David Clark chats to one of Australia’s most respected, and quietly one of its most exceptional, investors, Paul Moore, Founder and Chief Investment Officer of PM Capital.
For more than four decades, Paul has built a reputation for exceptional long-term performance, deep fundamental research, and a rare ability to remain steadfastly contrarian when markets become euphoric or fearful. His flagship Global Companies Fund has delivered a remarkable compounding track record, most recently over 26% per annum for investors over the last five years, achieved without owning the Magnificent Seven, a feat almost unheard of in today’s market environment.
Paul shares:
* The DNA of a great investor: why temperament, patience, and an ability to stand alone matter more than ever.
* Lessons from 40 years in markets, from running a US equity fund as a 20-something to navigating booms, busts, and every style cycle in between.
* Why value is the only thing that matters, and why so many investors misunderstand what “value” truly means.
* The psychology of contrarianism and how to maintain conviction when the world is telling you you’re wrong.
* Sector and stock opportunities he sees right now, including European banks, global industrials, drug companies, and high-quality franchises trading at meaningful discounts.
* His candid take on AI, FOMO, global imbalances, geopolitics, inflation, and why he believes investors need to temper return expectations in the decade ahead.
* Why he partnered with Regal, how it extends his investing life, and why he intends to keep managing money “until the day I die.”
Paul’s blend of humility, blunt realism, and deep conviction makes him one of the truly distinctive voices in global equity investing.
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David Clark chats to one of Australia’s most respected, and quietly one of its most exceptional, investors, Paul Moore, Founder and Chief Investment Officer of PM Capital.
For more than four decades, Paul has built a reputation for exceptional long-term performance, deep fundamental research, and a rare ability to remain steadfastly contrarian when markets become euphoric or fearful. His flagship Global Companies Fund has delivered a remarkable compounding track record, most recently over 26% per annum for investors over the last five years, achieved without owning the Magnificent Seven, a feat almost unheard of in today’s market environment.
Paul shares:
* The DNA of a great investor: why temperament, patience, and an ability to stand alone matter more than ever.
* Lessons from 40 years in markets, from running a US equity fund as a 20-something to navigating booms, busts, and every style cycle in between.
* Why value is the only thing that matters, and why so many investors misunderstand what “value” truly means.
* The psychology of contrarianism and how to maintain conviction when the world is telling you you’re wrong.
* Sector and stock opportunities he sees right now, including European banks, global industrials, drug companies, and high-quality franchises trading at meaningful discounts.
* His candid take on AI, FOMO, global imbalances, geopolitics, inflation, and why he believes investors need to temper return expectations in the decade ahead.
* Why he partnered with Regal, how it extends his investing life, and why he intends to keep managing money “until the day I die.”
Paul’s blend of humility, blunt realism, and deep conviction makes him one of the truly distinctive voices in global equity investing.
Ep 195: Andrew Lockhart - Beyond the Headlines: The Real Story Behind Private Credit’s Growth
Inside the Rope with David Clark
1 hour 4 minutes 55 seconds
7 months ago
Ep 195: Andrew Lockhart - Beyond the Headlines: The Real Story Behind Private Credit’s Growth
David Clark welcomes back Andrew Lockhart, Managing Partner of Metrics Credit Partners — one of Australia's largest private lenders and a major force shaping the future of private credit. With private credit markets booming — and critics warning of bubbles and risks — David and Andrew explore why private credit can play a critical role in a high-net-worth portfolio when approached with discipline and scale.
They dive deep into the key metrics that investors should evaluate in private credit, including loss rates, diversification, liquidity management, and risk-adjusted returns. Andrew explains why Metrics' institutional-grade processes, governance standards, and proactive credit management position it at the centre of Australia’s private credit growth story — and why careful manager selection has never been more important.
With insights into Metrics' $23 billion portfolio, how private credit compares to traditional bank lending, and how Metrics navigates the evolving regulatory landscape, this episode is essential listening for investors seeking income, stability, and diversification in today’s uncertain markets.
Get a behind-the-scenes look at why Metrics is thriving amid industry scrutiny.
Inside the Rope with David Clark
David Clark chats to one of Australia’s most respected, and quietly one of its most exceptional, investors, Paul Moore, Founder and Chief Investment Officer of PM Capital.
For more than four decades, Paul has built a reputation for exceptional long-term performance, deep fundamental research, and a rare ability to remain steadfastly contrarian when markets become euphoric or fearful. His flagship Global Companies Fund has delivered a remarkable compounding track record, most recently over 26% per annum for investors over the last five years, achieved without owning the Magnificent Seven, a feat almost unheard of in today’s market environment.
Paul shares:
* The DNA of a great investor: why temperament, patience, and an ability to stand alone matter more than ever.
* Lessons from 40 years in markets, from running a US equity fund as a 20-something to navigating booms, busts, and every style cycle in between.
* Why value is the only thing that matters, and why so many investors misunderstand what “value” truly means.
* The psychology of contrarianism and how to maintain conviction when the world is telling you you’re wrong.
* Sector and stock opportunities he sees right now, including European banks, global industrials, drug companies, and high-quality franchises trading at meaningful discounts.
* His candid take on AI, FOMO, global imbalances, geopolitics, inflation, and why he believes investors need to temper return expectations in the decade ahead.
* Why he partnered with Regal, how it extends his investing life, and why he intends to keep managing money “until the day I die.”
Paul’s blend of humility, blunt realism, and deep conviction makes him one of the truly distinctive voices in global equity investing.
