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What to Do When Your Carrier Drops You in 2026

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So you open the mail, and there it is: a letter from your insurance company, letting you know it won’t be renewing your landlord policy. There’s been no claims, missed payments, or drama. Just a polite notice that come renewal, you’re on your own.

If you’re investing in real estate in 2026, this is becoming the new normal. Premiums are up 20% to 40% in key investment states like Florida, California, and Texas. Major carriers are quietly exiting entire ZIP codes. And investors who have been with the same company for a decade are suddenly being told to find coverage somewhere else.

At this point, most investors make a huge mistake: they panic and scramble to replace the policy as quickly as possible, usually with whatever carrier their agent throws at them first. They match the old coverage limits, pay the higher premium, and move on without asking a single question.

That’s a mistake. Nonrenewal is a forced opportunity; it’s the insurance industry telling you that the coverage you had was probably wrong for your rental anyway, and that now is the moment to fix it.

I’ll break down exactly why carriers are dropping landlords right now, the 30-day action plan to follow the second you get the letter, and how to use nonrenewal as a chance to come out with better coverage than you had before.

Why carriers are dropping investors right now

To fix the problem, you first need to understand why it’s happening. This is less about you and more about an entire industry going through a massive reset. So what’s driving it?

Climate risk is getting priced in for real

Carriers used to spread catastrophic loss exposure across huge books of business. Now, after back-to-back years of record hurricane damage, wildfire losses, and brutal hail seasons, the math has changed. The reinsurance companies that back your insurance company are charging dramatically more, and those costs are cascading straight down to you.

Reinsurance costs are up significantly

When reinsurance premiums jump, carriers have two options: raise rates or stop underwriting in high-risk areas. In 2026, they’re doing both.

Older housing stock is getting flagged

Properties built before 1980 are getting scrutinized hard right now for items like aging roofs, outdated electrical, polybutylene plumbing, and knob-and-tube wiring. These trigger nonrenewals even if you’ve never filed a claim.

Generalist carriers are retreating

Big-name companies that sell homeowner’s, auto, life, and landlord policies are pulling back from investor properties altogether. They’ve decided rental properties are too complicated, risky, or too small a slice of their business to fight for.

Specialist carriers are expanding

While generalists run for the hills, investor-focused carriers are stepping in. They understand rental property risk because that’s all they do, and they’re writing policies in markets the big names won’t touch.

Getting dropped isn’t personal but rather a structural shift in the insurance industry. And it’s actually pointing you toward better coverage if you know how to respond.

The 30-day action plan after you get the letter

OK, so you’ve got the letter in your hand. What now? The next 30 days matter a lot. Here’s exactly how to handle it.

Day 1 to 3: Confirm what you’re actually dealing with

Nonrenewal and cancellation are not the same thing. Nonrenewal means they’ll honor your policy through the end of the term and just won’t renew it. You have time to shop. Cancellation mid-policy is much rarer and usually triggered by fraud, nonpayment, or a significant change in risk. 

Read the letter carefully, and note the exact end date.

Day 4 to 10: Gather your paperwork

Before you call a single new carrier, pull together:

  • Your current declarations page (shows your actual coverage limits)
  • Your claims history for the past five years
  • Your CLUE report, which is a loss history report that carriers pull to evaluate you
  • Any recent inspection reports, roof certifications, or upgrade receipts

The more organized you are, the better your quotes will be.

Day 11 to 20: Get at least three quotes

Do not take the first quote your agent sends. Get quotes from at least three carriers, and make sure at least one of them is an investor-focused specialist, not just another generalist.

Pay attention to what’s different between the quotes, not just the premium. Coverage limits, deductibles, vacancy clauses, and liability caps can vary wildly, and a cheaper policy might have gaping holes.

Day 21 to 30: Bind before the gap

Do not let your current policy lapse before the new one starts. Even a one-day gap can trigger lender issues, void coverage for claims during the gap, and cause rates to spike permanently.

Bind the new policy with a start date that lines up with your old policy’s end date. Confirm in writing.

What not to do: 

  • Panic buy
  • Let the policy auto-lapse 
  • Match your old coverage without asking whether it was the right coverage to begin with

The hidden upgrade opportunity most investors miss

This is the point where a lot of investors leave money on the table. When they replace a nonrenewed policy, they just try to match what they had before. Same limits, deductible, everything, just with a new carrier.

But the policy you had was probably wrong for a rental property in the first place. Many investors, especially those who’ve been in the game a while, are still operating under homeowner’s policies that were stretched to cover their rentals. Or they’re on landlord policies written by generalist carriers who don’t really understand how investors operate.

So what are they missing? Here are the most common coverage gaps.

