Peter Morgan: The best asset I've ever bought

The Rules of Investing

Livewire Markets

Peter Morgan is one of the most accomplished investors in Australia. While he might not be a 'household name' these days, ask anyone who's been around the industry more than 10 or 15 years and they'll likely tell you how he helped build Perpetual from an obscure company managing $70 million worth of perpetual trusts (hence the name) to a $12 billion giant of the Australian funds management industry. He worked alongside investors like Anton Tagliaferro, John Murray, John Sevior, and Matt Williams as they all made names for themselves in the industry.

After leaving Perpetual in the early 2000s, he founded 452 Capital, which went on to become one of Australia's most successful boutiques. Then in 2009, he abruptly left the industry after being diagnosed with a rare and deadly form of brain cancer - a diagnosis that was later shown to be incorrect, but not before a round of chemo.

This experience left him with an entirely new perspective on life, one that valued experiences and memories over gathering an ever-larger pool of assets. Throughout all this, he says the best thing he's ever bought is his dog, Blaze - $300 well spent indeed!

In this episode of The Rules of Investing podcast, we delve into his incredible story, hear how he manages assets differently now as a private investor, and hear some of his views on markets and stocks today.

Time stamps and discussion topics:

  • 2:26 – Peter’s investing origins at Perpetual and the changes he has seen across finance.
  • 12:19 – Launching 452 Capital.
  • 17:02 – Leaving 452 Capital.
  • 23:07 – Fund manager to private investor - how his investing has changed.
  • 32:08 – Views on the current economic landscape.
  • 41:13 – Are we in a bubble?
  • 47:25 – Which hunting grounds are presenting the best opportunities?
  • 50:22 – His thoughts on Reef Casino Trust (ASX: RCT)
  • 53:33 – Peter answers our three favourite questions.

Content discussed:

  • One Up On Wall Street: How To Use What You Already Know To Make Money In The Market, by Peter Lynch and John Rothchild. Available on Amazon and Booktopia.
  • Zero to One: Notes on Startups, or How to Build the Future, by Peter Thiel and Blake Masters. Available on Amazon and Booktopia.
  • Who the Hell is Hamish? Podcast by The Australian.

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The Rules of Investing
Livewire Markets

The Rules of Investing is one of Australia's top investing podcasts. We interview the leading investment minds from Australia and overseas to better understand their processes and philosophy. After launching in October 2017, there have been over...

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