What is your profession/career?

[Schrodinger]

Do you think your profession therefore creates your investment "circle of competence" ?

From my work in logisitcs and transport I'm therefore more informed on the likes of Port of Tauranga, Mainfreight, CTI Logistics, Royal Wolf Holdings, etc than the average person.

I'm finding it quite difficult to increase my circle of competence outside of really basic and easy to understand businesses.

For example, I've itentified NIB Holdings (health insurance) and Mermaid Marine Australia (oil & gas marine services) on the ASX as companies that have good financials. However, I really do not have a thorough understanding of the insurance or oil and gas industries to know if NIB or Mermaid Marine will be a good company in 5 or 10 years or that "edge" that I get from an industry that I understand.

Should I therefore work to increase my circle of competence and train up myself to better understand the ins and outs of the insurance and oil & gas industies or just sit in my comfort zone within transport, logistics, retail, etc.

I read trade journals, reports from oil & gas independent research, university study papers, annual reports of competitors, government research reports, etc on both of these industries but I still can't get my head around and have the confidence to invest in a company in an industry that I don't feel I can predict into the future.

My current holdings are Supply Network Limited (aftermarket truck and bus parts) which I have bought periodically over the past few years and Credit Corp Group (debt collector) which I have held for about 1.5 years. I feel I have a good understanding of the trucking/transport industry hence my investment. I have also had a bit of background in the debt collection industry from working at a retail bank and from observing people spending on credit and being unable to pay it back and from observing my old university friends unable to pay the bills and them teaching me the process they went through.

Best advice I can give, is to read everything you can get your hands on relating to business and company news (AFR/Herald/NBR/Sharechat/Economist/ASB Securities etc).

Also building up your personal contacts and talking about the economy within these circle in general will get your knowledge up and therefore you will spot opportunities.

In the end successful investing is about spotting trends and patterns before other people.

[fungus pudding]

Burnt out old residential landlord, who had the good sense to switch to commercial investor - which is a polite way of saying 'don't really do anything'.

[haile]

I'm a GP probably on the verge of burning out. Hopefully will build a big enough portfolio that would allow me to retire early.

[born2invest]

I'm a GP probably on the verge of burning out. Hopefully will build a big enough portfolio that would allow me to retire early.

Why not switch to a career you enjoy more?

What will you do with your time when you "retire"? Don't say sit on the beach and do nothing because you are obviously highly intellectual being a doctor so you will get terribly bored.

[lissica]

I'm a GP probably on the verge of burning out. Hopefully will build a big enough portfolio that would allow me to retire early.

And I'm waiting to get on the GPEP programme because I thought it would make a nice lifestyle change.

[percy]

Been a Glazier for 26 years. Self employed for 12 years. Wife carries out administration side of business. I deal direct with clients, do some adrenalin pumping stuff like debt collecting, yep, chucked in debt collection services 6 years back as I did a better job. Have thought about starting a Debt Collection thread for those who maybe new to business requiring tips or simply for some interesting reading.
Have discussed with other glass business owners (and my own experience) with going into business is you start out busting butt to make cash. Flippin awesome thou, strut around thinking how amazing and hot you are. Constant couple grand cash in wallet. On top of the world.
Time passes and you realise dissatisfaction with making good coin. Working but no joy. Started working on less work and more play time about 7 years back. Is happening and still working on less work more play. Considered going back on wages but that sends a cold shiver down my spine.
The folk I know believe in bricks and mortar.
Have had chat with mate about ShareTrading. Even had discussion with older brother on Gold Coast recently about investing. I wished to get on this discussion as he is filthy rich and I figure he rubs shoulders with those in the know. I told him how I have managed to predict share price movements, he says it cant be done. He believes in fundamentals.
Plenty more cash brings more options, plenty play money,more stress and I place emphasis on more stress.

Stress will kill you.
Doing successful investing ON YOUR OWN should go a long way to take stress out of your life.

[slimwin]

Aircraft engineer.A dying industry in NZ i think.

[percy]

I got around that by buying my wife shares in her own name.
You want the cash,sell your shares,but you will not get any more dividends if you have sold them.
Makes out she is not interested in shares,but watches TV news at lunch time,and always says," I see such and such is paying an 8cent divie,I"ave got those havn't I." " Yes dear." !!!!
Happiness without stress.!!
Start her on Meridian.May pay to put them in your name dear?!!

[janner]

I got around that by buying my wife shares in her own name.
You want the cash,sell your shares,but you will not get any more dividends if you have sold them.
Makes out she is not interested in shares,but watches TV news at lunch time,and always says," I see such and such is paying an 8cent divie,I"ave got those havn't I." " Yes dear." !!!!
Happiness without stress.!!
Start her on Meridian.May pay to put them in your name dear?!!

Yes percy.. Good advice.. ( DYOR ). I think Meridian will put many a smile on faces.. For quite some time..

[percy]

[QUOTE=karlos;428929][QUOTE=percy;428924]I got around that by buying my wife shares in her own name

Interesting Percy. Ive been married for who knows how long. My wife is exactly like her mother I just adjust to the painful elder life I look forward too It will be OK I keep repeating this to myself as I know it will be so It will be, I just know it will be, I just know in 20 years I will be filthy rich and happy beyond my wildest dreams, I just know it will be, I keep telling myself it will get better, my dream continues



Late last year (or earlier this year) my wife and I organised share trading account in her name and sought $120 000 loan from bank to purchase PEN shares at below 2 cents mid year this year based solely on my chart. Timing was perfect but low was just above 2 cents. Decided to chicken out as high risk. My Fib fan chart did not quite play out to perfection. Flippin heck. Maybe I yapped on to many forums, with predicting previous mid 5 cent high then hence folk listen to myself and then predicting low mid year folk have taken note resulting in purchases upholding the shareprice above 2 cents. Top 20 holders have massively increased. I did buy late in June based on my timing.

Flip knows...Flip flippin knows.....Should commodities progress in coming months as I expect then------- kaching Karlos is rockin and rolling

Build your wealth slowing and surely,and you will get to keep it.! Use savings rather than burrowings.
Stress free.!