Think like an owner.
A stock is a stake in a business. Understand its customers, economics, and competitive position before focusing on its price.
VALUE INVESTING & CAPITAL ALLOCATION FOR PHYSICIANS
Understand
what you own.
You’ve learned to think carefully about medicine.
Bring the same curiosity to your capital.
Thoughtful lessons on businesses, incentives, and risk—built around a longer view.
Explore the approachBy a physician. For physicians who want to think for themselves.
A LONGER VIEW OF CAPITAL
Better questions. Clearer thinking. Patient ownership.
01 / THE APPROACH
Start with the business.
Keep your judgment.
Investing begins with understanding how something works, why it has value, and what could go wrong.
Follow the incentives.
Ask who gets paid, how they get paid, and whose interests they serve. Apply that lens to management, advisors, and private deals.
Respect uncertainty.
Separate what you know from what you assume. Consider the downside, the price you pay, and whether you need to act at all.
02 / WHAT WE EXPLORE
The questions
behind the capital.
Short lessons. Useful mental models.
Ideas worth thinking through.
Business quality
What makes a business durable—and what only looks like a moat?
Price & value
How much is a good business worth, and what are you assuming?
Fees, incentives & private deals
Who benefits from the investment, and what’s buried in the terms?
Portfolio decisions
How do diversification, position size, and patience work together?
03 / THE PERSON BEHIND THE ROUNDS
A physician.
A student of businesses.
I’m Prabhat Garg, a practicing hospitalist in Dallas with a long-standing interest in investing and capital allocation.
Capital Rounds is where I share what I’m learning about businesses, incentives, and investment decisions. My approach draws on first-principles thinking and the patient, owner-minded tradition of value investing.
Medicine teaches us to weigh evidence, recognize uncertainty, and ask better questions. I want to bring that same discipline to how we think about money.
Prabhat Garg MD
More about my work (opens in a new tab)CAPITAL ROUNDS
Build understanding.
Let it compound.
Value investing & capital allocation for physicians.
Back to the beginning