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 204: Ed Goldstein - Unlocking Secondaries - Liquidity, Diversification and Opportunity in Private Markets
Inside the Rope with David Clark
49 minutes 19 seconds
2 months ago
Ep 204: Ed Goldstein - Unlocking Secondaries - Liquidity, Diversification and Opportunity in Private Markets
David Clark is joined by Ed Goldstein, Partner and Chief Investment Officer at Coller Capital’s Credit Secondaries business. Ed has spent over 16 years shaping the secondary investment landscape, and in our conversation he explains how the secondaries market provides investors with liquidity, diversification, and unique access to private markets—an area often overlooked but increasingly interesting for investors.
With Coller Capital managing more than $40 billion globally, Ed explains how this market has evolved, why it matters, and how it can help sophisticated investors achieve diversification, mitigate risk, and capture attractive returns
We unpack the mechanics of secondaries in both private equity and private credit, explore the growth of continuation funds, and discuss how institutional investors, from pension schemes to sovereign wealth funds, are using secondaries to reshape portfolios. Ed also shares insights from his decades-long career navigating multiple market cycles and explains how Coller’s scale allows them to underwrite and execute transactions that others can’t.
Whether you’re new to private markets or already allocating to alternatives, this conversation will give you a deeper understanding of how secondaries fit into the broader investment landscape—and why they’re becoming an essential tool for investors.
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.
