Nick Griffin of Munro Partners | ASML, Munro’s Areas of Interest & more | The Australian Investors Podcast

Nick Griffin is the Chief Investment Officer of Munro Partners, one of Australia’s largest and fastest-growing global equities fund managers. Nick Griffin recently sat down with me, Owen Rask, on The Australian Investors Podcast to talk about life, money and investing.

In addition to getting to know Nick and his investment philosophy, we dive deep into companies and topical areas of interest, like ASML Holdings and the China-Taiwan tensions, why Nick was sitting on a pile of cash, and so much more.

You’ll find my full list of talking points for Nick below.

Quickfire questions (60-90s answers only please!)

• • If you could pick just 3 financial metrics from a company’s financials, what would you include? (e.g. debt-equity, compounded profits, revenue growth, free cash flow yield, etc.)
  • If you could fish any spot in the world, where would you be? (Bonus points if you tell us what species you would be targeting and how you would bait them)
  • If you could spend an hour with any CEO or founder, who would it be and why? (Bonus points if you tell us why, an experience you’ve had with them, or the questions you would ask, etc.)
  • If you could hand a newer investor just 3 books, what would they be? (they don’t have to be finance related) 

Nick Griffin’s story

• Did you have any entrepreneurial streaks as a child or have people who mentored you? (e.g. lemonade stalls, family businesses, books, teachers, professors, friends, family, etc. etc.)

• As you look back on your career, I think you’ve been through 5 market crashes, which we’ll touch on later (see below), and you have worked at a number of high-profile firms (CBA, Deutsche,  K2, etc.). Can you reflect on:

• A profound moment or story you lived in markets that shaped the way you invest today (e.g. GFC, the early 2000s, bull market out of the GFC, etc.) 

• Within these firms, which investor influenced you and what did you learn from them?

Munro Partner’s Investment Philosophy & Process

• Munro has a few different funds and strategies which I’d like to get into. Both long and short. But first, why did you and your partners start Munro and go out on your own? (Potential follow-up: how did you derisk it from a brand and career perspective) 

• Can you describe your investment philosophy and how you position yourselves among the crowd of global investors? 

• The world is a big place. How do you refine the global universe & distil it down into a manageable list (screens, filters, how your process reflects your philosophy, etc.)? 

Munro Partners: Key themes, ASML & bear markets

• According to resources I found, your team has identified “areas of interest” and you’re well-known for your focus on structural growth themes. Can you outline three of the themes you’re most interested in right now and profile some companies that you believe are the ‘best expression’ of that trade? 

• Taiwan, China, chips & ASML. ASML is somewhat of an unwieldy business model and product for investors to understand. Can you break it down for us and how you see the semiconductor industry playing out over the next 10 years? 

• As of July/August 2022, you’re sitting on a big pile of cash. Can you explain the four things you’re waiting to see and why? (And also how you measure them) 

Final question: if you could go back to a 20-year-old Nick Griffin and tell him one thing about investing, life or business, what would it be?  

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