Finance Friday Articles

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I like these principles/quotes from the Vanguard article about dealing with market volatility:

Market volatility is normal and expected. History tells us this too shall pass. Consider this: To date, every significant market fall has been followed by a rebound. We anticipate downturns; we just can’t predict how low the market will go or when it will bounce back.

I trust my asset allocation because it’s based on my time horizon, risk tolerance, and goals.

I don’t know if market volatility will be the “new normal,” but I know it’s normal—so normal, in fact, we’ve posted several blog posts about it before.

 

Here are this week’s favorites:

Bear Market! What (If Anything) Should You Do?

Surviving Your Very First Market Crash

The Hardest Part of a Buy & Hold Strategy

 

Here are the rest of this week’s articles:

3 reasons not to move your portfolio to cash

5 Ways Money Buys Happiness

10 Personal Finance YouTube Channels You Should Be Watching

Buying During a Crisis

Even Warren Buffett Can’t Nail the Bottom

FIRE Confessionals: How A Bear Market Has Impacted The Financial Independence Movement

Five Stock Market Alternative Investments 2020

Intra-Specialty Salary Differences on Merritt Hawkins

Recession, Coronavirus and the Future of FIRE

School’s in Session – 6 Takeaways from the Downturn

Social Security in a Down Market: Does it Make More Sense to File Early?

The Corona Crisis vs. The Great Depression

The Federal Reserve Doesn’t Control Mortgage Rates, The Market Does

The Simple Path to Wealth: Is It Really That Simple?

The Unpleasant Surprise of the Bond Market During COVID-19

What COVID Taught Me About Money

What Doctors Should Care About in the CARES Act (the Coronavirus Relief Package)

What Matters Most When Investing

What the $2 Trillion Stimulus Plan Means For Your Student Loans

What the CARES Act Means for Doctors

When Dollar Cost Averaging Matters the Most

Throwback Thursday Classic Post – The Best Education You Can Get in the Navy

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(It may seem silly to re-post this when most classes are cancelled, but it never hurts to plan. There will be a rush to attend these after the pandemic abates, so maybe you can get on the list early if you find something on the list that interests you below.)

I’ve done a lot of courses and educational programs during my 17.5 (now 19) years in the Navy. Here are the best ones I’ve done and why they are so good:

