Paul Moore: Four decades in, still thinking beyond consensus

After four decades in markets, PM Capital’s Paul Moore says the best opportunities
PM Capital

PM Capital

still belong to those who can think independently, stay patient, and hold their nerve when consensus turns.

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:
In an era of short-term noise, Moore’s message to investors and advisers is simple — time is still the ultimate edge.

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This information has been prepared by PM Capital Limited (ABN 69 083 644 731, AFSL No. 230222) as responsible entity and issuer of the PM Capital Global Companies Fund (ARSN 092 434 618). This information is intended for licensed financial adviser use only. It is general information only and is not intended to provide you with financial advice. This information has been prepared without taking into account your objectives, financial situation or need. You should consider the product disclosure statement (PDS) and the Target Market Determination which are available from us for free at www.pmcapital.com.au/steps-investing. Past performance is not a reliable indicator of future performance. All investments contain risk and may lose value, please refer to the PDS for more information.

PM Capital
PM Capital

At PM Capital we are not afraid to be different, we search the world for undervalued stocks, we avoid the trap of “group think” and prioritise company valuation over all other aspects. Founded in 1998, PM Capital is part of the Regal Partners...

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