Silver ETF is more expensive than silver itself?! Here’s what’s going on 👀
source
Beware if you’re investing via ETFs ⚠️
Pizza Hut – Venmo, Free Medium Pie
The Offer
Terms | Twitter
- Hut Rewards Members who pay with their Venmo account for their Pizza Hut order will get a coupon for a free medium 1-topping pizza.
- Must pay with your Venmo account, not with a card (e.g. Venmo balance or possibly with a linked bank).
The Fine Print
- Between 06/11/2026 – 07/19/2026, Hut Rewards Members (current registered members or members who sign up within 48 hours of making qualifying order) who complete a purchase using Venmo as a payment method on the Pizza Hut website or within the Pizza Hut app will receive a reward coupon for a free medium 1-topping pizza.
- Purchases made by entering a Venmo Debit Card or Credit Card payment credentials into the Pizza Hut app or on the Pizza Hut website will not qualify for this promotion.
- Reward coupon is redeemable for a future order, which must be placed by 08/02/26.
- Reward coupon redeemable only via the Pizza Hut website, mobile app, at participating U.S. Pizza Hut locations, while supplies last. Not available for delivery orders placed outside the Pizza Hut website or app.
- Must be a registered Hut Rewards Member at the time of qualifying order or sign up to be a Hut Rewards member within 48 hours of a qualifying order to receive reward coupon and redeem.
- Reward valid for one (1) medium 1-topping pizza. Available on hand tossed crust only. Additional charge for extra toppings and/or extra cheese. Substitutions, upgrades, or add-ons may incur additional charges.
Our Verdict
The promo is applied automatically, just make sure you are signed up for Hut Rewards and then any order with Venmo payment should trigger the free pizza. Any small $1 order will work to get the coupon, and it seems to come the next day.
Hat tip to reader Ian
Housing bill sails through Senate, cruising toward passage
- Key insight: A bipartisan housing bill aims to open up funds for local housing projects, especially in the manufactured housing space.
- What’s at stake: The bill also includes a handful of community bank riders, including measures related to regulatory treatment of brokered and custodial deposits.
- Forward look: The housing bill will now head to the House for a vote Wednesday, where it’s expected to pass the lower chamber handily.
WASHINGTON — The Senate has passed its housing package by a wide bipartisan margin, 85 to 5.
Processing Content
The housing package aims to open up funds for local housing building projects, particularly for manufactured housing, which could see a greater financing availability as a result of the bill. The bill has also served as a vehicle for other legislation, including a ban on
Housing legislation has ping-ponged between the Senate and House for months, with the Senate’s
The
Most importantly for bankers, the package includes a bill that will make it easier for community banks to engage in brokered and custodial deposits. The final bill also includes provisions to raise the asset threshold for banks to qualify for a longer 18-month examination cycle from $3 billion to $6 billion and to make it easier for de novo banks to form.
The package now heads to the House, where lawmakers are expected to
A number of Republicans, including Sen. Rand Paul of Kentucky, Rick Scott of Florida and Ron Johnson of Wisconsin, voted against the bill, arguing that the bill fails to institute a permanent ban on the Federal Reserve creating a Central Bank Digital Currency. Some Republican lawmakers also didn’t like the watered-down version of the ban on institutional investors owning single-family homes.
“Houses should be for people and not for corporations,” said Sen. Tim Scott, one of the main cosponsors of the bill, on the Senate floor on Monday. “We make it easier for people to have access to housing because of the provision that President Trump placed in this legislation. Now, why are there Republicans who disagree with the President on this one?”
Although the issue has traditionally been a progressive rallying cry, Trump took up the issue during his
“No longer will private equity firms come in with an all-cash offer to snap up a house while a family loses out on their dream,” Warren said on the Senate floor. “Today’s vote proves that it is possible to find bipartisan, common ground on legislation that actually helps the American people.”
Music industry leaders, megastars pay tribute to Clive Davis
Clive Davis has been remembered by music industry leaders and some of the biggest artists he worked with, following the legendary executive’s death aged 94.
Davis, who founded Arista Records and most recently served as Chief Creative Officer of Sony Music Entertainment, died at his home in Manhattan on Monday (June 22).
