Sometimes, it’s healthy to take a step back and ask ourselves what drives us to keep going. Why do I continue my work the way I do? I could very well stop and take care of my garden, travel, or play tennis. There comes a time when one no longer works just to pay bills or prepare for retirement.
At the same time, many of the people I admire most continued working throughout their lives, at least as long as their health and clarity of mind allowed them to. Warren Buffett will soon be 95 years old and will only step down from his active leadership role at the company he built over the last 60 years in a few months. Charlie Munger passed away a few months before turning 100 and was still working every day. Philip Fisher, a lesser-known portfolio manager but one of my idols, died at 96 after running his investment firm, Fisher & Co., until the age of 91.
Why did these investment giants continue to work all their lives, even though they clearly didn’t need to do so financially?
The answer is obvious: because they were passionate about their work. Buffett always said that he wasn’t working—he was having fun. He also mentioned that he would go to his office “tap dancing”!
As for me, I remain as passionate about the stock market and investing as I was when I started in the field 33 years ago. Show me another field where every day is different, totally unpredictable, and where someone who can objectively analyze investment opportunities can regularly uncover gems. In what other sector is it possible to focus on the health insurance industry one week and the next, try to learn everything about the senior housing industry? The world of business and investing is constantly evolving, and you need to stay alert to what’s happening in the world while keeping your eyes fixed on the long-term horizon.
Another equally important aspect is that I’m convinced I’m making a difference for our clients. Over the years, the feedback I’ve appreciated the most from many of our investors is that our services have allowed them to enjoy a comfortable retirement. Is there anything more rewarding than helping reduce our clients’ stress about financial matters and retirement? How many investors regularly tell me that they no longer need to worry about financial issues and can now focus on what really matters to them: their family, hobbies, travel, or golf swing?
For these reasons, if my body and mind allow me, I see myself continuing to manage portfolios at COTE 100 for many years to come. In fact, my goal is to make it to 92—after that, we’ll see!
To do so, I plan to focus on the “investment” side of my work and gradually step away from the rest of my activities. The beauty of the investment world, which I believe contributes to my longevity in the field, is that modern tools allow us to do the work from anywhere in the world. At the same time, my other passion—tennis—should also help keep me physically and mentally healthy for many more years!
As some of my idols have clearly shown, the best way to “work” until age 90 is to make sure that work feels more like a “hobby,” or even a “game.”
Philippe Le Blanc, CFA, MBA
Chief Investment Officer at COTE 100
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