It’s Labour Day in Victoria.

It would be too easy today to ruminate on the state of the labour market in Victoria, where this company is based.

The self-inflicted wounds are often the easiest forgotten.

The problems are well known, and I suspect very little will change unless something drastic happens to the Australian financial system and our economy.

And as I write this, there are major risks to the Australian stock market emanating from the Middle East.

And yet, as of Friday…by George, the ASX is holding up remarkably well!

BHP is now the largest capped company on the ASX – a huge move since the start of the year by Aussie stock market standards.

There’s always a silver lining, and as investors it’s our job to find that silver lining.

Sometimes, it’s literally physical silver, which pushed to nearly US$120, earlier this year.

Commodities have been the most straightforward trade of the year so far.

But at the risk of sounding trite, let’s talk about the commodity that you control: your labour.

Hard work still pays, even
if they don’t want it to

At the age of 35, I can confirm that you can still “make it” in this country, despite our best efforts to disincentivise hard work.

There’s the NDIS, various statistics about public vs. private sector jobs, the ever-growing array of taxes, the advent of AI.

The list is as painful as it is long.

So what do you do? Build a massive bulwark of capital to survive the end times?

Or spend it all on matcha tea?

Yes, “matcha inflation” is now a set of words in use.

As for generational divides on wealth, I don’t profess to be the most “astute” with my own money.

After all, it’s important to enjoy the present life, as much as the future life.

But I’ve always driven hard at whatever occupation I was in at the time.

That was my bulwark against the ebb and flow of an economy.

As I’m sure many of you would know, there’s plenty of odd jobs along the way…

Grocery bag packer, tutor, soccer coach volunteer, psychology experiment test subject, maintenance man, bartender, removalist, political researcher, to name a few.

And here I am.

But throughout it all, one of the biggest learnings was: learn how to work with your colleagues.

The labour you control must move in concert with others’ labour.

Encourage and guide, joke and laugh, be serious when the time comes and as Rudyard Kipling would say…

“Yours is the Earth and everything that’s in it”

Source: Lachlann Tierney

So I hope on today’s day of rest in Victoria, you get to enjoy the fruits of your labour.

Which includes times with family and friends.

Go on…

A BBQ, a cold one, perhaps a quick glance at the markets in between it all?

Speaking of which…

In tomorrow’s note I’ll be delving into China’s financial system and its economy.

Let’s just say, the reasons for their problems may not be quite as obvious as the reasons for our problems.

But with risk, comes opportunity.

We’ll leave that for tomorrow. Today is about giving yourself a pat on the back and enjoying time with your family and friends.

I lift my glass for you, cheers!