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 198: Tim Samway - Why GP Staking Is the Next Big Thing in Wealth
Inside the Rope with David Clark
45 minutes 52 seconds
5 months ago
Ep 198: Tim Samway - Why GP Staking Is the Next Big Thing in Wealth
In this episode of Inside the Rope, host David Clark sits down with Tim Samway, founder of Scarcity Partners and former managing director of Hyperion Asset Management, to explore one of the most compelling trends in asset management—GP staking (General Partner staking).
What if, instead of being on the paying end of fund management fees, you could invest in the fund managers themselves? That’s exactly what GP staking enables—and it’s gaining serious momentum in Australia.
Tim breaks down:
* What GP staking is and why it’s more than just private equity for funds
* Why returns from GP staking (targeting 20%+ p.a.) can outperform traditional funds
* The structural shift toward private markets and the rise of endowment-style investing
* The red flags and green lights in assessing fund managers as businesses
* Why private market exposure is still underrepresented in most Australian portfolios—and what’s changing
Listeners will come away with a clearer understanding of how to access the "better side" of the fee equation and what makes the economics of fund management so attractive when scaled properly.
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.
