Todd Barlow is the CEO of Washington H. Soul Pattinson & Co. Ltd (ASX: SOL), one of Australia’s longest-running ASX-listed companies, an incredible investment company and long-term investment firm.
Todd Barlow recently spoke with Owen Rask, Founder of The Rask Group, about the culture, competitive advantage and investing process of WHSP that allows the firm to outperform over decades.
Todd Barlow Investors Podcast talking points
You took over the CEO position in 2015. What’s one thing you know now that you wish you knew then, and why?
Secret sauce: Soul Patts has been one of the best-performing companies on the ASX, having been trading for 100 years, and stronger than ever. If you can break it down into 2-3 key ideas, why do you think it has been so successful?
Can you explain how the company is structured internally and why it makes sense given your purpose?
How about your investment process: how does an investment go from an ‘idea’ to a holding?
- Potential follow-up: How does the investing team balance conviction with risk?
- Potential follow-up: How are investment committees structured and what goes into them?
If you blink and wake up 5 years from now, what do you think would be different about Soul Patts and what would be the same?
One of the key issues, if only in the past 3-5 years, is ESG or responsible investing. How do you think about this as a business? Can it be incorporated? What do people need to know about it and the way Soul Patts goes about thinking over these issues?
What would you describe as two of the greatest risks to Soul Patts and its ability to outperform, or just continue to grow successfully? I think a lot of people struggle with counterpoints for Soul Patts.
- Potential follow-up: What’s the difference between business and investing risk? Which do you think about more?
What are three things you have learned about investing at Soul Patts, in particular working with Rob for such a long time?
How does investing or financial education for your children differ from your own investing?
Final question: What’s one thing about finance or investing you believe that few others would agree with you on?
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