Portfolio Update: November 2025

Portfolio Update: November 2025

Interesting times on the stock market!

While everything related to AI is on the rise, other companies are struggling.

Let’s dive into this month’s Portfolio Update.

Never a dull moment

Never a dull moment on the stock market.

There is a huge discrepancy on the market right now.

While the S&P 500 trades at all-time highs, we’ve never had so many ‘Buys’ on Our Watchlist as today.

You can find the entire list here.

Weird, right?

Legendary investor Ray Dalio recently said the market is currently in a bubble:

The stock market today

So how should you position yourself today?

I’ll let Peter Lynch answer this question:

"Far more money has been lost by investors preparing for corrections or trying to anticipate corrections than has been lost in corrections themselves.” — Peter Lynch

We won’t ever sell a stock because the market is in bubble territory.

Time in the market beats timing the market.

Every. Single. Day.

"Many years ago, filmmaker Woody Allen said “80% of success in life is showing up.” And so far he has lived up to his standards: for more than 40 years, he’s been making a new movie every year.

I think this notion applies to the stock market as well.

François Rochon: "To earn the return of stocks - on average around 10% per year - you first and foremost have to be invested in stocks."

So how do you prepare for a correction?

Own the best companies in the world.

The reason? We don’t want to swim naked:

“Only when the tide goes out do you discover who’s been swimming naked.” - Warren Buffett

And that’s exactly what we’re doing.

We are wearing swimming bands on to stay safe (a strong balance sheet).
A lifeguard watches us all the time (good management).
And we wear our best swim shorts (high profits and great capital allocation).

In other words, we own companies with amazing fundamentals:

It’s ridiculous seeing that our companies (which are fundamentally better) are cheaper than the S&P 500 today.

I sleep very well at night thanks to this.

Buying opportunities

There are five Strong Buys in our Portfolio right now: