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
- 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)
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