
The Size Effect
Insider Transaction Effect
The Value Line Effect
All the above anomalies have been proven over time to outperform the market. For example, the first anomaly listed above is the Low Price to Book Effect. The first and most discussed study on the performance of low price to book value stocks was by Dr. Eugene Fama and Dr. Kenneth R. French. The study covered the time period from 1963-1990 and included nearly all the stocks on the NYSE, AMEX and NASDAQ. The stocks were divided into ten subgroups by book/market and were re-ranked annually. In the study, Fama and French found that the lowest book/market stocks outperformed the highest book/market stocks by a substantial margin (21.4 percent vs. 8 percent). Remarkably, as they examined each upward decile, performance for that decile was below that of the higher book value decile. Fama and French also ordered the deciles by beta (measure of systematic risk) and found that the stocks with the lowest book value also had the lowest risk.
Today, most researchers now deem that “value” represents a hazard feature that investors are compensated for over time. The theory being that value stocks trading at very low price book ratios are inherently risky, thus investors are simply compensated with higher returns in exchange for taking the risk of investing in these value stocks. The Fama and French research has been confirmed through several additional studies. In a Forbes Magazine 5/6/96 column titled “Ben Graham was right–again,” author David Dreman published his data from the largest 1500 stocks on Compustat for the 25 years ending 1994. He found that the lowest 20 percent of price/book stocks appreciably outperformed the market.
One item a medical professional should be aware of is the strong paradox of the efficient market theory. If each investor believes the stock market were efficient, then all investors would give up analyzing and forecasting. All investors would then accept passive management and invest in index funds. But if this were to happen, the market would no longer be efficient because no one would be scrutinizing the markets. In actuality, the efficient market hypothesis actually depends on active investors attempting to outperform the market through diligent research.
The case for passive investing and in favor of the EMH is that a preponderance of active managers do actually underperform the markets over time. The latest study by Standard and Poor’s (S&P) confirms this fact. S&P recently compared the performance of actively-managed mutual funds to passive market indexes twice per year. The 2012 S&P study indicated that indexes were once again outperforming actively-managed funds in nearly every asset class, style and fund category. The lone exception in the 2012 report was international equity, where active outperformed the index that S&P chose. The study examined one-year, three-year and five-year time periods. Within the U.S. equity space, active equity managers in all the categories failed to outperform the corresponding benchmarks in the past five year period. More than 65 percent of the large-cap active managers lagged behind the S&P 500 stock index. More than 81 percent of mid-cap mutual funds were outperformed by the S&P MidCap 400 index.
Lastly, 77 percent of the small-cap mutual funds were outperformed by the S&P SmallCap 600 index. U.S. bond active managers fared no better that equity managers over a five year period. More than 83 percent of general municipal mutual funds under-performed the S&P National AMT-Free Municipal Bond index, 93 percent of government long-term funds under-performed the Barclays Long Government index, nearly 95 percent of high yield corporate bond funds under-performed the Barclays High Yield index. Although the performance measurements for index investing are very strong, many analysts find three negative elements of passive investing;
Downside Protection: When the stock market collapses like in 2008, an index investor will assume the same loss as the market. In the case of 2008, the S&P 500 stock index fell by more than 50 percent, offering index investors no downside protection.
Portfolio Control: An index investor has no control over the holdings in the fund. In the event that a certain sector becomes over-owned (i.e. technology stocks in 2000), an index investor maintains the same weight as the index.
Average Returns: An index investor will never have the opportunity to outperform the market, but will always follow. Although the markets are very efficient, an investor can perhaps take advantage of market anomalies and invest with those managers who have maintained a long-term performance edge over the respective index.
SPEAKING: Dr. Marcinko will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit an RFP for speaking engagements: CONTACT: Ann Miller RN MHA at MarcinkoAdvisors@outlook.com -OR-http://www.MarcinkoAssociates.com
Posted on September 13, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By A.I. and Staff Reporters
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Stocks: The NASDAQ rose to its fifth record high of the week, while the S&P 500 and the Dow sank late in the day as investors turned their attention to the FOMC meeting next week.
Bonds: While equities climbed all week long, the bond market has been sending signals that weak economic data really isn’t great news.
Commodities: Oil rallied after President Trump expressed his growing frustration with Vladimir Putin and threatened further energy and financial sanctions. Meanwhile, the US may ask its G7 counterparts to apply 100% tariffs against China and India for purchasing Russian crude.
Although 97% of people aren’t yet millionaires, many could eventually meet that target if they start investing sooner rather than later; especially doctors [MD, DO, DPM, DDS or DMD].
A 20-year-old, for instance, needs to invest just $330 a month into an asset class that delivers a 7% to 8% annual return to reach $1.26 million by the time s/he turns 65 years old. The luxury of time significantly boosts your chances of becoming a millionaire.
This doesn’t mean it’s too late for middle-aged savers to reach that millionaire milestone, but it will take a significantly greater investment. If a 50-year-old doctor hasn’t started saving for retirement, s/he would need to invest $3,958 a month at a steady 7% return to reach $1.26 million by retirement.
However, according to one Goldman Sachs report, investors could expect the S&P 500 to deliver just 3% annualized nominal returns over the next 10 years.
After an average 13% yearly return for the past decade, a new strategy outside of the stock market may be needed for that level of outsized gain, especially if you’re late to investing.
SPEAKING: Dr. Marcinko will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit an RFP for speaking engagements: CONTACT: Ann Miller RN MHA at MarcinkoAdvisors@outlook.com -OR-http://www.MarcinkoAssociates.com
Stocks: The stock markets rose today after Jerome Powell opened the door to interest rate cuts. The Dow soared to a new all-time high, while small-cap stocks in the Russell 2000 had a banner day.
Bonds: Yields fell while the chances of a rate cut after the Fed’s next meeting in September rose to 83%.
Commodities: Gold rose on rate cut hopes while oil fell as peace talks between Ukraine and Russia stalled. But the biggest winner is coffee: prices have risen for six straight days to cap off its biggest weekly gain since 2021.
Posted on August 16, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By A.I.
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Stocks: The Dow climbed thanks to UnitedHealth and Warren Buffett while the rest of the market sank as the stock rally slowed. But, despite Friday’s decline, both the S&P 500 and NASDAQ wrapped up winning weeks.
Bonds: Both 10-year and 2-year Treasury yields continued to climb after Thursday’s PPI reading and Friday’s consumer confidence and retail sales data.
Commodities: All eyes were on Anchorage, Alaska as President Trump concluded talks with President Putin—discussions that will be crucial for crude’s future.
There’s an aspect to retirement that many physicians do not plan for … the transition from work and practice to retirement. Your work has been an important part of your life. That’s why the emotional adjustments of retirement may be some of the most difficult ones.
For example, what would you like to do in retirement? Your retirement vision will be unique to you. You are retiring to something not from something that you envisioned. When you have more time, you would like to do more traveling, play golf or visit more often, family and friends. Would you relocate closer to your kids? Learn a new art or take a new class? Fund your grandchildren’s education? Do you have philanthropic goals? Perhaps you would like to help your church, school or favorite charity? If your net worth is above certain limits, it would be wise to take a serious look at these goals. With proper planning, there might be some tax benefits too. Then you have to figure how much each goal is going to cost you.
If you have a list of retirement goals, you need to prioritize which goal is most important. You can rate them on a scale of 1 to 10; 10 being the most important. Then, you can differentiate between wants and needs. Needs are things that are absolutely necessary for you to retire; while wants are things that still allow retirement but would just be nice to have.
Recent studies indicate there are three phases in retirement, each with a different spending pattern [Richard Greenberg CFP®, Gardena CA, personal communication]. The three phases are:
The Early Retirement Years. There is a pent-up demand to take advantage of all the free time retirement affords. You can travel to exotic places, buy an RV and explore forty-nine states, go on month-long sailing vacations. It’s possible during these years that after-tax expenses increase during these initial years, especially if the mortgage hasn’t been paid off yet. Usually the early years last about ten years until most retirees are in their 70’s.
