The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
By Stig Brodersen
Hosted by Stig Brodersen, William Green, Shawn O'Malley, Daniel Mahncke, and Kyle Grieve, The Investor’s Podcast has proudly reached nearly 200 million downloads, as the world's largest stock-investing focused podcast. On the show, we study a range of businesses and their investment prospects, from Spotify to Amazon, serial acquirers like Constellation Software, deep value plays, and more, using lessons from some of the world's most famous investors, like Warren Buffett, Charlie Munger, and Howard Marks. Leverage the lessons we learned from studying, and talking to, the world's best investors, and apply them in your own investing journey, while following along with our company case studies. For more insights on how to value companies and build a stock portfolio, you can also sign up for our free weekly newsletter. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Novo, until recently the most valuable company in Europe, now priced as if its obesity franchise is a melting ice cube. Stig pitches S&P Global, the company behind the S&P 500 and one of the world’s great ratings businesses, and explains why it became his first new position in more than a year. Tobias breaks down Deckers Brands, the owner of HOKA and UGG, trading at 11 times earnings and buying back stock aggressively. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:24) Why Hari is bullish on Novo Nordisk (Ticker: NVO), trading at 12 times forward earnings with a 4.5% dividend and an oral obesity pill gaining traction. (00:15:24) The bear case for Novo Nordisk, including Eli Lilly’s lead in efficacy and market share, Medicare price negotiations, and patent expiries in key markets. (00:28:19) Why Stig is bullish on S&P Global (Ticker: SPGI), highlighting the ratings oligopoly, the economics of the S&P 500 index, and why he bought a starter position below $400. (00:46:35) The bear case for S&P Global, including AI disruption of Market Intelligence, competition from startups like AlphaSense and Rogo, and whether 23 times earnings is cheap enough. (00:58:41) Why Tobias is bullish on Deckers (Ticker: DECK), emphasizing $1.6 billion in net cash, buybacks of 80% of free cash flow, and thoughtful capital allocation. (01:19:51) The bear case for Deckers Brands, including slowing HOKA growth, the fashion risk in UGG, a squeezed consumer, and the low base rate for brands re-accelerating growth. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind. If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle. Stig Brodersen’s Portfolio and Track Record. Check out the Mastermind Discussion Q3, 2026 | Video. Check out the Mastermind Discussion Q2, 2026 | Video. Check out the Mastermind Discussion Q1, 2026 | Video. Check out the Mastermind Discussion Q4, 2025 | Video. Check out the Mastermind Discussion Q3, 2025 | Video. Check out the Mastermind Discussion Q2, 2025 | Video. Tobias Carlisle’s podcast, The Acquirers Podcast. Tobias’ ETF, ZIG. Tobias’ ETF, Deep. Hari’s Blog. Tweet to Hari. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Bilt References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Kyle Grieve and Shawn O’Malley discuss whether Airbnb’s recent slowdown was a warning sign or just building the groundwork for its next growth phase. They explore how a company that owns no homes built one of travel’s strongest brands, and why AI agents could threaten or strengthen it. You’ll also learn how Brian Chesky’s founder-led approach and new growth levers are shaping the business’s future. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:11:30) Why Airbnb barely noticed when it shut off advertising (00:17:08) What really caused Airbnb’s growth and cash flow slowdown (00:31:20) How Airbnb is winning market share from competitors (00:33:32) Why AI chatbots could become travel’s new gatekeepers (00:35:21) The asset no competitor can buy, no matter their budget (00:42:08) The hidden trade-off behind Airbnb’s Reserve Now, Pay Later (00:56:54) Why Brian Chesky’s “founder mode” reshaped how Airbnb operates (01:16:17) The fast-growing countries that could fuel Airbnb for decades (01:19:55) How hotels became Airbnb’s backdoor customer acquisition channel (01:24:29) Valuation discussion (01:26:55) Intrinsic value of Airbnb (01:29:10) Whether Kyle & Shawn will add to their Airbnb position in the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind. If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Our original pitch on Airbnb. Check out our previous Intrinsic Value breakdowns: Restoration Hardware, FICO, Copart. