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Assessing the Quality of Management
In this chapter, they discuss the importance of evaluating the integrity and quality of management when investing. They emphasize the significance of understanding the social aspect of business and the impact of management on investment decisions. The chapter also emphasizes the importance of aligning values in business relationships.
In this episode, William Green chats with Peter Keefe, an outstanding investor who’s trounced the market over three decades. Here, Peter discusses his timeless investing principles, what he looks for in a great business, how he evaluates the quality of management, why he loves Microsoft & Markel, why managing money is a high calling, & what investors can learn from apex predators.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:55 - How Peter Keefe taught himself to invest intelligently.
07:59 - Why he loathed selling stocks as a broker on commission.
28:12 - How Peter built a dazzling record based on timeless principles.
31:49 - Why he views selling great businesses too early as his costliest mistake.
38:46 - Why he ignores economic predictions.
42:50 - Why he owns a concentrated portfolio of 10-12 stocks.
47:39 - How Microsoft & Markel embody what he looks for in a business
52:28 - How he made hundreds of times his money on American Tower.
1:14:33 - How he evaluates the quality of management.
1:25:52 - What investors should learn from apex predators.
1:43:29 - Why humility is an indispensable virtue for investors.
1:44:22 - Why a money manager’s principal motivation should be to serve others.
1:46:30 - How Peter measures a successful life.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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