RWH049: Crushing The Market Over 50 Years w/ Jay Bowen
We Study Billionaires - The Investor’s Podcast Network
Intro
This chapter explores the incredible investment success of a father and son who transformed a $12 million pension fund into $3.1 billion over fifty years. It discusses their strategic approach blending stocks and bonds, emphasizing the importance of patience and investing in quality businesses.
In this episode, William Green chats with Harold J. (“Jay”) Bowen III, President & CIO of Bowen, Hanes & Company. Jay & his late father generated dazzling returns for their biggest client, the Tampa Firefighters’ & Police Officers’ Pension Fund. The fund’s stock portfolio has achieved an annualized return of 14.4% over 50 years & a cumulative return of more than 81,000%. Here, Jay explains how they pulled this off, sharing one of the great untold stories of the investment world.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
08:37 - What makes the Tampa Firefighters’ & Police Officers’ Pension Fund special.
17:54 - How Jay Bowen’s father came to run the fund half a century ago.
29:09 - How to thrive by slashing fees, shunning consultants, & thinking long term.
38:54 - Why Jay takes a top-down thematic investment approach.
43:03 - How the fund made a fortune buying Coca-Cola before Buffett.
47:15 - Why it pays to bet on extraordinary CEOs.
51:09 - Why truly long-term investors shouldn’t bother with bonds.
1:05:31 - How Jay is positioned to profit from the Fourth Industrial Revolution.
1:10:27 - How he thinks about pricey stocks like Nvidia & Costco.
1:14:29 - How he invests in smaller companies he sees as future blue chips.
1:18:06 - Why he’s obsessed with the Federal Reserve.
1:22:16 - How to invest successfully in times of market mayhem.
1:37:58 - How being an endurance athlete has helped Jay as an investor.
1:53:58 - How he structures his days to optimize performance.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Jay Bowen’s investment firm, Bowen, Hanes & Company.
- Links to Jay Bowen’s media appearances.
- William Green’s podcast episode with Fred Martin | YouTube Video.
- William Green’s podcast episode with Bob Robotti | YouTube Video.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews.
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