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NZ Herald
5 days ago
- Business
- NZ Herald
Perpetual Guardian chief Patrick Gamble about his hard lessons in property investing
Gamble grew up in a working-class family living in Dublin and South Dunedin. He has headed up the estate planning and wealth management firm since 2020. In that time, he has overseen the high-profile move by owner Andrew Barnes to introduce a four-day working week. Talking on the Money Talks podcast, he reflects on wealth and investment and what he has learned about it through his own experience. Gamble studied law at the University of Otago on the assumption that it was a pathway to wealth and got into property investment as soon as he started earning a decent wage. 'As a graduate lawyer, I used that money to buy a couple of investment properties really early on,' Gamble says. 'You sort of buy one, the market goes up, you leverage the difference, then buy a second one.' The lending rules were a bit looser in those days (the early 2000s), he recalls. Growing up, his parents didn't have a lot of money. He recalls his father working 50 hours a week at the freezing works just to break even with the dole and the financial pressure on the family during a strike. 'But they were very entrepreneurial,' he says. When his mother started working in the 1990s, they invested in student flats. 'They'd leveraged heavily to buy some flats,' he says. 'I had to work every second weekend with Dad on those flats. 'We hated it. Dad was obsessed with cleaning up after all these students. You'd own one in a block of 12, but you'd end up cleaning up after all 12 sets of students.' But despite that, Gamble followed in their footsteps as a property investor. 'I had no business doing it,' he says. 'I didn't actually know what I was doing. But I left university relatively wealthy on paper, certainly by the standards I had then.' At that point, he headed off to Ireland, where he had spent a portion of his childhood, to have his OE and work as a lawyer. 'When I came back to New Zealand at 30, I was at zero because those properties were so far underwater,' he says. 'I had worked incredibly hard through my twenties, and I'd been well paid. All the money I'd earned in Ireland, and in Malta and other places, all of it was wiped out.' Some people do make a lot of money out of property investment, 'but it is a game that burns a lot of people along the way,' he says. 'And those stories aren't talked about much.' In part, Gamble was caught by timing, being hit by the Global Financial Crisis. But there were other issues, he admits. 'One of the places I'd bought, a gang moved in, a close-by school shut down. These are the risks.' It went from being a desirable area for young families to one where the families all left, he says. Prices went down. 'If you read a book on property investment, this is the first thing they'll tell you. But when you're young, or just a bit naive, you just think property only goes one way,' he says. 'It's definitely not a one-way bet. You can lose money on property, and ... the bank is not your friend when things are not going well. 'When you're borrowing, they're very keen to lend. And then when you fall below an LVR [loan-to-value ratio] threshold, you're dealing with very different people'. The thing for potential property investors to be aware of is how involved in the property you need to be, he says. 'The mistake that I made, the thing that really burned me, was when I went to Ireland, I basically just left them with a property manager and thought it would all be fine. Rent came in and bills went out. 'But what I didn't realise was all this other stuff happening around the properties that was driving their value down. I wasn't seeing the New Zealand market.' Property isn't something that you can just put a substantial chunk of life savings into and then just forget about it in the way that you can KiwiSaver or a managed fund, he says. 'You have to actively be a property manager or a landlord. You've got to treat it like a job. And most people don't have the time for that. 'If you are fully committed to it, sure, there are lots of people who still manage to make money. But there are better investments for people who don't have the time.' These days, it's Gamble's job – leading Perpetual Guardian – to manage family investments and wealth long term, although he doesn't specifically handle the investing side. Perpetual Guardian's primary role is to look after people's interests when they're no longer able to look after themselves, he says. 'That's our fundamental job as a fiduciary and as a trustee. So if they've passed away and they left things behind them in any sort of difficulty, we can step in. 'But we also help people grow their money throughout their lives. We invest in people. We run a lot of funds. We run financial investments for people outside of our fund group as well.' Perpetual Guardian made global headlines in 2019 when owner Andrew Barnes decided to launch the four-day working week policy. 'That's still a thing,' Gamble says. The idea is that you try to streamline your days; you get rid of time-wasting things like long meetings and mucking about on your phone, he says. 'You try and get all your work done in four days that you would've done in five. And then you take the fifth day off. So it's not an idea that you are doing 80% of the work. It's the idea you're doing 100% of the work, you're just doing it in 80% of the time.' But since Covid and the rise of remote working, the company also offers people the choice of working five days with three in the office and two at home. 'What Covid showed us is, for a lot of people, particularly in office work, you can work from home,' he says. 'You still can be efficient. You can monitor your staff, you can make sure that it doesn't all fall apart.' In all the big centres, that is increasingly the preferred option, he says. 'You know, if you're in Auckland and you've gotta drive 45 minutes to work, it's just better to have two days not having to do that. 