Loss of rent coverage 

If your property gets damaged and becomes uninhabitable, does your policy pay you for the rent you’re losing during repairs? A lot of policies don’t, or cap it at embarrassingly low limits. This is one of the most important coverages for an investor, and one of the most commonly missed. Loss of rent coverage is essential for landlords to ensure there are no gaps in income when something happens to their property.

Vacancy clauses that kill coverage

Many policies automatically void or restrict coverage if your property sits vacant for 30 or 60 days. If you’re doing BRRRR, flipping, or turning over between tenants, this can quietly wipe out your protection right when you need it most.

Ordinance or law coverage

If your 1970s rental burns down, your policy might pay to rebuild it exactly as it was. But current building codes require upgraded electrical, plumbing, and insulation. 

Without ordinance or law coverage, that gap comes out of your pocket. And it’s not small. We’re talking $15,000 to $50,000 on a typical single-family home.

Replacement cost vs. actual cash value

A replacement cost policy pays to rebuild at today’s prices. An actual cash value (ACV) policy pays the current depreciated value, which can be 40% to 60% less. Many older policies default to ACV without the investor realizing it.

Liability limits that haven’t kept up with reality

If your policy still has a $100,000 or $300,000 liability cap, that’s probably inadequate given today’s legal environment. Consider bumping your liability coverage to $500,000 or $1 million, and look at umbrella coverage.

Nonrenewal forces you to shop. And when you shop with intention, you can fix years of accumulated coverage problems in one move.

How to protect yourself from future nonrenewals

Now let’s talk prevention. If you don’t change anything, you might just get dropped again by your new carrier in three years. Here’s what actually keeps carriers happy.

Manage your claims frequency

Every claim you file gets logged in your CLUE report for up to seven years. Small claims, especially ones under $2,000, often cost you more in premium increases and nonrenewal risk than they save you. 

Save your insurance for major losses. Eat the small stuff.

Document proactive maintenance

Things like roof inspections, HVAC tune-ups, plumbing updates, and electrical upgrades all matter. Keep a folder of photos, receipts, and inspection reports for each property. When a carrier considers not renewing you, this documentation makes a real difference.

Consolidate with one specialist carrier

Scattering your properties across five different insurance companies feels diversified, but it actually hurts you. A single specialist carrier that insures your whole portfolio has skin in the game with you. It will be more likely to work through renewal conversations and less likely to drop you over a single claim.

Switch away from stretched homeowner’s policies

If any of your rentals are insured under a homeowner’s policy, fix that immediately. Not only are those policies cheaper because they don’t actually cover rental activity, but they can also be voided entirely the moment a carrier discovers you have tenants.

The goal is to build a coverage strategy that matches how you actually invest, then document your stewardship so carriers want to keep you around.

Why Steadily is built for this moment

So, where does Steadily fit into all of this? While generalist carriers are pulling back from landlord insurance, Steadily is leaning in. It’s a specialist carrier, which means landlord insurance is all it does.

That focus shows up in how it underwrites and writes policies. Steadily’s coverage is designed from the ground up for investors, not repurposed homeowner’s coverage with a few endorsements tacked on. It covers single-family rentals, multifamily properties, short-term rentals, and fix-and-flip projects across all 50 states.

The quote process is fast. We’re talking minutes, not days. You can get an online quote, upload documentation, and bind coverage without endless phone tag or paper forms. For investors juggling closings, renewals, and rehab timelines, speed matters.

It also handles coverages that generalist carriers routinely miss and that investors actually need, such as:

And Steadily is growing for a reason. It was named by CNBC as one of the best landlord insurance companies of 2026. It raised $30 million in Series C funding in 2025 at a valuation over $350 million, and it’s integrated with over 400 real estate platforms, including BiggerPockets, Roofstock, and TurboTenant. That growth is because investors are actively switching to it from the generalist carriers they used to rely on.

If you’ve just been non-renewed or your renewal quote just spiked 40%, this is exactly the moment Steadily was built for. Instead of patching together another short-term fix, you can use this transition to upgrade to coverage that was designed for how you actually invest.

Take action before your policy lapses

Don’t wait until your policy expires to figure this out. Every day you wait is a day your portfolio sits exposed.

Get a free quote from Steadily today and see what specialist landlord coverage actually looks like. A few minutes now could save you thousands in coverage gaps, premium hikes, and the kind of stress that comes with finding out your policy didn’t do what you thought it did.

