Long-term compounding with Robert Millner

Robert Millner is one of Australia’s most successful business leaders and investors. 

Washington H. Soul Pattinson (ASX: SOL) has a unique portfolio of assets that have delivered a compound annual return of 15.2% for 40 years. 

The impressive track record has resulted in the firm being referred to as Australia’s mini Berkshire Hathaway. 

So how is Millner positioning the investment house to capitalise on the current cycle? 

As part of Livewire Live's 2023 event, Centennial Asset Management's Matthew Kidman sat down with Millner for his view on where we are in the cycle, WHSP's long-term dividend track record, the future of thermal coal in Australia, as well as the outlook for some of Millner's listed investments like Brickworks and TUAS. 

Timecodes: 

• 0:00 - Intro
• 0:40 - The Millner family's beginnings and long-term dividend track record
• 1:43 - On being awarded an Order of Australia
• 3:08 - Where are we in the cycle?
• 5:15 - On reducing exposure to listed assets (only 20% of the portfolio today)
• 6:37 - The Soul Patts and Milton merger
• 7:53 - The future of thermal coal in Australia (and New Hope ASX: NHC)
• 10:52 - Investing in renewables
• 13:09 - The outlook for Brickworks (ASX: BKW)
• 15:33 - Brickworks' US expansion
• 16:33 - The outlook for TUAS (ASX: TUA)
• 17:57 - Private equity and debt opportunities
• 19:41 - WHSP has invested $400-500 million in agriculture
• 20:51 - The Australian corporate landscape becoming more difficult
• 22:31 - Areas of investment in the future