We Study Billionaires - The Investor’s Podcast Network

RWH053: Trouble Ahead w/ Bill Priest

Jan 12, 2025

Bill Priest, a seasoned investor and Vice Chairman of TD Wealth, shares insights from his six decades in finance. He discusses the dangers of complacency among investors and highlights the importance of free cash flow and cost of capital. Bill expresses concerns about stagflation and suggests maintaining cash reserves to weather economic storms. He also warns against overinvesting in growth stocks and offers caution regarding investments in China, all while praising the unstoppable rise of AI.

02:22:03

Episode guests

Bill Priest

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Bill Priest emphasizes the importance of free cash flow and effective capital allocation as essential indicators for future investment returns.

His experiences across various market cycles highlight the necessity for adaptability and maintaining a robust balance sheet amidst economic uncertainties.

Priest advocates for effective leadership rooted in open communication, empathy, and decisive action to foster a collaborative work environment.

He cautions against complacency, especially in growing concern over stagflation and the ongoing risks in specific markets like China.

Priest underscores the value of lifelong learning, encouraging investors to remain curious and open to new knowledge throughout their careers.

Deep dives

The Impact of Community Support on Success

The speaker expresses deep gratitude for the support received from readers and followers regarding the release of their book, 'Richer, Wiser, Happier.' They emphasize the importance of community engagement as a significant factor in the book's success, highlighting how warm responses from readers affirm the value of their work. This encouragement not only adds personal fulfillment but also plays a crucial role in promoting the book to a wider audience. The speaker acknowledges that feedback received from the community has the power to influence and inspire the direction of their future endeavors.

Intro

3min

Foundations of an Investor

21min

The Intersection of Luck and Opportunity in Career Paths

5min

Financial Security and Compliance Solutions

3min

Lessons from Jack Traynor: Unconventional Insights in Finance

22min

Navigating Geopolitical Risks and Investment Strategies

17min

Investing in China: Risks and Governance Dynamics

6min

Navigating Financial Fragility

12min

Leadership Lessons from Sports and Business

28min

10.

Shifting Attention: Understanding Modern Learning Styles

2min

11.

Balancing Success and Relationships

21min

In this episode, William Green speaks with Barron’s Roundtable member Bill Priest, who is Vice Chairman of TD Wealth and founder, Chairman, and Co-Chief Investment Officer of TD Epoch. Bill is the co-author of several books, including “Winning at Active Management.” Having prospered for six decades in the financial markets, Bill has seen it all. Here, he talks about his core investing principles & why he believes investors are too complacent in the face of mounting risk & fragility.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

06:50 - How Bill Priest fell in love with the stock market.

40:30 - Why he focuses relentlessly on free cash flow & cost of capital.

41:11 - How he goes about analyzing a business.

48:41 - Why growth stocks may start to struggle.

50:47 - Why he’s worried about the threat of stagflation.

59:16 - How investors can protect themselves from an unknowable future.

1:03:36 - Why AI is unstoppable, not just another bubble.

1:07:35 - Why he’d be “very careful” about investing in China.

1:15:38 - Why you should keep ample cash to ride out difficult times.

1:17:20 - Why his exposure to equities is much lower than usual.

1:21:16 - How to be a successful leader.

1:57:16 - What he’s learned from his daughter about happiness.

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

BOOKS AND RESOURCES

Bill Priest’s investment firm, Epoch Investment Partners.
Bill Priest’s book, “Free Cash Flow & Shareholder Yield.”
Bill Priest’s book, “Winning at Active Management.”
Anne Applebaum’s book “Autocracy, Inc.”
Ruchir Sharma’s book, “What Went Wrong with Capitalism.”
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X.
Check out all the books mentioned and discussed in our podcast episodes here.
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