Aug 19, 2026 · 41 min
Data centres test infrastructure, while investors debate concentration
Data centre resistance grows, CSL is (sort of) back & a stock picker joins Pimp my Portfolio
The episode connects data-centre expansion and persistent inflation risks with company results and the practical trade-offs of concentrated stock portfolios.
- 1Data centres are provoking backlash over electricity, water, utility prices and the tension between technology investment and local constraints.
- 2Rising long-term borrowing costs across major economies suggest inflation may remain elevated, affecting mortgages, asset prices and government finances.
- 3Vishal’s 41-stock portfolio illustrates both the power of letting winners compound and the risks of concentration, taxes and weak selling discipline.
Don't miss
Vishal explains why he has allowed winning positions to become concentrated, prompting a debate over taxes, conviction, selling discipline and portfolio risk.
The brief
Data centres are becoming a political and community flashpoint as electricity and water demands collide with fast-track development plans, utility prices and local resistance.
Rising government bond yields across the US, Japan, Australia, Canada and Europe raise a harder question: are borrowing costs signalling inflation that will stay higher for longer?
Results from A2 Milk, JB Hi-Fi and CSL show how China exposure, housing activity, consumer confidence and temporary headwinds can reshape market expectations quickly.
Owen Raszkiewicz joins Bryce, Ren and Vishal to examine a 41-stock portfolio built from small research positions, with Southern Cross Electrical among its biggest winners.
The sharpest debate concerns selling: Vishal cites taxes and conviction, while the group weighs letting winners compound against concentration risk and the burden of managing many holdings.
Vishal nominates Scorpio Tankers for further research, pointing to debt reduction, dividends and valuation while acknowledging the challenges of investing in a cyclical industry.
What was said on this episode
15 statements · 8 positive · 7 negative
Data centers in small communities drive local power prices higher.
“putting one in the middle of a small community is just going to drive power prices up”
Listen at 0:13
New South Wales fast-tracks data-center proposals that include wind power.
“if a data centre planning proposal includes wind power, It will get fast-tracked planning approval”
Listen at 4:44
Large amounts of capital are flowing into data-center construction.
“There's a tsunami of money coming to build data centers.”
Listen at 5:43
Seventy-five U.S. data-center projects were blocked or delayed in Q1 2026.
“In the first quarter of 2026 alone, 75 projects were blocked or delayed, representing $130 billion of investment.”
Listen at 6:49
High data-center electricity demand pushes utility rates higher.
“If these things suck up a huge amount of power, utility rates are already going up. Demand goes in. Yeah. Utility rates go up further.”
Listen at 8:18
The U.S. 30-year Treasury yield reached approximately 5.31%.
“the 30-year treasury yield rose to around 5.31%. That is the highest level since 2007.”
Listen at 10:30
Investors should prepare portfolios for inflation remaining higher for longer.
“we should prepare our portfolios accordingly for inflation being higher for longer”
Listen at 12:03
A2 Milk lost nearly two-thirds of its Chinese customers after shortages.
“It lost almost two thirds of its Chinese customers after supply shortages.”
Listen at 13:56
JB Hi-Fi increased full-year profit 6% to $489 million.
“They posted a 6% lift in full-year profit to $489 million.”
Listen at 15:53
JB Hi-Fi delivered 6% net-profit growth despite challenging conditions.
“It's a company that put up another 6% growth in net profit in a challenging year.”
Listen at 16:58
CSL’s annual profit fell 2%.
“2% fall in annual profit”
Listen at 17:42
CSL could recover after its temporary earnings setback.
“This CSL could be a similar story.”
Listen at 18:55
Anthropic overtook OpenAI in revenue run rate earlier in 2026.
“Anthropic has overtaken OpenAI. It overtook them earlier this year on revenue run rate.”
Listen at 20:08
Data-center, AI, and electrical-engineering industries will likely remain in boom conditions for five to ten years.
“most likely are going to continue for five to ten years”
Listen at 30:00
Investors should buy high-quality companies and continue adding to them.
“buy greatness, add to greatness”
Listen at 32:31
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
Featuring
Owen Raszkiewicz
Warren BuffettListen to the full episode and explore every guest, topic, and moment on PodLume.