We Study Billionaires - The Investor’s Podcast Network

RWH034: The High Road To Riches w/ Peter Keefe

Oct 15, 2023

01:51:41

Snipd AI

Peter Keefe, an outstanding investor, shares his timeless investing principles, love for Microsoft & Markel, and what investors can learn from apex predators. He reveals how he taught himself to invest intelligently, his biggest mistakes, and the importance of evaluating the quality of management. Peter's insights are a must-listen for aspiring investors.

AI Summary

Highlights

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Investing in businesses with long-term secular tailwinds can lead to success and value creation.

Concentration in a manageable number of businesses allows for deep understanding and risk management.

Evaluating the character and values of management is crucial for successful investments.

Humility is important in both investing and life, promoting continuous growth and ethical conduct.

Deep dives

The Path to Investing in Microsoft

When investing in Microsoft, the focus was on the Outlook business, believing it to be a valuable part of the company. Recognizing that every office had Microsoft software, it was viewed as a secure investment. The company also had a great balance sheet and was buying back stock. Satya Nadella's tenure as CEO led to further improvements and successes for the business.

The essence of Buffett and Graham's philosophy, then and now

00:51

The Importance of Enjoying the Game and Appreciating the Craft

01:01

Reflecting on Success and Values

03:01

Advice for Young Investors and the Importance of Market Timing

01:01

Introduction

2min

From Novice to Director: A Journey in the Investment Profession

12min

The Influence of Washington and Lee University

18min

Business Mistakes, Success, and Sponsors

4min

The Pitfalls of Selling Too Early

28min

The Biggest Destroyer of Capital and Value

5min

Assessing the Quality of Management

18min

Lessons from Nature and Farming

6min

Lou Brown: A Farm Boy Ethic in Investing and Business

21min

10.

Expressing Gratitude and Promoting Upcoming Episodes

3min

In this episode, William Green chats with Peter Keefe, an outstanding investor who’s trounced the market over three decades. Here, Peter discusses his timeless investing principles, what he looks for in a great business, how he evaluates the quality of management, why he loves Microsoft & Markel, why managing money is a high calling, & what investors can learn from apex predators.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:55 - How Peter Keefe taught himself to invest intelligently.

07:59 - Why he loathed selling stocks as a broker on commission.

28:12 - How Peter built a dazzling record based on timeless principles.

31:49 - Why he views selling great businesses too early as his costliest mistake.

38:46 - Why he ignores economic predictions.

42:50 - Why he owns a concentrated portfolio of 10-12 stocks.

47:39 - How Microsoft & Markel embody what he looks for in a business

52:28 - How he made hundreds of times his money on American Tower.

1:14:33 - How he evaluates the quality of management.

1:25:52 - What investors should learn from apex predators.

1:43:29 - Why humility is an indispensable virtue for investors.

1:44:22 - Why a money manager’s principal motivation should be to serve others.

1:46:30 - How Peter measures a successful life.

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

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Peter Keefe’s investment firm, Avenir Corporation
Peter Keefe’s letters to shareholders
Hendrik Bessembinder’s study, Do Stocks Outperform Treasury Bills?
Clayton Christensen’s book, How Will You Measure Your Life?
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
Follow William Green on X (AKA Twitter)

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export