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