Middle Years. People decide to slow down on the exploration. This is when people start simplifying their life. They may sell their house and downsize to a condo or townhouse. They may relocate to an area they discovered during their travels, or to an area close to family and friends, to an area with a warm climate or to an area with low or no state taxes. People also do their most important estate planning during these years. They are concerned about leaving a legacy, taking care of their children and grandchildren and fulfilling charitable intent. This a time when people spend more time in the local area. They may start taking extension or college classes. They spend more time volunteering at various non-profits and helping out older and less healthy retirees. People often spend less during these years. This period starts when a retiree is in his or her mid to late 70’s and can last up to 20 years, usually to mid to late-80’s.
Late Years. This is when you may need assistance in our daily activities. You may receive care at home, in a nursing home or an assisted care facility. Most of the care options are very expensive. It’s possible that these years might be more expensive than your pre-retirement expenses. This is especially true if both spouses need some sort of assisted care. This period usually starts when the retiree is their 80’s; however they can sometimes start in the middle to the late 70’s.
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[A] Planning issues – early career
Most retirement lifestyle issues do not have to be addressed at this point. Keeping a healthy, balanced lifestyle will help to ensure a more productive retirement. This is the time to focus on the financial aspects of retirement planning.
[B] Planning issues – mid career
If early retirement is a major objective, start thinking about activities that will fill up your time during retirement. Maintaining your health is more critical, since your health habits at this time will often dictate how healthy you will be in retirement
[C] Planning issues – late career
Three to five years before you retire, start making the transition from work to retirement.
Try out different hobbies;
Find activities that will give you a purpose in retirement;
Establish friendships outside of the office or hospital;
Discuss retirement plans with your spouse.
If you plan to relocate to a new place, it is important to rent a place in that area and stay for few months and see if you like it. Making a drastic change like relocating and then finding you don’t like the new town or state might be very costly mistake. The key is to gradually make the transition.
For physicians, like most folks, retirement is the stage in life when one chooses to leave the workforce and live off sources of income or savings that do not require active work. The age at which a person retires, their lifestyle during retirement, and the way they fund that lifestyle, will vary from one person to the next, depending on individual preferences and financial planning. Usually it is age 65.
Some doctors may opt for early retirement to enjoy their hobbies and travel, while others may continue working part-time to stay engaged and supplement their income. Effective retirement planning often involves a combination of savings, investments, and possibly pension benefits to ensure a comfortable and secure post-work life.
SPEAKING: ME-P Editor Dr. David Edward Marcinko MBA MEd will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit an RFP for speaking engagements: CONTACT: Ann Miller RN MHA at MarcinkoAdvisors@outlook.com -OR-http://www.MarcinkoAssociates.com
Posted on July 29, 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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Stocks: Investors cheered the news of an EU & US trade deal over the weekend, pushing the S&P 500 above 6,400 for the first time ever. But the index gave up most of its gains late in the day as attention turned to a huge week of data ahead (more on that in a minute).
Trade: Today was the first day of discussions between US and Chinese negotiators in Stockholm to keep the trade war truce alive. Elsewhere, President Trump foresees a baseline 15% to 20% tariff rate for the rest of the world.
Commodities: Gold fell as trade deal hopes heightened investors’ risk appetite, while oil spiked higher after Trump gave Russia a 10- to 12-day deadline to sign a truce with Ukraine.
According to Bloomberg, 83% of the S&P 500 companies that have reported earnings have outpaced Wall Street’s estimates, putting the index on pace for its best season of beats since the second quarter of 2021.
Posted on July 26, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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UnitedHealth confirmed it’s being investigated. The healthcare giant said in a securities filing that it’s cooperating with the Justice Department in civil and criminal investigations following recent reports from the Wall Street Journal that the DOJ was looking into the company’s Medicare billing practices. WSJ reported that UnitedHealth had added unnecessary diagnoses to Medicare patients’ records that increased payments. It’s the latest setback for a company that ousted its CEO in May after its stock price cratered.
Tesla arrested its latest decline and gained 3.52% on the news that it will roll out its new robotaxi program in San Francisco as soon as this weekend.
Deckers Outdoor, the maker of Hoka and Ugg shoes, soared 11.35% on the back of stronger-than-expected earnings thanks to impressive international sales.
Newmont climbed 6.89% after a quarter of surging gold prices helped propel the miner’s earnings to new heights.
Managed care provider Centene added 6.09% despite marked declines in its Medicaid and Medicare membership, as well as soaring costs.
BostonBeer rose 6.54% as shareholders raised a toast to management’s effort to keep tariff costs low.
What’s down
Intel fell 8.53% on the news that it’s cutting costs by laying off 15% of its workforce and scaling back its chip foundry plans.
Puma plummeted 15.67% after the European footwear company warned of the high cost of tariffs.
Charter Communications plunged 18.49% in its worst day of trading ever after reporting that it lost 117,000 broadband subscribers last quarter. It was so bad that other cable stocks like Comcast sank 4.78% and Altice lost 9.46%.
Lyft announced it’s rolling out new autonomous shuttles, but shares still fell 0.56% as shareholders realized it’s just trying to keep up with Uber.
Posted on July 25, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Stat: $3+ million. That’s how much Medicare and Medicare Advantage drug plans have been ordered to pay for “inappropriately delaying or denying” services in the first four months of this year—more than the past four years combined, one analysis finds. (Healthcare Dive)
BloomEnergy popped 22.95% on the news that it made a deal with Oracle to provide the tech company’s AI data centers with power.
Enterprise software maker ServiceNow jumped 4.16% on management’s promise of more AI growth ahead.
West Pharmaceutical Services soared 22.78% on the news that demand for GLP-1 products remains strong.
What’s down
IBM dropped 7.62% despite beating analysts expectations on the top and bottom lines last quarter. Shareholders didn’t like to hear management warn of slowing software sales.
UnitedHealth Group fell 4.76% on reports that the health insurer is cooperating with the DOJ’s investigation into its Medicare billing practices.
Tough day for airlines: AmericanAirlines sank 9.62% after lowering its forward guidance, and SouthwestAirlines lost 11.16% after missing analyst earnings estimates.
Luxury goods maker LVMH sank 3.66% after sales fell 4% last quarter as the high-fashion industry gets hit with tariff turmoil.
UnionPacific fell 4.43% after it confirmed it’s in talks to acquire smaller rival NorfolkSouthern, which also lost 0.81%.
HoneywellInternational beat-and-raised earnings last quarter, but the stock still stumbled 6.18% lower.
Stocks: The multi-day rally wavered this afternoon as investors turned their attention to big tech earnings tomorrow. The S&P 500 closed at a record high, while the NASDAQ finally broke its hot streak.
FOMC: Treasury Secretary Scott Bessent sees no reason for Jerome Powell to step down, while President Trump tempered his outrage against the Fed chair. Instead, well-known economist Mohamed El-Erian took up the gauntlet.
Trade: Bessent said China may get an extension to make a true trade deal, while promising a “rash of trade deals” in the coming days. Speaking of, Trump declared the US has made a deal with the Philippines capping import levies at 19%.
Posted on July 22, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Stocks: Markets lost steam late in the trading session yesterday as investors awaited more earnings announcements, with the DJIA tumbling into the red. But the S&P 500 managed to end the day above 6,300 for the first time ever, while the NASDAQ enjoyed its sixth consecutive record close
FOMC: Over the weekend,President Trump disputed reports that Treasury Secretary Scott Bessent talked him out of firing Jerome Powell. Meanwhile, Bessent said that the entire Federal Reserve should be put under review.
Trade: Commerce Secretary Howard Lutnick reiterated that August 1st will be the “hard deadline” for countries to make a deal with the US. Both negotiations and tensions with the EU are ramping up as Trump threatens to slap the bloc with 30% levies.
