STREET DOGS

Irving Kahn died at age 103, Phil Fisher at 96, John Templeton at 95 and Walter Schloss at 93. Charlie Munger is 93, John Bogle is 88 and Warren Buffett 87.

Is there any reason to suggest that being a successful investor might bring with it the added benefit of living longer? Perhaps there is. People who are happier — and what could be more fun than succeeding in something you love doing — and who lead productive lives have been shown to live healthier, longer lives.

There’s the mental stimulation. By all accounts, brain training exercises slow the degeneration of the brain. What could be more testing than trying the impossible — consistently beating the markets? The flipside of distress, eustress is a form of positive stress, often associated with achieving life goals. Finally, life-long exposure to the stock market rollercoaster might provide a form of resilience — both physical and mental.

There are other possible explanations. Most of the legendary investors enjoyed a comfortable childhood. Success in investing could be a consequence of a healthy body and mind, rather than a cause of it. Successful investors can best afford to look after themselves.

On the other hand, old rich investors could just be a red herring that has more to do with survivorship bias. There are probably a great many more old unsuccessful investors than there are successful ones. Or it could simply be that, more often than not, it takes a very, very long time to succeed in the markets. Then again, it’s also true that the likes of Buffett, Templeton and Fisher were already successful in their 40s and 50s.

When all’s said and done, though, it would be nice to be able to think that the job of investing (mainly other people’s money, of course) helps us live healthier, longer lives. —