After two years on the air, The Rules of Investing marks its 50th episode with a very special guest; Hamish Douglass, co-founder, Chairman, Chief Investment Officer, and Lead Portfolio Manager of Magellan Asset Management Limited.
In this exclusive, in-depth interview, Hamish
opens up about several topics that he rarely discusses. We hear about
the first investment he ever made, how he invested his entire personal
wealth in a single asset (and why it was so successful), and some of the
challenges he faced in the early years of Magellan. He also discusses
what it would take to see a pick-up in inflation and how likely he
thinks that scenario is, why he’s confident owning US-listed Chinese
mainland companies, and the big investment trends he expects to succeed
and fizzle out over the coming decade.
Tune in below for this special episode.
Further reading and listening:
- Stephen A. Schwarzman, What It Takes: Lessons in the Pursuit of Excellence
Stephen Schwarzman talks to the Farnam Street podcast
- 1:45 - Hamish’s first investment
- 5:13 – The biggest challenges since starting Magellan
9:12 – Hamish’s view on the future of listed funds management in Australia
- 14:03 – What would it take to see a break out in inflation?
- 20:12 – Economic risks under a ‘President Warren’ scenario
- 26:00 – How likely are we to see Warren winning the next election?
- 28:31 – The issue with legal rights ownership on US listed Chinese companies
- 33:45 – Global investing trends to continue for the next 5 years
- 36:57 – And current trends that won’t hold
- 39:48 – What does 2020 look like for Magellan?
- 42:15 – Hamish answers our favourite questions
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Well done Patrick....great podcast (if I do say so myself).
Pat a massive congratulations on your 50th episode. You have done an amazing job with this podcast and it has been great to see you improve the overall quality of the production as well as developing your own skills as an interviewer. You've done lots of hard work and thoroughly deserve the 5 star rating on Apple Podcasts.
I could hardly hear Hamish much of the time, though Patrick was clear. I had every volume turned up as much as possible.
Congratulations Patrick - your podcasts are always great listening in view of your preparation and your ability to guide the discussion. This is a classic episode.
Patrick, well done on an insightful podcast and a big thanks to Hamish for always teaching me (and other investors I'm sure) more about investing. Loved Hamish's story about the franked income fund, reminder about the power of compounding, and the risks of investing in companies operating in industries with low barriers to entry. I thought as much about Beyond Meat - I can make my own meatless beef patties! Love the three questions at the end too.
Congrats on 50 episodes Pat and a cracker with one of the very best, Hamish Douglass, to mark the occasion! I enjoy the content every time, it's a format I prefer while on the move and I'm looking forward to many more episodes to come.