The two drivers who gave Paul Nagle his greatest World Rally Championship results will lead a charity road run in Tralee on May 28.
Déjà Vu Tralee will trace the history of motorsport in Kerry as part of Kerry Motor Club’s 50th anniversary. It will also raise funds for Recovery Haven in Tralee.
Helping them do it are some of the biggest names in Irish and International motorsport including World Rally Championship stars Craig Breen and Kris Meeke.
Aghadoe man Nagle guided Meeke to five World Rally Championship event wins between 2015 and 2017.
Breen and Nagle are currently in third place in the 2022 World Rally Championship ahead of next weekend’s Rally Portugal.
“When Kerry Motor Club invited us to become part of their 50th anniversary celebrations we were only too happy to oblige," Déjà Vu founder and internationally renowned co-driver, Dr Beatty Crawford, said.
“They had all the ingredients to help us put on an outstanding Déjà Vu Motorsport event. They have history in tests such as Minard Castle, Slea Head and Conor Pass, special stages that have been used on The Circuit of Ireland and Circuit of Kerry.
“Add in the excellent charity Recovery Haven Kerry, the support of Rentokil Initial, Kerry County Council and Tralee Chamber Alliance, MIS Motorsport Insurance and an excellent venue in The Rose Hotel for our headquarters. The icing on the cake - the unbounding enthusiasm of Kerry Motor Club. On previous Déjà Vu Motorsport events we have brought you the wonders of Killarney, the Antrim North Coast and Donegal. Now, as COVID at last allows us, we can open the door to the Dingle Peninsula, another scenic gem on The Wild Atlantic Way.
Over 150 cars are expected – some of them the finest motorsport cars on this planet, more rare classics out for a once-off drive. They include 30 Fords including an RS 200; 16 Porsches; 14 Minis; 11 Subarus; seven Opels; six Toyotas; five Lancias, Renaults and Sunbeams; four Vauxhalls, BMWs and Audis; three Hillmans, Triumphs and Volkswagens; two MGs, Jaguars, Fiats, Peugeots and Ferraris - yes a 308 and a fabulous F40; and one Mitsubishi, Honda, Nissan, Saab and an Aston Martin.
WHERE TO WATCH
10am – 11.30am The Mall, Tralee
10.20am – 11.50am Castlemaine
10.40am – 12.10pm Inch
11.20am – 12.50pm Dingle
12 noon – 1.30pm Slea Head
2pm – 3.30pm Conor Pass
3pm – 4pm Camp Mountain and Short Mountain
4pm – 6pm Rose Hotel Tralee.
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, […]
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.
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.
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 […]
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.
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,...
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...
Arrest made in Miriam Burns murder case
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Great turnout at Kerry Clubs Fair
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Why it’s important to have travel insurance
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