Wayne Peters – Patience Pays

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On this episode:

My guest for today’s show is Wayne Peters. Wayne is the founder and chief investment officer of Peters MacGregor Capital Management in Sydney.

His firm specialises in investing in global share markets, something Wayne has done since the early 1990’s. I was thrilled when Wayne agreed to appear on the show because his journey to investing is both highly unconventional but impressive.

This episode is jam-packed with nuggets of timeless wisdom. The principles can be applied beyond investing, to everyday life, learning and more.

Timestamps:

• 0:45: Intro to Wayne and Peters MacGregor
• 1:35: Wayne’s early life in Townsville and first job at Coles
• 3:46: Why Australian retail? Wayne launches his first business at 23
• 5:30: How technology disrupted Wayne’s first major business
• 7:40: Wayne’s motivation for investing, his mentors and favourite books
• 11:10: How Wayne invests, what his investors look for
• 13:00: On temperament and behaviour
• 14:35: The number one rule of investing: “the percentages work against you on the downside”
• 15:50: Graham’s Margin of Safety
• 17:20: How Wayne and his team sort through global shares, things to avoid and the team’s investment checklist
• 19:15: How to value shares and focusing on the capital allocation of a business
• 21:50: Circle of Competence
• 23:00: Why envy doesn’t have a place in investing and life
• 24:50: The 4 key criteria Wayne uses to decide when to sell
• 29:30: Patience doesn’t lose you money
• 31:30: Advice for people coming into the finance industry
• 32:30: Where Wayne sees opportunities in global markets
• 35:00: Learning more about investing with Wayne
• 36:00: Time travel: What would Wayne tell a younger Wayne Peters?

Further Reading:

• Competitive Advantages
• Multidisciplinary Learning – Farnam St Blog
• Intelligent Investor Book
• The Superinvestors of Grahame-and-Doddsville (PDF) – Columbia
• Margin of Safety (Rask tutorial)
• Circle of Competence
• Charlie Munger on Envy and psychology: The Psychology of Human Misjudgment (video)

Learn more about Wayne:

• Peters MacGregor Website