RWH034: The High Road To Riches w/ Peter Keefe

<p>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 &amp; Markel, why managing money is a high calling, &amp; what investors can learn from apex predators.</p><p><br></p><p><strong>IN THIS EPISODE YOU’LL LEARN:</strong></p><p>00:00 - Intro</p><p>02:55 - How Peter Keefe taught himself to invest intelligently.&nbsp;</p><p>07:59 - Why he loathed selling stocks as a broker on commission.</p><p>28:12 - How Peter built a dazzling record based on timeless principles.</p><p>31:49 - Why he views selling great businesses too early as his costliest mistake.</p><p>38:46 - Why he ignores economic predictions.</p><p>42:50 - Why he owns a concentrated portfolio of 10-12 stocks.</p><p>47:39 - How Microsoft &amp; Markel embody what he looks for in a business</p><p>52:28 - How he made hundreds of times his money on American Tower.</p><p>1:14:33 - How he evaluates the quality of management.</p><p>1:25:52 - What investors should learn from apex predators.</p><p>1:43:29 - Why humility is an indispensable virtue for investors.</p><p>1:44:22 - Why a money manager’s principal motivation should be to serve others.</p><p>1:46:30 - How Peter measures a successful life.</p><p><br></p><p><em>Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.</em></p><p><br></p><p><strong>BOOKS AND RESOURCES</strong></p><ul><li>Peter Keefe’s investment firm, <a href="http://www.avenircorp.com/" rel="noopener noreferrer" target="_blank"><strong>Avenir Corporation</strong></a></li><li>Peter Keefe’s <a href="http://www.avenircorp.com/articles-letters" rel="noopener noreferrer" target="_blank"><strong>letters to shareholders</strong></a></li><li>Hendrik Bessembinder’s study, <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2900447" rel="noopener noreferrer" targ