The Silent Killer of Investment: Selling Too Soon

This chapter explores the negative consequences of selling profitable investments too early, highlighted through a detailed case study of Pool Corporation. The discussion emphasizes the importance of understanding strong business fundamentals and adhering to investment principles despite external economic pressures.

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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.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Peter Keefe’s investment firm, Avenir Corporation
Peter Keefe’s letters to shareholders
Hendrik Bessembinder’s study, Do Stocks Outperform Treasury Bills?
Clayton Christensen’s book, How Will You Measure Your Life?
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
Follow William Green on X (AKA Twitter)

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