Sony Music, where Davis held that title until his death, paid tribute through Rob Stringer, Chairman of Sony Music Group and CEO of Sony Music Entertainment.
“Clive of course played a seminal role in the story of Sony Music through two incredible chapters, and he is responsible for a huge part of the recorded legacy of the company permanently,” said Stringer.
“Not only are many, many artists we represent continuously indebted to his service but so many staff members have been influenced and mentored by his deep love and respect for our company which he carried right up until today. Our working lives are better for having had his constant presence in the aura and perception of Sony Music.”
“Not only are many, many artists we represent continuously indebted to his service but so many staff members have been influenced and mentored by his deep love and respect for our company which he carried right up until today.”
Rob Stringer, Sony Music Group
Bruce Springsteen, whom Davis signed to Columbia Records in the early 1970s, wrote: “Over here on E Street, we mourn the death of the great record man and close friend Clive Davis.”
“At 22 years old, he changed my life when he signed me to Columbia Records. He treated me with the same respect and kindness as a 22-year-old nobody as he did after all my success. A great man. All our prayers and love,” Springsteen added.
Alicia Keys, whom Davis signed to J Records, posted a photograph of the pair alongside the words: “To Clive Davis, the visionary who transformed dreams into reality, leaving an indelible mark on music and lives worldwide.”
“the visionary who transformed dreams into reality, leaving an indelible mark on music and lives worldwide”
Alicia Keys
Patti Smith, who spent much of her career on Arista Records, wrote: “This is thanking Clive Davis for transforming music, and on a very personal note, for believing in me, shepherding my efforts and a half century of your love and support.”
Carlos Santana said in a statement: “Clive Davis was a visionary. He could hear the intangible before anyone else could see it. He believed in Santana from the beginning, and years later he believed in us again. That kind of faith is a beautiful blessing, and I will always be grateful.
“Clive understood that music is more than entertainment. Music is a healing force. It brings people together beyond fear, beyond separation, beyond borders. He dedicated his life to championing artists and helping them share their gifts with the world.
“Clive understood that music is more than entertainment. Music is a healing force.”
Carlos Santana
“Clive recognized the light in people. He encouraged artists to trust their own voice and step into their destiny. Because of his vision, countless musicians were able to reach hearts across the planet.
“I thank Clive for his friendship, his trust, and his belief in Santana. We celebrate his extraordinary journey and the legacy of joy, inspiration, and possibility that he leaves behind.
“We send our deepest love and blessings to his family and to all who were touched by his life.”
Merck Mercuriadis, the founder of Hipgnosis Songs Fund, addressed his tribute to Davis’s sons – Doug, Fred and Mitch.
“Dear Doug, Fred and Mitch, I am so sorry to hear of Clive’s passing,” Mercuriadis wrote. “We have all lost an extraordinary man the likes of which we will never see again but you have lost a father – a father to us all.”
He added: “It’s impossible to measure his impact on music, culture and life across the globe. He accelerated the growth of the music business like few others and he supported his artists like a man possessed.
“He accelerated the growth of the music business like few others and he supported his artists like a man possessed.”
Merck Mercuriadis
“His focus on songs was unique in a post-Beatles world and as a result his emphasis and support of outside songwriters and producers was unparalleled.”
Mercuriadis continued: “It also must be mentioned that no one could launch an artist the way Clive could and the Clive playbook became the envy for anyone marketing and promoting music. Spotting talent is not difficult, spotting it and knowing what to do is something very very few can do.”
Added Mercuriadis: “His annual Grammy party was the only one that mattered and as anyone who ever had the privilege of attending can tell you he was also a special orator. Clive is the only person that I know that could introduce 50 superstars in a night with unbelievable dignity and elegance and never use the same adjective twice.
“Clive, Mo, Lenny, Berry, Ahmet, Jerry that’s Mt Rushmore with Alfred, Jac, Chris B, Herb, Jerry, Richard B, Simon, Chris W, Terry, Kenny, Leon and Jimmy on the next mountain face over.”
“My heartfelt condolences to you and your family. We owe a great debt to an incomparable man,” Mercuriadis wrote. “Godspeed, strength and love. This is a life to be celebrated.”
Also paying tribute: Monte and Avery Lipman, the brothers who founded Republic and began their careers working for Davis at Arista Records in the late 1980s.
