The Master Investor Podcast with Wilfred Frost Freddie Lait: Patience Pays - Lessons From Building a £1bn Business
Oct 1, 2025
Freddie Lait, founder of Latitude Investment Management, shares his insights from managing £1.2bn in assets. He emphasizes that patience is the investor's most undervalued virtue and discusses the emotional aspects of investing. Freddie highlights the importance of focusing on growth over glamour, with insights into successful investments in Tesco and AutoZone. He also addresses market risks, AI hype, and stresses knowing oneself to build a repeatable investment process. His sharp take on inflation-linked bonds and bond duration adds depth to his investment philosophy.
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Buy Growth, Not Just Low Multiples
- Build a portfolio around companies you believe will grow intrinsic value and earnings per share by ~12–15% annually.
- Minimize valuation risk and hold long enough for underlying profit growth to drive returns.
Make Patience A Strategic Asset
- Take a long-term view and build your portfolio to allow 5–15 years of patience for fundamental value to show.
- Avoid short-term market noise driven by mechanistic and passive flows.
Rotate When Better Opportunities Exist
- Rotate out of richly valued winners into cheaper, equally good businesses when relative value improves.
- Treat sold positions as 'pop back on the shelf' and re-buy only when valuation aligns.