Globe & Mail
Passion was the key in our search for money managers
Globe & Mail: May 12, 2007
Other than the pittance that The Globe and Mail pays me for my columns, I haven’t received a paycheque in two years.
Despite not getting paid by anyone, I never really retired in the work sense – initially I was sorting out what my new venture was going to look like and then was immersed in getting Steadyhand going – but in many respects I got a feel for what retirement is like. My tan was better, even if my golf game and water skiing weren’t. I was much more inclined to meet with people dressed in jeans or shorts. And Lori and I could go cycling in Cuba on three days notice, which we did.
The most enlightening part of retirement, however, was living without a paycheque. A friend of mine, when he was urging me to get back into the work force, said “it was one thing to feel good about the wealth you’re building, but quite another to be living off of it.” He was right. Suddenly buying a new wedge or water ski took on a different perspective.
I think my time away from the industry made me a better investment executive and money manager. It sharpened my focus on what Lori and my risk tolerance is (nil and lots, respectively) and it made me more tax conscious.
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