'The focus that we have is trying to allow people to have the flexibility in their job; to still live their lives and not be stuck having to get a babysitter in because they can't leave work and log in two hours later.' Outside of his own work hours, Gamble has taken on the important role as honorary consul for Ukraine in New Zealand. His wife is from the east of Ukraine and has been in New Zealand for 17 years, but his brother-in-law has been drafted and is fighting. 'When the war started, it was very personal for us,' he says. Gamble says he was on the periphery of work his wife was doing, but when the ambassador, based in Canberra, wanted to appoint an honorary consul, he stepped up. 'They wanted a New Zealander because their main focus is trying to create links between their Government and the New Zealand Government, their businesses and New Zealand businesses.' The goal is to try to maintain media coverage, political coverage, and keep the war in the public consciousness, he says. 'It's not a hard sell. The New Zealand Government – both sides of the House – have been very, very supportive. 'New Zealand has made economic contributions, it's made humanitarian contributions, it has made some military contributions through training,' he says. 'I would obviously advocate that we could be and should be doing more. I think it's very much in our self-interest. I think Ukraine is an absolute horrendous precedent for a country as isolated as New Zealand.' In New Zealand, it is easy to forget how much we rely on the international rules-based order for absolutely everything in our lives, he says. 'From fuel that runs our trucks to harvest our food, everything in our world relies on the fact that you can ship goods or fly goods into New Zealand unmolested. If we let that rules-based order fracture, New Zealand is in a very difficult position.' Three years in, the Ukrainian conflict has become a war of attrition, Gamble says. 'That's very much by design from the Russian perspective, because they're much happier taking casualties than the Ukrainians are. There haven't been the wins that they enjoyed in the first few months. Things become static. 'Then at the same time, you've had other conflicts around the world. There is only so much in the attention span. 'So that is part of the work [as consul] – to make sure that the right people, who can influence change and decision making, are still talking about it. Listen to the full episode to hear more from Money Talks is a podcast run by the NZ Herald. It isn't about personal finance and isn't about economics – it's just well-known New Zealanders talking about money and sharing some stories about the impact it's had on their lives and how it has shaped them. The series is hosted by Liam Dann, business editor-at-large for the Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Money Talks is available on iHeartRadio, Spotify, Apple Podcasts, or wherever you get your podcasts.
NZ Herald
7 days ago
- Business
- NZ Herald
Perpetual Guardian CEO Patrick Gamble on his financial journey and how to avoid blowing a big Lotto win
'I think it's great,' he says. 'I think it gives people something to dream about and something to focus on.' But he warns that winning a lump sum isn't always a guarantee of long-term wealth. 'Any first division Lotto win is a life-changing amount of money,' he says. 'I would say that it's not the amount of money that people think it is. If you win the first division, your life is undoubtedly much more secure and things are better. But you're not buying Ferraris. You're not going out in private jets.' The lifestyle that people sometimes imagine accompanies a Lotto win can often be well short of the reality, he says. Perpetual Guardian manages wealth and provides advice for a number of Lotto winners, who always remain anonymous. 'They're people who haven't ever had to handle that amount of money before,' Gamble says. 'One of the things that we sometimes have to do with our clients, who have a lot of money – but not quite enough to be living the lifestyle that they want to – is gently encourage a little bit more frugality.' It is a similar story for sports stars, he says. 'They're looking for somebody who is going to be really boring and disciplined and say, 'you earned $500,000 of free cash flow on this big pot. You can spend that. But you can't spend two of it'.' 'Generally speaking, the people who come and see us, 20 years, 30 years later, they still have lots of money. In fact, they have a lot more money than they started with.' Perpetual Guardian's primary role is to look after people's interests when they're no longer able to look after themselves, Gamble says. 'That's our fundamental job as a fiduciary and as a trustee. So if they've passed away and they left things behind them in any sort of difficulty, we can step in.' 'But we also help people grow their money throughout their life. We invest for people. We run a lot of funds. We run financial investments for people outside of our fund group as well.' On the podcast, Gamble also reflects on his role as honorary consul for Ukraine in New Zealand. His wife is from the east of Ukraine and has been in New Zealand for 17 years, but his brother-in-law has been drafted and is fighting. 'When the war started, it was very personal for us,' he says. Gamble says he was on the periphery of work his wife was doing, but when the ambassador, based in Canberra, wanted to appoint an honorary consul he stepped up. 'They wanted a New Zealander because their main focus is trying to create links between their Government and the New Zealand Government, their businesses and New Zealand businesses.' The goal is to try to maintain media coverage, political coverage and keep the war in the public consciousness, he says. Listen to the full episode to hear more from Patrick Gamble about managing money, and what he has learned from his own financial journey. Money Talks is a podcast run by the NZ Herald. It isn't about personal finance and isn't about economics - it's just well-known New Zealanders talking about money and sharing some stories about the impact it's had on their lives and how it has shaped them. The series is hosted by Liam Dann, business editor-at-large for the Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003. Money Talks is available on iHeartRadio, Spotify, Apple Podcasts, or wherever you get your podcasts.