“Avery and I got our start in the music business working for Clive at Arista Records in the late 1980s,” said Monte Lipman, CEO/Executive Chairman of Republic Collective.
“By virtue of being in his orbit, we had a front-row seat to his extraordinary success as he discovered and championed legendary artists who’ve gone on to make the world a better place.”
“By virtue of being in his orbit, we had a front-row seat to his extraordinary success as he discovered and championed legendary artists.”
Monte Lipman, Republic
“It was his passion for culture, community and music, along with his unwavering commitment to excellence in every aspect of his life, that resonated with us so profoundly; but the most valuable lesson he ever taught us was that family always comes first,” Monte Lipman added.
“Earlier this year, Avery and I had the privilege of being recognized by Clive at his legendary Grammy Gala. To stand alongside him nearly 40 years later was a deeply meaningful full circle moment that we will always cherish and hold dear in our hearts. We love you Clive.”
Avery Lipman, COO/Vice Chairman of Republic, said: “My first job in the music business was working as Clive‘s part-time secretary. On my very first day, I handed him a list of missed calls and mentioned that his son had called while he was in a meeting.”
“Clive immediately told me, ‘If any of my children call, you need to grab me.’ From that day forward, I interrupted meetings and calls whenever one of his children reached out and every single time, he stopped what he was doing and took the call.”
“Years later, when people asked me what it was like to work for such an iconic executive, my first thought was always the same: he was the most devoted father. The world will remember Clive for his unparalleled contributions to music and culture, but I’ll always remember the example he set as a parent, mentor and leader. I am deeply grateful to have known him.”
Earlier today, Davis’ family issued the following statement: “To the world, our father was the iconic music legend whose vision, instincts, and relentless pursuit of excellence shaped the soundtrack of countless lives. He discovered, mentored, and championed the greatest artists in modern music history, leaving an indelible mark on culture that will endure for generations.
“To his family, Clive was Dad and Granddaddy, the steady presence at the center of our lives, the source of wisdom, strength, encouragement, and unconditional love. No matter how extraordinary his professional accomplishments, he never lost sight of what mattered most: the people he loved.
“Through every chapter of his remarkable life, family remained Clive’s greatest pride and deepest joy. Today, we celebrate not only a towering figure whose influence changed music forever, but the man who led our family with grace, generosity, and kindness. We will miss him greatly, cherish him always, and carry his love with us for the rest of our lives.”
Harvey Mason jr., CEO, Recording Academy, said: “Music lost one of its most important and impactful figures today, and I lost a dear friend and mentor. With his ears of gold and natural gift of hitmaking, Clive Davis developed music’s brightest legends and stars, earning him four Grammy wins and the Recording Academy Trustees Award in 2000.
“Clive was a generous supporter of MusiCares, and the Recording Academy has been proud to co-host the annual Pre-Grammy Gala with him for over 15 years, a tradition Clive started over 50 years ago, gathering music’s most innovative and accomplished people every year on the Saturday night before the Grammy Awards. Clive being a part of our industry has made a massive impact on music people everywhere, including myself. Thank you, Clive, for all you’ve done for all of us in music. You will be missed!”
Barry Weiss, founder, Records, commented:“My memories and relationship with Clive Davis are hard to put into a brief sentence or two. Having grown up in the music business, I’ve heard his name for years and first met him at a CBS Records convention at the Century Plaza Hotel in 1972. I was also well aware of him through my father and his affiliation with Stax Records and my childhood neighbor Ron Alexenburg another protege of Clive’s like so many of us.
“We worked closely with him at Arista Records who was Jive Record’s US licensor in our infancy. Simply put he was a “record man’s record man”. Brilliant and expansive intellect, incredible taste and musical instincts and phenomenal problem solving abilities. All rolled into one very sophisticated, gentleman. As Clive Calder and I used to say ‘we’re in the record business while Clive is in Show Business!’. He will be missed.”
A lawyer by training, Davis joined Columbia Records in 1960 and was named President of the label in 1967, signing acts including Janis Joplin and Carlos Santana.
He founded Arista Records in 1974, building a roster that grew to include Whitney Houston, the Grateful Dead and Barry Manilow.
