Episode three of Success and More Interesting Stuff features Rob Millner, the patriarch of Washington H Soul Pattinson.

Soul Patts is the closest investment vehicle that Australia has to Warren Buffet’s Berkshire Hathaway.

And like Berkshire Hathaway, Soul Patts has been an outstanding success. Rob is only the fourth Millner to run the company over 100 years and to date he has managed to multiply the share price 11 times and increase the dividend every year.

Rob — and Soul Patts — take the long view, with disciplined focus on fundamentals and proud attention to corporate governance.

In this episode, Rob describes what it was like to take on great responsibility as a young man and how he thinks about succession planning these days.

He also shares his simple rule for buying cheap stocks, and explains why so many investors fail to follow it.