Success and more interesting stuff
Morgan: History is rhyming (and it could be bad for stocks)

Morgan: History is rhyming (and it could be bad for stocks)

January 26, 2022

In this final episode of Success and More Interesting Stuff, we turn back the clock and talk to legendary fund manager Peter Morgan.

Peter was a 'master of the market' in the 1990s at the helm of Perpetual Investments. When he left in 2002, the group was managing about $12 billion and was outperforming the market year after year, notching up returns of more than 14% per annum.

Peter and Warwick Negus went on to turn heads with their boutique venture 452 Capital. But about a decade ago, doctors diagnosed brain cancer and gave Peter less than a year to live.

Although this diagnosis eventually proved incorrect (though not before an intensive round of chemo), his time as a professional money manager was over. He still avidly watches global markets, but with only his own funds on the line. Nonetheless, he thinks experience has made him an even better investor these days.

In this episode Peter talks about learning from the 1987 sharemarket crash and the dotcom bubble. He looks with the discipline of an ex-auditor at modern reporting metrics and shares his conviction that Australia's culture of regular dividends might be holding us back, closing with a timely challenge for domestic enterprises.

Jun Bei Liu’s extraordinary journey

Jun Bei Liu’s extraordinary journey

January 21, 2022

Jun Bei Liu landed in Australia as a 16-year-old without a social or business network and very little English. From this humble beginning she has worked her way through the ranks and today is managing close to $1 billion for well-known fund manager Tribeca.

Jun Bei is tireless and an inspiration for both women and those from outside the establishment.

Here she recalls her earliest exposure to share market investing as a child in Shanghai, and relates the path she has taken to lead Tribeca's Alpha Plus long-short fund.

Jun Bei's energy, humour and sheer enjoyment of a career in investing have brought her a long way, and she's certain there are bigger and better things to come.

Chris Judd’s lonely pursuit of market beating returns

Chris Judd’s lonely pursuit of market beating returns

January 14, 2022

In this episode of Success and More Interesting Stuff, we speak to AFL legend Chris Judd, a former star of the midfield for West Coast Eagles and Carlton Football Club.

His career on the field netted him a premiership, two Brownlow Medals and acclaim as one of the best players of the modern era.

Since retiring from the game in 2015, Chris has turned his attention to trading financial markets. He thinks hard about the macro-economic picture and how to make money from his findings.

He describes his competitive edge as a non-institutional investor, and how determined he is to make the most of it.

The harsh realities of elite sport have taught Chris things other people might not grasp until much later in life, when it is too late to benefit from the lesson.

Along the way he expounds the ingredients of success, the prospects for gold and crypto currencies.

An overnight success (38 years in the making)

An overnight success (38 years in the making)

January 9, 2022

In this episode of Success and More Interesting Stuff, we introduce the good doctor Sam Hupert, founder and major shareholder of radiology imaging group Pro Medicus.

Sam has been talking business for as long as he can remember, thanks to his entrepreneurial parents. Even as a medical student he was exercising his commercial skills with a successful photography enterprise.

Once computers began to take off outside academia, Sam saw the possibilities for medicine. Over the years, he and the Pro Medicus team have exploited each advance in computing technology to build up a formidable lead over their rivals.

Asked to explain their success, Sam says, "I think we had a vision. I know a lot of people say that, but we did. And it was to build a better mouse trap in an area where we genuinely do good. We aid the clinical process, there's no question."

Out of a modest building in Richmond, Melbourne, Sam and his collaborators have grown Pro Medicus into a $6 billion global group.

Along the way he and business partner Anthony Hall have amassed fortunes of over $1.5 billion each. Despite the outrageous success, Sam thinks there is a long way to go.

Rob Millner‘s simple rule for investing success

Rob Millner‘s simple rule for investing success

January 3, 2022

Episode three of Success and More Interesting Stuff features Rob Millner, the patriarch of Washington H Soul Pattinson.

Soul Patts is the closest investment vehicle that Australia has to Warren Buffet’s Berkshire Hathaway.

And like Berkshire Hathaway, Soul Patts has been an outstanding success. Rob is only the fourth Millner to run the company over 100 years and to date he has managed to multiply the share price 11 times and increase the dividend every year.

Rob — and Soul Patts — take the long view, with disciplined focus on fundamentals and proud attention to corporate governance.

"I've always had it at the back of my mind that I don't want to be the one that blows the place up," he says.

In this episode, Rob describes what it was like to take on great responsibility as a young man and how he thinks about succession planning these days.

He also shares his simple rule for buying cheap stocks, and explains why so many investors fail to follow it. 

