Portfolio construction and valuation discipline

Bryce and Alec sit down with Magellan Investment Partners’ Ryan Joyce to unpack why some of the best opportunities can be found in the world’s biggest, most familiar companies. From TSMC and Booking Holdings to Dollar General and Apple, this is a masterclass in quality, patience, valuation discipline and the power of backing businesses with durable moats.

In this episode:

00:00 – Why the best investments can be hiding in plain sight

01:37 – Ryan Joyce’s first investing lessons: Orsenko and realestate.com

04:08 – Magellan’s philosophy: quality, concentration and valuation discipline

07:18 – Why big, well-known stocks still get mispriced

10:57 – Finding an edge when everyone has the same information

17:01 – Portfolio balance, volatility and stock selection

18:38 – TSMC, Dollar General and Booking Holdings: three stock case studies

38:14 – Apple, investing resources and Ryan’s advice for young investors

ETFs & Stocks mentioned:

Magellan Global Opportunities Fund (ASX: OPPT), REA Group (ASX: REA), Netflix (NASDAQ: NFLX), Mastercard (NYSE: MA), Taiwan Semiconductor Manufacturing Company (NYSE: TSM), NVIDIA (NASDAQ: NVDA), Broadcom (NASDAQ: AVGO), AMD (NASDAQ: AMD), Marvell Technology (NASDAQ: MRVL), Arm Holdings (NASDAQ: ARM), Intel (NASDAQ: INTC), Samsung Electronics, Dollar General (NYSE: DG), Dollar Tree (NASDAQ: DLTR), Walmart (NYSE: WMT), Amazon (NASDAQ: AMZN), Booking Holdings (NASDAQ: BKNG), Apple (NASDAQ: AAPL), Qualcomm (NASDAQ: QCOM)

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