In this Australian Investors Podcast episode, your host Mitchell Sneddon sits down with Alan Pullen (Magellan Investment Partners)—in conjunction with the Australian Shareholders Association (ASA)—to unpack Magellan’s research process, position sizing and three companies piquing his curiosity right now: Alphabet/Google, Nike (and Adidas) and Universal Music Group.
They cover:
– Alphabet’s evolving search moat and Gen AI disruption (plus YouTube, Google Cloud and Waymo)
– Nike’s stumble and potential recovery (DTC pivot, product innovation and wholesale partners)
– Universal Music Group’s “toll road” economics in streaming
– Magellan’s analyst workflow, incentives, and risk lens
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Topics Covered
– How Magellan filters 1,600 stocks to ~200 quality names and vets moats, risks and reinvestment runways
– Alphabet’s two-sided setup: legacy search profits vs Gen AI search, and the roles of YouTube, GCP and Waymo
– Nike’s missteps (DTC pivot, weaker innovation) and what a credible turnaround could look like; Adidas as #2 and China dynamics
– Universal Music Group’s bargaining power with streamers and artists, and key risks to label economics
– Lessons learned: avoid leverage, start early, nurture curiosity; Howard Marks’ memos; “Bank of Dad” compounding chat with teens
– Final notes and how to learn more
Resources for this episode
– Visit TermPlus to learn more
Chapters (approximate)
(00:00) Introduction
(01:43) A Day in the Life of Alan Pullen
(06:43) Investment Philosophy and Team Structure
(14:00) The Analyst's Role in Investment Decisions
(18:52) Curiosity in Investing: Companies of Interest
(31:09) Exploring Sportswear Giants: Nike and Adidas
(32:41) Opportunities in Athletic Wear: Nike vs. Adidas
(34:08) Market Dynamics and Consumer Strategies
(36:19) Contrarian Investing: Identifying Value in Downturns
(37:27) Consumer Spending Trends and Economic Indicators
(38:24) Universal Music Group: A Unique Investment Perspective
(42:01) Risks in the Music Industry: Balancing Power
(44:07) Lessons from Past Investments: The Dangers of Leverage
(46:58) Investment Wisdom: Insights from Howard Marks
(48:40) Advice for Young Investors: Start Early and Avoid Leverage
Rask Resources
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📈 Start investing with Rask – https://bit.ly/R-invest
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Published on 2 months, 1 week ago
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