The Arista name was later revived as a frontline label by Sony Music in 2018.
In 2000, Davis launched J Records and was inducted into the Rock and Roll Hall of Fame that year as a non-performer.
The annual Pre-Grammy Gala, which Davis had hosted since 1976, took place most recently on January 31 at the Beverly Hilton Hotel, where the Lipmans received the Grammy Salute to Industry Icons honor.
In a 2017 interview with MBW, Davis reflected on the setbacks of his career: “You’ve got to be able to face adversity and count on resilience.”Music Business Worldwide
The Board-Lot Reckoning: Access, Liquidity, and Governance
Board-lot reform may appear to be a technical change, but it reflects a broader shift in how exchanges compete for investors, trading activity, and capital formation. Minimum trading units and high entry thresholds were once accepted features of market design. Today, investors have become accustomed to seamless digital access through online brokerages, fractional-share platforms, and digital-asset exchanges, making such barriers increasingly difficult to justify.
For investors, the reforms could affect execution quality, odd-lot pricing, portfolio rebalancing, and access to high-priced shares. For issuers, they may alter the composition of the shareholder base. For brokers and custodians, they require systems changes across trading, settlement, and market data.
The timing is also significant. As Hong Kong prepares for the launch of its Uncertificated Securities Market (USM) in 2026, many of the physical constraints that historically justified large board lots are disappearing. Paper-based processes are giving way to digital infrastructure that supports greater efficiency, flexibility, and accessibility.
For investment professionals, however, the significance of these reforms lies less in the policy itself than in its execution. In Hong Kong, approximately 25% of listed issuers may need to adjust their board-lot structures, creating the potential for a temporary increase in odd-lot holdings and the risk of liquidity fragmentation. At the same time, brokerages, custodians, exchanges, and technology providers will need to update trading, settlement, and market-data systems alongside broader market modernization efforts.
Meet a British businessman who doesn’t regret his Brexit vote. He says rejoining the EU would be ‘re-boarding the Titanic’ while giving up life vests
Simon Boyd’s firm makes prefabricated steel structures on the south coast of England and ships them to customers as far away as Ghana and Barbados. Mike Hawes represents Britain’s carmakers as the head of the Society of Motor Manufacturers and Traders.
The business leaders were on different sides of the debate when Britain voted to leave the European Union in 2016. But 10 years later they are both frustrated by Brexit.
A decade ago, backers promised that Brexit would be the key to a bright new future where, freed from the edicts of EU bureaucrats, Britain would regain control of its laws and its borders and the economy would boom. But the reality failed to live up to the hype as Britain struggled to adjust to life without unfettered access to the 27-nation free trade bloc and its market of 450 million people.
Economic growth is anemic, taxes are high, public services are creaking and successive governments have been unable to stem the flow of migrants who wash up on the English Channel coast in inflatable boats. As a result, it’s not exactly a happy anniversary.
“No, it’s not delivered everything that was said it would deliver on the tin, but it is delivering,” Boyd told The Associated Press. “It’s very sluggish. You only need to look at the statistics to see that.”
Boyd, the managing director of REIDSteel, which employs about 130 people at a plant in Christchurch, England, still stands behind his decision to support Brexit, but blames lackluster results on politicians who weren’t committed to delivering. Britain has also experienced unexpected challenges over the past 10 years, from the COVID-19 pandemic to the wars in Ukraine and the Middle East, Boyd said.
Economists see fundamental issues
The Brexit vote quickly increased costs for businesses as they prepared for an uncertain future during years of negotiation over the U.K.’s new relationship with the EU. Then, when Britain finally left the bloc on Jan. 31, 2020, new rules governing trade in goods and services made it more expensive and time-consuming to do business with European partners.
Creon Butler, who leads the global economy and finance program at Chatham House, a London-based think tank, said there were long-term consequences to leaving the European single market.
“Whatever was promised, whatever one hoped for, (you have) to accept that it has been a major loss of wealth and prosperity for us through the choice we made to leave,” he said.
“That’s a decision the British public have made, and they’re entitled to make it, but it does make us poorer,” he added.
