Buccaneer Investing

Most people are familiar with stories of buccaneers or pirates who sailed the seas of the Caribbean and plundered ships for treasure. The real story behind the buccaneer is somewhat less romantic and considerably more instructive.

The word buccaneer is derived from the French "boucanier", which roughly translates as "someone who smokes meat" and which in turn comes from the native American "bukan". During the early seventeenth century, a large number of exiled French, Dutch, and English people in the Caribbean would hunt wild animals on the islands and smoke the meat for selling to merchants. When the Spanish attempted to exile them from the island of Hispaniola, they responded by conducting surprise raids on Spanish ships taking treasure from the new world back to Europe.

There are many people who currently feel as though the banking crisis of 2008 and subsequent recession has left their financial lives in exile. In response to this, they can either shrink in despair, or seize the opportunities that have been presented and go on to greater achievements. While actions of overt piracy are most certainly not part of a prudent investment philosophy, their initiative and creativity of buccaneers provides useful wisdom for both business owners and investors.

Contrary to popular perception, one of the things that many buccaneers were known for was avoiding fights whenever possible in favor of easier targets. The logic behind this behavior is quite obvious when you consider that buccaneer crews received no 'salary'... their only compensation came as a percentage of the treasure that they successfully raided. Since they were all there to make money that could subsequently be spent at port, they were understandably reluctant to take unnecessary risks. Because of this, they did not target the biggest, toughest, and most well-armed ships. They purposefully sought out targets where they would encounter the least resistance.

In keeping with this strategy, investors should avoid chasing after products or commodities that are in the midst of an inflating bubble. This is akin to a buccaneer attempting to sack the richest (and best guarded) city in the Spanish main. Many people who chase after the perceived big money of bubbles find themselves burned by losses and possibly financially ruined.

Any good buccaneer knows that it is far better to let everybody else fight over the buried treasure so that you can sneak in and scoop it up while they are occupied trying to stop one another from acquiring the treasure. As investors, this means that we should wait until after market bubbles have burst before we enter into the fray. Otherwise, we end up fighting it out against all of the other scoundrels out there who want to make a quick buck. As business owners, this means that we should avoid direct competition with large established firms and seek out small niches that can be successfully pursued.

The real estate / financial bubble collapsed in the last quarter of 2008, and we are still in the process of sifting through the wreckage. Some have become disheartened by the difficulty of obtaining financing and the problems encountered with real estate and have already begun searching for the next bubble to pursue. As such, it should come as no particular surprise that the price per ounce of gold has nearly doubled since the end of 2008.

However, the true buccaneers know that there is still a lot of treasure to be found in the wreckage of the last bubble. It's only the "green gills" who start right off heading after the next big wave of speculation. Property prices have been pushed so low from all of the foreclosures that resulted from the financial crisis that buccaneer investors can simply walk in, buy them for nearly half of what it would cost to re-build them, and then turn around and rent them out to tenants. It's all of the treasure, but with no pillaging required. Simply taking advantage of what has already happened can help you to become very wealthy.

Every self-respecting buccaneer knows that it's much better to go after the easy treasure than to chase the big flashy boats that are heavily guarded and hard to catch. Gold may have risen very rapidly in the last couple years, but the only way you can make any money with Gold is if it keeps going up. A buccaneer is much better off with the easy money from low-priced properties that produce cash flow. After all, there be no reason to chase after bubbles when you're already standing on a heap of treasure beneath your feet.
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