Posted on July 19, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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“Crypto Week” got back on track after House GOP lawmakers convinced the holdouts in their party to help advance a series of crypto-friendly bills.
Crypto: Although bitcoin fell after the president signed the GENIUS Act into law, ether rose to its highest price in six months today, while enthusiasm for the new legislation pushed total crypto assets above $4 trillion.
Talen Energy soared 24.48% on the news that the independent energy producer is acquiring two new power plants.
InteractiveBrokers surged 7.77% after the broker increased the number of customer accounts by 32% last quarter as traders played market volatility.
Speaking of trading, CharlesSchwab gained 2.87% after opening more than 1 million new brokerage accounts last quarter gave it a 23% boost in trading revenue.
Burberry popped 4.42% thanks to a turnaround in the luxury goods maker’s business, including a 4% increase in American sales last quarter.
Quantumscape continued to climb yet again, rising another 7.65% as investors pour money into the battery maker.
Invesco jumped 15.28% on reports that the asset manager is asking shareholders of its popular QQQ fund to let it revamp its fund structure to increase fee revenue.
Crypto companies continued to have a great week as key legislation passed its final barrier in Congress. Coinbase climbed 2.2%, RobinhoodMarkets rose 4.07%, and GalaxyDigital gained 4.19%.
What’s down stocks
Netflix fell 5.1% after the streaming giant reported a strong quarter but warned that its operating margin will take a hit in the second half of the year.
Sarepta Therapeutics plunged 35.94% after the biotech reported a third patient death during its Phase 1 study of its new gene therapy.
AmericanExpress sank 2.35% despite a strong quarter of spending among cardholders that helped the credit card company notch record quarterly revenue.
Posted on July 18, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Lucid exploded 36.24% higher on the news that the EV maker is partnering with Uber to roll out the ridesharing company’s new robotaxis.
PepsiCo popped 7.45% thanks to a strong quarter for the snack and soda giant, while shareholders cheered the details of its turnaround plan.
UnitedAirlines may have missed Wall Street’s revenue forecast, but its profits were enough to impress investors. Shares rose 3.11%.
Reports that Union Pacific is thinking about acquiring a rival sent shares of fellow train operators CSX and NorfolkSouthern up 3.73% and 3.65%, respectively.
Sarepta Therapeutics soared 19.53% after the biotech announced it will lay off 500 employees and restructure its entire business.
Quantumscape continued its hot streak, rising yet another 19.82% thanks to its recent battery breakthrough.
Speaking of hot streaks, OpenDoorTechnologies rose another 10.74% as retail traders pour into what is quickly becoming the next big meme stock.
Stocks down
GE Aerospace crushed earnings expectations and raised its fiscal guidance, but it still wasn’t enough to impress investors, who pushed shares of the engine maker down 2.10%.
USBancorp sank 1.03% after revenue and net interest income missed forecasts last quarter.
AbbottLaboratories beat on both top and bottom line guidance, but still fell 8.53% after the pharma company narrowed its fiscal forecasts.
President Trump is expected to sign an executive order in the coming days designed to help make private-market investments more available to U.S. retirement plans, according to people familiar with the matter. The order would instruct the Labor Department and the Securities and Exchange Commission to provide guidance to employers and plan administrators on including investments like private assets in 401(k) plans.
Posted on July 17, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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US measles cases have reached a 33-year high. A little more than halfway into 2025, the US has reported 1,288 measles cases, marking the highest yearly total since 1992, according to data from the Centers for Disease Control and Prevention.
VC powerhouse and diehard Tolkien fan Peter Thiel revealed he’s taken a 9% stake in bitcoin miner BitMine Immersion Technologies. Shares popped 12.11%, while fellow miners that have also recently invested in ether soared in tandem: SharpLinkGaming added 29.03%, and BitDigital gained 19.45%.
In fact, most crypto stocks had a good day thanks to renewed optimism that Crypto Week isn’t over in Congress. MicroStrategy climbed 3.07% and MARAHoldings jumped 3.62%.
Johnson & Johnson rose 6.19% after the consumer goods giant reported impressive earnings last quarter and raised its forward guidance.
BrightHouseFinancial popped 6.23% on reports that the insurer may be bought by private equity firm Aquarian Holdings.
Tesla gained 3.50% after the EV maker revealed the new six-seat Model Y it will begin selling in China this fall.
What’s down
ASML dropped 8.33% after the chipmaker warned that growth might be completely flat next year.
Ford fell 2.85% on the news that the automaker is recalling nearly 700,000 crossover SUVs due to fuel leaks.
GrabAGun Digital Holdings, the online gun seller backed by Donald Trump, Jr., made its market debut today. Investor reception was scathing, and the stock slid 24.19%.
Though Medicaid cuts in the Trump administration’s budget bill shocked hospitals, providers may start singing its praises after learning they’re due for a pay bump next year. On Monday, the Centers for Medicare and Medicaid Services (CMS) shared its proposed 2026 physician fee schedule, which determines Medicare payments based on the amount of resources in provider services like office visits, hospice, diagnostic testing, ambulance care, and more.
Posted on July 16, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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The consumer price index, a broad-based measure of goods and services costs, increased 0.3% on the month, putting the 12-month inflation rate at 2.7%, the Bureau of Labor Statistics reported Tuesday. The numbers were right in line with the Dow Jones consensus. Excluding volatile food and energy prices, core inflation picked up 0.2% on the month, with the annual rate moving to 2.9%, also matching the respective estimates.
The Trump administration has launched a probe into drone imports. Drones use polysilicon, a key ingredient for solar panels, and tariffs on the material could help boost profitability for domestic manufacturers like FirstSolar, which rose 6.90%.
National Fuel Gas rose 5.65% after the energy company caught a rare double upgrade from Bank of America analysts, who like the energy company’s improved productivity.
Stocks down
BlackRock fell 5.86% after the world’s largest asset manager reported that a single client pulled $52 billion last quarter.
It wasn’t a great day for other big banks: WellsFargo sank 5.43% after cutting its 2025 net interest income guidance, while JPMorgan Chase lost 0.74% despite beating sales and profit estimates.
Albertsons tumbled 5.02% even though the grocer reported a solid quarter thanks to strong pharmacy sales and digital revenue.
Newmont dropped 5.71% on the news that CFO Karyn Ovelmen is leaving the gold miner.
Posted on July 15, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Drug and medical device companies paid at least $13.2 billion to medical professionals in 2024, according to CMS data released June 30th. There’s been steady growth in these payments over the last few years, which include everything from research payments to free meals to promotional or conference fees. Drug and medical device companies paid out $13.1 billion in 2023, $13.1 in 2022, and $12.6 in 2021. If you’re a medical provider, you’ve probably gotten one of those perks from a drug or medical device company and thought it wouldn’t affect your decision-making.
But research suggests physicians are more likely to prescribe drugs from companies that pay them, with some studies specifically associating this with drugs that are costlier to patients. “Really well-trained people who affirm an oath to do no harm can be influenced, and are,” Neil Jay Sehgal, associate professor of health systems and population health at the University of Washington School of Public Health, told Healthcare Brew.
Bitcoin is booming, and crypto stocks climbed along with it. MicroStrategy rose 3.86%, RobinhoodMarkets added 1.67%. and Coinbase gained 1.80%.
Boeing rose 1.64% on preliminary reports that investigators have found no evidence of malfunction in the plane that crashed in India last month. Engine-maker GEAerospace also gained 2.71%.
Warner Bros Discovery climbed 2.39% thanks to a strong opening weekend for the new Superman movie.
Autodesk popped 5.05% on the news that it is not pursuing an acquisition of rival software maker PTC. PTC fell 1.25%.
Kenvue, the company behind Band Aids and Listerine, gained 2.18% after kicking its CEO to the curb.
PayPal climbed 3.55% despite the news that JPMorgan will start charging the fintech fees for access to customer data.
