We Study Billionaires - The Investor’s Podcast Network

RWH036: The Power Of Simplicity w/ Anthony Kingsley

Nov 12, 2023

01:41:51

Snipd AI

Portfolio manager Anthony Kingsley discusses Findlay Park's simple path to exceptional returns, including harnessing diversification and analyzing corporate culture. He emphasizes the importance of avoiding common investment mistakes and the perils of dismissing ESG. Kingsley shares his optimism about mid-caps and the US market while balancing work, family, and play. The chapter also touches on transparency, avoiding behavioral glitches, and the moral aspect of investing.

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Podcast summary created with Snipd AI

Quick takeaways

Findley Park achieves remarkable returns by adhering to a simple investment approach.

Downside risk management and capital preservation are prioritized to deliver consistent compound returns.

Investing in companies with strong cultures and clear purposes leads to long-term success.

Integrating ESG factors and investing in mid-cap companies are important strategies for Findley Park.

Deep dives

Findley Park's Simple Approach to Investing

Findley Park, an English firm specializing in investing in US stocks, has achieved remarkable returns by adhering to a surprisingly simple investment approach. With one fund, one strategy, and one team based in one place, Findley Park focuses on investing in one country and one asset class. They charge a non-negotiable fee, ensuring fairness to all clients. This emphasis on simplicity allows them to stay focused, avoid unnecessary complexity, and consistently deliver attractive compound returns.

Implementing James's Investment Philosophy: The Need for a Checklist in Fund Management

01:21

The co-coverage model and culture of collaboration in portfolio management

01:49

The Evolution of an Investment Philosophy

01:32

The Role of Luck and Skill in Achieving Success

01:47

Introduction

2min

The Success and Simplicity of Findley Park

10min

The Importance of Transparency and Fairness

19min

Avoiding Mistakes and Behavioral Glitches in Investing

5min

Investment Philosophy Checklist

25min

Valuation Disparities and Investing in Under-covered Companies

4min

Streamlining Business Operations and Maximizing Rewards

2min

US Market: The Land of Opportunity

9min

Balancing Work, Family, and Personal Time

17min

10.

The Moral Aspect of Investing

13min

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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We Study Billionaires - The Investor’s Podcast Network

RWH036: The Power Of Simplicity w/ Anthony Kingsley

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Findley Park's Simple Approach to Investing

The Importance of Managing Downside Risk

The Role of Culture and Purpose in Investing

Pragmatic Approach to ESG and Emphasis on Mid-Cap Companies

The Importance of Sustainable and Quality Investments

The Benefits and Advantages of Investing in the US

The Personal Journey of Self-Discovery and Philanthropy

Implementing James's Investment Philosophy: The Need for a Checklist in Fund Management

The co-coverage model and culture of collaboration in portfolio management

The Evolution of an Investment Philosophy

The Role of Luck and Skill in Achieving Success

Get the Snipd
podcast app

AI-powered
podcast player

Discover
highlights

Save any
moment

Share
& Export

AI-powered
podcast player

Discover
highlights

We Study Billionaires - The Investor’s Podcast Network

RWH036: The Power Of Simplicity w/ Anthony Kingsley

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Findley Park's Simple Approach to Investing

The Importance of Managing Downside Risk

The Role of Culture and Purpose in Investing

Pragmatic Approach to ESG and Emphasis on Mid-Cap Companies

The Importance of Sustainable and Quality Investments

The Benefits and Advantages of Investing in the US

The Personal Journey of Self-Discovery and Philanthropy

Implementing James's Investment Philosophy: The Need for a Checklist in Fund Management

The co-coverage model and culture of collaboration in portfolio management

The Evolution of an Investment Philosophy

The Role of Luck and Skill in Achieving Success

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