In addition to my billing time sheet that I keep for the business there was one day not long ago that I kept a log of everything I did from 5:00am until 8:00pm quitting time on what turned out to be a busy day. I was reminded of that last night after Nowdy and I exchanged some 2:30am emails with some regular readers, one of whom replied this morning to Nowdy, “You need to get more sleep”. Indeed. Unfortunately we don’t control the news cycle or briefing schedules and our day jobs can’t take the slack.
For me it has meant that I only own two stocks in my risk portfolio instead of my pre Katrina limit of five. I’ve found most people do not have a clue the amount of time that it really takes to perform continuous in depth due diligence on individual issues so for me 1 slab equals 3 stocks. Sometimes I wonder if Nowdy, the official “Queen of the Slabbed” ever sleeps because the high level of legal research that she does is very time consuming.
I won’t bore you with the details of that day which I memorialized to the minute but it began returning emails (I get 30-50 a day from various offline sources and media outlets and I do try to return them all) and I authored a post (which while good was not what I would term substantive as that variety takes lots more time). I spoke with the Chief Financial Officer of a company whose stock I own and a member of the media on the phone, plus conducted daily business for the practice. I always have time to speak with fellow shareholders in companies I own and I had 3 phone conversations of that variety that day. I think you guys get the picture. Perhaps only an NFL coach works harder.