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Seven-Bullet Monday - October 23, 2023

Here is your Seven-Bullet Monday

1. A quote I am pondering:

Emotional intelligence is when you finally realise it's not all about you." - Peter Stark

This great quote underscores the importance of recognising and valuing the emotions and perspectives of others. To do this, we need to step outside our ego and needs and acknowledge the feelings, needs, and viewpoints of those around us. If we can frame the situation from another person's perspective, untainted by our view, it will go a long way to improving our EQ.

2. A question I am asking myself:

How do I best direct my emotional energy?

If my emotional energy battery only has so much daily charge, I must carefully harness that energy for the most productive outlets. That means staying out of situations, conversations or social media that drain me emotionally. Then, I can direct my emotional energy towards goals that will meaningfully progress my life and benefit the people I care about.

3. A book I am reading:

Sailing Solo Around the World - Joshua Slocum

This book is the incredible memoir of Joshua Slocum, recounting his extraordinary solo voyage around the globe. He set sail in 1895 in a sloop that he had rebuilt by hand and became the first person to circumnavigate the world alone, a journey that took him over three years. Throughout the book, he talks of his adventures, challenges, and the cultures he experiences in the late 19th-century world. He was a remarkable individual, and this book is well worth reading.

4. What I learnt this week

How the development of the first battery haul trucks is developing

Caterpillar has been testing its prototype electric 793 haul truck in the US, achieving speeds of up to 60km fully loaded, regenerating power on downhill runs and progressively increasing range. In 2024, they will produce more models for what they call the "Early Learner" phase, after which pilot programs will commence with several large mining companies in 2025. While it remains uncertain whether these and other OEM battery electric haul trucks will be production-ready by their target date of 2027, it is still encouraging to see the progress made to date.

5. My highlight this week

Attending a BC Hydro Board and Executive Reception for local businesses

I had the opportunity to attend this event in Fort St John this week. With the entire BC Hydro board and executive in attendance, it proved a worthwhile event with new contacts made within BC Hydro and some excellent discussions on the importance of mining in BC and the need for expanded power generation and distribution to meet mining's growing power needs.

6. Hugh-tips

Review your investments in your RRSP, Superannuation and other Pension Funds.

Most people have only a vague idea of how their various company pension funds are invested. They assume the fund managers are the best equipped to do that, and it's easier left alone. If you don't make specific investment choices in your fund, your investments are typically put in a target-date fund (sometimes called a glide path fund). The target date funds allocate your investments across equities and bonds based on age. As a simplified example, if you are 50, a target date fund will have approximately 50% in bonds and 50% in equities. The logic is that the proportion of bonds should increase as you get older, so there is less volatility and, therefore, less risk as you get to draw down those funds. You might be comfortable with that formula, but it would be worth seeing what other investment options are available in the funds. The fund administrators often have advisors or material available online to help you, and you can also talk to an independent financial advisor. After all, with 10, 20, or 30 years left in your investing runway, you want to ensure you are set up with the optimal investment mix of risk and reward.

7. My challenge for you this week

Spend time defining one of your problems in as much detail as possible without jumping to a solution.

As Charles Kettering said, "A problem well stated is a problem half-solved." The problem (sic) with solving problems is that we don't spend enough time properly understanding the problem and instead jump to a solution. If we spend more time with the problem, we are more likely to get to the heart of the issue, ultimately leading to a better solution. One way to do this is to have an individual or group session defining the problem; no solutions are allowed. Then, you take a break and finally develop the solution.

Have a fantastic week.

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