Learn Magellan PM Alan Pullen’s process, take on Alphabet, Nike and Universal Music Group, and investing lessons. Listen now and subscribe to The Australian Investors Podcast. 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 If you love learning about long-term, quality-focused global investing, subscribe to the Australian Investors Podcast on Apple , Spotify, or YouTube! Follow us on Instagram and TikTok for more investing insights. 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 https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=video Chapters 00:00 Introduction 00:40 A Day in the Life of Alan Pullen 05:40 Investment Philosophy and Team Structure 12:57 The Analyst's Role in Investment Decisions 17:49 Curiosity in Investing: Companies of Interest 29:16 Exploring Sportswear Giants: Nike and Adidas 30:48 Opportunities in Athletic Wear: Nike vs. Adidas 32:15 Market Dynamics and Consumer Strategies 34:26 Contrarian Investing: Identifying Value in Downturns 35:34 Consumer Spending Trends and Economic Indicators 36:31 Universal Music Group: A Unique Investment Perspective 40:08 Risks in the Music Industry: Balancing Power 42:14 Lessons from Past Investments: The Dangers of Leverage 45:05 Investment Wisdom: Insights from Howard Marks 46:47 Advice for Young Investors: Start Early and Avoid Leverage Rask Resources 🔗 Explore all Rask services – https://bit.ly/R-services 📋 Get Financial Planning – https://bit.ly/R-plan 📈 Start investing with Rask – https://bit.ly/R-invest 📜 Access Show Notes – https://bit.ly/R-notes ❓ Ask a question – just select the Investors Podcast – https://bit.ly/R-quest 📲 Follow us on social media: – Instagram: @rask.invest – TikTok: @rask.invest DISCLAIMER This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. You should consider if the information is appropriate for your situation before acting on it. If you’re unsure, consult a licensed financial planner. The Rask Group is NOT a qualified tax accountant, financial adviser, or tax professional. You can access The Rask Group’s Financial Services Guide (FSG) here: https://www.rask.com.au/fsg #Investing #Finance #AustralianInvestorsPodcast