Paul Moore: Four decades in, still thinking beyond consensus

A career built on independence

In 1985, Paul Moore walked unannounced into Bankers Trust’s Sydney office as a young commerce graduate looking for a start. Eighteen months later, he was managing a US equities portfolio and learning by surviving the 1987 crash.

That early baptism shaped an approach that defines his investing today: conviction over consensus and long-term over short-term.

“If you’re easily swayed by consensus, you won’t survive as a fund manager, says Moore - the market’s always trying to push you out of your position.”

The edge that endures

Now Chief Investment Officer at PM Capital, Moore has guided portfolios through multiple crises — from the tech wreck to the GFC. Through them all, he’s found one enduring truth:

“The only true arbitrage in markets is duration — and the courage to stand alone.”

To Moore, short-term markets are efficient and noisy, but over longer timeframes genuine mispricings emerge. His process focuses on identifying those anomalies and allowing time to do its work.

Opportunities others overlook

Today, PM Capital manages $4.5 billion in global equities, and Moore continues to seek value where the crowd looks away.

• European banks — still inexpensive relative to history and well-positioned for a world of persistent inflation.
• Commodities — copper and gold producers like Newmont, benefiting from supply constraints and renewed capital discipline.
• Select cyclicals — quality companies trading below intrinsic value.

While others chase momentum, Moore says patience and valuation discipline remain the firm’s compass.

Experience meets perspective

Forty years in, Moore remains cautious but optimistic:

“We’ve had an extraordinary run. Whatever your risk level is, take it down a notch — bank some wins and be ready for what’s next.”

He also believes his best investing years are still ahead.

“It takes two full cycles — 20 years — to build the toolkit. I feel like I’ve only hit my stride in the last five years. The compounding happens from here.”

Join the conversation

To mark his 40th year in markets, Paul Moore will host a live webinar for Financial Advisers exploring the lessons that have shaped his career and the global opportunities he believes lie ahead.

📅 Tuesday 22 October
⏰ 3:00pm AEDT
👉 Register here to join the conversation

This is an opportunity to hear directly from one of Australia’s most experienced and independent investment thinkers.

Key takeaway