Hamilton Spectator
11-07-2025
- Hamilton Spectator
Hundreds of boaters expected in Norfolk for Pottahawk Sunday
There's only one way to get to a floating party in Norfolk County this Sunday. The second Sunday of July brings throngs of boats to Pottahawk Point, a sand bar in Lake Erie only accessible by water. The annual Pottahawk floating party — which officially goes by a naughtier name — sees many boaters imbibe while enjoying a day of sunshine, swimming and stepping between boats tied together near the sand bar about nine kilometres southeast of Turkey Point. Boaters head out from marinas in Turkey Point, Long Point and Port Dover to join the free party, which is unorganized and unticketed, though participants can register online to get weather and safety updates. Police will be out in force, too. 'Officers will be present at local marinas and patrolling the water to ensure a safe experience for everyone,' Norfolk OPP Const. Andrew Gamble stated in a news release. 'On land, OPP officers will patrol area roadways, focusing on unsafe driving behaviours such as impaired driving, speeding, distracted driving and failure to wear seatbelts.' In its heyday, the annual gathering of slightly buzzed boaters drew thousands of watercraft and upwards of 10,000 people to Pottahawk. Hundreds of boaters are expected at this weekend's floating party at Pottahawk Point, a sand bar about 9.5 kilometres from Turkey Point. Numbers dropped during the COVID-19 pandemic and have not rebounded to previous heights. At its busiest point last year, there were about 500 boats and 3,000 people on the water, police said. In the past, the marine party has been marred by incidents of impaired boating and sexual assault at Pottahawk. 'In some cases, individuals are left stranded with no safe way to return to shore,' Gamble said, adding the OPP will randomly check boats to make sure they have mandatory safety equipment on board. Police recommend everyone going to Pottahawk wears a life-jacket while on the water. Each boat should have a sober driver with a valid pleasure craft operator card to make the return trip and a fully charged cellphone or marine radio on board in case of emergency. 'Our goal isn't to put a damper on the day — it's to help make sure everyone gets home the same way they left,' Gamble said. 'Whether you're on the water or behind the wheel, the choices you make matter. Plan ahead, look out for each other and let safety lead the way.' Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Sydney Morning Herald
05-07-2025
- Sport
- Sydney Morning Herald
Waratahs go down to Lions 21-10 despite gutsy fight in Sydney
Go to latest Pinned post from 10.06pm Drennan match report: Lions get home despite NSW bravery The British and Irish Lions have beaten the Waratahs 21-10 in their third consecutive win, and remain unbeaten in Australia. What the scoreline cannot reflect is the bravery and fight of a heavily weakened NSW side who refused to give up against the best players from Ireland, Scotland, England and Wales. It was hard to find anyone in Sydney who was willing to give the Waratahs a shot against the Lions before kick-off. One bookmaker was happy to pay $55 on an NSW win. Someone had forgotten to tell all of this to NSW breakaway Charlie Gamble, who played the game of his life in front of 40,568 at Allianz Stadium. Gamble had come into professional rugby the hard way, scrambling up to a Waratahs contract via subbies rugby with Petersham at Camperdown Oval. The New Zealander knew how much this occasion meant at Allianz Stadium and rose to it specularly with four turnovers in a ferocious display. Gamble was competing directly against former World Rugby player of the year Josh van der Flier and came out the clear winner. Taniela Tupou and Andrew Kellaway had been drafted down from Wallabies camp for two reasons: to make the Waratahs more competitive and to have a final audition for Joe Schmidt ahead of the Test series under the bright lights of Allianz Stadium. Kellaway played his way back into Wallabies contention with a strong performance under immense pressure, being at the centre of a brilliant NSW defensive effort. Tupou had a far more difficult night. The tighthead was penalised twice in the first 10 minutes in the scrum. The second time laid the platform a perfect attacking platform and a large hole opened for Scottish centre Huw Jones to skip through for the first try of the game, almost unopposed. Gamble crashed over for his side's first try on 29 minutes, but it was ruled out by the TMO due to an obstruction from second-rower Fergus Lee Warner. Referee Paul Williams was at the centre at the game, frustrating both sides with his regular reviews upstairs of decisions throughout the game. Six minutes later Jones got his second after sidestepping Rob Leota metres from the line and touching the ball down. The Waratahs almost immediately responded with Tupou quickly popping the ball to Leota who released Darby Lancaster to score. Referee Paul Williams went upstairs to review Lee-Warner for a potential illegal clear out at the ruck, but this time, gave a try. The Waratahs finished the first half just nine points down and within the first minute Ethan Dobbins, third or even fourth choice for his side at times, crashed over for NSW's second try. His front-row colleague scrambled back to desperately tackle van der Flier into touch with the try line at the Irish breakaway's mercy. The Waratahs won