Update No. 233 – 18/09/15

Capital markets can get their hook into you in a way few other jobs will.

I have decided that involvement in the capital markets is roughly as addictive as many drugs. I spent time over the last couple of weeks with numerous people involved in the markets well beyond ordinary retirement ages. Persons in their seventies and eighties, and one I believe in their nineties. All were (I believe) wealthier than they could ever have need for, the only thing still attracting them can only be love of the game. Interestingly, (and very unscientifically) the minds of those still in business at well past retirement age always impress me as sharper than their cohort.

I have spent time this week thinking about it, the only other industries with similarly addictive properties are in the arts. Some musicians/actors/painters seem to stay active until deep past traditional retirement ages. But even musicians and actors are usually retired by their nineties and beyond. Charlie Munger still has a mind like a steel trap in his nineties. Even he has a long way to go to match the person whose career I intend to model mine on, Irving Khan. Still doing what you love at 109 years of age, I can’t imagine too many musicians could match that…

I guess the industries tend to attract similar people. Those who are in it for the love of what they do rather than the financial rewards of the participation.

It is probably a luxury too few people really get to work in an industry they truly love. I feel very blessed to be able to pursue my passion as my ‘work’.

An aside unrelated to investing, I received a notification from Uber this week that they will be reducing their reward for signing new users at the end of September from $25 to $10. This is a wonderful service and if you sign up using my referral code (M3E9L) you will receive a $25 free ride, and after you take your first ride, I will also get $25 credit. Given my thrifty nature, if a $50 billion corporation wants to throw money away like that, I would be foolish not to help my readers exploit it – Tony Hansen 18/09/2015

EGP Fund No. 1 Pty Ltd. Up by 1.33%, leading the benchmark by 3.66% since July 1^st 2015. Since inception, EGP Fund No. 1 Pty Ltd is Up by 88.15%, leading the benchmark by 54.93% all-time (April 1^st 2011).

^{*1 after a 31 May 2013 dividend of 2.333 cents per share (cps) plus 1.000 cps Franking Credit, a 31 May 2014 Dividend of 7.000 cps plus 3.000 cps Franking Credit and a 31 May 2015 Dividend of 8.6667 cps plus 3.7143 cps Franking Credit}

^{*2 calculated based on dividends reinvested}