Costco Visa: Vacation To Mexico & Costa Rica, Get 15% Back Costco Shop Card

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Costco Visa: Vacation To Mexico & Costa Rica, Get 15% Back Costco Shop Card


The Offer

Direct Link to offer

  • Use your Costco Anywhere Visa Card by Citi to book an eligible vacation package to Mexico or Costa Rica between 4/20/26 and 5/3/26 for travel through 7/31/26, and enter promo code CTMC26 at checkout to receive a Digital Costco Shop Card valued at 15% of your total package price. In addition, you can earn 3% cash back rewards on Costco Travel purchases by using your Costco Anywhere Visa Card to pay.

The Fine Print

  • Not valid for cruises, rental cars, hotel (room-only) reservations, guided vacations or any other specialty vacation products.
  • 15% Bonus Digital Costco Shop Card Promotion: One bonus Digital Costco Shop Card per booking. To quality for the Bonus 15% Digital Costco Shop Card, you must book an eligible vacation package to Mexico or Costa Rica with your Costco Anywhere Visa® Card by Citi within the book-by window and travel-through dates. The Promo Code provided must be used during the checkout to qualify. While supplies last. The Digital Costco Shop Card is non-transferable and may not be combined with any other promotion. The Digital Costco Shop Card will be emailed 1- 4 weeks after your trip. Digital Costco Shop Cards are not redeemable for cash, except where required by law. Digital Costco Shop Card value is subject to change if changes are made to the booking. For complete Digital Costco Shop Card terms and conditions, visit CostcoTravel.com.

Our Verdict

Maybe someone will find this useful. Feel free to analyze in the comments below. 

Hat tip to reader Rebecca

Poll suggests Canadians want Carney government focused on affordability in next year

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Poll suggests Canadians want Carney government focused on affordability in next year




By Sarah Ritchie A new poll from the Angus Reid Institute suggests Canadians are giving Prime Minister Mark Carney’s government a passing grade in its first year of international relations, but it has failed to meet expectations on affordability issues.  The poll asked 2,013 Canadians a series of questions about the government’s performance since it …

How to Invest $1,000 With AI Stocks Back at the Top

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How to Invest $1,000 With AI Stocks Back at the Top


Although artificial intelligence (AI) companies never really lost their place as the market’s leading names, their stocks have been out of favor for most of the past six months. Many stayed relatively flat during that period, while others lost ground. Still, it seems that the market is rotating back to them again. With that in mind, I think investors should position themselves to take advantage, as these stocks haven’t quite reached their full potential. If you’ve got $1,000 to invest now, these are the perfect three stocks to buy.

Image source: Getty Images.

Nvidia

Any AI investing list without Nvidia (NVDA +3.39%) is incomplete, in my opinion. Few companies are benefiting more from the AI build-out than Nvidia, and this trend has driven it to become the world’s largest company by a wide margin. Its graphics processing units (GPUs) are still the most popular computing option available in data centers, and that’s showing up in its results.

Nvidia Stock Quote

Today’s Change

(3.39%) $7.06

Current Price

$215.33

Last quarter, Nvidia posted 73% revenue growth, but it expects to grow at a 77% pace during its fiscal 2027 Q1. That’s particularly impressive considering its size. Trading at 24 times forward earnings and with a multiyear growth opportunity ahead, it’s the perfect stock to build an AI portfolio around.

Broadcom

Nvidia may be the market leader in AI chips, but Broadcom (AVGO 1.57%) is looking to change that. Broadcom partners with AI hyperscalers to design and build custom AI chips tailored for their workloads. These chips have better cost performance than GPUs, but are less flexible. If the workload changes, these chips no longer excel. However, many AI hyperscalers have reached a maturity level where they know what their computing workloads will look like. As a result, demand is rising for Broadcom’s application-specific integrated circuits (ASICs).

AVGO Revenue (TTM) Chart

AVGO Revenue (TTM) data by YCharts.

In 2027, Broadcom expects its custom AI chip business to generate $100 billion or more in revenue. For reference, the company generated $68 billion as a whole over the past 12 months, and its AI semiconductor revenue was less than half of that total. That’s major growth for Broadcom, and I think investors need to take advantage of this pick before it’s too late.

Alphabet

One of Broadcom’s primary clients is Alphabet (GOOG +2.42%) (GOOGL +2.46%). The two have collaborated to create the Tensor Processing Unit (TPU), which is gaining popularity among AI hyperscalers. The TPU is one of the reasons Google’s AI models can be so much cheaper than alternatives while also maintaining impressive performance. Other companies, like Meta Platforms (META +0.65%), have started to use them as well. And one of the leading AI start-ups, Anthropic, uses TPUs (as well as rival AI chips) to train its Claude model.

