TMS Capital's Ben Clark on Altium, Amazon and the 'holy grail' of investing
TMS likes to buy and hold. Up to 70% of its portfolio is made up of picks it made when it was established two decades ago - including CSL, Soul Patts and Brickworks.
TMS Capital has a serious aversion to selling out. “The Holy Grail is owning a business forever,” portfolio manager Ben Clark told Capital Brief.
“Unless we think something structural has changed in the outlook for a business, we tend to stick with it because our view is that when you're transacting too frequently, it kills your long-term returns.”
Clark spoke to Capital Brief as part of our new Past Performance series, in which we speak to top investors about their investing mistakes, contrarian bets and what lies ahead. A full transcript of the interview is available below.
TMS was set up 20 years ago by Aaron McMurray and Matthew Stephens. The employee-owned firm manages about $1 billion in direct investments for private clients for the long-term along with its funds.