By most measures, the British economy today is weaker than it would have been without Brexit, according to a recent report published by the National Bureau of Economic Research in Cambridge, Massachusetts. The report, compiled by researchers in Britain, Germany and the U.S., compares the performance of the U.K. economy to 33 other countries, including its European neighbors, the U.S., Canada and Japan.
Brexit has reduced Britain’s gross domestic product, a broad measure of economic output, by 6% to 8%, investment by 12% to 13% and productivity by 3% to 4%, the researchers concluded.
Carmakers had many challenges
Britain’s carmakers were early and outspoken opponents of Brexit, arguing that increased red tape surrounding shipments of parts and finished vehicles would damage an industry built on a network of interlinked factories in multiple European countries.
Those concerns reduced investment in the U.K. auto industry because international carmakers were less likely to see Britain as an attractive way into the European market. As a result, the industry is hoping that international trade deals will help boost demand for its products.
“We have been able to move with the times, so to speak, but undoubtedly it’s putting us at more cost into the industry, more pressure,” Hawes said.
Brexit supporters trumpeted the freedom to negotiate its own trade agreements as one of the primary benefits of leaving the EU, and Britain has since signed dozens of deals with countries ranging from Australia to India to the United States.
But EU countries still account for 41% of Britain’s exports and half its imports, according to the latest government figures.
During more than 50 years as a member of the EU and its predecessors, many British businesses also came to rely on Europe as a source of cheap labor, especially after the bloc’s eastward expansion in 2004.
That pipeline dried up after Brexit ended the free movement of labor, one of the bloc’s founding principals.
The owners of Britain’s curry restaurants, an integral part of communities from Aberdeen in Scotland to Aberystwyth in Wales, have been especially hard hit by the loss of Eastern European workers who went home rather than deal with burdensome new visa requirements. And they’re furious because the industry backed Brexit after assurances it would lead to more visas for South Asian cooks, something that hasn’t happened.
“We feel betrayed,″ said Oli Khan, president of the Bangladesh Caterers Association UK, who serves up tandoori lamb chops, vegetable biryani and chili paneer at his restaurant in Stevenage, north of London.
In an effort to mitigate some of the problems caused by Brexit, Prime Minister Keir Starmer has begun talks with the EU about rebuilding a closer relationship as he seeks to energize the country’s stagnant economy.
Starmer won’t finish them, however. On Monday, he said he is stepping down.
Polls suggest frustration with Brexit is growing
Starmer’s move comes as a survey by the Ipsos polling firm, the Policy Institute at King’s College London and the think tank UK in a Changing Europe suggests that frustration with Brexit is growing.
The survey of 2,245 Britons aged 18 and older carried out in May, found that 48% said Brexit was going worse than they expected, up from 28% in March 2021. Some 9% said it was going better than expected and about one in three said it was going as expected.
But Boyd said the most important survey is still the one that took place on June 23, 2016, when 51.9% of those who cast ballots — or 17.4 million people — voted to leave EU.
He continues to believe that Britain has a brighter future outside the EU.
Brexit hasn’t delivered on its promise because politicians, large corporations and other entrenched interests worked to thwart the will of the people, Boyd said. This resulted in a Brexit deal that kept Britain too closely tied to the EU and unable to realize its potential as an entrepreneurial nation filled with creative, hardworking people, he said.
And there’s no going back, he said.
“Imagine if we were to rejoin … today. The conditions upon which we would be allowed back in would be akin to us re-boarding the Titanic on the condition that we surrender our life vests first,″ he said. “Need I say any more?”
Oil and Gas Investing for Physicians: Mineral Rights, Tax Benefits, and How to Vet Operators
Most physicians who’ve built wealth outside medicine end up in a similar place. They’ve got real estate exposure, maybe some index funds, a few syndications. And then they start asking a question that doesn’t have an easy answer: what else belongs here?
That’s where I was several years ago. I was looking for assets that genuinely behaved differently from what I already owned. Things that didn’t move in lockstep with the stock market, didn’t depend on the same interest rate cycle as real estate, and could produce consistent income in conditions where my other assets were under pressure.
Oil and gas kept coming up in that search.
My first reaction was skepticism. It felt opaque. You can’t look up comparable prices the way you can in real estate. There’s no Zillow for mineral rights. The people who do it well have been doing it for decades and they’re not always easy to find or evaluate.
