RWH036: The Power Of Simplicity w/ Anthony Kingsley
We Study Billionaires - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 12 November 2023
⏱️ 106 minutes
🧾️ Download transcript
Summary
In this episode, William Green chats with Anthony Kingsley, who oversees more than $10 billion at an investment firm named Findlay Park. Anthony is the portfolio manager of the Findlay Park American Fund, which has crushed its benchmark index by 1,200 percentage points over 25 years. Here, he discusses his firm’s surprisingly simple path to exceptional returns.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
03:09 - What Anthony Kingsley learned from his great mentor, James Findlay.
07:22 - Why their firm, Findlay Park, lives by the mantra “Keep it simple.”
10:38 - How the firm structures its fees to be simple & fair.
19:02 - Why the key to long-term success is avoiding disaster.
18:06 - How Anthony harnesses diversification to reduce stress.
24:19 - How to incentivize a team of equity analysts.
27:40 - How he avoids repeating common investment mistakes.
39:53 - How he developed his 28-point investing checklist.
41:07 - Why he focuses intensely on analyzing corporate culture.
45:46 - Why it’s perilous to dismiss or ignore ESG.
53:54 - Why he never invests in biotech or pharma.
54:53 - Why he’s more excited about mid-caps than mega-caps.
1:01:10 - What makes the US a wonderful market for investors.
1:10:08 - Why he’s optimistic about the UK’s economic future.
1:14:51 - How he balances work, family, & play.
1:42:08 - What role luck has played in his success.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Anthony Kingsley’s investment firm, Findlay Park.
- Atul Gawande’s book The Checklist Manifesto.
- Matthew Walker’s book Why We Sleep.
- William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
- Follow William Green on X (AKA Twitter).
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Transcript
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| 0:00.0 | You're listening to TIP. |
| 0:02.0 | Hi there, I'm thrilled to introduce today's guest Anthony Kingsley. |
| 0:07.0 | He's the chief investment officer at an English firm called Findley Park, |
| 0:11.0 | which focuses exclusively on investing in U.S. stocks. |
| 0:14.6 | Anthony oversees more than $10 billion in assets as the portfolio manager of the |
| 0:19.6 | Findley Park American Fund. |
| 0:21.8 | Over the last 25 years, the Fund has crushed its benchmark index, the Russell 1000, by a total of |
| 0:28.2 | more than 1,200 percentage points. |
| 0:31.0 | It's a remarkable feat of outperformance and so my goal in this episode of the |
| 0:35.8 | podcast is to explore in depth how the firm has generated these stellar returns. |
| 0:41.1 | What fascinates me is that Anthony, |
| 0:44.6 | and a brilliant predecessor of his name James Findley, |
| 0:48.0 | have achieved this success in a surprisingly simple way. |
| 0:52.0 | As you'll hear, Finley Park has one fun, one strategy and one team based in one place. |
| 0:59.4 | They vest in one country and one asset class and they charge just one fee which is non-negotiable. |
| 1:06.0 | You pay the same fee whether you're a big client or a small client and in fact Anthony pays |
| 1:10.6 | the same fee too which is both simple and fair. |
| 1:14.5 | This very consistent emphasis on keeping things simple is a beautiful example of a theme I wrote |
| 1:20.7 | about at some length in my book, Richard, Why's a Happier, in a chapter titled, |
| 1:25.5 | Simplicity is the ultimate sophistication. |
| 1:29.0 | What I came to realize from my interviews with investing giants like Joe Greenblatt, Will Danoff, Jack Bogle, and |
| 1:36.1 | Bill Miller, is that it's a tremendous advantage to have a few simple, robust guiding principles that you can stick with through thick and thin, |
... |
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