A century of dividends

Guest: Robert Millner, Chairman, Washington H Soul Pattinson. In the last 117 years, Australia has seen two World Wars, the great depression, introduction of the motor car, 30 Prime Ministers, and every year, Washington H Soul Pattinson (SOL) has paid a dividend. In this week's episode of The Rules of Investing, I sit down with Robert Millner, the longstanding Chairman of SOL. While SOL started life as a pharmaceuticals business, today it's a cornerstone shareholder in TPG Telecom, Brickworks, New Hope Corporation, and dozens of smaller companies. Over the last 40 years, total shareholder returns have compounded at a rate of 17.3%. This is a record that rivals that of some of the most well-known investors globally. Tune in below to hear his view on the future of coal and agriculture in Australia, why he's not interested in buying banks at current levels, and what he thinks has been the key to Soul Patts' success.