We Study Billionaires - The Investor’s Podcast Network RWH034: The High Road To Riches w/ Peter Keefe
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Oct 15, 2023 Peter Keefe, a seasoned investor with over three decades of experience, shares his wisdom in this insightful conversation. He highlights the importance of timeless investing principles and discusses his admiration for companies like Microsoft and Markel. Keefe warns against the pitfalls of selling stocks too early and emphasizes the need for humility and a commitment to serving others in money management. Additionally, he draws intriguing lessons from apex predators that can apply to the investment landscape.
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Unlikely Start
- Peter Keefe stumbled into the brokerage business after a customer suggested it.
- Unhappy as a broker, he taught himself accounting to understand value creation.
Value Creation
- Value isn't created by news but by organic business processes.
- Investing requires understanding how value changes on a per-share basis.
Biggest Investing Mistake
- Avoid selling great businesses too early; it's a silent killer.
- Tune out economic predictions; focus on strong balance sheets and durable models.