I’ve spent a lot of time since then learning the space. Here’s what I found worth understanding before making any decisions.
Disclaimer: This article is for informational and educational purposes only and does not constitute financial, legal, or investment advice. Any investment involves risk, and you should consult your financial advisor, attorney, or CPA before making any investment decisions. Past performance is not indicative of future results. The author and associated entities disclaim any liability for loss incurred as a result of the use of this material or its content.
Why the IRS Treats Oil and Gas Like Real Estate (And Why That Matters)
The reason oil and gas feels foreign to most investors is that nothing about it looks familiar. There’s no address. No building. You can’t drive past your asset or show it to anyone on a map.
But the framing that made it click for me was simpler than I expected.
In the United States, real estate is actually divided into three distinct categories: air rights above the surface, surface rights (the land itself), and mineral rights covering everything below it. You can buy, sell, or lease any of them independently. Most people just never encounter that third category.
The IRS treats mineral rights the same way it treats traditional real estate. There’s depreciation. There’s depletion. There are write-offs. The legal structure and tax treatment are fundamentally parallel. The main difference is that you can’t go see what you own. It’s two miles underground, not eight stories above it.
That’s the thing that makes this asset class hard to get comfortable with. It requires a different kind of due diligence than what physicians are used to. But the underlying framework is more familiar than it looks.
Mineral Rights vs. Working Interest: The Two Main Ways to Invest
Like real estate, oil and gas investing isn’t one thing. There are two primary entry points for accredited investors, and they serve different purposes.
Mineral rights ownership is the more passive approach. You’re buying the rights to resources below a specific piece of land. If an oil company is already leasing and drilling on that land, you receive a royalty on production. You don’t fund the drilling. You carry no operational costs or liability. You receive a percentage of revenue for as long as the wells produce, which can run 25 to 100 years.
Think of it as the analog to buying raw land in real estate. The cash flow starts when someone else develops it.
Working interest is the more active participation. You invest in the drilling of a specific well and take on a proportional share of both costs and production. The upside is significant: current tax law allows a 100% write-off of working interest investments against ordinary W-2 income in the year you invest.
One nuance physicians should know: most passive investment losses can’t offset W-2 income because of passive activity rules. Oil and gas working interest is a statutory exception. The IRS treats it as active income, which is why the deduction is available in a way it simply isn’t for most alternative assets.
For a physician earning $800,000 annually at a 37% federal rate, a $200,000 working interest investment can substantially reduce taxable income in year one. The trade-off is commodity price risk and execution risk on the drilling itself.
Both approaches have legitimate places in a portfolio. Which one fits depends on your income, tax situation, and how much complexity you’re willing to take on.
The Tax Math Physicians Often Miss
The working interest write-off is where most high earners get interested. But there’s a less-discussed play worth knowing about.
If you hold mineral rights inside a self-directed IRA, you can use them as part of a Roth conversion strategy. When minerals are held inside that structure, the depletion allowance reduces the taxable basis on the conversion, meaning you pay taxes on significantly less than the converted amount. Depending on the deal structure, this can reduce the taxable amount on a traditional-to-Roth conversion by 65% to 80%.
For physicians with substantial IRA balances approaching required minimum distribution age, that math deserves a serious conversation with a CPA. Working the last years of a 40-year career to fund a tax bill you could have reduced with better tax planning is a painful outcome.
Additionally, up to 15% of gross income from oil and gas production is exempt from federal income tax through the depletion allowance. That’s a structural advantage built into the tax code, not a loophole or gray area. These are among the tax benefits that make working interest ownership worth understanding in detail.
None of these are obscure strategies. They’re just rarely explained in a context relevant to physicians.
How to Evaluate an Oil and Gas Operator (And What Red Flags Look Like)
This is the part that matters most.
A meaningful percentage of operators in the oil and gas space are not people you want to invest with. The business can be structured to benefit the operator even when investors never see a real return. Hidden fees, vague reporting, deals that look attractive on paper but carry so many cost layers that a successful well barely breaks even for the investor.
Troy Eckard, who has spent over four decades in the oil and gas business, described it this way when I had him on the podcast:
“The bad actors stack the fees so high that even if you hit a good well, you’re never going to get payout. And you don’t know that because you’re not an expert in oil and gas.”
