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"How Asian retail traders are driving US meme stocks" (FT) "During Oct, South Koreans purchased $239.2m worth of shares in Beyond Meat ... market capitalisation is at present about $960m" Also "owned $4.4bn of (IonQ's) $20bn of shares at the end of Oct"

"Private equity group Vista to cut staff in favour of AI" (FT) "Staff numbers could ultimately fall by as much as a third through redundancies and reduced hiring"

"PayPal $PYPL relaunches in the UK" "Relaunching as a unified payment experience for customers to shop online and now in-store" "New PayPal+ loyalty programme, with PayPal Debit and Credit Cards also available"

The 2 most powerful people in the US are Trump and the last person who spoke with him Politico: "Officials are furious with Bill Pulte, the FHFA director, who talked (Trump) into suggesting a 50-year mortgage plan" "He just sold POTUS a bill of goods"

4Imprint $FOUR Oct YTD update Expects FY revenues ≥ $1.32bn (PY: $1.37bn) PBT ≥ $142m ($154m) Oct YTD revenues +2% y/y Order intake +3%, avg. order value "in line" Existing customer order count flat year to date Gross Margin "just below 33%" (PY: 32%) EBIT margin DD (10.8%)

"China’s favourite tipple falls flat on alcohol bans and Gen Z’s changing tastes" (FT) "Nationwide prohibitions on lavish government spending, including on alcohol, were expanded in May" This puts $DGE "strong double-digit decline" in Greater China sales in Jul-Sep in context

"Diageo $DGE drafts in ‘Drastic Dave’ Lewis" (FT) "Any other external appointment might have been concerned about working alongside (Nik Jhangiani)" "Diageo's CEO decision raises immediate questions about the future of Jhangiani ... “internal opposition to Nik was too great”"

When your surrender is so bad that even Ezra "Charlie Kirk Was Practicing Politics the Right Way" Klein disapproves "Democrats have just taught Trump that they will fold under pressure. That’s the kind of lesson he remembers"

In response to this claim that the "strategy didn't work." The people were on our side. We were building momentum to help save our democracy. We could have won - the premium increase notices were just starting. And giving in now will embolden him. Things will likely get worse.

Fever-Tree $FEVR: Lindsell Train sold ~1% last week Now owns 9.95% (was 10.99%) Shares are up 15% in the past year But down 16% from Jul-25 peak

"Visa $V & Mastercard $MA forge deal to end long-term dispute with merchants" (FT) "Will cut interchange fees levied to merchants by an average of 0.1% over 5 years" "Will also give merchants more flexibility around the types of credit cards they accept"

Diageo $DGE appoints Dave Lewis as CEO Lewis will step down from Haleon chair role Nik Jhangiani will resume CFO role Good news given Lewis record in $TSCO turnaround Likely to continue DGE strategic shift to consumer company (more focus on volume, less on price, RTDs, etc.)

This is not a deal — it's an empty promise. Trump and his Republican Congress are making healthcare more expensive for the middle class and ending it for working families. Time for Democrats to stand tall for affordable healthcare. www.politico.com/news/2025/11...

"Zoetis: Bad Q3, But Not for the Reasons Many Think" The idea Zoetis has gone ex-growth due to new rivals for Apoqel and Simparica, and Librela failure, is likely wrong $ZTS $ELAN $MRK $IDXX

Donald Trump’s approval rating has tanked and Republican suffered heavy losses in last week’s elections. There’s never been a better time for Senate Democrats to cave on the ACA extension.

Football fans didn’t hold back their thoughts about the guests of honor at a game in Maryland.

ICE is completely out of control

Telegraph: "City banker jailed for lying about manager sexually harassing him" He's a "Know Your Customer" compliance analyst* * This part is not in the Telegraph article, so anyone reading it would be completely mis-informed

Visa, Mastercard near merchant settlement "Under terms being discussed, $V & $MA would lower credit-card interchange fees ... by an average of ~0.1% point over several years" & "loosen rules that require merchants that accept 1 of a network’s credit cards to accept all of them"

Trump/Musk government cuts poisoning babies? Feb: "Trump administration cuts reach FDA employees in food safety" (NPR) Apr: "FDA suspends milk quality tests amid workforce cuts" (Reuters) Now: "Baby Formula Recalled After Infant Botulism Outbreak" (Bloomberg)

Yeesh. Someone call a medic.

Zoetis $ZTS Key Dermatology sales flatlined q/q in 25Q3 And these benefited from stocking (Apoquel film-coated) Management admitted: "We saw modest share loss in the US derm space, primarily driven by competitive discounting and sampling related to new product launches" (CFO)

"Affirm Eyes Card Payments as Next Era of Buy Now, Pay Later" (WSJ) $AFRM COO: "The card is the best way to use Affirm" Launched 2023; 2.8m cardholders, up 0.5m q/q Affirm debit card is on the Visa network Klarna launched its card this year, also on $V

Trump "accuses meatpacking companies of collusion", but "meatpackers have racked up hundreds of millions of dollars in losses ... with rising costs" Also "taken to Truth Social to push cattle ranchers to lower their prices ... (which) angered ranchers"

2015: "Aberdeen’s crown tarnished as assets dwindle" 2024: "Martin Gilbert faces investor revolt (at Assetco) over governance concerns" 2025: "Government should force Isa savers into UK stocks, says Martin Gilbert" Bad people want to force your money into bad stocks

"AI’s awfully exciting until companies want to use it: Rightmove $RMV edition" (FT) But explicitly AI part is (AI-powered ops, in yellow) is not even ½ of the increased spend "New growth" (expanding R&D team to pursue more ideas) and "support functions" not really AI www.ft.com/content/74e3...

