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Comment by gruez | Hacker News Reader

>Edit: There are also lots of investment strategies where people are short tail-risk and don't realize it or properly account for it. For instance, my dad is a pretty smart guy (practicing medical doctor who never got his undergrad degree because he crushed the MCATs and got into med school after 3 years of undergrad, back in the 1970s when med school was less competitive) but he's convinced that his gut-feeling covered calls out-perform a simple buy-and-hold (on a non-risk-adjusted basis).

Nice to see that's still around

https://old.reddit.com/r/thetagang/wiki/index

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Not saying the strategy outperforms, but he should be aware that there are ETFs now covering the covered-call strategy - XYLD, RYLD, QYLD - which automate most of that at reasonable cost.

Extremely expensive 0.6% fee and certain to under-perform the index in the long run.

I'm sure he thinks he's better at selecting stocks and call strikes than a robo-index.

Less competitive? I know a doctor who got his MD in 1952 as a 21 year old (18 months college), another who got it in the 70s as a 24 year (3 years college), and 2 who just graduated this year at 26 and 29 (4 years college each).

Listening to the stories, med school got progressively easier (1950: tons of WW2 vets on GI bill--older and deadly serious, only 1/3 made it through. 1970s: 2/3 made it through, most dropped first year. 2018: 95% made it through because the schools radically changed from weeding out to hyper-supportive)

Is ‘Hyper supportive’ a synonym for ‘universities realized they could make more money by making things easier’?

Isn't it still the case that nearly all med schools in the US are capacity constrained anyway? There's no sense in pandering for extra students you can't take on anyway, especially if it harms your program's reputation. More likely, they realized some aspects of med school nearly amounted to hazing, with little demonstrated educational benefit. (Again getting back to American culture's tendency to conflate difficult with beneficial.)

Yes, the supply is capped by residency spots available.

They reason they became hyper-supportive is because admissions have become insanely brutal, most poor performers have been screened out before they even apply. The marginal benefits of making the program even harder likely amounts to nothing more than hazing.

It’s simply politically untenable to kick out students during the program, given the already artificially constrained supply of newly minted physicians and regional shortages of talent.

Maybe Dad was just being modest when he told me that he couldn't have gotten into med school without an undergrad degree these days. Also note that I was talking about competitiveness of admissions, not competitiveness of the classes. You seem to mostly be commenting on the competitiveness of the classes.

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