....
Depreciation of the trawler is $8,000 a year.

Opportunity cost(@ 5%) is $10,000 a year.

Think of it this way: It's a bear market and interest rates are low.
It would have been the easiest thing in the world to have sold the
boat last year and bought an investment house or the S&P 500 or GE or
most anything else and lost your money or lost more than your money if
you leveraged things with a mortgage. You've got the opportunity to
go boating. Some folks have the opportunity to find out if their Bear
Stearns stock will look nice on the living room wall. Opportunity
isn't money in the bank. So, credit yourself $18k for staying out of
a loosing market, put the boat on a mooring and drive a little
slower. Shoots, now it's cheap therapy.

-- Tom.