Alphabet Stock Quote

Today’s Change

(2.46%) $8.47

Current Price

$352.87

All of this success shows up in the results from the Google Cloud segment. During its past quarter, the cloud computing division grew by 48% year over year, and with the way AI spending is trending, its growth rate will likely accelerate in Q1. Combine the impressive Google Cloud division with a strong legacy product (the Google Search engine) and a strong offering in the generative AI space, and you have a combination that looks primed to deliver market-crushing returns over the long haul. Alphabet is a solid and safe bet for the AI era, and investors shouldn’t miss it.

Keithen Drury has positions in Alphabet, Broadcom, Meta Platforms, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Broadcom, Meta Platforms, and Nvidia. The Motley Fool has a disclosure policy.

Neuroscientists Warn: Fish Oil May Block Critical Repair Signals for Your Brain

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Neuroscientists Warn: Fish Oil May Block Critical Repair Signals for Your Brain



A new study found that a key omega-3 fatty acid could interfere with the brain’s natural repair process.

Non-profitable Trader.😂😭 #memecoin #crypto #bitcoin #meme #pino #solana #trading #business #money

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Non-profitable Trader.😂😭 #memecoin #crypto #bitcoin #meme #pino #solana #trading #business #money

source

8 Colleges Closing In 2026: Full List Of Closures

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8 Colleges Closing In 2026: Full List Of Closures


Key Points

  • At least eight U.S. nonprofit colleges have announced they will cease operations in 2026.
  • Six notable mergers or acquisitions are in active transition right now as well, with the trend appearing to accelerate.
  • Huron Consulting projects nearly a quarter of the country’s roughly 1,700 private nonprofit four-year institutions could close or merge within the next decade.

Anna Maria College’s closure announcement last week brought the 2026 U.S. nonprofit college shutdown count to eight. The 80-year-old institution in Paxton, Massachusetts said its Board of Trustees could no longer project the financial resources to sustain academic operations past the spring 2026 semester. This decision came less than two weeks after the Massachusetts Department of Higher Education formally flagged the college as a closure risk.

Anna Maria’s announcement came the same day workers at Hampshire College (which announced its own permanent closure on April 14) launched a relief fund ahead of June layoffs. Together, the two Massachusetts institutions underscored the accelerating pressure on small, tuition-dependent liberal arts colleges in the Northeast.

Since the summer of 2025, a steady cadence of small-college shutdowns and high-profile mergers have reshaped parts of American higher education.

A parallel trend has emerged: a growing number of schools are choosing merger or acquisition instead of winding down.

What follows is a running tracker of both, based on institutional press releases and verified reporting as of April 24, 2026.

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2026 College Closure List

Eight institutions have either ceased operations in 2026 or announced they will do so before year-end. Three Massachusetts colleges (Labouré, Hampshire, and Anna Maria) are among them, and four of the eight announced in a window between around early February 2026:

  • Siena Heights University (Adrian, MI) — announced June 30, 2025; closing at the end of the 2025–26 academic year.
  • Trinity Christian College (Palos Heights, IL) — announced November 4, 2025; final commencement May 8, 2026.
  • Sterling College (Craftsbury Common, VT) — announced November 13, 2025; final commencement May 16, 2026.
  • Providence Christian College (Pasadena, CA) — announced February 7, 2026; closing at end of 2025–26 academic year.
  • Lourdes University (Sylvania, OH) — announced February 11, 2026; closing at end of spring 2026 semester.
  • Labouré College of Healthcare (Milton, MA) — announced February 2026; operations ceasing August 31, 2026.
  • Hampshire College (Amherst, MA) — announced April 14, 2026; closing at the end of fall 2026.
  • Anna Maria College (Paxton, MA) — announced April 23, 2026; ceasing academic operations at the end of spring 2026, with full wind-down by year-end.

Sixteen nonprofit colleges closed in 2025. Since March 2020, roughly 48 public or private nonprofit institutions have closed or announced planned closures, affecting an estimated 52,600 students, according to tracking by Higher Ed Dive and BestColleges.

The 2026 list shares several common threads. Enrollment declines of 30% to 70% over the last decade appear in nearly every case. Every closing school relied heavily on net tuition revenue, and several lost federal grant funding heading into fiscal 2026. 

Providence Christian cited the end of its Hispanic-serving institution grant (roughly $600,000 annually) as a factor its $25,322 endowment could not absorb. Lourdes University reported that the Sisters of St. Francis could no longer subsidize operations at the level required to keep the 68-year-old institution afloat.

Labouré, a nursing-focused institution in Milton, will transition programs to nearby Curry College. Anna Maria’s FY2025 audit carried a “going concern” qualification from its auditors that triggered new federal financial aid restrictions, a warning sign that preceded its closure decision by just weeks.