a free kick in front of their own posts with five-eighth Jack Bowen shaping to kick leading to the Lions charging forward. Bowen passed to Tupou who kicked the ball in a panic and Williams penalised NSW for not tapping the ball before passing. It gave the Lions a perfect attacking platform. Impressive English halfback Alex Mitchell was rewarded for his energy throughout the game with a well-taken try as the Waratahs tired. Loading Ellis Genge crashed over the line late in the game, but Williams again consulted with the TMO and this time he ruled a no-try for obstruction. The Waratahs' 21-year-old NSW loosehead prop replacement Jack Barrett had played one game of Super Rugby and was used to learning his trade for Randwick in the Shute Shield, not facing the totemic Irish tighthead Tadhg Furlong in the scrum when he came on for the final 12 minutes. Like his teammates in sky blue, Barrett competed against the odds until the end. The final score of 10-21 was cheered loudly by the home fans, and it was clear to see why. After a difficult Super Rugby season, the Waratahs had shocked and stunned the Lions. A wintry Canberra awaits the tourists next, for an even stiffer challenge. 11.04pm Stats that matter Here are the key stats for the night. The turnover count is one, and so too is the lack of attacking possession and territory. 10.48pm 'Made the game ugly': Tuipulotu expects Wallabies to take note of Tahs' tactics By Iain Payten Sione Tuipulotou also gave credit to the Waratahs for making the game 'really messy for us', and said he expects the Wallabies will take note. 'We weren't as clinical as we'd like to be but credit goes to them. They made the game ugly for us and hard for us to exit, and got after us at ruck time. Credit to them,' Tuipulotou said. 'Our breakdown wasn't good enough. I thought Charlie Gamble and Rob Leota and the backrow really made it difficult for us to play our game, because they got after us at breakdown time. That's something we will have to review because that's something the Wallabies will look to do. They've got some good poachers in their team as well.' The Waratahs extracted 10 turnovers out of the Lions, and the visitors only managed one. Tuipulotu said he was stoked to be back in Australia as a Lion. 'It is a little bit of a strange feeling (playing in Australia), getting to play with some of the boys I grew up with, like Rob Leota tonight. But I am really proud to represent the Lions here, and my family can come and watch me. My mum and dad are here tonight. 10.32pm Lions skipper: 'Credit to the Waratahs. They put up a serious fight.' By Iain Payten Here's the verdict from a flat Lions captain Tadhg Beirne: 'We had a lot of dropped balls, a lot of turnovers, the ball was a bit slippery out there. It was frustrating from our end, in terms of not being very clinical. 'That's probably the most frustrating part. The set-piece was a step up but we will be looking back on it as missed opportunities. But credit to the Waratahs. They put up a serious fight today and put us through our pieces. 'We probably lacked the physicality in the game at times and that's something we have to look at in future weeks.' 10.24pm Sinclair: 'The Aussie media thought we'd get beat by 90' By Iain Payten Waratahs captain Hugh Sinclair is a happy man, but the big fella has also kept some receipts, it appears. He sprayed the media for some pre-game forecasts of serious doom and gloom for the Waratahs in this game. 'Super, super proud. The Aussie media had a crack at us, thinking we were going to get beaten by 90 or 50 or 60, and we showed them,' Sinclair said post-game. 'I wouldn't mind a bit of positivity from a bit of them to be honest. We showed up. The boys showed up. We just asked for effort the whole game. it was a bit scrappy. The Lions will be disappointed with that. We showed their beatable, they're 15 blokes on a field. Put some pressure on and things can happen.' We've trawled the internet for the forecasts - or written ones anyway. The one Sinclair appears to be talking about was published on The Roar website: ''Even more grievous than the 96-19': Why the Tahs could be set to cop a record-breaking thumping from the Lions.' It was penned by a South African columnist. But Sinclair has a point - fair cop. No-one gave the Tahs much hope of getting close against the Lions, and they absolutely turned up. It was a great send off for one of the nice guys of Australian rugby. Sinclair is retiring from professional rugby and he was tunneled off by the Lions in a great show of respect. 'Cloud nine, it was an awesome way to finish. I wish I was good enough to play more Test matches because that was a hell of a lot of fun. It was awesome,' Sinclair said. Fulltime: Gutsy Waratahs go down to Lions 21-10 By Iain Payten And that's full-time. The Waratahs have been beaten 21-10 by the Lions but that's against all expectations. A credible performance from the hosts and a muddled, mistake-filled night from the Lions. After two 50-pointers against the Force and the Lions, it was the Lions' smallest winning margin so far on tour. The Waratahs defence was strong all night, led by Charlie Gamble in tight and Andrew Kellaway out wide. They can be proud of that effort, and build on it for next year's Super Rugby season. Their skills weren't up to scratch in slippery conditions, however. The match officials had an equally muddled night, with far too many stoppages and errors in general play.