Stocks Down
Starbucks sank 1.60% on news that employees will have to return to the office four days a week. Shareholders were also unimpressed with the coffee giant’s new secret menu.
Synopsys stumbled 1.74% after getting regulatory approval from Chinese authorities to acquire software designer Ansys for $35 billion. Ansys rose 3.03% on the news.
Waters plunged 13.81% on the news that it will merge with Becton Dickinson’s bioscience and diagnostic solutions business in a $17.5 billion deal.
RivianAutomotive lost 2.15% thanks to a downgrade from Guggenheim analysts, who forecast soft sales for the automaker’s latest models.
Posted on July 12, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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CVS has threatened to close 23 pharmacies in Arkansas after the state passed a law banning companies that own pharmacy benefit managers (PBMs) from also operating pharmacies starting in 2026.
Kraft Heinz jumped 2.53% following a WSJ report it was preparing to break itself up (but not back to Kraft and Heinz).
Companies in the drone sector rose after the Pentagon introduced measures to supercharge production and deployment. Red Cat rose 26.40%, AeroVironment 11.04%, and Kratos Defense & Security Solutions 11.76%.
Performance Food Group jumped 4.84% to a record after reportedly being eyed by US Foods Holding for a takeover. A combined company would become the top foodservice distributor in the US with combined sales of ~$100 billion.
AMC Entertainment popped 11% on an upgrade from Wedbush. It’s tired of IMAX hogging the Brew Markets spotlight…
What’s down stocks
Delta (-0.23%) and United (-4.34%) took a breather after their big celebration on Thursday post-Delta earnings.
Penn Entertainment got hit 7.62% when gaming revenue for Iowa and Indiana came in soft.
Sunrun’s up-and-down week ended…down, with the solar stock falling 7%.
Posted on July 11, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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US measles cases have reached a 33-year high. A little more than halfway into 2025, the US has reported 1,288 measles cases, marking the highest yearly total since 1992, according to data from the Centers for Disease Control and Prevention.
Cereal legend WK Kellogg popped 30.57% after chocolate giant Ferrero agreed to acquire it for north of $3 billion.
Tesla (+4.73%) continued to rebound from its plunge on Monday. Elon Musk said that Tesla’s robotaxi service would expand into the Bay Area “probably in a month or two” and that his AI chatbot Grok is coming to Tesla vehicles by next week.
Estée Lauder gained 6.32% after Bank of America slapped a buy rating on the stock, implying a 27% upside from Wednesday’s closing price.
ProKidney continued its remarkable rally, rising another 19.35%, after the biotech announced positive trial results for its diabetes treatment. It’s gone from a penny stock to a $1.55 billion market cap in the past four days.
Copper companies Freeport-McMoRan (+3.51%) and Southern Copper (+2.34%) gained thanks to Trump’s announcement that copper tariffs would begin on August 1.
Stocks down
Biotech partners Ultragenyx (-25.11%) and Mereo BioPharma Group (-42.52%) plunged after issuing a disappointing update on their trial of a treatment for a rare genetic bone condition.
Vertiv, the maker of liquid cooling equipment,declined 5.96% when Amazon said it was rolling out a new liquid cooling system for its AI servers.
Hydro Flask owner Helen of Troy tumbled 22.71% after reporting a $450 million loss in its fiscal first quarter. CEO Brian Grass said “tariff-related impacts” were its Achilles heel.
Autodesk fell 6.89% after Bloomberg reported on Wednesday it was weighing a takeover of rival engineering software company PTC.
Posted on July 10, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Hims & Hers Health gained 4.62% after announcing it will sell generic semaglutide in Canada when Novo Nordisk’s patent for Ozempic and Wegovy expires in January.
Merck shareholders applauded its move to buy respiratory drugmaker Verona Pharma for $10 billion, sending its stock up 2.88%.
Rhythm Pharmaceuticals popped 36.63% thanks to a promising new trial for its oral obesity treatment.
AES, a renewable power company that counts Microsoft among its clients, jumped 19.87% after Bloomberg reported it was considering a sale.
Fashion names Ralph Lauren (+2.10%) and Coach owner Tapestry (+3.31%) hit record highs.
Stocks down
WPP cut its guidance and watched its stock fall 18.11% as a result. The ad giant is dealing with a laundry list of challenges, from AI disrupting the industry to clients spending less to finding a new CEO.
Medical device maker RxSight plunged 37.84% after slashing its full-year revenue forecast.
T-Mobile ticked 1.55% lower after getting a downgrade from KeyBanc, which said its weakness in fiber internet would prevent it from catching up to rival AT&T.
Mobileye, which makes self-driving tech and was spun out of Intel, fell 7.08% when Intel said it was selling 45 million shares.
Posted on July 9, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Record VC investments for women’s health: Venture-backed women’s health startups experienced unprecedented investment last year, according to a new SVB report. The report examines the factors driving such record-breaking funding—like growing recognition of how various health conditions affect women differently and disproportionately, plus the causes and biological drivers behind this imbalance. Read it here.
Stocks: Investors mostly yawned and the major indexes held steady a day after President Trump reignited his trade war by announcing higher tariffs would go into effect on 14 countries starting August 1st. Wall Street banks don’t seem concerned either, as Goldman Sachs and Bank of America became the latest strategists to raise their year-end target for the S&P 500.
Commodities: Copper futures popped as much as 17% to a new record, the largest intra-day gain since at least 1988, after Trump said he plans to place a 50% tariff on copper imports.
Posted on July 8, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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The FBI has uncovered $14.6 billion worth of fraudulent claims submitted to Medicare, Medicaid and other government health care programs, the agency said on Monday in conjunction with the Department of Justice (DOJ). The investigation resulted in 324 defendants being charged, including 96 medical professionals.
Now, the DOJ, FBI and HHS say they are collaborating to create a health care data fusion center that will help them identify, investigate and prosecute health care fraud.
And yesterday, the entities announced a DOJ-HHS False Claims Act Working Group, in which HHS will refer potential False Claims Act violations to the DOJ. Read more about the working group, its members and its goals here.
Stocks: US equities tumbled from record highs, dragged down by megacaps, as President Trump reignited the dormant trade war with fresh tariff warnings against major trading partners (more on that in a sec). Meanwhile, the dollar bounced 0.5% against a basket of other currencies.
Commodities: Oil gained despite OPEC+ deciding to raise crude production by 548,000 barrels per day beginning in August, a larger-than-expected increase. Ultimately, Wall Street analysts expect oil futures to drop below $60 a barrel by the end of the year due to the increase in production.
Posted on July 4, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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OpenAI is giving its employees a mandatory week long vacation to stave off a poaching spree launched by Meta.
Microsoft announced another round of layoffs—its largest in years—expected to impact thousands of workers across Xbox and other divisions, including 830 from its Redmond, Washington, HQ.
The S&P 500 and NASDAQ Composite tallied fresh record closing highs on Thursday, buoyed by a stronger-than-expected jobs report that helped dampen expectations for a Federal Reserve interest-rate cut in July. But after lagging their trendier rivals earlier in the year, the Russell 2000 and Dow Jones Industrial Average are finally starting to play catch up. On Thursday, the Russell 2000 turned positive for 2025 for the first time since February, as a rally that started in June has accelerated in July.
Many investors have been waiting patiently for small-cap stocks to break out. But aside from a few false starts over the past two years, they have mostly continued to lag their large-cap rivals. However, some investors believe things could finally be changing.
A team of strategists at Barclays pointed out on Wednesday that a proposed increase to interest-expense tax deductions in President Trump’s budget bill could boost small-cap companies’ earnings by double digits, due to their higher interest burdens. “This market broadening out is a heathy sign,” said Craig Johnson, chief market technician at Piper Sandler, during an interview with MarketWatch on Thursday. More small-cap participation inevitably means investors are developing more of a taste for stocks beyond information technology, which powered much of the market’s gains in 2023 and 2024.
