Portfilio Update Nov 2025 + New Buys
“Men, it has been well said, think in herds; they go mad in herds, while they only recover their senses slowly, one by one.”
Dear Reader,
This month has been a case of waiting and watching for the Budget. I’ve never seen a Budget with so much hype. In the mornings on my way to work, I like to listen to the radio — more specifically LBC — and in the run-up it felt like nothing else mattered. Times like these always remind me of a very famous book, one you really should read: Extraordinary Popular Delusions and the Madness of Crowds by Charles Mackay.
“Men, it has been well said, think in herds; they go mad in herds, while they only recover their senses slowly, one by one.”
— Extraordinary Popular Delusions and the Madness of Crowds (1841)
Why? Because in the days leading up to the Budget, I saw a lot of people panicking — withdrawing large sums, selling out, scrambling for cash. Yes, the Budget was bad, and yes, we knew most of it beforehand thanks to the endless leaks. But the smart investor doesn’t panic. It’s easy to follow the crowd, dump your shares, and go 100% cash. For a great overview of the Budget itself, I suggest reading:
As for me, I’m always on the lookout for what’s starting to look cheap. And recently, there’s been a lot of noise around HICL — so much that I had to send an update to my subscribers just to break down what was being proposed.
And after all that noise… it didn’t go ahead.
And honestly? Good. After reading HICL’s latest update, I couldn’t shake the feeling that pushing ahead would have been a massive mistake.
Anyway — enough of me rambling. Let’s dive straight into the update.