Yahoo
25-06-2025
- Entertainment
- Yahoo
Corey Gamble Arrives Solo in Venice Ahead of Jeff Bezos, Lauren Sánchez Wedding
Corey Gamble is among the latest celebrities to be seen arriving in Venice ahead of the Jeff Bezos and Lauren Sánchez wedding. Gamble, the longtime boyfriend of Kris Jenner, was pictured arriving to Venice on Wednesday, June 25, and boarding a water taxi, where he could be seen flashing a peace sign at onlookers Several other celebrity guests, including Ivanka Trump and Diane von Furstenberg, have already arrived in Venice for Bezos and Sánchez's nuptialsCorey Gamble has arrived in Venice ahead of Jeff Bezos and Lauren Sánchez's wedding. Gamble, 44, was pictured arriving in Venice on Wednesday, June 25, and boarding a water taxi, where he could be seen flashing a peace sign at onlookers. Gamble was seen without his longtime girlfriend Kris Jenner, a close friend of the bride who was among the celebrities to attend her bachelorette festivities in Paris. Both couples have spent time together, as Gamble, Jenner, Bezos and Sánchez were seen on a double date at high-end Italian restaurant Giorgio Baldi in Santa Monica on Friday, Aug. 30, 2024 ahead of Labor Day weekend. Several guests, including Ivanka Trump and Diane von Furstenberg, have already arrived in Venice for Bezos and Sánchez's nuptials, which is being planned by event planners Lanza & Baucina Limited. A source previously confirmed to PEOPLE that Jared Kushner, Karlie Kloss and Joshua Kushner were all invited. Sánchez's close friends Kris Jenner and Kim Kardashian may also be in attendance, along with her fellow Blue Origin space crew member Gayle King. Most wedding details have remained under wraps. Despite the bride and groom's secrecy, their closest loved ones have predicted that their large celebration will be anything but a regular wedding. "I think it's gonna be like a Princess Di thing," Sánchez's older brother, Paul, told TMZ in March. "It's gonna be an amazing event. It's gonna be star-studded and fun." Never miss a story — sign up for to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories. Even the entertainment for the events will feature talented celebrity vocalists. An exclusive source tells PEOPLE that Matteo Bocelli, son of Andrea Bocelli, will perform at the couple's star-studded ceremony. The 27-year-old singer inherited his father's soaring vocals and released his debut self-titled album in 2023. Just three years ago in May 2022, he and Andrea performed at Kourtney Kardashian and Travis Barker's wedding reception in Portofino, Italy. The celebration hasn't come without its challenges, however, and it has sparked ongoing protests in Venice. Posters, stickers and signs have gone up around the canal city's historic center reading "No Space for Bezos." Greenpeace, a global environmental organization, recently deployed a giant banner at St. Mark's Square displaying a picture of the Amazon billionaire laughing alongside the words: 'If you can rent Venice for your wedding you can pay more tax.' Amid the protests, a source tells PEOPLE that one of the events originally planned on June 28th at Scuola Grande della Misericordia, a medieval former religious school in Cannaregio, has now been moved to a new location due to protests and safety concerns. The expected 200+ guests will instead celebrate in a hall at the Arsenale, a large 14th-century complex in the eastern Castello district, which is surrounded by water and unreachable by land when connecting bridges are raised. PEOPLE confirms that the couple themselves touched down in Venice, Italy on Wednesday, June 25, ahead of their highly anticipated wedding. A helicopter left Venice on Wednesday midday local time, landing on Bezos' yacht's support ship, named the Abeona, next to Bezos' yacht, Koru, which was parked just off the coast of Croatia. The chopper then returned to Venice with Bezos, 61, and Sánchez, 55, aboard. Read the original article on People