Mergers Are Growing As Well

Alongside outright closures, a wave of mergers and acquisitions has picked up momentum. Mergers tend to draw less public attention because they often preserve the campus name or mission under a larger institution’s umbrella, but the financial logic behind them is frequently identical. 

Six mergers currently in process:

  • Ursuline College (OH) → Gannon University (PA) — Letter of Intent September 16, 2024; definitive agreement January 2, 2025. Change of control took effect June 30, 2025, with full merger targeted for December 15, 2026.
  • New Jersey City University → Kean University (NJ) — definitive agreement October 1, 2025; Gov. Phil Murphy signed enabling legislation January 13, 2026. Full merger effective July 1, 2026, with $25 million in state transition funding. The Jersey City campus will operate as “Kean Jersey City.”
  • Rosemont College (PA) → Villanova University (PA) — announced March 31, 2025. Rosemont continues awarding its own degrees through 2028 before the campus becomes “Villanova University, Rosemont Campus.”
  • Cornish College of the Arts (WA) → Seattle University (WA) — definitive agreement March 14, 2025; transaction closed May 31, 2025.
  • Queens University of Charlotte (NC) → Elon University (NC) — intent announced September 16, 2025; definitive agreement December 18, 2025. SACSCOC approval anticipated June 2026.
  • East Georgia State College → Georgia Southern University (GA) — Board of Regents final approval December 2025; consolidation effective January 1, 2026.

What This Means For Students And Families

A closure or merger announcement should set off warning bells for currently enrolled or prospective students. Federal rules preserve the option of a closed school discharge for federal student loans if borrowers cannot transfer and complete a comparable program elsewhere, but the window is short. The U.S. Department of Education generally requires withdrawal within 120 days of the official closure date to qualify. Students who accept a teach-out transfer forfeit the discharge.

Most 2026 closing schools have lined up teach-out partners to help students complete their degrees. Providence Christian is working with Biola, Concordia, and The Master’s University. Lourdes has partnered with the University of Toledo, which has committed to admitting Lourdes students in good standing into aligned programs. Labouré’s nursing programs will transition to Curry College. Trinity Christian has teach-out agreements with Saint Xavier, Calvin, and Olivet Nazarene universities.

Credit transfer is typically honored, but families should confirm program-level articulation, since specialized credits in nursing, education, or the arts do not always map cleanly to a receiving institution’s degree requirements.

Financial aid also resets. A teach-out student’s federal aid package is rebuilt at the new institution based on its cost of attendance and state aid portability varies. Families in states with significant tuition grant programs (Pennsylvania’s PHEAA, New Jersey’s TAG, California’s Cal Grant) should verify eligibility before committing to a transfer.

For prospective students, the pattern is a reminder that financial health needs to be a part of your due-diligence checklist before committing.

Useful indicators published through the Department of Education’s College Scorecard include full-time equivalent enrollment trends , graduation rates, transfers, and more. Under the federal financial responsibility framework, schools with enrollment declining more than 25% over five years, tuition discount rates above 55%, or a CFI below 1.0 tend to face elevated closure risk.

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The post 8 Colleges Closing In 2026: Full List Of Closures appeared first on The College Investor.

The Market Timing Mistake Most Physician Investors Are Making

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The Market Timing Mistake Most Physician Investors Are Making


There’s a quote most investors have heard at some point. Warren Buffett said it decades ago, and it still gets passed around: “Be fearful when others are greedy, and greedy when others are fearful.”

The first time I heard it, I thought I understood it. It made logical sense. Buy when prices are down. Move when others are panicking. Simple.

But understanding a principle in theory and actually applying it when the moment arrives are two completely different things. And the last few years in real estate taught me that distinction in a way I won’t forget.

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.

Passive Real Estate Academy is a 4-month program with step-by-step content, real deal walkthroughs, and live coaching, built for busy physicians.

You don’t need to show up at a certain time or finish on a deadline. Just log in, learn at your pace, and start investing with confidence.

BOOK A FREE DISCOVERY CALL

Why Physicians Are Particularly Vulnerable to This

Most physician investors I talk to are doing one of two things.

They’re either waiting for certainty that never comes, sitting on cash until the environment feels safer. Or they’re following macro predictions, listening to economists and media voices make contradictory calls, and trying to make sense of it all before they commit.

Neither of those is a strategy. But for physicians specifically, the waiting problem has a texture that’s worth naming.

We are trained to gather data before acting. In clinical medicine, that instinct saves lives. You don’t make a diagnosis on incomplete information if you can avoid it. You order the test. You wait for the result. You confirm before you move.