Posted on July 3, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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When it comes to scientific achievements that have advanced the practice of medicine, you’d be hard-pressed to find one more influential than the Human Genome Project. The project, a federally funded collaboration between scientists around the globe, began in October 1990 with the goal of improving our knowledge of human biology by sequencing an entire human genome, which is the complete set of DNA in a cell. Nearly 13 years and $2.7 billion later, the project wrapped up in April 2003, and scientists around the world now use the reference human genome to study genetics, biology, and more. Today, the entire human genome can be sequenced in as little as five hours and costs as little as $600. Learn more about the Human Genome Project’s impact here.
Jack in the Box popped like a…well, you know…after activist investor Biglari Capital reportedly accrued a 10% stake in the fast-food company. Shares rose 7.86%.
RobinhoodMarkets climbed 6.12% on speculation that it may be added to the S&P 500 to fill the spot left by Juniper Networks.
RigettiComputing rose 15.45% after Cantor Fitzgerald analysts initiated their coverage of the quantum computing company with an “overweight” rating.
VerintSystems jumped 15.33% on reports that the customer service software maker may be acquired by Thoma Bravo.
Corona parent company ConstellationBrands gained 4.48% after it reiterated its fiscal guidance, assuring shareholders that aluminum tariffs will only cost the company about $20 million.
Crypto companies gained across the board after bitcoin miner BitMineImmersionTechnologies announced it’s pivoting to ethereum. BitMine rose 21.17%, MARAHoldings gained 13.38%, and CleanSpark climbed 12.64%.
What’s down
Centene plunged 40.37% after the health insurer rescinded its fiscal 2025 guidance, warning that EPS will come in lower than anticipated.
Centene’s news pulled the rest of the health insurance industry down with it. UnitedHealth Group lost 5.70%, CVSHealth fell 4.28%, Elevance Health stumbled 11.50%, and MolinaHealthcare dropped 21.97%.
ParamountGlobal sank 2.43% after the company settled its 60 Minutes lawsuit with President Trump for $16 million.
MarvellTechnology slipped 2.61% on reports that Microsoft is cutting back on manufacturing AI chips in-house.
Intel lost 4.25% on the news that it may be shifting the strategy behind its foundry business.
Posted on July 2, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Power station: Crude oil prices reversed as tensions in the Middle East cooled, but AI likely raises electricity demand over the longer term, creating investment opportunities and risks.
Oil supplies now exceed demand, noted Michelle Gibley, director of international research at the Schwab Center for Financial Research, in her latest analysis, though “AI is transforming the energy sector,” raising power shortage concerns.
Solar stocks got a reprieve today after the Senate dropped the excise tax on clean energy projects. Sunrun soared 10.51%, EnphaseEnergy rose 3.18%, SolarEdgeTechnologies popped 7.16%, and ArrayTechnologies climbed 12.54%.
Apple tumbled this summer after investors were disappointed by its AI rollout, but rose 1.29% on the news that the company may pivot to using Anthropic or OpenAI in iPhones instead of building something in-house.
Wolfspeed, the best name for a company that makes computer chips, exploded 98.09% after the company officially filed for Chapter 11 bankruptcy.
Hasbro got a nice 4.29% bump thanks to Goldman Sachs analysts, who are big old nerds who think Magic: The Gathering will boost the toymaker’s sales.
Ford popped 4.61% after the automaker reported an impressive 14% increase in sales last quarter.
Casino stocks soared on the news that gaming revenue in Macau rose 19% in June. WynnResorts climbed 8.85%, Las Vegas Sands added 8.95%, and MGMResorts gained 7.24%.
What’s down
AMC Entertainment tumbled 9.03% after the one-time meme stock announced its new debt restructuring plan.
ProgressSoftware sank 13.03% after the business application software company reported mixed results last quarter, beating on profit but missing on revenue.
JobyAviation fell 7.01% after traders took profits following the air taxi company’s big pop yesterday.
AeroVironment dropped 11.42% after defense contractor announced it’s offering $750 million in common stock and $600 million in convertible senior notes to pay off its debt.
Diabetes device makers tumbled on the news that the government may change the reimbursement rate for glucose monitors and insulin pumps. Insulet lost 4.52%, Dexcom fell 4.25%, and BetaBionics sank 4.26%.
Posted on July 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.
Building products distributor GMS soared 11.73% on the news that Home Depot will acquire the company for $4.3 billion. Home Depot fell 0.50%.
Moderna climbed 1.58% after reporting positive late-stage trial results for its experimental flu vaccine.
Palantir rose 4.27% after announcing that Accenture will help federal government clients implement the defense tech company’s AI offerings. Accenture rose 1.16% as well.
JobyAviation flew 11.76% higher after the eVTOL company delivered its first flying taxi to the UAE.
Oracle jumped 3.99% thanks to regulatory filings that revealed a new $30 billion annual cloud deal that should prop up its finances quite nicely.
HewlettPackard Enterprise popped 11.08% after the Department of Justice settled its lawsuit with the server maker, clearing the way for it to acquire JuniperNetworks for $14 billion. Juniper jumped 8.45% on the news.
RobinhoodMarkets rose 12.77% as the trading app makes a big international push with tokenized equities for European investors.
What’s down
Tesla tumbled 1.84% on the news that the Senate version of the tax bill will end credits for EV purchases after September. Elon Musk was not pleased.
Gotta pay for that wedding somehow: Amazon sank 1.75% after founder Jeff Bezos announced he’s selling $5.4 billion worth of shares.
Boeing’s financial outlook was upgraded to “stable” by Fitch, but the stock still fell 2.32% on news that its acquisition of Spirit Aerosystems faces antitrust scrutiny in the UK.
Posted on June 28, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
By A.I.
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Deals: The US and China revealed the details of their trade deal framework, easing restrictions on rare earth metals and semiconductor chips. Commerce Secretary Howard Lutnick promised up to 10 more deals are on their way ahead of the July 9th tariff-pause deadline, but that probably won’t include Canada: President Trump ended all trade discussions with the country thanks to a dispute over the digital services tax.
Stocks: Indexes climbed at the open thanks to the deal with China, but they tumbled on news of a fallout with Canada. Still, the S&P 500 managed to post its 1,245th new all-time high, while the NASDAQ booked its own record close. The Dow trundled higher as well, though it’s still about 1,600 points below its previous record.
Posted on June 28, 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.
A June 11th report from global professional services firm Alvarez & Marsal (A&M) predicts that more beneficiaries might soon ditch insurance coverage for options like short-term, limited duration plans or healthcare sharing ministries (HCSMs), which aren’t regulated like health insurance and aren’t required to comply with ACA protections like covering maternity care or pre-existing conditions.
Nvidia extended its winning streak to five days, rising another 1.73% as the AI trade continues to recover.
EchoStar climbed 13.16% after the parent company of Dish TV disclosed that President Trump did in fact prod the FCC to make a deal.
Cyngn soared another 20.07% following a big day of gains after the company that makes self-driving tech for industrial vehicles announced a partnership with Nvidia.
Strong earnings from Nike (more on that later) propelled sporting goods stocks higher today. ONHoldings rose 1.74%, while Dick’s Sporting Goods climbed 3.59%.
Domestic power producers popped on reports that Trump is planning to issue an executive order increasing energy production to meet AI demand. Vistra gained 2.44%, GE Vernova climbed 2.54%, and Vertiv added 2.71%.
What’s down
Coinbase Global ended its winning streak, tumbling 5.77% after GENIUS Act hype propelled the crypto stock skyward all week long. Traders took profits in Circle as well, pushing the stablecoin stock down 15.54%.
Chinese EV maker LiAuto fell 1.93% on its weaker-than-expected deliveries forecast for the second quarter.
Fellow Chinese EV maker Xiaomi stunned markets with reports that it received 240,000 orders for its new SUV within 18 hours of its debut, but shares still sank 4%.