From IVF pioneer to Afterpay investor: John McBain‘s incredible journey

From IVF pioneer to Afterpay investor: John McBain‘s incredible journey

December 21, 2021

Small-cap specialist Dr John McBain likes to joke that he's still in Australia because he lost his return ticket to Scotland in the 1970s.

In this episode of Success and More Interesting Stuff, John describes how his career in obstetrics and gynaecology took off on his arrival in Melbourne in 1976 and took him in directions no one could have predicted.

From early entrepreneurial success delivering newspapers as a Glasgow schoolboy, this canny Scot surmounted his humble beginnings to become a pioneer in the development of IVF.

From this he profited enough to turn his hand to full-time investing when others might choose to retire. Instead he chooses to engage with entrepreneurs innovating in sectors as diverse as biotechnology, digital agriculture and fintech.

A string of brilliant stock selections, including a major foray into Afterpay before it listed, has made John a prominent figure in Australia's small company environment.

Geoff Wilson: Smoking out the doubters

Geoff Wilson: Smoking out the doubters

December 21, 2021

This episode of Success and More Interesting Stuff features high-profile fund manager Geoff Wilson, my former boss and colleague.

I went to work for him in the 1990s — for free, at first, until he could afford to pay me — and cut my teeth in the industry as we jetted around the country seeking investors for his early funds.

Geoff has built a stunning funds management business through the listed investment company structure and today manages $5.5 billion.

In this episode he explains why he likes closed-end capital pools such as LICs and you'll soon see why the market values his funds at more than the sum of their parts.

We take a walk down memory lane to the early days of Wilson Asset Management, revisiting some of the key steps that made Geoff and his company such a success.

We also make a few entertaining detours to laugh about the day an angry investor pinned me up against a wall, and the time we almost got stuck in Melbourne because our airline ran out of money.

Success And More Interesting Stuff returns next week!

Success And More Interesting Stuff returns next week!

December 15, 2021

It's been nearly 12 months since we launched Success And More Interesting Stuff, but we're returning this December bigger and better than ever. Tune in to this short intro for a preview of what's to come. 

 

We know about Tesla…what about the rest of the auto industry?

We know about Tesla…what about the rest of the auto industry?

January 29, 2021

Martin Ward knows people and numbers. Growing up in the UK, it was these skills that would take him through the Middle East and Singapore before settling into the automotive industry in Australia. Currently CEO of Eagers Automotive, Australia's largest vehicle retailer, Ward has been instrumental in driving a 700% share price appreciation over the last 15 years. 

A staple of Ward's time in management has been his ability to quickly identify shifting market trends. This pre-emptive mindset has underpinned two recent initiatives - the development of auto malls and acquisition of used car retailer Easy Auto 123 - both of which will allow Eagers to retain a dominant position and continue growing. With auto companies such as Tesla and Carvana Co. reaching sky-high valuations, Ward retains the view that nothing beats the underlying quality of operations in the long term. As a result, his commitment to continuous improvement and adaptability places Eagers Automotive in good stead for the future.

If you’re going to have physical retailing, it sure as hell better be exciting

In this episode of the Success and More Interesting Stuff podcast, we discuss Martin's ascent through the business world, his plans to allow Eagers to continue dominating, and ultimately a deep dive into the future of the automotive industry. 

Allfrey’s key to finding winners

Allfrey’s key to finding winners

January 21, 2021

Catherine Allfrey is a fighter. As the first female inductee into the Australian Fund Manager Hall of Fame, there is no doubt she has taken adversity in stride on her way to the top.

Beginning her career at Dai-Ichi Kangyo Bank's Sydney office, the reality of being a woman in a traditionally male dominated field became apparent. Cultural differences drove her to greener pastures and she was soon headhunted by Colonial First State. 

In 2006, the opportunity to launch a new fund alongside long term partners Graeme Burke and Ian Harding arose and Allfrey welcomed it with open arms. As a Principal at Wavestone Capital, Catherine has pioneered a focus on identifying companies with a sustainable competitive advantage and placed integrity at the core of strategy. She believes investors have an obligation to play an active role in holding companies accountable for their actions, and it is this long-term growth mindset that is the key to picking winners. 

As a fund manager, your role is as a steward of other people’s capital. You have this fiduciary responsibility to manage that to the best of your ability, and to also remind boards and corporate CEOs that they have got to manage that capital responsibly

In this episode of the Success and More Interesting Stuff podcast, I talk to Allfrey about the factors that drove her early passion for investing, the importance of encouraging women within funds management, and how to respond when a CEO has a few too many glasses of red at an investor lunch (Hint: Sell!). 

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