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Doroghazi, R. M. The Physician's Guide to Investing: A Practical Approach to Building Wealth. 228 pp. Humana Press, Totowa, NJ, 2005. $34.95. ISBN 1-58829-569-9.

This book is the first endeavor by the author in this area and sprang from his own investment journey and watching the successes and errors of his colleagues. While it is written with the physician in mind, the basic themes are germane to any medical professional. Each of the chapters is written in a straight forward manner and end with a summary of take home lessons. The book is focused on achieving financial security, not making one rich, and instilling a sense of healthy skepticism with respect to investing.

The author presents practical advice sprinkled with real world examples, often citing Peter Lynch, Warren Buffett, and Suzy Orman, on life and investment strategies. He spends considerable time discussing defining specific investment goals for yourself, making your own investment decisions, investing in what you know, and how to balance uncertainty and risks in investments. For the individual relatively early in their investment journey, there is a good presentation on the basic history of stocks and market behavior, a comparison of different instruments of investment (e.g., stocks, bonds, and mutual funds), potential investment asset allocations and reasons for this, and why early payoff of a home mortgage can be the equivalent of an entire lifetime of successful investing. Important to all of us is a rather extensive section on strategies to prepare for retirement. Zealous investors may find the text to be a bit disappointing with its emphasis on thrift, patience, and discipline rather than on quick wins.

This is definitely not the end-all book on investment, but it is informative and written in a way that it can be easily read on a cross-country plane flight. Anyone interested in further reading should also pick up Suzy Orman's The Road to Wealth: A Comprehensive Guide to Your Money, Learn to Earn: A Beginner's Guide to the Basics of Investing and Business" by Peter Lynch and J. Rothschild, The Millionaire Next Door: The Surprising Secrets of America's Wealthy by T.J. Stanley and W.D. Danko, and Rich Dad, Poor Dad by Robert Kiyosaki. Overall, this book is well written and should provide the medical professional with a good general roadmap toward investing and financial security.

Dr. J. A. Engelhardt

Comparative Biology and Safety Sciences
Amgen
Thousand Oaks, CA

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