Investment Mistakes and the Value of Patience

This chapter examines common behavioral pitfalls in investing, particularly the urge to sell promising stocks too early. It underscores the value of patience and a long-term outlook for realizing the full potential of strong investments.

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In this episode, William Green chats with Anthony Kingsley, who oversees more than $10 billion at an investment firm named Findlay Park. Anthony is the portfolio manager of the Findlay Park American Fund, which has crushed its benchmark index by 1,200 percentage points over 25 years. Here, he discusses his firm’s surprisingly simple path to exceptional returns.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:09 - What Anthony Kingsley learned from his great mentor, James Findlay.

07:22 - Why their firm, Findlay Park, lives by the mantra “Keep it simple.”

10:38 - How the firm structures its fees to be simple & fair.

19:02 - Why the key to long-term success is avoiding disaster.

18:06 - How Anthony harnesses diversification to reduce stress.

24:19 - How to incentivize a team of equity analysts.

27:40 - How he avoids repeating common investment mistakes.

39:53 - How he developed his 28-point investing checklist.

41:07 - Why he focuses intensely on analyzing corporate culture.

45:46 - Why it’s perilous to dismiss or ignore ESG.

53:54 - Why he never invests in biotech or pharma.

54:53 - Why he’s more excited about mid-caps than mega-caps.

1:01:10 - What makes the US a wonderful market for investors.

1:10:08 - Why he’s optimistic about the UK’s economic future.

1:14:51 - How he balances work, family, & play.

1:42:08 - What role luck has played in his success.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Anthony Kingsley’s investment firm, Findlay Park.
Atul Gawande’s book The Checklist Manifesto.
Matthew Walker’s book Why We Sleep.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X (AKA Twitter).
Check out the books mentioned in the podcast here.

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