Dev Raga Personal Finance

527 lessons from 50 years of investing (with a retired GP!)

Jul 1, 2025
Guest
Dr Ken
Dr Ken, a retired GP who served in the Air Force and built a large portfolio over 40+ years. He talks about early share-buying before the internet, using Berkshire Hathaway as a retirement backbone, opportunistic cycle-driven investing, SMSF and super strategies, Division 296 tax views, and practical retirement rules like cash buffers and simple math for target goals.
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ANECDOTE

Buying BHP As A Young Doctor

  • Dr Ken bought BHP shares with his first-year doctor wages and doubled down when they fell in 1982.
  • He sold his boat and raised cash to buy more, and the shares later tripled and became a cornerstone of his wealth.
ANECDOTE

How Buying Shares Worked Before The Internet

  • Before online trading, Dr Ken called his broker, placed orders by phone, received a sale note by mail, and paid by cheque weeks later.
  • Brokerage fees were ~2.5% each side, creating a ~5% round-trip cost and much slower execution.
ANECDOTE

Concentrated Bet On Berkshire Hathaway

  • After the GFC, Dr Ken moved most of his super into Berkshire Hathaway and it became the backbone of his retirement.
  • He first bought small amounts from 2000, but only made the big allocation post-GFC when capital was available.
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