Pony.ai lost 6.31% on a report that Uber is considering helping its founder Travis Kalanick fund his acquisition of the US subsidiary of the Chinese autonomous vehicle company.
Gold miners tumbled while the price of the precious metal fell as investors took a risk-on stance. Newmont lost 4.11%, BarrickMining fell 3.44%, and KinrossGold shed 6.18%.
Today’s trade deal reopens the door for Chinese rare earth imports, bad news for US producers like MPMaterials (down 8.59%) and USA Rare Earth (down 12.14%).
Posted on June 27, 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 and Microsoft both set new record highs as the AI trade continues to revive. Nvidia rose 0.46%, while Microsoft climbed 1.05%.
CoreScientific exploded 33.01% on reports from the Wall Street Journal that the bitcoin miner may be acquired by AI company CoreWeave.
ServeRobotics gained 9.87% after the delivery robot maker launched its service on the streets of Atlanta today.
McCormick is looking spicy: The consumer goods company rose 5.31% after earnings outpaced analyst forecasts.
PennEntertainment rose 4.94% after the gambling company was upgraded by analysts at Citizens, who think the stock’s underperformance is about to reverse.
Solar stocks may be thrown a lifeline by the Senate, which is considering keeping some clean energy tax credits in the spending bill. EnphaseEnergy popped 12.83%, SunRun rose 6.46%, and SolarEdgeTechnologies climbed 5.11%.
Copper miners popped as prices of the precious metal rose today. Freeport–McMoRan jumped 6.85%, SouthernCopperCorp. climbed 7.79%, and AngloAmericanplc added 7.16%.
What’s down
Micron Technology lost 0.98% despite the chipmaker reporting fiscal third quarter results that beat Wall Street’s expectations.
Kratos Defense and Security Solutions sank 2.36% after the military tech company announced it will sell $500 million worth of stock to raise money for capital spending.
Equinix crumbled another 9.56% after a terrible fiscal outlook pushed Raymond James and BMO analysts to downgrade the internet services company.
Posted on June 26, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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 rose 4.33% to hit a new all-time high today and once again become the largest company by market capitalization in the world.
European defense contractors climbed after NATO members agreed to increase defense spending to 5% of their GDP. Rheinmetall rose 3.43%, LeonardoSPA climbed 3.10%, and ThalesSA added 2.59%.
QuantumScape exploded 31.40% after it revealed a solid-state lithium battery breakthrough.
BP jumped 1.63% on reports that the oil giant is in talks to be acquired by Shell, only for those reports to be refuted.
BlackBerry popped 12.47% after the cybersecurity stock (yes, that’s what they call themselves now) posted strong earnings last quarter and raised its fiscal forecast.
YumBrands gained 3.14% thanks to an upgrade from JPMorgan analysts, who like the KFC and Taco Bell parent company’s strong free cash flow.
Drone maker AeroVironment soared 21.55% after crushing top- and bottom-line estimates last quarter.
What’s down
Tesla tumbled 3.79% after its EU vehicle registrations fell 41% in May, its fifth straight month of declines.
FedEx beat earnings expectations last quarter, but the shipping company still fell 3.27% thanks to worse-than-expected fiscal forecasts for next quarter.
GeneralMills may have just barely surpassed analyst forecasts last quarter, but sank 5.04% after management warned of a challenging year ahead.
Paychex lost 9.40% after the payment processor provided a mixed financial forecast for the coming quarter.
Posted on June 25, 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.
SPACs, or special purpose acquisition companies, are shell companies that are created just to acquire or merge with an existing company, allowing that company to enter public markets without going through an IPO. The catch, however, is the SPAC sponsors have a small window of time—usually within two years—to find a suitable company to acquire.
Carnival popped 6.91% after the cruise line reported impressive earnings and reiterated its healthy financial guidance.
If you can’t beat ‘em, join ‘em: Mastercard rose 2.80% on the news that it will integrate Fiserv’s new stablecoin into its products. Fiserv gained 1.24%.
Lyft gained 6.09% after TD Cowen analysts upgraded the stock, calling the ride-sharing company their “Best SMIDcap Idea for 2025.”
Falling oil prices helped airline stocks soar today: Frontier Group jumped 7.56%, JetBlue Airways rose 4.15%, and American Airlines added 4.31%.
Ambarella soared 20.61% on reports that the chip designer may be exploring a sale.
Nektar Therapeutics exploded 156.29% thanks to strong results in the Phase 2 trial of its new eczema treatment.
Crypto miners rose as investors took on more risk following a ceasefire in the Middle East: CleanSpark climbed 13.45%, Riot Platforms rose 8.09%, and MARA Holdings gained 4.94%.
What’s down
Oil prices fell on news of a ceasefire between Israel and Iran, pulling oil stocks down with them: Exxon Mobil lost 3.04%, Chevron dropped 2.25%, and Occidental Petroleum fell 3.34%.
The ceasefire also sent defense contractors tumbling: Lockheed Martin lost 2.59%, RTX dropped 2.72%, and Northrup Grumman fell 3.20%.
Krispy Kreme fell 0.76% on the news that its deal with McDonald’s has fallen apart due to rising costs.
Posted on June 24, 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.
Tesla climbed 8.23% thanks to a successful robotaxi debut in Austin this weekend
NorthernTrust popped 8.01% on reports that Bank of New York Mellon is considering acquiring the financial services company.
The stablecoin adoption wave continues to hit markets, with Fiserv up 4.38% after announcing it made deals with Circle and PayPal to roll out a stablecoin and digital-asset platform for banking clients. Circle climbed another 9.64%.
Nuclear energy stocks climbed on the news that New York will build the first major new US nuclear plant in more than 15 years. ConstellationEnergy rose 3.37%, while CentrusEnergy climbed 1.16% and UraniumEnergy gained 2.01%.
SpartanNash exploded 50.62% higher after C&S Wholesale Grocers agreed to acquire the wholesale grocer for $1.77 billion.
What’s down
Tough first day at work: Stellantis sank 0.48% on the day that new CEO Antonio Filosa took the helm at the struggling automaker.
NovoNordisk lost 5.49% after the pharma giant announced disappointing trial results for its newest weight-loss drug.
Super Micro Computer fell 9.77% on the news that it will raise money by offering $2 billion in convertible senior notes.
Wolfspeed plummeted 31.85% after the chipmaker said it plans to file for bankruptcy.
Although many academics argue that value stocks outperform growth stocks, the returns for individuals investing through mutual funds demonstrate a near match.
Introduction
A 2005 study Do Investors Capture the Value Premium? written by Todd Houge at The University of Iowa and Tim Loughran at The University of Notre Dame found that large company mutual funds in both the value and growth styles returned just over 11 percent for the period of 1975 to 2002. This paper contradicted many studies that demonstrated owning value stocks offers better long-term performance than growth stocks.
The studies, led by Eugene Fama PhD and Kenneth French PhD, established the current consensus that the value style of investing does indeed offer a return premium. There are several theories as to why this has been the case, among the most persuasive being a series of behavioral arguments put forth by leading researchers. The studies suggest that the out performance of value stocks may result from investors’ tendency toward common behavioral traits, including the belief that the future will be similar to the past, overreaction to unexpected events, “herding” behavior which leads at times to overemphasis of a particular style or sector, overconfidence, and aversion to regret. All of these behaviors can cause price anomalies which create buying opportunities for value investors.
Another key ingredient argued for value out performance is lower business appraisals. Value stocks are plainly confined to a P/E range, whereas growth stocks have an upper limit that is infinite. When growth stocks reach a high plateau in regard to P/E ratios, the ensuing returns are generally much lower than the category average over time.
Moreover, growth stocks tend to lose more in bear markets. In the last two major bear markets, growth stocks fared far worse than value. From January 1973 until late 1974, large growth stocks lost 45 percent of their value, while large value stocks lost 26 percent. Similarly, from April 2000 to September 2002, large growth stocks lost 46 percent versus only 27 percent for large value stocks. These losses, academics insist, dramatically reduce the long-term investment returns of growth stocks.
