DD Support Board and Research Team

[janice shell]

Similar deal with lawyers, physicians, CPAs, engineers, and other professions that require rigorous logic, attention to detail, skepticism, evidence-based investing/financial/resource allocation, and objectivity in analysis. These folks generally can be considered the anti-pastors with regard to susceptibility to pennyscam investing (aka pennyvesting).

I've always heard that doctors are notoriously poor investors. According to Forbes:

Diagnosis: Physicians should be crackerjack investors, but they are not. Overconfidence and gullibility make them easy marks for financial salesmen, whom they mistakenly assume to be seriously credentialed professionals like themselves, and not boiler-room bunco artists.

https://www.forbes.com/sites/phildemuth/2014/03/11/how-should-doctors-invest-new-fidelity-study-weighs-in/?sh=50e5d4644ab0

And another:

The number one obstacle to good investment performance is probably overconfidence. In residency I couldn’t stand my senior residents and attendings who thought they knew everything. I still see this in private practice—you know the EP, the one who, when you sign patients out to him, thinks that the diagnosis is SO obvious. There was a survey taken once that asked drivers to rate their driving ability. 80% of drivers thought they ranked in the top 30% of drivers. Similarly, numerous studies done on investor behavior show that overconfidence is pervasive—we think we are better investors than we really are...

https://epmonthly.com/article/doctors-make-lousy-investors/