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Here's a link to a transcript of a very recent M* interview by Christine Benz and Jeffrey Ptak of TRP's David Giroux. It's a pretty lengthy read. The interview is also available on the M* Longview podcast.
Excellent interview, and I agree with a lot of what he says -- especially with his investing style and comments about utilities. The last question is precisely why I like being along for the ride in PRWCX (and potentially TCAP) because it suggests he still has his priorities right.
"People who know me, just know I’m not wired to rest on my laurels or take it easy. I’m just not wired that way. I think we talked about last time when I was on the podcast, I had won couple of Morningstar Manager of the Year awards, trophies. I gave one away to my APM, Steven Krichbaum, and one is in a bag somewhere down in the basement that I don’t know where it is, honestly. And then, I’ve won 18 or 19 awards from Lipper. I’ve never asked for a plaque. I’ve never received a plaque. I don’t want a plaque. I don’t want reminders of past performance making me soft. That’s really important for me. I want to look forward, not backward. That’s really, really important."
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"The last thing I would say is—and it puts a little pressure on me, honestly—is there are so many people that are counting on me: clients, friends, family, my mother, my colleagues, my colleagues’ families, people I grew up with, advisors, and they’ve kind of become accustomed, they’ve come used to generating incredible returns over time. You do it for 15 to 16 years in a row, they expect you to do it next 15 to 16 years. And I have this horrible fear of letting them down. And I’m going to do everything in my power every day that I’m doing this job to make sure that I never let them down. I think if I underperform, my mom is going to be pissed. So, I got to make sure I keep delivering for my clients and my family. And we’re going to continue to work as hard as we possibly can as a team to continue to do that."
these utilities need to spend a lot of money to basically harden their grids from storms, from fire that we saw, obviously, what happened to Hawaiian Electric. And so, that’s really driving a really powerful capital-expenditures cycle.
The main reason I started small positions in GRID in our IRA's and taxables.
Kind of shocking to see utes get some love from one of the smart guys.
Comments
"People who know me, just know I’m not wired to rest on my laurels or take it easy. I’m just not wired that way. I think we talked about last time when I was on the podcast, I had won couple of Morningstar Manager of the Year awards, trophies. I gave one away to my APM, Steven Krichbaum, and one is in a bag somewhere down in the basement that I don’t know where it is, honestly. And then, I’ve won 18 or 19 awards from Lipper. I’ve never asked for a plaque. I’ve never received a plaque. I don’t want a plaque. I don’t want reminders of past performance making me soft. That’s really important for me. I want to look forward, not backward. That’s really, really important."
< - >
"The last thing I would say is—and it puts a little pressure on me, honestly—is there are so many people that are counting on me: clients, friends, family, my mother, my colleagues, my colleagues’ families, people I grew up with, advisors, and they’ve kind of become accustomed, they’ve come used to generating incredible returns over time. You do it for 15 to 16 years in a row, they expect you to do it next 15 to 16 years. And I have this horrible fear of letting them down. And I’m going to do everything in my power every day that I’m doing this job to make sure that I never let them down. I think if I underperform, my mom is going to be pissed. So, I got to make sure I keep delivering for my clients and my family. And we’re going to continue to work as hard as we possibly can as a team to continue to do that."
Brought tears to my eyes. All choked up.. Very inspiring.Kind of shocking to see utes get some love from one of the smart guys.