This is where real estate due diligence translates directly. You’ve learned to evaluate a real estate syndication sponsor by their track record, fee structure, transparency, and alignment of incentives. Oil and gas requires exactly the same rigor.
You’re looking for operators who will show you precisely what they own, what they’ve returned to investors historically, and exactly how they make money on a deal. Engineers and geologists on staff.
A disciplined acquisition approach. A good operator doesn’t guess where oil is. They only buy minerals where production is already happening or where a well-capitalized company is actively permitted to drill.
One structural note worth understanding: direct ownership through an aggregated model is typically how individual investors access institutional-quality assets in this space. Middle-market oil and gas deals have largely disappeared over the last decade.
It’s either large-scale institutional transactions or very small operators. Pooling capital with other accredited investors is often the only realistic path to the tier of assets where the economics actually work.

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How Much Should Physicians Allocate to Oil and Gas?
Oil and gas isn’t right for everyone. The learning curve is real. The asset class is harder to research than real estate, and it requires trusting an operator you can’t fully evaluate until you’ve built a track record with them.
What it offers in return is something most alternatives don’t: genuine non-correlation with public markets, meaningful tax advantages, and long-duration passive income from a single investment decision.
Most physicians I know who are exploring this start with a position somewhere between $50,000 and $200,000, with the intention of learning the asset class before scaling. Education before capital is the right sequence here.
Here’s the honest reframe on why more people don’t pursue this.
Most of us were trained on a three-bucket framework: stocks, bonds, real estate. Oil and gas doesn’t fit cleanly into any of them. It doesn’t trade on an exchange. There’s no price feed. You can’t look it up in the Wall Street Journal or run comps on Zillow.
That obscurity is probably why over 22 million millionaires exist in the United States and fewer than 500,000 have any oil and gas ownership at all. The asset isn’t inaccessible. Most people just never get past the first question of how it works.
If you want to understand the mechanics before making any decisions, Eckard recently launched OilClarity.com, a free educational resource built specifically for investors who are starting from scratch. Worth going through before you take any next step.
Disclosure: This is not a paid or sponsored post. Eckard Enterprises is a partner of Passive Income MD. Nothing here constitutes financial or investment advice. Oil and gas investments carry significant risk, including loss of principal. Consult your own CPA or financial advisor before making any investment decision.
Were these helpful in any way? Make sure to sign up for the newsletter and join the Passive Income Docs Facebook Group for more physician-tailored content.
Peter Kim, MD is the founder of Passive Income MD, the creator of Passive Real Estate Academy, and offers weekly education through his Monday podcast, the Passive Income MD Podcast. Join our community at the Passive Income Doc Facebook Group.
Disclaimer: I am not a CPA, attorney, or financial advisor. The information in this post is for educational purposes only and should not be construed as tax, legal, or financial advice. Please consult a qualified professional about your specific situation before making any decisions.
Further Reading
Bank Of England Posts Update On Stablecoins In The UK, Coinbase Likes What They Read
The Bank of England has posted an update on draft rules regarding stablecoins. The bank stated:
“[This] marks a significant milestone in delivering a comprehensive UK regime for stablecoins. It sets a clear pathway for UK-issued, sterling-denominated stablecoins to operate at scale across a range of retail and wholesale use cases.”
Stablecoins are privately issued digital currency which are typically tied to fiat currency.
The bank said that users should be able to transfer value using a variety of options which include traditional bank deposits, tokenized ones, stablecoins and, perhaps CBDCs [central bank digital currency].
In general options provided to the public should fuel competition and thus provide better services.
While in the US, CBDCs are on the way to being banned, due to extensive privacy and abuse concerns, elsewhere, CBDCs are still up for discussion with the EU heading to issue one and the Chinese already offering a digital yuan.
The Bank of England says that there may be a “complimentary role” for stablecoins alongside commercial bank money in wholesale markets
Further updates are said to be coming soon.
The draft includes requirements for reserves.
There is a a “Temporary guardrail” on the level of issuance per systemic stablecoin which has been set at £40 billion.
The bank said they have listened to the feedback provided by interested parties and have made “substantive changes.”
The bank differentiates between systemic stablecoins, largely used for payments, and non‑systemic stablecoins. Both will be regulated by the Bank and the FCA.
