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The investment world of Peter Warnes

Christine St Anne  |  08 Feb 2013Text size  Decrease  Increase  |  

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Christine St Anne is Morningstar's online editor.


Morningstar head of equities research Peter Warnes once owned a number of successful racehorses. However, he reckons you can learn a lot more about investing by looking at the game of golf.

Warnes believes that, just like in golf, if you have the right equipment and stay on the fairway you will succeed in the world of investing.

"Golf is one of the great games. It's just you and the golf course. You are responsible for your own game and you can't blame anyone else. The right equipment is essential and will help you keep out of trouble," he says.

Warnes will be providing Huntleys' Your Money Weekly subscribers with a macro view of the markets through the weekly Overview. Warnes' regular insights will give investors the right "equipment" so they can make the right decisions about their portfolios.

He takes over from former YMW editor Ian Huntley, who scaled back his commitments late last year in order to spend more time with his grandchildren.

Huntley and Warnes share a long history, having worked together for decades. Warnes served as a correspondent with YMW back in the 1970s. He joined Huntley in 1992 "after some of badgering from Ian".

While Huntley has not changed Warnes' outlook on investing, Warnes says he did help him recognise the importance of financial integrity.

"You have to make sure you don't put other people's money at risk. You have to be very sure that what you are saying and what you are recommending is something you would tell your mother to do," Warnes says.

Warnes' 40-plus years experience in the investment industry has given him plenty of hands-on experience when it comes to choosing the right investments.

He started his career in 1963 at the Bank of New South Wales (now Westpac) as a junior, "licking stamps and opening the door for bank customers". By 1973, he was a senior industrial analyst with the bank, having completed a degree at the University of New South Wales.

Working for the country's biggest unit investment trusts and superannuation fund gave the young Warnes direct access to company chief executives.

"Because our fund was so big we held big positions in companies and so we were able to go straight to the top. We always had access to the chief executive - we never saw anyone below the finance director," he says.

"We were talking to people running the business. As a young person talking to the leaders of the country, it was a great training ground."