William Bishop @WMBishop: "𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗥𝗲𝗰𝗮𝗽 & 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗙𝗿𝗼𝗺..."

United Kingdom

𝗡𝗼𝘃𝗲𝗺𝗯𝗲𝗿 𝗥𝗲𝗰𝗮𝗽 & 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗙𝗿𝗼𝗺 𝗢𝘂𝗿 𝗖𝗵𝗶𝗹𝗱𝗵𝗼𝗼𝗱𝘀 Dear copiers and followers: 𝗡𝗲𝘄 𝗮𝗹𝗹 𝘁𝗶𝗺𝗲 𝗵𝗶𝗴𝗵 for the portfolio! @WMBishop +2.66% $ACWI (iShares MSCI ACWI Index Fund) 0.04% I'm pleased to report the portfolio gained 2.66% and closed the month at a new high while our benchmark remained relatively unchanged. The biggest gainers this month were: $GOOG (Alphabet) and $GOOGL (Alphabet Inc Class A) gaining 13.59% and 13.87%, respectively $MNST (Monster Beverage Corp) +12.21% $DHI (D.R. Horton Inc) +6.99% Alphabet, our largest holding, continued their strong share price growth in November. One of the main catalysts this month was the news that Meta are in talks with Alphabet to acquire AI chips in 2027. Meta is one of Nvidia's largest customers and this news is a huge vote of confidence in Alphabet's chips. Monster gained after posting impressive quarterly results. Revenue was 16.8% higher and operating profit increased by 40.7% due to operating efficiencies and strong pricing actions. DR Horton's share price received a boost after John Williams (president and CEO of the New York Fed) indicated the Federal Reserve was open to a rate cut in December. While this does provide a short term boost to the share price, the management team continue to deliver on the operating performance and the company continues to generate strong cash flow. 𝗧𝗵𝗲 𝗹𝗲𝘀𝘀𝗼𝗻 𝗳𝗿𝗼𝗺 𝗼𝘂𝗿 𝗰𝗵𝗶𝗹𝗱𝗵𝗼𝗼𝗱𝘀 While the outperformance relative to the benchmark this month has been welcome, we must acknowledge that I am lagging my benchmark this year. However, this gap is closing with each passing month. Early in the year the index gained strongly from technology companies. By comparison this portfolio is less concentrated in technology and is better diversified across industries. The performance in recent times reminds me of Aesop's fable of the hare and the tortoise. For those of you unfamiliar with the tale, the hare and the tortoise have a race. The hare moves quicker than the tortoise. Overconfidence sets in for the hare and they decide to take a nap during the race. The more reliable tortoise maintained their steady pace and soon caught up and overtook the hare. While many of the platform have spoke about falling markets in November, the performance of my portfolio this month is similar to that of the tortoise - steady and dependable. This has been achieved via diversification - my three best performers this month are a technology company, a beverage company and a housebuilder. I don't chase hype and rush with the crowds to buy the latest and often overpriced hot stock, I take a more measure approach and look for value and long term price appreciation. This helps to avoid double digit declines in my portfolio for any given month. I've used the same investing principles for over 22 years now and over that timespan this tortoise navigated many market horrors and is running rather well. The cash balance of the portfolio is currently 1.99% and I continue to look for new opportunities to invest that cash. I'm not one to fixate on short term performance and, regarding investments, you'd be wise to do the same.