Warren Buffett's swan song, we're changing our core portfolios & timing your investing

34 snips

Nov 16, 2025

Alan Pullen, a portfolio manager at Magellan Global Opportunities Fund, shares insights on market concentration and the emergence of AI in investing. He discusses the implications of Warren Buffett's final letter and evaluates potential market bubbles, asserting there's no broad issue yet. Focus shifts to the 'Magnificent Seven', with Pullen highlighting Microsoft as his top pick, while also identifying undervalued non-US opportunities like Nestle and TSMC. They explore valuation methods for enduring growth stocks and debate effective dollar-cost averaging strategies.

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INSIGHT

Power Of Long-Term Compounding

Berkshire Hathaway returned ~5.5 million percent over 60 years, a stark example of compounding power.
Warren Buffett's final letter highlights humility and long-term consistency as keys to his success.

INSIGHT

New Giant Iron Ore Supplier Emerges

Guinea's Simandou project began shipping and can produce very high-grade ore (65–67%).
Its volume and quality could meaningfully increase global supply and pressure iron ore prices.

INSIGHT

Budget Risk From Increased Supply

Simandou's lower C1 cost and superior grade could shift market share versus Pilbara miners.
Analysts estimate a $12–$30/ton price impact, which risks Australian tax receipts tied to ore prices.

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Warren Buffett has penned his final shareholder letter. We break down the lessons worth carrying forward.

Then we head to Guinea, where the long-awaited Simandou project has finally shipped its first iron ore. What does this mean for BHP, Rio, Fortescue and Australia’s tax base?

Also in this episode:

Simon reveals why leverage is reshaping his core portfolio. Emerging Markets Report here.
And we answer a community question on how often to dollar-cost average

To run the numbers for your own investing cadence, check out this Investment Frequency Calculator: https://investcalc.github.io/.

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