Aug 30, 2026 · 30 min
Hosts defend complex portfolios while favoring simple index funds
Our Monthly Portfolio Update - August 2026
Bryce and Alec explain how they balance personal investing interests with borrowing, fees, risk controls, and a long-term preference for low-cost diversification.
- 1Both hosts reported solid August returns while making few changes and continuing dollar-cost averaging.
- 2They defend moderate gearing and selected active investments while acknowledging the risks and higher fees involved.
- 3Their complex portfolios reflect investing interest, not a model they expect listeners to replicate.
Don't miss
Bryce and Alec make the case that doing nothing, while continuing to dollar-cost average, can be a deliberate portfolio strategy.
The brief
Bryce Leske and Alec review solid August results, with gold, copper, Bitcoin, Shopify and selected growth stocks among the notable performers.
The hosts made no major individual-stock trades, continued dollar-cost averaging and argue that holding steady can be the strategy when portfolios are compounding.
Listener criticism turns to borrowing, geared ETFs and active-management fees, prompting an explanation of cash-flow requirements, long horizons and risk controls.
Most of their money remains in low-cost index funds, while more expensive or complex holdings reflect their interest in investing rather than a universal template.
What was said on this episode
30 statements · 18 positive · 5 negative · 3 mixed · 4 neutral
Pershing Square Capital Management manages approximately $33 billion.
“They manage about $33 billion.”
Listen at 1:39
Bill Ackman is known as an activist investor.
“Ackman's been known as quite an activist investor”
Listen at 1:43
Major listed indexes and VDHG rose during August.
“the S&P 500 up 1%, the NASDAQ up 1.5%, the ASX 200 up 1.2%, and then Vanguard's VDHG, it's up 1.6%.”
Listen at 4:49
Bryce’s gold investment returned 13.6% in August.
“gold returned 13.6% for me for the month.”
Listen at 6:30
Bryce’s copper-miner ETF rose over 17% in August.
“it was up just over 17%.”
Listen at 6:37
Copper prices rose more than 50% year to date.
“Copper price is up more than 50% this year.”
Listen at 6:43
Bitcoin returned 19% during August.
“It returned 19% for the month.”
Listen at 6:54
Alphabet was Bryce’s worst-performing individual stock, falling 6%.
“the worst performer for individual stocks was actually Alphabet, down 6%.”
Listen at 9:32
Bryce’s portfolio held approximately 9% cash.
“Still sitting on about 9% in cash.”
Listen at 10:06
René and Alice invest fortnightly into three core ETFs.
“Alice and I dollar cost average every fortnight into those three ETFs”
Listen at 12:31
René and Alice intend to increase their core allocation above 60%.
“The intention is to keep adding to the core and for that to get above 60%”
Listen at 12:57
Ethereum rose 27% during August.
“Ethereum up 27%.”
Listen at 14:28
Shopify rose 25% month to date.
“Shopify up 25% month to date.”
Listen at 14:43
Shopify provides a plug-and-play e-commerce storefront platform.
“Shopify is like the plug-and-play shopfront for the internet.”
Listen at 15:28
Shopify continued growing despite fears about AI disruption.
“despite all that fear shopify did the only thing they could do grow grow”
Listen at 16:16
Shopify’s profit grew close to 100% year over year.
“profit growing close to 100%.”
Listen at 17:52
René recommends continuing to hold Shopify.
“I'll just keep holding it.”
Listen at 18:13
Shopify trades at approximately 100 times trailing earnings and looks expensive.
“it does trade at like a hundred times trailing PE. Like it does look expensive.”
Listen at 18:56
Shopify can continue powering e-commerce websites, while e-commerce persists.
“if they can keep powering the world's e-commerce websites, then I don't think e-commerce is going anywhere.”
Listen at 19:05
The SaaS apocalypse fears were overblown.
“Saspocalypse overblown, I think, fair to say.”
Listen at 19:49
Geared ETFs magnify both investment gains and losses.
“geared ETFs magnify gains and magnify losses.”
Listen at 22:06
A geared ETF requires a genuinely long investment horizon.
“the two preconditions to have a geared ETF in the portfolio are one, you have a truly long time horizon.”
Listen at 22:20
Geared ETF investors need sufficient cash flow to cover additional mortgage payments.
“that you have sufficient cash flow from your job or whatever”
Listen at 22:30
The hosts invest in moderately geared products leveraged approximately 1.3 times.
“we invest in moderately geared products that are sort of 1.3 times leveraged.”
Listen at 24:04
Higher leverage can reduce long-term returns because losses compound and require resetting.
“if you extend that gearing rather than 1.3 times it's like two times or three times what you start to see is over the long term your returns will actually there's like an efficient curve yeah they'll go off the other side of that curve And your returns will actually deteriorate as you add more gearing.”
Listen at 24:23
Large-cap active managers are nearly unable to beat their index.
“We're convinced that it's near impossible for large cap active managers to beat the index”
Listen at 26:05
Small-cap active managers consistently outperform their index.
“small cap active managers consistently beat their index.”
Listen at 26:51
Active-manager performance should be evaluated after fees.
“All performance when you're looking at active managers should be reported as after fees.”
Listen at 27:00
Professional private-market managers provide access, capital, and deal flow.
“Someone who has the access and the money and the deal flow.”
Listen at 27:36
Holding only a broad diversified ETF is a valid investment approach.
“There's nothing wrong with that.”
Listen at 27:59
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
William Ackman
Pershing Square Capital Management
Get Started InvestingBooks & mentions
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