HGH - Heartland Group Holdings

[Muse]

Sounds like success to me.

[iceman]

While we are all way off topic, let me ask you "what is success, from your investing"?

Is it dying, with a perfect investment success of a few millions, or tens or hundreds of millions, maybe a billion or more? Have you lived a life that enjoyed your success, or just plowed it all back into making a poultice and your and your loved ones life never really changed that much, while you did it?

... they'll cash out your legacy and enjoy the riches you left them. Most of them will squander it.

Is it living a life, yours and your family's, drawing down on your investing success, making all of your and their lives more successful and enjoyable from your investing prowess?

... you'll all never suffer from not having money, they'll all do very well, but probably some, maybe most of them will squander it.

Well said. “Success” means a different thing to all of us. You can not put it into a spreadsheet. Only ourselves can be the judges of whether we achieved our goals or not

[SailorRob]

Yes Mike2020 Aussie has been difficult, but CNW provided a good profit,but the stand out performer was my largest Aussie holding, ATP finishing up a massive 436% for the year.
NZ was mixed too,but loading up with 2CC in May [my largest NZ holding] saw a 150% increase on my average cost,plus I received a fully imputed divie.
My hobbie has been the share market for 57 years.A good number of those years I had no funds to invest,but still followed the market.
Having such an interesting hobbie has been both a lot of fun and financially very rewarding.
If you can not devote the time to do good research, you are best to find a good fund manager.
The more research I do the better the results I get.

It's very difficult to find a good fund manager, the better advice would be to buy a low cost index fund. That way you'll beat almost all fund managers.

Also, if you find a 'good' fund manager, likely they wont be good in the future. Often the best returns over the last 10 years mean the next 10 are poor.

Well done on the Pearl company, but is this investing or speculation? This is the reason for the difference in outlook. They are two very different things.

This is not just speculation, it's speculation in Australian microcaps. A notorious place where few emerge intact.

[SailorRob]

The only thing we don't know, it's what your definition of investing success is, and whether that applies to us.

Not all of us have a 50 year horizon, the maths doesn't work so well if we're working to a shorter term horizon, in fact it invalidates us and refutes our investment goals.

What's your solution for this?

I understand what you're saying but the math still works.

My first purchase of Occidental Petroleum was in 2019 at $42. Second purchase was $46. But I made my money buying at $8-$12. Same with lots of other stuff, I made my money when after initial purchase the stock dropped 50% and more.

You shouldn't own equities unless you can react with total equanimity to a 50% fall in your total portfolio value. And unless you are selling when something races above intrinsic then it's just a feel good number in your account that can disappear at any time.

With Berkshire, if the stock drops 50% next week, then I will be far better off within 5 years - doesn't take a long time horizon.

[SailorRob]

For me it has been "independance.,and freedom of choice."
I achieved that by being very happy in my business of selling books to schools.
Another book rep once said to me why don't you buy a Merc instead of your Toyota.
I replied once you can afford to buy a Merc there is no desire to do so.
Wealth from Investing.One daughter through University.One granddaughter through university.
One daughter in a mortgage free house,after paying out her ex,other in a mortgage free flat.Some time in the next few years will get the granddaughter housed.
Wife needed a stent earlier this year.No waiting, in and had it done.
Wife saw a holiday home raffle.Clarks Beach.Had never heard of it.Booked for 3 days early April.
I see a lot of guys older than me still working on the roads.I think how lucky I am to be able to enjoy my favourite past times of reading books and following the markets.
When my achilles tendons come right wife and I will be back enjoying our walks.
I went out for lunch with my oldest friend and former business partner awhile ago.He has been very successful in real estate.Told me there was nothing he wanted,or needed.Funny enough I feel the same.
I think you know you are well off when you do not faint why you get your dentist's bill.

Well said Percy, one question though.

With Dads investing prowess why is the Daughter in a mortgage free house when the capital could be being used (at least some of it) to grow her wealth massively?

[SailorRob]

While we are all way off topic, let me ask you "what is success, from your investing"?

Is it dying, with a perfect investment success of a few millions, or tens or hundreds of millions, maybe a billion or more? Have you lived a life that enjoyed your success, or just plowed it all back into making a poultice and your and your loved ones life never really changed that much, while you did it?

... they'll cash out your legacy and enjoy the riches you left them. Most of them will squander it.

Is it living a life, yours and your family's, drawing down on your investing success, making all of your and their lives more successful and enjoyable from your investing prowess?

... you'll all never suffer from not having money, they'll all do very well, but probably some, maybe most of them will squander it.

For me it's along the lines of Percy, just freedom.

[Ggcc]

Well said Percy, one question though.

With Dads investing prowess why is the Daughter in a mortgage free house when the capital could be being used (at least some of it) to grow her wealth massively?

I think you answered it yourself. Freedom.

[percy]

Well said Percy, one question though.

With Dads investing prowess why is the Daughter in a mortgage free house when the capital could be being used (at least some of it) to grow her wealth massively?

I think if you can give your children a full education and set them up in a mortgage free house you have achieved a lot.
If they want more they can earn it.
In some ways I look at it as though they are having their inheritance when they need it most.

[SailorRob]

I think if you can give your children a full education and set them up in a mortgage free house you have achieved a lot.
If they want more they can earn it.
In some ways I look at it as though they are having their inheritance when they need it most.

Yes that is true.

Perhaps it is even too much, anyone I worked with or know that's say in their 30's 40's if it was known they had been provided a mortgage free home, everyone would lose respect for them massively. So in a way it doesn't give them a chance to stand on their own two feet.

Probably different in Auckland and for a chick it's maybe different but any dude would need to take a long hard look at himself before getting a house from Daddy if he wants to be able to stomach what he sees in the mirror.

[thegreatestben]

I wouldn’t worry about telling people you were given a mortgage free home. They think the same if you’re mortgage free whether you earned it yourself or not in my experience.