  1. Advanced Medical Department Officer Course (AMDOC) (Note – this is now named the Advanced Readiness Officer Course or AROC) – This is tops on the list because it is the most useful and educational course with the widest applicability. Everyone should attend AMDOC as early as they can in their Naval career. This is where you’ll learn about BUMED, the Defense Health Agency (DHA), fitness reports, managing your career, and a whole host of other useful topics. You can find info on the course (and most of these other courses) in this document.
  2. Naval War College Fleet Seminar Program – This is how I did my Joint Professional Military Education I (which incidentally is one of the best AQDs you can get). I tried to do the on-line Air Force version that everyone said was easier, but I’ve never been less motivated to do anything in my life. When I did the Fleet Seminar Program it was a lot easier because I had a class I had to show up to and classmates I had projects we were working on. It was also a lot more interesting to have discussions with folks of all backgrounds than doing it by myself on-line. You can read about it on their website.
  3. Naval Postgraduate School Executive MBA Program – This allows you to get a defense focused MBA in 2 years. The commitment is 3 years from the time you finish or quit, and it doesn’t interfere with your medical special pays. It is accredited as a standard MBA program, so you get all the usual MBA content you’d expect (finance, accounting, etc.), but there is a defense focus. This means that you take a class on funding the DoD and 2 semesters about how to purchase weapons programs. The weapons acquisition class was the least fun part of the degree for me, but I was warned ahead of time so I knew it was coming. I combined this non-medical MBA with the Certified Physician Executive courses to learn medical related leadership principles in addition to standard business principles. The work isn’t hard, but it is time consuming and about 10-20 hours per week. Overall, I’d highly recommend this program as you get a quality MBA for only the cost of books.
  4. Interagency Institute for Federal Health Care Executives (IFFHCE) – This is a very senior level course that is filled with O6 and the equivalent personnel from all branches and governmental agencies. When I attended I was a senior O5 and was the among the most junior in the class. You get exposed to all sorts of very influential speakers who are experts on their high-level strategic topics. It is tough to get into this class, but if you can go I’d highly recommend it.
  5. MHS Medical Executive Skills Capstone Course – This is similar to the IFFHCE (#4 above). It is senior and strategic. The course topics overlap, but both are excellent.
  6. MedXellence – This is a course run by the Uniformed Services University that they take on the road. You can often find that the course is coming to your area and sign up when it is local. This course is senior and more operational/tactical than the last 2 courses. It is for those interested in the business aspects of Navy Medicine, like clinic managers, department heads, OICs, Directors, etc. It is similar to an advanced clinic management course.
  7. Naval Justice School Senior Officer Legal Course – This course is for anyone who has Executive Medicine in their future. You will learn about legal challenges that senior leaders face in a case-based and enjoyable format. I was able to get into the course pretty easily as an O5. You don’t have to be slated to be an XO.
  8. Lean Six Sigma – If you are at a medium-large command, you should have someone somewhere that is the command’s Lean Six Sigma black belt. You may even have an entire office dedicated to it. I’ve done the green belt certification and taken the black belt course but never completed the full black belt certification. If you want an introduction to process improvement, start taking LSS classes available to you at your command.
  9. Medical Management of Chemical and Biological Casualties Course – I took this course a long time ago when I was a GMO, but it was great then and probably is still great. You get to go to the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID). This is probably of even greater relevance lately due to the COVID pandemic.
  10. TRICARE Financial Management Executive’s Program (TFMEP) – This is another road show similar to MedXellence. You can find the course info here. I’d highly recommend this to anyone who is looking to rise to the senior levels of leadership at any MTF.
  11. Joint Senior Medical Leader Course (JSMLC)
  12. Joint Medical Operations Course – I did these last 2 courses back-to-back at DHA before I was deployed as a Joint Task Force Surgeon. They were a good introduction to the world of joint operations, but not among my favorites, which is why they are at the bottom of the list. If you want to be introduced to the world of joint publications and find out if “joint” really means “Army” have at it!

I’m sure there are other great courses available in the Navy, but these are the ones I’ve done that I found useful. If you have others you’d suggest, post them in the comments section.

USNS Mercy Accepts First Patients in Los Angeles

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From Petty Officer 2nd Class Natalie Byers Public Affairs

U.S. 3rd Fleet Public Affairs (NNS) — The hospital ship USNS Mercy (T-AH 19) accepted its first patients in Los Angeles March 29 during its support of the nation’s COVID-19 response efforts.

“I couldn’t be more proud of our crew for all the hard work they did to get us here and ready in such a short time,” said Capt. John Rotruck, Mercy’s Military Treatment Facility commanding officer. “Being able to accept our first patients is a true testament of the teamwork between Mercy, the Navy, the State of California, the county of Los Angeles, and the City and Port of L.A.”

While in Los Angeles, the ship will serve as a referral hospital for non-COVID-19 patients currently admitted to shore-based hospitals, and will provide a full spectrum of medical care to include general surgeries, critical care and ward care for adults. This will allow local health professionals to focus on treating COVID-19 patients and for shore-based hospitals to use their Intensive Care Units and ventilators for those patients.

“The men and women embarked on board Mercy are energized, eager, and ready to provide relief to those in need,” said Rotruck.

Mercy is a seagoing medical treatment facility that currently has personnel embarked for the Los Angeles mission, including Navy medical and support staff assembled from 22 commands, as well as over 70 civil service mariners.

Mercy’s primary mission is to provide an afloat, mobile, acute surgical medical facility to the U.S. military that is flexible, capable, and uniquely adaptable to support expeditionary warfare. Mercy’s secondary mission is to provide full hospital services to support U.S. disaster relief and humanitarian operations worldwide.

U.S. 3rd Fleet is operating as the Maritime Command Element, West, for U.S. Naval Forces Northern Command (NAVNORTH), under U.S. Northern Command for Defense Support of Civil Authorities in support of the Federal Emergency Management Agency, the lead agency.