RWH034: The High Road To Riches w/ Peter Keefe

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)

NEW TO THE SHOW?

• Check out our We Study Billionaires Starter Packs.
• Browse through all our episodes (complete with transcripts) here.
• Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
• Enjoy exclusive perks from our favorite Apps and Services.
• Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
• Learn how to better start, manage, and grow your business with the best business podcasts.
• Help us understand our audience better so we can create a more intentional user experience by answering this survey!

SPONSORS

• Invest in Bitcoin with confidence. Get $5 in Bitcoin when you invest $100 with River.
• Invest in some of the top private, pre-IPO companies in the world with Fundrise.
• Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!
• Learn how Principal Financial can help you find the right benefits and retirement plan for your team today.
• Experience real language learning for real conversations with Babbel. Get 55% off your Babbel subscription today.
• Beat FOMO and move faster than the market with AlphaSense.
• Choose Toyota for your next vehicle - SUVs that are known for their reliability and longevity, making them a great investment. Plus, Toyotas now have more advanced technology than ever before, maximizing that investment with a comfortable and connected drive.
• Be confident that you’ll be small businessing at your best with support designed to help you reach your goals. Book an appointment with a TD Small Business Specialist today.
• Get a customized solution for all of your KPIs in one efficient system with one source of truth. Download NetSuite’s popular KPI Checklist, designed to give you consistently excellent performance for free.
• Start, run, and grow your business without the struggle. Be in control of every sales channel with Shopify. Sign up for a $1 per month trial period today.
• Reach the world’s largest audience with Linkedin, the place to B2B. Plus, enjoy a $100 credit on your next ad campaign!
• Send, spend, and receive money around the world easily with Wise.
• Feed your body the nutrients it craves with Ka’Chava, an all-in-one, plant-based superblend made up of superfoods, greens, plant proteins, antioxidants, adaptogens, and probiotics! Get 10% off on your first order today!
• Support our free podcast by supporting our sponsors.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.