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However, the study by Houge and Loughran reasoned that although a premium may exist, investors have not been able to capture the excess return through mutual funds. The study also maintained that any potential value premium is generated outside the securities held by most mutual funds. Simply put, being growth or value had no material impact on a mutual fund’s performance.
Listed below in the table are the annualized returns and standard deviations for return data from January 1975 through December 2002.
Index Return SD
S&P 500 11.53% 14.88%
Large Growth Funds 11.30% 16.65%
Large Value Funds 11.41% 15.39%
Source: Hough/Loughran Study
The Hough/Loughran study also found that the returns by style also varied over time. From 1965-1983, a period widely known to favor the value style, large value funds averaged a 9.92 percent annual return, compared to 8.73 percent for large growth funds. This performance differential reverses over 1984-2001, as large growth funds generated a 14.1 percent average return compared to 12.9 percent for large value funds. Thus, one style can outperform in any time period.
However, although the long-term returns are nearly identical, large differences between value and growth returns happen over time. This is especially the case over the last ten years as growth and value have had extraordinary return differences – sometimes over 30 percentage points of under performance.
This table indicates the return differential between the value and growth styles since 1992.
YEARLY RETURNS OF GROWTH/VALUE STOCKS
Year
Growth
Value
1992
5.1%
10.5%
1993
1.7%
18.6%
1994
3.1%
-0.6%
1995
38.1%
37.1%
1996
24.0%
22.0%
1997
36.5%
30.6%
1998
42.2%
14.7%
1999
28.2%
3.2%
2000
-22.1%
6.1%
2001
-26.7%
7.1%
2002
-25.2%
-20.5%
2003
28.2%
27.7%
2004
6.3%
16.5%
2005
3.6%
6.1%
2006
10.8%
20.6%
2007
8.8%
1.5%
2008
-38.43%
-36.84%
2009
37.2%
19.69%
2010
16.71%
15.5%
2011
2.64%
0.39%
2012
15.25%
17.50%
Source: Ibbottson.
Between the third quarter of 1994 and the second quarter of 2000, the S&P Growth Index produced annualized total returns of 30 percent, versus only about 18 percent for the S&P Value Index. Since 2000, value has turned the tables and dramatically outperformed growth. Growth has only outperformed value in two of the past eight years. Since the two styles are successful at different times, combining them in one portfolio can create a buffer against dramatic swings, reducing volatility and the subsequent drag on returns.
Assessment
In our analysis, the surest way to maximize the benefits of style investing is to combine growth and value in a single portfolio, and maintain the proportions evenly in a 50/50 split through regular rebalancing. Research from Standard & Poor’s showed that since 1980, a 50/50 portfolio of value and growth stocks beats the market 75 percent of the time.
Conclusion
Due to the fact that both styles have near equal performance and either style can outperform for a significant time period, a medical professional might consider a blending of styles. Rather than attempt to second-guess the market by switching in and out of styles as they roll with the cycle, it might be prudent to maintain an equal balance your investment between the two.
SPEAKING: Dr. Marcinko will be speaking and lecturing, signing and opining, teaching and preaching, storming and performing at many locations throughout the USA this year! His tour of witty and serious pontifications may be scheduled on a planned or ad-hoc basis; for public or private meetings and gatherings; formally, informally, or over lunch or dinner. All medical societies, financial advisory firms or Broker-Dealers are encouraged to submit a RFP for speaking engagements: MarcinkoAdvisors@outlook.com
Posted on June 22, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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The FTC’s second interim staff report on consolidated pharmacy benefit managers (PBMs) found that the three largest of these middlemen—CVS Health’s Caremark Rx, Cigna Group’s Express Scripts, and UnitedHealth Group’s OptumRx—”marked up two specialty generic cancer drugs by thousands of percent and then paid their affiliated pharmacies hundreds of millions of dollars of dispensing revenue in excess of estimated acquisition costs for each drug annually.”
Posted on June 21, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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The FTC’s second interim staff report on consolidated pharmacy benefit managers (PBMs) found that the three largest of these middlemen—CVS Health’s Caremark Rx, Cigna Group’s Express Scripts, and UnitedHealth Group’s OptumRx—”marked up two specialty generic cancer drugs by thousands of percent and then paid their affiliated pharmacies hundreds of millions of dollars of dispensing revenue in excess of estimated acquisition costs for each drug annually.”
Circle continued its stunning climb, rising another 20.69% following the Senate’s passage of the GENIUS Act earlier this week. Former toy company and soon-to-be crypto stockSRM Entertainment soared 34.63% as well.
DardenRestaurants, Olive Garden’s parent company, rose 1.21% after it beat earnings estimates and forecast strong growth through fiscal 2026.
CarMax climbed 6.61% after the auto seller reported better-than-expected earnings last quarter, thanks in no small part to a 9% increase in used car sales.
GMS soared 23.69% thanks to a bidding war for the specialty building materials maker between QXO and Home Depot.
Kroger popped 9.82% after posting mixed results last quarter, but shareholders liked that the grocery chain upped its full-year sales forecast.
What’s down
Credit card companies slid on the news that X may roll out a physical payment card. Mastercard lost 1.13%, and Visa sank 0.57%.
Chip stocks fell on reports that the US is considering canceling some waivers on semiconductors sold to China. Nvidia fell 1.12%, TSMC lost 1.87%, and MarvellTechnology sank 1.92%.
RegencellBioscience lost another 40% as the biotech’s rapid rally continues to fizzle out.
Accenture fell 6.82% after the IT company reported a 6% decline in bookings last quarter, offsetting its otherwise strong earnings report.
Stat: $1 trillion. That’s how much one analysis says the healthcare industry could lose due to the Trump administration’s “big beautiful bill.” (Modern Healthcare)
Quote: “The evidence is mounting and indisputable that MRNA vaccines cause serious harm including death, especially among young people. We have to stop giving them immediately!”—Retsef Levi, an MIT professor and one of RFK Jr.’s newly announced CDC vaccine advisors, in a pinned 2023 X post (CNN Health)
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on June 19, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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The FTC’s second interim staff report on consolidated pharmacy benefit managers (PBMs) found that the three largest of these middlemen—CVS Health’s Caremark Rx, Cigna Group’s Express Scripts, and UnitedHealth Group’s OptumRx—”marked up two specialty generic cancer drugs by thousands of percent and then paid their affiliated pharmacies hundreds of millions of dollars of dispensing revenue in excess of estimated acquisition costs for each drug annually.”
Cryptostocks climbed after the Senate passed the GENIUS Act, a bill that ushers in a new era of stablecoin acceptance. Coinbase rose 16.32%, Circle added 33.82%, and JPMorgan, which is rolling out its own stablecoin, climbed 1.65%.
SunRun recovered 6.06% following the solar stock’s biggest one-day loss in company history.
Oracle rose 1.29% after Guggenheim analysts raised their price target for the software stock, noting that its revenue could accelerate in the coming years.
TKO Group popped 4.75% on back-to-back upgrades from Citi and Bernstein analysts, who think the UFC and WWE parent company will profit nicely from its broadcasting rights.
Scholar Rock Holding added 16.60% after the biotech announced its latest drug can help patients taking Eli Lilly’s weight-loss drugs lose less muscle as they shed weight.
What’s down
CERo Therapeutics plunged 42.01% a day after the immunotherapy company soared after its acute myeloid leukemia treatment received an orphan drug designation from the FDA.
Credit card companies tumbled on fears that stablecoins will disrupt the payment industry. Mastercard fell 5.39%, and Visa sank 4.88%.
Zoetis lost 4.03% thanks to a downgrade from Stifel analysts, who think competition will eat into the animal medication and vaccine market.
Allstate fell 1.27% after the insurer reported $777 million in catastrophic losses last month.