That same instinct, applied to investing, becomes a trap. Because in markets, there is no clean result to wait for. The data is always incomplete. The picture never gets fully clear. And waiting for certainty in an environment that doesn’t offer it isn’t caution. It’s just a more comfortable version of paralysis.

The real cost isn’t a missed investment. It’s years of compounding that never started. That’s the number most physicians don’t stop to calculate.

The Loneliness of Going Against the Crowd

There’s another layer to this that doesn’t get talked about enough.

Most physicians don’t have colleagues who are actively investing in alternatives. When you decide to move while others are sitting still, you’re not just going against media sentiment. You’re doing something that none of the people around you are doing, with no one in your immediate circle who can validate the decision.

That’s a lonelier version of the contrarian problem than Buffett was describing when he said it.

In the broader investing world, being contrarian means tuning out CNBC and going the other direction. For physicians, it often means being the only one in your practice group who’s even thinking about this. No peer confirmation. No one who’s been through it to call. Just you, the analysis, and a decision that feels uncomfortably solitary.

That social isolation is real, and it makes acting on a contrarian thesis significantly harder than the principle suggests.

What I Got Wrong

A few years ago, real estate felt expensive. Interest rates had been historically low for a long time, and the direction of travel seemed clear. Rates would eventually move. I had a thesis. I was in deals I believed were structured to handle a rate environment shift. We’d looked at historical patterns, talked to operators we trusted, and felt reasonably positioned.

What I didn’t model for was the velocity.

Here’s where medicine actually gives us a useful frame. In clinical practice, you learn early that direction matters, but rate of change matters just as much. A sodium that’s been slowly trending down over weeks is a different clinical picture than one that drops the same amount in 24 hours. The number might look similar on paper. The urgency is completely different.

Investing works the same way. I had a read on direction. What I hadn’t stress-tested was the speed of the scenario. Deals built to handle a gradual rate shift got caught in a fast one. Refinancing timelines compressed. Business plans that made sense in one environment stopped making sense in another.

The failure wasn’t the principle. It was that I asked “where is this going” without asking “how fast could it get there.” Those are two different questions, and both need answers before you enter a position.

The Difference Between Timing and Positioning

Here’s the distinction I’ve come to think matters most.

Timing means predicting peaks and troughs. You’re trying to call the bottom, buy in, ride the recovery. Almost nobody does this consistently. The data on market timing is not kind, and that holds even for professional fund managers with full research teams.

Positioning means something different. It means understanding where you are in the cycle with reasonable confidence, and adjusting your exposure, leverage, and liquidity accordingly. You’re not predicting what comes next. You’re reading where things are and making decisions that hold up across a range of scenarios, not just the one you’re hoping for.

There’s an investor named Howard Marks who runs Oaktree Capital. He tends to do his best work when markets are falling apart. What I’ve noticed studying him is that he’s not operating on better data than everyone else. What he has is a framework for reading where investor sentiment sits relative to underlying reality, and he builds his conviction and his liquidity before the pressure moment arrives.

So when the opportunity opens, he’s not making the call under duress. He’s executing a decision he already made in a calmer moment.

That’s the gap most physician investors have. We’re making the biggest decisions at exactly the wrong time, often in the small windows between patients or late at night when we finally have a moment to look at something. That’s not a good decision-making environment for anything, let alone a six-figure capital commitment.

Four Things That Have Changed How I Think About This

I’m still refining this. These aren’t principles I’ve held for years. They came from expensive lessons.

Separate direction from velocity. In medicine you already know this. A trend moving slowly and a trend moving fast require different responses, even if they’re pointed the same direction. The same is true in investing. Ask both questions before you enter any position.

Liquidity runway comes before the thesis. It doesn’t matter how right your directional read is if you can’t hold the position long enough for it to play out. Physicians often have high incomes but tighter liquidity than people assume, because so much is tied up in retirement accounts, a mortgage, practice overhead, or existing deals. Know your real number before you commit.

Set your criteria before the noise starts. When things are quiet, that’s the time to decide what you would act on if the environment shifts. If you wait until things are falling apart, you’re making decisions under emotional and social pressure you didn’t need to invite. Pre-decide your posture.

Learn to sit in the discomfort of being early. Being early and being wrong look identical for a stretch of time. If you can’t hold that without second-guessing the position, you’ll never apply a contrarian framework when it actually counts.

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Where This Leaves You Right Now

The questions worth sitting with aren’t “when is the bottom” or “when do rates come down.” Those are timing questions and they’ll send you in circles.

The better questions: What is sentiment telling you in the markets you care about? Where is there genuine distress that others are avoiding? What is your actual liquidity position, and if an opportunity opened in the next six months, are you ready to act on it?

