Episode Summary: 
In this episode, we take a critical look at diversification—often called the cornerstone of risk management—and reveal why too much of it can actually hurt your investment returns. Host Kerry Fleming, CEO Andrew Coleman, and Head of Funds Management & Education Sanjee Narendran discuss “diworsification,” the hidden risks of portfolio bloat, and the importance of high-conviction investing for long-term wealth creation. 

What You’ll Learn: 

• The difference between healthy diversification and “diworsification” 
• How academic definitions of risk differ from real-world investor experience 
• Why too many holdings can mask risks and cap upside 
• How to determine the right number of investments for your portfolio 
• The importance of understanding what you own (circle of competence) 
• Practical strategies for building a focused, high-conviction portfolio 
• Regulatory challenges and perceptions around “high risk” funds 
• Insights from Warren Buffett on portfolio construction 

Key Quotes: 

• “With too many assets, you limit the benefit of getting any one right.” 
• “Diversification is protection against ignorance. If you know what you’re doing, diversification doesn’t make much sense.” — Warren Buffett 
• “Risk only matters on the downside—as an investor, not as an academic.” 

Timestamps: 
00:00 – Introduction: The myth of more is better 
02:06 – What is diversification? 
09:35 – Academic vs. practical risk 
19:00 – How portfolio bloat dilutes returns 
27:30 – How many assets should you really hold? 
17:52 – Diworsification and Buffett’s wisdom 
20:00 – The power of focus and knowing your investments 
25:20 – Practical tips for smarter portfolio construction 
17:00 – Emerging Wealth Winners Conference, Melbourne 2025 
30:00 – Final thoughts 

Resources & Links: 

• Teaminvest Membership  
• Teaminvest Access Fund 
• Conscious Investor Fund 
• Register for the Emerging Wealth Winners Conference, Melbourne 2025 

Join the Conversation: 

• What’s your take on diworsification? Share your thoughts in the comments or email us at [email protected] 

Subscribe & Follow: 

• Subscribe on Spotify | Apple Podcasts | YouTube
• Follow us on LinkedIn, Facebook

About Teaminvest: 
Teaminvest is an ASX-listed financia

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 On this episode, we explore the two most powerful concepts in investing—Wealth Winners and Capital Killers. Learn how Teaminvest members use a combination of quantitative and qualitative analysis to identify ASX-listed companies that can materially increase your wealth, and avoid those that could destroy capital. We walk through real-world examples, share the seven key criteria for investment success, and show you how to apply these lessons to your own portfolio.

What You’ll Learn:

• How to define and identify a “Wealth Winner”
• The seven criteria Teaminvest uses to select stocks
• Why “Capital Killers” are so dangerous (and how to avoid them)
• Analysis of ResMed, ProMedicus, TechnologyOne, JB Hi-Fi, Lendlease, Iluka Resources, Telstra, and IDP Education
• The importance of management quality, business moats, and stability
• How to separate market hype from true long-term value
• Practical tips for applying the Wealth Winner framework to your investments

Featured Companies:

• Wealth Winners: ResMed, ProMedicus, TechnologyOne, JB Hi-Fi
• Capital Killers: Lendlease, Iluka Resources, Telstra, IDP Education

Key Quotes:

• “Wealth winners are boring companies that do something really cool, really smart—but they do it well and niche, year after year.”
• “Capital killers are almost always caught up in hype. Peel off the paint, and you realise it’s not a unicorn, it’s just a horse.”

Timestamps:
00:00 – Introduction
01:24 – Defining Wealth Winners
03:28 – ResMed: Consistent growth and stability
09:07 – Iluka Resources: The risk of cyclical earnings
12:35 – ProMedicus: High growth, high price
17:45 – Lendlease: Shrinking returns and rising debt
20:54 – TechnologyOne: Compound growth in action
23:50 – Telstra: The danger of shrinking, stable companies
26:20 – JB Hi-Fi: Outperforming retail
28:55 – IDP Education: The importance of management
31:35 – How to apply these lessons
35:18 – Outro & Teaminvest resources

Resources & Links:

• Learn more about Teaminvest Membership
• Teaminvest Access Fund
• Conscious Investor Fund
• Contact Us

Join the Conversation:

• What’s your Wealth Winner or Capital Killer? Share your thoughts in the comments or email us at [email protected].

Subscribe & Follow:

• Subscribe on Spotify | Apple Podcasts | YouTube
• Follow us on LinkedIn, Facebook

About Teaminvest:
Teaminvest is an ASX-listed financial institution dedicated to empowering investors with education, rigorous analysis, and a supportive community. Discover how our proven methodology can help you build and protect your wealth.

