Adam, Adir and Scott Middleton from Terem Capital take a deep dive into Washington H. Soul Pattinson, the $18bn ASX giant hiding in plain sight.
They trace Soul Patts from its pharmacy roots through Brickworks, New Hope, NBN and TPG, unpack how permanent capital and patient dealmaking have compounded across generations, and examine the investment philosophy that has made the company one of Australia’s most enduring businesses.
Then they tackle the harder question: after more than a century of extraordinary results, is Soul Patts’ premium valuation still justified today?
00:08 - The Soul Patts Story
18:43 - How Soul Patts Compounds Wealth
30:10 - Is Soul Patts Too Expensive?
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