Physician investors tend to overthink the analysis and underprepare the infrastructure. The math on the deal gets attention. The balance sheet that lets you act on the deal gets less.

The Real Lesson

What cycle investing actually requires isn’t a better prediction. It’s a better process. One you build in calm conditions, before the pressure arrives.

The Buffett quote is right. But it only works if you’ve done the preparation to act on it. Most people hear it, nod along, and then freeze when the fearful moment actually arrives. Not because the principle is wrong. Because they hadn’t built the capacity to act on it before they needed to.

Medicine trained you to read direction. The velocity piece, and the infrastructure to act when the moment comes, that’s the part you have to build yourself.I’ve been on the wrong side of that. I’ve also learned from it. And that learning, expensive as it was, is what I’d point any physician investor toward before anything else.

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.

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.

Further Reading



Dune Analytics Explains Why Cryptocurrency Prices On Trading Apps Are Technically Accurate But Practically Worthless

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Dune Analytics claims that most cryptocurrency token prices displayed across wallets, dashboards, and trading apps are technically accurate yet practically worthless. They rely on “observational pricing”—simply recording the last executed swap in a liquidity pool and treating it as the current market rate. According to the insights from Dune Analytics. if that swap occurred two seconds ago or two weeks ago, it makes little difference to the quoted price.

Dune Analytics explained that the pool could have been drained, liquidity withdrawn, or the token’s value shifted dramatically in the meantime.

Until another trade happens and gets indexed, users see a historical snapshot rather than live market reality. Centralized price aggregators compound the problem.

They introduce off-chain polling delays, latency, and dependency on single-pool reserve ratios that reflect only a theoretical mid-price at zero trade size. Slippage—the real cost of executing an order—is ignored entirely.

For blue-chip tokens on high-volume pairs the discrepancy is minor. For long-tail assets, low-liquidity pools, or tokens on emerging chains, the gap between quoted price and executable price turns useful data into a costly liability.

Dune’s Sim real-time API takes a fundamentally different approach.

Instead of pulling from centralized feeds or caching old data, Sim ingests every on-chain event that alters pool state—swaps, liquidity additions, removals—directly from the blockchain.

Pool reserves stay continuously updated, even during long gaps between trades.

This means the price returned always reflects the current state of the pool, not its state at the moment of the last swap.

Sim models the entire decentralized exchange landscape as a graph. Tokens are nodes; every liquidity pool is an edge connecting them.

To price any token, Sim automatically discovers the optimal path through this graph to a stablecoin.

Multi-hop routes are handled seamlessly—whether two hops via ETH to USDC or three hops that include a chain-specific bridge token.

Cross-chain bridge liquidity is treated as just another edge, so assets bridged between networks receive accurate pricing without manual configuration.

Crucially, Sim optimizes for price impact, not theoretical mid-price. The routing engine evaluates paths based on the lowest total slippage a real trade would experience, favoring deep liquidity pools over shallow direct ones when they deliver better execution.

Pools showing excessive slippage for meaningful trade sizes are excluded entirely. The resulting price is therefore actionable—what a user could actually trade at—rather than a hypothetical number.

Stablecoin anchoring receives equal rigor. Rather than relying on a single reference like USDC, Sim calculates stablecoin values from the median exchange rate across all major pairs (USDC/USDT, USDT/DAI, DAI/USDC).

This distributed method absorbs individual depegs or pool anomalies, creating a robust dollar reference immune to single-point failure.

Coverage is comprehensive: 65+ blockchains, every major DEX (Uniswap V2/V3, Curve, Balancer and their forks), and automatic support for new protocol launches.

Dune Analytics pointed out that response times stay under 500 milliseconds at the 95th percentile, making Sim suitable for real-time user interfaces.

Dune Analytics concluded that for developers building wallets, DeFi apps, or analytics tools, token pricing is foundational infrastructure. Stale or slippage-blind prices create execution surprises that erode user trust. Sim aims to close that gap by delivering prices rooted in live on-chain reality—current, slippage-aware, and more practical for actual trading.



Procter & Gamble’s CFO says pricing power isn’t a given—here’s how the company plans to earn it

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Procter & Gamble’s CFO says pricing power isn’t a given—here’s how the company plans to earn it



Good morning. For nearly two centuries, Procter & Gamble, home of Dawn dish soap, Tide detergent, Pampers diapers, and Gillette razors, has sold consumers the same basic promise: its products are worth a premium. The pitch has always been that better performance justifies a higher price.

However, after years of cumulative inflation, consumers are more price-sensitive, more willing to compare, and less reflexively loyal. Against that backdrop, P&G’s message is evolving.

