If you want to develop, you need to make bold decisions.

Some years back, we created the opportunity to move to Europe.

The channel island of Jersey is a desirable place to live. It’s safe, prosperous, and has some of the lowest tax rates in the world. I thought I’d be there for a very long time.

We bought a dream apartment in a historic building with spectacular views. On a clear day, you could see the French coast.

Source: Author

It was also a great place to travel from. In a couple of hours, the ferry would unload the family car in Saint-Malo, France. Then you had the Continent at your disposal.

Saint-Malo ramparts. Source: Wikimedia Commons

Of course, things change. Our apartment building needed costly repairs and maintenance. It is much more difficult to run your own business in Europe. Costs are high. You need long-standing connections. I soon became unhappy.

I had been short-listed for a portfolio manager role. But working for that business didn’t excite me. By the time the second call came, we had made up our minds to return to New Zealand.

If I had to put my finger on one thing, it comes down to freedom

Living in a densely populated and wealthy place has more restrictions than you may realise.

Financial services in Europe are very regulated and punitive. So much so that the industry is filled with cynical, grey ‘yes-men’. Not all of them, of course. But it is harder to innovate.

Let me give you an example of the compliance culture.

A friend of mine worked for a trust company. A good storyteller, he had a brilliant read of the markets; predicting Brexit, then Trump in 2016.

Anyway, the trust company he worked for made some compliance errors and got in trouble with the regulator. When reports of the incident dropped down on Google searches, they would repost it. It wasn’t my friend’s fault. But he could no longer get a job and worked alone in his own small business.

Then there are all the little things that add up. Signs and restrictions everywhere. No coffee culture (limited cafés). Biting cold winters. Nowhere to park. Surprisingly high rates of addiction and breakdown. People who are sad, tired, and lonely, battling against the system.

Since Covid, New Zealand has also seen freedoms eroded from over-government. Under the last lot, very much worse. But that’s another story.

So, were there any regrets in moving halfway across the world?

Not at all. It was wonderful having Europe on your doorstep. The move brought our family closer together. We met some inspiring and generous people. It was touching, when we sold our car, three friends offered us the use of theirs.

It also gave me the outline of a business idea that is now a key part of Wealth Morning: wholesale managed accounts in the client’s own name. A transparent and agile way to invest, beyond the greyness of managed funds.

Sometimes you need to try things to see a better deal…

On April 2, Donald Trump held up a tariff board and proclaimed Liberation Day.

On one side of the board: ‘Tariffs charged to the USA.’

On the other side: ‘USA discounted reciprocal tariffs.’

China retaliated and ended up with a tariff of 145%.

The markets started to react badly. By Monday, 7th April (Black Monday), John and I saw panic-selling at the trading desk. Numbers that normally blip up or down started tumbling like waterfalls.

We just witnessed the largest global market decline since the 2020 stock-market crash.

Fortunately, having been through that crash, we knew this was a great time to buy. These chances seldom come along.

But Trump’s trial worked out. The market reaction saw it consume every major media outlet. The administration hit pause for a negotiation period. Treasury Secretary Scott Bessent communicated the situation masterfully. And the deal approaches began to flood in.

Source: James E. Thorne / X

Now the markets are not only back on an even keel; they have accelerated well beyond where they were before the fear event.

Well, maybe he also bought. Source: Dividend Growth Investor / X

Nothing ventured, nothing gained

Many fear the US administration is chaotic and dangerous to markets.

Rather, we see a very rare thing. An entrepreneurial leadership willing to disrupt. Because if you do what you’ve always done, well, you’ll just get the same old results.

But if you push things out sometimes, beyond what is comfortable, you’ll discover things. You’ll find out who your real friends are. What you really value.

And you will discover some remarkable opportunities.

Come join us for our next friendly Coffee & Capital event.

It’s a chance to meet other investors, learn more about how we’re navigating this current market, and bring your questions or comments.

At this critical time, we’ll be unpacking key issues for our readers and investors. We’ll be talking about what is impacting the market right now…

• Trump 2.0. Is the second coming of the orange man (and tariffs) good or bad for investors? What opportunities are we seeing at the trading desk?

• Property deluge. Investing in NZ used to be all about residential property. But with falling property values and reports of a rental crunch, is this old chestnut out of steam? We look at the future for property and some alternatives as falling interest rates shine a light.

• World order disruption! Global markets are excited at the prospect of an AI earnings boom, but are disturbed by intensifying geopolitical tension and conflict. How do you navigate risk and opportunity in these strange days?

COFFEE & CAPITAL

Friday, 18 July, 2025
11:00am to 12:00pm

✅ Register For Your Place Now

 Goodness Café (Backroom)
228 Jervois Road, Herne Bay, Auckland

$37 per person / limited spaces
Includes any menu item, coffee

[ Special Member Price ]
For Managed Account clients & Quantum Wealth subscribers

✅ Register For Your Place Now

$27 per person / limited spaces
Includes any menu item, coffee

Come join us!

Our last event sold out quickly.

Please reserve your seat today.

Regards,

Simon Angelo

Editor, Wealth Morning

(Important note: These events provide news, commentary, and general information only on financial and economic trends. They represent the speakers’ personal opinion only. They should not be construed as any financial or investment advice. To obtain financial advice for your specific situation, please consult an authorised Financial Advice Provider.)