The draft is open for public feedback with the deadline being September 22, 2026.
Coinbase, a player in the stablecoin market, issued a stamp of approval for the update as shared by Paul Grewal, Chief Legal Officer at Coinbase. He stated on X that “We pushed for clear, workable rules and the UK delivered: no more wallet limits, simpler reserve requirements and recognized US oversight for foreign stablecoins. We are going to see more and more clarity around stablecoins globally.”
Dollar based stablecoins currently dominate the sector of digital assets led by Tether (USDT) and USDC with hundreds of billions outstanding. Pound based stablecoins are currently almost non-existent.
The End of Cheap Capital
For nearly two decades, executives operated in a world of extraordinarily cheap capital. In the aftermath of the global financial crisis, central banks cut interest rates to historic lows and flooded markets with liquidity through quantitative easing. Between 2008 and 2020, the after-tax cost of borrowing for many large companies hovered at or below inflation—making debt, in real terms, effectively free.
Bajaj Finance Card Kaise Banaye | Bajaj Finserv EMI Card 2026 | Bajaj EMI Card
About This Video :
Are you planning to buy a smartphone, laptop, TV, refrigerator, or any expensive product but don’t want to pay the full amount at once? Then this video is specially made for you. In this detailed guide we are going to explain everything about the Bajaj EMI Card, also known as the No Cost EMI Card, in the simplest language possible.
In today’s world, where inflation is rising and expenses are increasing day by day, managing big purchases becomes difficult. That’s where No Cost EMI options come into the picture. Among all the EMI options available in India, the Bajaj Finserv EMI Card is one of the most popular and widely used financial tools.
But the biggest question is ?
Is Bajaj EMI Card really “No Cost EMI”?
Are there any hidden charges?
Should you take Bajaj EMI Card or avoid it?
In this video, we will answer all these questions in detail.
The Bajaj EMI Card is a digital payment instrument provided by Bajaj Finserv that allows you to convert your purchases into easy monthly installments (EMIs) without using a credit card.
This card is specially designed for people who:
Don’t have a credit card
Want instant EMI approval
Want to buy products without paying full amount upfront
Want “No Cost EMI” facility
With this card, you can shop online or offline and convert your purchase into EMIs within seconds.
Here are the top features of Bajaj Finserv EMI Card:
Instant approval process
No need for credit card
Pre-approved loan limit
No Cost EMI available on selected products
How Bajaj EMI Card Works?
Let’s understand in a simple way:
You apply for Bajaj EMI Card
Bajaj gives you a pre-approved limit (example ₹1 lakh)
You go to a store or website
Choose a product (like mobile phone ₹30,000)
Select EMI option
Convert into monthly installments
What is No Cost EMI?
This is the most searched keyword — “No Cost EMI meaning”
No Cost EMI means:
You don’t pay extra interest
You pay only the product price in installments
BUT HERE IS THE REAL TRUTH
Sometimes, the interest is already adjusted in the product price or discount is reduced.
So technically, it’s not always 100% free.
Many people think Bajaj EMI Card is completely free, but that’s not true.
Here are some charges you must know:
1. Processing Fee
₹100 to ₹500 per transaction
2. Interest Charges (if not No Cost EMI)
Around 12% to 24% annually
3. Late Payment Charges
₹200 to ₹500 or more
4. Bounce Charges
If EMI auto-debit fails
5. Annual Fee / Joining Fee
Sometimes ₹530 (including GST)
So always read terms before using.
Products You Can Buy
Using Bajaj EMI Card, you can purchase:
Smartphones
Laptops
TVs
Washing Machines
Refrigerators
ACs
Furniture
Fitness equipment
Important Rules You Must Know
First purchase may need to be done offline
Some stores may push insurance or add-ons
EMI auto-debit is mandatory
Missing EMI affects your CIBIL score
Topics Covered In This Video :
Bajaj EMI Card
No Cost EMI Card
Bajaj Finserv EMI Card
Bajaj EMI Card benefits
Bajaj EMI Card charges
Bajaj EMI Card eligibility
No Cost EMI meaning
Bajaj EMI Card hidden charges
Bajaj EMI Card review
Bajaj EMI Card apply online
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