“I don’t think we’ve lost pricing power,” P&G CFO Andre Schulten said on the company’s fiscal third-quarter earnings call on Friday. “I think pricing power has to be earned—and the way to earn it is to combine pricing with a truly delightful experience for the consumer.”

For the past few years, large consumer goods companies were able to push through price increases with limited resistance. That window is narrowing. From tariffs to commodities, costs are still rising, but consumers are no longer absorbing those increases as easily. The result is more of a balancing act: How do you protect margins without pushing shoppers away?

P&G, No. 51 on the Fortune 500, is emphasizing innovation over across-the-board price hikes. “Consumers respond well if we give them a truly better proposition in the categories we are in because they see there is upside,” said Schulten, who led the earnings call discussion and handled analyst questions.

That looks different depending on the product. For Tide, P&G recently introduced what it described as the biggest formula upgrade in 25 years, holding the price steady while improving performance. The result was mid-teens growth in one of its largest U.S. businesses, Schulten said. For other brands, that could mean two options for consumers: “either pick the innovation with a bit of pricing and the promise of better performance, or stick with what they know,” he said.

P&G’s results suggest the approach is working, so far. For the quarter, the company reported net sales of $21.2 billion, a 7% increase versus the prior year and well above Wall Street’s estimate of roughly $20.5 billion. Organic sales grew more than 3%, with gains across all 10 product categories and in every global region. Adjusted EPS of $1.59 topped the analyst consensus of $1.56.

But beneath the headline numbers, Schulten was candid about the tension P&G faces. Tariffs, higher commodity costs, and increased investments are expected to create a roughly $0.25-per-share headwind, pushing full-year EPS toward the lower end of its flat-to-4% growth guidance range. That cost pressure, he noted, is affecting the entire consumer goods sector. Schulten also warned that surging oil prices tied to the Middle East conflict are expected to create a roughly $150 million after-tax earnings hit in the fiscal fourth quarter and could balloon to about a $1 billion annual headwind in fiscal 2027.

The broader bet for P&G is that the fundamentals haven’t changed: trust, once earned through product performance, still translates into pricing power. But consumers now decide that one purchase at a time.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

David Duckworth was appointed interim CFO of Acadia Healthcare Company, Inc. (Nasdaq: ACHC), effective May 1. Duckworth succeeds Todd Young, who is departing from the company to pursue a CFO role at a private equity-backed animal health company. Young will remain with the company through April 30. Duckworth, a former CFO of Acadia, will serve in the interim role at least until the completion of the previously announced search for a permanent chief executive officer, which remains ongoing. 

John Spaid, EVP and CFO of National Health Investors, Inc. (NYSE: NHI) will retire effective July 1. Todd Siefert will become EVP of corporate finance, effective June 1, and he will succeed Spaid as CFO upon his retirement. Siefert brings more than 25 years of experience. He most recently served as CFO of Hillsboro Residential and before that as SVP of corporate finance and treasurer at Ryman Hospitality Properties, a publicly traded REIT. 

Big Deal

The average health benefit cost per employee is expected to top $18,500 this year, according to Mercer. The firm’s CFO Perspective on Health report is based on the perspectives of finance chiefs on the cost of health care.

About three-fourths of CFOs indicated health care costs are at least a top-five concern relative to other operating costs, and for 33%, they rank in the top three. Among smaller employers (fewer than 500 employees), 44% say health benefit cost is a top-three concern.

Only about one in four CFOs said that their organization was able to absorb the cost increases over the past two years without any of these business impacts. CFOs in the largest organizations (those with 5,000 or more employees) were only slightly more likely to report that health benefit cost growth has not impacted their business (33%).

The findings are based on a survey of 161 CFOs and other finance professionals, with 77% at companies with up to 4,999 employees, 18% at companies with 5,000–19,999 employees, and 7% with 20,000 or more employees.

Going deeper

“John Ternus, Apple’s new CEO, inherits a rebounding China business—and some messy headaches” is a Fortune article by Nicholas Gordon.

Gordon writes; “John Ternus, Apple’s senior vice president of hardware engineering, takes over as CEO on Sept. 1, ending Tim Cook’s 15-year tenure at the top of the world’s most valuable consumer technology company. Apple’s presence with China is perhaps the defining relationship of the Tim Cook era.” Read more here. 

Overheard

“I try to have a work-life balance but it’s super hard. Weekdays are especially hard to disconnect so I try to disconnect at least one of the weekend days.”

—Kathryn Bricken, founder of Doughlicious, a multi-million-dollar sweet-treat brand, told Fortune in an interview. Bricken started over at age 50 and worked 20-hour days to build the cookie dough empire that produces more than a million cookie dough and gelato bites every single week.

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