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By  Peter J. Bates

Meet the Manager - Peter Bates

Peter Bates sharing personal insights and lessons from basketball that he applies to his investment approach.

November 2024 -

This video highlights key moments in Peter's life that have shaped his professional journey.

View Transcript

So I, I used to play basketball. This is a picture of me guarding a guy who ended up playing in the NBA. His name was Corliss Williamson. I'm guarding him. And he basically sealed me and caught the ball and dunked it on me. This picture was on the front page of the Dallas Morning News. You know, you see the picture in the paper and it's kind of an embarrassing photo.

But, yeah, I was definitely humbled. It was pretty symbolic of the mental shift I had to make because you get to a level where you start playing those people that are going to the next level, and then you start realizing, okay, what's my backup plan?

Hello, I'm Peter Bates. I'm a portfolio manager at T. Rowe Price. What did I learn through basketball that helps me today? And I would say, hard work pays off. I do think this is a job that is not rocket science, but it is a job that hard work is rewarded. And I use an analogy of getting a stock right is like putting up a picture together with puzzle pieces.

And the more work you do, the more pieces of the puzzle you get. And you can never get 100% of the pieces because we're dealing with imperfect information. But again, if I work hard and get 80% of the pieces, my odds of getting it right are better than yours. If you're only getting 70% of the pieces. If all you do is stay in your office and listen to what the company says on public conference calls, you're not gathering as many pieces as you can.

When I'm making a decision. And the question is, what do I often ask myself? The thing that comes to mind for me is what's the downside? Part of winning is avoiding the 50% drawdowns where you have, you know, one stock that you just totally get wrong. And yes, sometimes stocks are good because they can't go down more. And then you don't exactly know how it's going to go up, but you gain confidence that it's not getting worse.

Yeah. The the reward from work and the pattern recognition that that develops, was a big takeaway for me was sports.
Peter J. Bates Portfolio Manager

Peter Bates is the portfolio manager of the Global Select Equity Strategy in the International Equity Division. He is a member of the Investment Advisory Committees of the Global Focused Growth Equity and Japan Equity Strategies. Peter is a vice president of T. Rowe Price Group, Inc., and an executive vice president of T. Rowe Price International Ltd.

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