"Diageo battles investor disquiet on prolonged CEO search" "Members of $DGE senior leadership have expressed concerns to the chair over the circumstances leading to Crew’s exit" "Delay has also stalled major strategic decisions" "Outgoing GSK CEO Emma Walmsley being floated"?

The purge begins. @nytimes.com www.nytimes.com/2025/11/07/u...

Rightmove $RMV share buybacks today by UBS Lowest price 484.2p, highest price 587.0p But average price 565.1p This is not a good price intra-day Total bought: 340k shares (£1.92m) This is higher than the ~95k/day they did in late Oct

"Rightmove: Trading Update & Margin Reset (Quick Note)" The 13% price decline is unfair, and investors need to view core growth and new investments separately Now ~20x P/E $RMV

Smithson $SSON announced they have exited Rightmove $RMV after Nov-23 month-end So, for those of you wondering, RMV shares are likely still worth where they sold them at

Troy Global Equity Fund exited Fiserv $FI in Oct-25 "Disappointing results and management changes that reduced our conviction in the investment case" This was their #3 position (5.9%) at the start of 2025

(Forbes) - The Trump Organization’s second-term push to monetize Donald Trump’s presidency has reached the aisles of military exchanges, as Coast Guard-run stores .. have stocked Trump-branded wine and cider. 🤡 @zacheverson.com www.forbes.com/sites/zachev...

The Stanford prison experiment shows how people can behave badly towards others when given the chance The guards in the experiment were predominantly middle-class college students screened to exclude psych isses ICE is basically one big Stanford prison experiment minus the safeguards

I have often wondered if Trump got MAGA people to do all those illegal things as a commitment device, because many of them will face prison without Trump pardons

$ITV has the right picture for their investor website

Example buyer query in Rightmove $RMV update presentation: "An apartment in Clapham with open plan living space, 3 beds" "Modern style and a great view" "Max price £600k" Good luck with that

Rightmove $RMV became Lindsell Train UK Equity's #1 holding during Jun-25, as Nick Train highlighted It was part of their pivot into Technology stocks (they also bought Auto Trader $AUTO that month; this is currently down 7% since Jun month-end)

"Diageo: Q1 FY26 Update (Quick Note)" An outsized decline in China dragged down results; U.S. sales only fell modestly and all other regions grew Low-teens P/E 6% FCF Yield 4.7% Dividend Yield $DGE $BF.B $RI $RCO $FEVR

Rightmove $RMV trading update Now sees 2026 EBIT growth only 3-5% due to "increased investment"; revenue still +8-10% 2026-8 now "investment stage" w/ EBIT 3-10% p.a. Had indicated "annual DD growth" previously Reaffirms 2025 guidance Revenue +9% UL EBIT Margin 70% (PY: 70.3%)

"Free Tax-Filing Experiment Is Ended by Trump Administration" (WSJ) Free File started under Biden "Fewer than 300,000 people used it this year. That was more than double the previous year but still less than 0.5% of individual income-tax returns" $INTU

Diageo $DGE: lame duck mgmt? Analyst: "It hasn't escaped investors' attention you both have the title interim in front of your job title. Can you give us reassurance that both yourselves & the board feel the big strategic decisions don't need to be made now on those markets?"

Trump to the Novo Nordisk $NOVO CEO: "Maybe you should give us a piece of the company like I've been asking for."

incredible photo that's definitely worth at least 1,000 words from Andrew Harnik of Getty

Bank of America $BAC investor day sets out targets ROTCE now to be: 15% near-term 16-18% medium-term Medium-term target matching $JPM across-the-cycle average ROTCE target of 17% at mid-point

Molson Coors $TAP 25Q3 (Tue) Q3 sales -3.3% ex-FX Americas -3.5% Vol. -6.5%, 3ppt from contract exits US brand volume -4.9%, macro and share loss EMEA&APAC -2.4% Vol. -4.9%, "lower volume across all regions" "Soft" market, "heightened" competition YTD sales -5.1% ex-FX $FEVR

"How Saudi Arabia’s Neom dream unravelled" (FT) MBS "was was a hands-on chair of Neom" "The underlying emotion that was felt in the room was fear, people would just mimic whatever he had to say" Bad decision-making (in both capital & personnel) is the fatal flaw in dictatorships through the ages

"US Consumer Delinquencies Climb as Student Debt Goes Unpaid" (Bloomberg) "4.5% of debt was at least 30 days delinquent in the Jul-to-Sep period, the most since Q1 of 2020" "Share of student loans becoming seriously delinquent continued to rise"

BT $BT.A FY26H1 (Jul-Sep) Revenue -3.3%, EBITDA -0.1% y/y Openreach is the only part where EBITDA grew (+4.3%) Consumer -4.2%, Business -1.4%, International -27.5% Shares +26% LTM, £17.9bn market cap £1.29bn normalized FCF (ex. £0.80bn pension payment)