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Killarney Races celebrates 200 years

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Killarney Races celebrated 200 years of racing yesterday during the opening day of AugustFest, an exciting three-day summer horse-racing festival that will run until tomorrow (Saturday) inclusive.

Oonagh Groves Firies Donal Groves Firies and Naomi Reidy Firies County kerry pictured at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Football captain Sean O'Shea with fellow players and Ger Coughlan Killarney Race Company Chairman pictured with the Sam Maguire Cup at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Football captain Sean O'Shea and Ger Coughlan Killarney Race Committee pictured with the Sam Maguire Cup at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Killarney punters Paudie Sheahan and Ger Healy pictured at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Rachel Foley Pam Treacy and Betty O'Connor from Killarney pictured at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Football captain Sean O'Shea with committee members Aine O'Donoghue Con O'Mahony and Ger Coughlan and the Sam Maguire Cup at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

'Charterhouse' S McCullough wins the Vincent O'Brien Ruby Stakes at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Football captain Sean O'Shea with Elliott Keane from Tralee and the Sam Maguire Cup at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Football captain Sean O'Shea with Aoife Aine and Sean Scanlon from Killarney pictured with the Sam Maguire Cup at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Michael Cahill from Rathmore with his grandchildren Luke McMahon and Rory Cahill pictured at the Killarney Races August Festival opening day on Thursday evening. Photo: Don MacMonagle

Kerry Senior Football Captain Sean O’Shea, with a host of fellow teammates and back-room staff, escorted Sam Maguire to the racecourse arriving by jaunting cart to take part in the bi-centenary celebrations.

Racegoers of all ages were thrilled to get up close with the Sam Maguire Cup and our fantastic Kerry football legends.

AugustFest at Killarney Races offers patrons great racing, history, socialising, entertainment and so much more at Ireland’s most scenic racecourse. A special bi-centenary admission package was available on the opening day offering patrons admission, a racecard and a €5 free bet all for €20 which went down a treat with punters. With many bringing their jerseys and cameras along to make the most of the double celebrations at the Kerry track.

The first race at Killarney Racecourse was recorded in 1822. In the early days, the meetings were supported by Lord Clanmorris and the Earl of Kenmare, the feature race being the Kenmare Stakes from 1826 to 1830. The current racing venue located at Ross Road held its first race meeting on 20 July 1936 and Ontario was the first ever winner at the track, winning the 1½ mile handicap hurdle, in the hands of jockey Willie O’ Grady.

During the August racing festival, a special commemorative marquee featuring a wonderful collection of memorabilia and photographs from the last 200 years is open to all in attendance for the duration of the festival.

“We celebrated a major milestone here at Killarney Races, two hundred years of racing in Killarney which is amazing," Killarney Racecourse Chairman, Gerard Coughlan said.

"I would like to take this opportunity to encourage all locals and visitors to Killarney to come along and be part of the 200 year celebrations during AugustFest!

With two more fantastic days of racing in store and lots of ticket levels and packages including food and beverage options to choose from, whether it is close to the action general admission tickets or silver service fine dining, there is something for everyone at Killarney Races. Live music, fashion, and fun for all the family complement the best of summer racing at the track this August.

Patrons are advised to book online and come along early to enjoy the stunning views, facilities, delicious food, live music on the lawn and soak up the boutique festival atmosphere for which Killarney Races is famous.

Adult tickets and packages are available from €20 and children under 14 go free ensuring a great day out for all the family. For those who love a deal, the punter’s pack is a great value-added option and if you want to live it up check out the Maurice O’Donoghue Suite and Panoramic Restaurant options. For all ticket details and festival programme information visit killarneyraces.com.

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Housing Will Never Be The Same

Last week I wrote about the pathetic investment options out there for Irish investors. Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, […]

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Last week I wrote about the pathetic investment options out there for Irish investors.

Despite high ongoing fees (mortgage, maintenance, insurance etc.) and the actual headache of being a landlord, it’s easy to see why real estate functioned as the de facto investment portfolio for an entire generation.

Wealth creation was a rinse-and-repeat function where couples put money away until they had enough for the ‘next house’. As a result, we have an economy where 70% of household wealth is tied up in real estate.

Driven by the profits it created, Ireland became obsessed with owning real estate.

But real estate as an investment won’t be nearly as successful for our generation. (If you are able to get a house, that is)

All you have to do is look at the anecdotal evidence all around us to confirm this.

My parents bought the house they currently live in for 30k (pounds) 35 years ago. The house is now worth roughly 450k.

I typically despise these back-of-the-envelope calculations when It comes to property, given the endless variables and ongoing costs involved, but bear with me.

That’s a gross return of 15 times the original value. Now there are upgrades, a change in currency and other adjustments to consider here, so for argument’s sake, let’s call it 10X.

To achieve the same level of growth over the next 35 years, you would be left paying 4,500,000 euros for what is a pretty modest house.

Sure, we will still see property prices increase over time, but the rate of growth won’t be anywhere near as meaningful for one simple reason.

Interest rates.

Artificial Growth

Over the last 30 years, real economic growth has been stagnant, yet Ireland has experienced enviable nominal growth.

How did we manage it?

We created imaginary wealth.

We pushed interest rates lower and lower to stimulate economic growth.

And it worked.

After all, if you make 100k/year you can probably afford a 400k mortgage at 4%. At 2%, with the same 100k/year salary you can now take on 600k in debt.

So, were we getting richer, or was the debt just easier to afford?

Where do we go from here?

We have now squeezed interest rates as low as they can go.

The house price appreciation we have seen was justifiable because the mortgage rates on housing continued to fall in recent decades. This allowed people to take on more debt without severely impacting their ability to repay that debt.

If we go back to my parents, they were paying 14% on their mortgage. Mortgage rates are currently between 2 to 3%.

A relentless drop in interest rates gave way to higher and higher prices for houses, but interest rates are now on the floor.

The juice has been squeezed.

In fact, the trend has started to reverse, with rates expected to rise 1.5% in the first half of 2023

Be mindful that the same credit expansion cannot happen again.

How the next generation thinks about their investment options has to change.

Banks offering 0% returns for the use of your money and a housing ladder you can’t get on are not your only two options.

If you need help creating your own investment portfolio, just reach out to me at mike@theislandinvestor or simply scan the QR code above.

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Biddies performance celebrates St Brigid

Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association. The Killarney Parents and Friends Biddy Group – formerly […]

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Two local Biddies groups performed at Muckross House as part of St Brigid’s Day celebrations in aid of Kerry Parents and Friends Association.

The Killarney Parents and Friends Biddy Group – formerly known as the Beaufort Biddy Group – and Kilgobnet Biddies came together for the event.

The tradition of the Biddies is one of the oldest and most colourful customs in Ireland, a blend of pagan and Christian pageantry, held on February 1 each year, heralding the beginning of springtime and honouring St Bríd the patron saint of the farming community.

Master traditional craftsman, Pat Broderick, at Muckross House, was also part of St Brigid’s Day celebrations, making a St Brigid’s Cross as part of the traditions.

 

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