Stat: 600. That’s how many employees Washington-based nonprofit health system Providence is laying off across seven states. (Fierce Healthcare)
Quote: “If we can make one thing a little bit easier for a lot of people, we’ll save them a lot of time, a lot of money, and some lives.”—Neil Lindsay, SVP of Amazon Health Services, on Amazon’s recent healthcare business reorganization (CNBC)
Read: A second Duchenne muscular dystrophy patient has died after using Sarepta Therapeutics’s gene therapy treatment Elevidys. (Biopharma Dive)
Investments are soaring: A new SVB report found that women’s health startups saw a whopping 55% increase in VC investments in 2024. Learn about the factors driving this record-breaking funding and the sector’s long-term potential.*
Visualize: How private equity tangled banks in a web of debt, from the Financial Times.
Posted on June 18, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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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Stocks: Markets sagged as fighting between Israel and Iran continued, with investors worried about escalation after President Trump called for the “unconditional surrender” of Iran’s Supreme Leader Ali Khamenei. The Wall Street Journal reported that he is considering a potential US strike against Iran.
Commodities: Oil prices popped this morning after Trump warned that Tehran should be evacuated.
Bonds: Yields sank after US retail sales came in much lower than anticipated, raising fears of an economic slowdown.
Posted on June 17, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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.
Stat: 2%. That’s the portion of Medicaid expansion enrollees who were either not working or in school due to “lack of interest” in finding a job. (Robert Wood Johnson Foundation)
Quote: “It’s just devastating. So much human toil has gone into this. Just when it looked like we could beat this virus, we’re going to give up.”—Dennis Burton, a Scripps Research Institute immunologist, on how a new HIV vaccine was about to start clinical trials before federal funding cuts (NPR)
Read: A look at HHS Secretary RFK Jr.’s new appointees to the CDC vaccine advisory panel. (Stat)
The wait is finally over: USSteel climbed 5.10% after President Trump signed an executive order approving its takeover by Nippon Steel.
Roku jumped 10.43% after announcing a partnership with Amazon that gives advertisers the ability to reach roughly 80% of American households with connected TVs.
AdvancedMicroDevices rose 8.81% on an upgrade from Piper Sandler analysts, who think the semi stock’s AI business will boom.
EchoStar exploded 49.11% after Trump pushed the FCC to resolve its ongoing spectrum dispute with the satellite company.
Victoria’s Secret rose 2.36% on reports that the struggling retailer has attracted the attention of an activist investor.
SageTherapeutics soared 35.37% on the news that it will be acquired by Supernus Pharmaceuticals in a $795 million deal.
MGMResorts climbed 8.10% after the casino company revealed that its Bet MGM online gambling platform is expected to pull in more revenue than previously thought.
Kering, the parent company of Gucci, Yves Saint Laurent, and other luxury brands, popped 12.37% on the news that it has convinced Renault’s CEO to run the company.
What’s down
Sarepta Therapeutics plunged 42.12% after the pharma company reported a second death of a patient taking its Duchenne muscular dystrophy treatment Elevidys.
Reports that Iran wants to end hostilities pushed oil prices lower this afternoon, hurting shares of energy stocks like APACorp (down 2.43%), DevonEnergy (down 1.45%) and ConocoPhillips (down 2.02%).
Posted on June 16, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
BREAKING NEWS!
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Markets: Brace for +/- volatility as US markets reopen this morning, with the escalating Israel–Iran conflict dominating investors’ Bloomberg Terminals.
Stocks fell the most in nearly a month on Friday, and the prospect of an oil supply shock sent crude prices 7% higher, their biggest one-day gain in years. Through it all, the S&P 500 is less than 3% from its record high.
Combined, both the DOW and NASDAQ are up over 750 points, today!
Posted on June 14, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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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.
Gold stocks gained as investors pushed the price of the safe-haven commodity higher. Newmont climbed 3.54%, BarrickMining added 2.81%, and SSRMining rose 2.25%.
Tesla gained 1.94% on reports that the Trump Administration will lower the bar for regulations on self-driving cars.
Circle surged 25.54% a day after Shopify announced it will accept USDC stablecoin payments on its e-commerce platform.
RH popped 6.90% after the home furnishings retailer reported far better earnings than Wall Street predicted, even though revenue fell last quarter.
JBS rose 4.69% the day the world’s largest meatpacker made its NYSE debut.
What’s down
DraftKings fell 3.90% thanks to the gambling app’s decision to add a $0.50 surcharge to every bet made on its platform in Illinois to offset a new state tax.
Adobe tumbled 5.32% despite the software company’s solid earnings report and higher fiscal forecast.
ArcherAviation plunged 14.89% after announcing it will sell $850 million worth of new shares to raise money.
Boeing lost another 1.62% as the fallout from a 787 Dreamliner crash in India continues.
USSteel sank 3.03% on reports that Nippon Steel is balking at taking over the company if it can’t retain operational control of the domestic steelmaker.
Posted on June 13, 2025 by Dr. David Edward Marcinko MBA MEd CMP™
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Oracle popped 13.31% after the cloud computing giant beat Wall Street forecasts on both the top and bottom lines last quarter.
CardinalHealth climbed 4.55% after the healthcare products maker raised its fiscal guidance for the year.
CureVac NV exploded 37.59% on the news that BioNTech will acquire the pharma company in an all-stock deal worth $1.25 billion.
Datadog rose 3.43% thanks to an upgrade from analysts at Wolfe Research, who think the cybersecurity company has an opportunity for rapid growth thanks to AI.
What’s down
Boeing sank 4.79% after an Air India 787 flying from Ahmedabad to London crashed with 242 people aboard. Engine maker GE Aerospace fell 2.25% as well.
GameStop plummeted 22.45% after the video game retailer announced late yesterday that it will sell $1.75 billion in convertible bonds to buy more bitcoin.
Speaking of raising money, nuclear startup Oklo fell 5.22% on the news that it will sell $400 million of common stock in a public offering.
OxfordIndustries, parent company of Tommy Bahama and Lily Pulitzer, dropped 14.03% after cutting its fiscal guidance due to tariffs.
Posted on June 12, 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.
CVS and Cigna’s pharmacy benefit managers (PBMs), Caremark and Express Scripts, respectively, are suing Arkansas after the state signed a bill on April 16 that would ban vertical integration between PBMs and pharmacies. The companies filed two separate lawsuits on May 29th claiming the Arkansas law is unconstitutional and “unenforceable.”
PapaJohn’s popped 7.45% on a report from Semafor that the pizza chain is being taken private.
Oklo roared 29.48% higher after the nuclear power startup announced it has been conditionally selected to provide power to an Air Force base in Alaska.
Dave & Buster’s Entertainment won big, jumping 17.74% after the gaming restaurant chain reported a lower-than-expected decline in same-store sales.
GeneralMotors rose 1.92% on the automaker’s announcement that it will spend $4 billion to make more cars in the US.
SailPoint soared 14.66% after the cybersecurity company reported better-than-expected earnings last quarter and raised its fiscal forecast.
RigettiComputing rose 11.39% thanks to some optimistic comments from Nvidia CEO Jensen Huang.
What’s down
GameStop tumbled 5.31% after the video game retailer revealed disappointing revenue growth last quarter, though it did report a profit.
Chewy lost 10.98% despite beating Wall Street’s forecasts last quarter, likely due to the pet food retailer’s already-sky-high share price.
SunRun sank 1.81% on a downgrade from Jefferies analysts, who think the solar power provider faces too many headwinds if residential demand drops.
GitLab plunged 10.60% after the online software developer issued a worse-than-expected revenue forecast for the coming quarter.
LockheedMartin stumbled 4.26% after the Pentagon cut its order for new F-35 fighter jets in half.
Steel stocks took it on the chin today thanks to a report that the US and Mexico are nearing a deal that would reduce the 50% tariff on steel imports. Cleveland-Cliffs fell 8.10%, Nucor lost 6.06%, and Steel Dynamics tumbled 2.82%.
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