🎙️ Enjoyed this episode?

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Understanding Division 296 Tax: What High Net Worth SMSF Investors Need to Know

Division 296 tax is an additional 15% tax on earnings attributed to the portion of your superannuation balance over $3 million. On the surface, this may sound straightforward, but the implications for high net worth individuals, particularly those with self-managed super funds (SMSFs), are far more complex.

To unpack the details, we’re joined by Meleena Mitchell, Head of Self-Managed Super Funds at TIP Group. Meleena is a CPA with over 15 years of experience in helping clients navigate the complexities of superannuation. Whether it be starting you self-managed super fund, self-managed super fund, restructuring, annual compliance and lodgment of tax returns, assistance with super strategies, which includes state planning, legislative compliance or self-managed super fund wind up. 

If you have a superannuation balance exceeding $3 million, or you’re considering strategic planning around Division 296, this episode offers practical advice that could significantly affect your financial future.

Stay informed. Stay invested. Keep building wealth.

LINKS

Division 296 Tax: What Australia’s $3 Million Superannuation Tax Means for You | TIP Group

https://www.tipgroup.com.au/smsfadmin

CONTACT Meleena Mitchell

[email protected]

0430 082 025

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In this episode, we're unpacking a topic that sits at the heart of long term business success. The difference between a partner mentality and an owner or founder mentality. You'll hear a thoughtful discussion about why the mindset of a company's leadership, whether they see shareholders as true partners or simply as investors, can make all the difference to a business's growth, resilience and culture. We'll explore what it really means for management to act as partners. How this approach contrasts with the classic founder driven style, and why finding the right balance is crucial for sustainable value creation. Drawing on well-known case studies and real world examples, we'll also look at the risks and rewards of both mentalities and offer practical insights for investors who want to spot the businesses most likely to thrive over the long term. Let's dive in

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In today's episode, we're diving into one of the most debated and often misunderstood aspects of investing. How to value a company or an asset? You'll hear Andrew Coleman and Sanjee Narendran in a candid conversation that cuts through the noise of traditional valuation models, exploring why so many common approaches fail to deliver real insight, and how the Team Invest methodology offers a more practical, reliable path for investors.

We'll break down the pitfalls of market sentiment based valuations, challenge the assumptions behind complex financial models, and share some straightforward, actionable principles that can help you make smarter investment decisions. Whether you're a seasoned investor, a business leader, or just curious about how to assess value in today's market, this episode is packed with insights you won't want to miss.

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In this episode of TIP Wealth Builders, Kerry discusses the idea of looking beyond the product when investing in a company with Sanjee Narendran, Head of Funds Management and Education at TIP Group. Sanjee walks us through what it means to look beyond the product and why it is important to do so.

We hope you enjoy this episode and remember to stay informed, stay invested and keep building wealth.

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In this very special BONUS short episode of TIP Wealth Builders, TIP Group CEO, Andrew Coleman tells us a little more about the importance of looking at moats when considering businesses for investment. What is a business moat and why do they matter? Simply put, a moat is anything that stops a competitor eating its lunch or enables that company to continue being a price maker and deliver a sustainable competitive advantage. 
 
 We hope you enjoy this bonus short episode and remember, stay informed, stay invested and keep building wealth.

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In this episode of TIP Wealth Builders, Kerry talks with Peter Hasrouni about the benefits of having good strategies in place. A good strategy can help in all aspects of your life from your private life to your professional life. Sit back and let Peter guide you through the what, why and how of strategy implementation. 

Stay informed, stay invested and keep building wealth.

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Don’t forget to subscribe, rate, and leave a review on your favourite podcast platform. It helps us grow and reach more Wealth Builders like you.

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In this episode of TIP Wealth Builders, Kerry discusses the power of compounding with Sanjee Narendran, Head of Funds Management and Education at TIP Group. Sanjee shares his own journey with compounding, goes through some real-life scenarios using online calculators and discusses the importance of not just compounding wealth but also education and the role that has played with his daughter and her future wealth.

We hope you enjoy this episode and remember to stay informed, stay invested and keep building wealth.

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In this episode of TIP Wealth Builders, Kerry talks with Andrew Coleman, Sanjee Narendren and Peter Hasrouni about the volatility in the market at the moment. What does that volatility mean for investors? What opportunities does volatility present? How do we block out the noise so we can focus on the important things like compounding our wealth and knowledge. 

Stay informed, stay invested and keep building wealth.

🎙️ Enjoyed this episode?

Don’t forget to subscribe, rate, and leave a review on your favourite podcast platform. It helps us grow and reach more Wealth Builders like you.

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