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Bilt References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Shawn O’Malley and Daniel Mahncke revisit Shopify (NASDAQ: SHOP) fifteen months after Shawn pitched it, called it one of the best businesses they’d ever studied, and recommended passing on the stock at around $80 per share. Since then, the stock has nearly doubled, gross merchandise volume has grown more than 30% for five straight quarters, 2025 revenue rose 30% to over $11.5 billion, and Shopify paid off its convertible notes and launched its first-ever buyback program, now totaling $5 billion. Shawn and Daniel grade their original analysis: what they got right about the business, what they got wrong about the numbers, and whether the decision-making process itself was flawed. They dig into how Shopify became central to agentic commerce through its Catalog of over a billion products, the Universal Commerce Protocol it co-developed with Google, and agentic storefronts inside ChatGPT, Gemini, and Copilot. They also cover Amazon blocking Meta’s Muse agent while Shopify partnered with it, the bear case that merchants will vibe-code their own stores, Sidekick’s rapid adoption, and whether a great business is worth owning at 112 times operating profits. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:08:42) What Shawn and Daniel got right and wrong when they passed on Shopify in 2025 (00:09:02) How to grade an investment decision without falling for hindsight bias (00:16:07) How Shopify sustained more than 30% GMV growth for five straight quarters (00:17:12) Why Shopify merchants captured nearly half of all new U.S. e-commerce dollars (00:23:28) Valuation discussion of Shopify (00:32:30) What agentic commerce is and how Shopify’s Catalog and Universal Commerce Protocol power it (00:49:22) Why AI shopping may favor independent brands over Amazon and Etsy (01:03:14) Why merchants are unlikely to vibe-code their way off Shopify (01:08:53) What Ben Graham’s P/E matrix says Shopify is worth today (01:11:56) Whether Shawn and Daniel will add Shopify to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Apply for The Intrinsic Value Mastermind Community where investors learn, share ideas, network, and join calls with experts. Apply for The Mastermind Inner Circle to connect with the most successful investors, executives, and business leaders from our audience. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Our original podcast deep-dive on Shopify. Shopify’s Q2 2026 results. Shopify’s Spring ’26 Edition: Selling everything, everywhere, all at once. Tobi Lütke on Uncapped with Jack Altman (#50). Ben Thompson’s Stratechery interview with Michael Morton on e-commerce in the age of AI. Shopify’s Tinker announcement and “Commerce at the speed of culture” data study. Shopify at the Goldman Sachs Communacopia + Technology Conference (September 2026). The Graham-Dodd P/E Matrix. Our updated Shopify valuation model. Check out our previous Intrinsic Value breakdowns Shopify, Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Bilt References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Daniel Mahncke and Shawn O’Malley follow up last year’s TransDigm pitch with the biggest monopoly in aviation: GE Aerospace (NYSE: GE), the engine maker behind nearly three out of every four commercial flights in the world. With roughly 50,000 commercial and 30,000 military engines in service, GE has the largest installed engine base worldwide. That’s the reason Chris Hohn bets about 30% of his $50+ billion portfolio on it. Daniel and Shawn dig into the mechanism behind how GE sells its engines at roughly zero margin because every engine comes back as three and a half times its sale price in spare parts and shop visits over 25 to 30 years. They also cover the Cold War deal that put a GE engine core in a locked room in France, how Larry Culp turned a company Nelson Peltz was sure would file for Chapter 11 into three companies worth more than $600 billion, and whether Heico’s copycat parts and the regulators now circling the engine aftermarket can dent the pricing. In the end, they walk through the valuation model and decide whether the best business in aviation is worth its price — and whether GE earns a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:44) About the history of aviation and GE (00:14:15) Why engines became a political product (00:25:58) What makes GE such a great compounder (00:26:58) Why the aftermarket is so attractive (00:28:16) Why GE is the pinnacle of aerospace (00:57:09) How CEOs destroyed and turned around the business (01:06:22) What GE’s stock is worth (01:14:51) Whether GE will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Apply for The Intrinsic Value Mastermind Community where investors learn, share ideas, network, and join calls with experts. Apply for The Mastermind Inner Circle to connect with the most successful investors, executives, and business leaders from our audience. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Rijinkberg investing GE Aerospace Deep Dive. Culp Capital Group Interview. Investing Breakdown’s Episode on GE Aerospace. Check out our previous Intrinsic Value breakdowns: TransDigm, Heico Vs. TransDigm, Copa Holdings. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Bilt References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In this episode, William Green speaks with Matt Ludmer, the founder & CEO of Aligned Wealth Management. Matt is a financial adviser to wealthy individuals & families, including clients who have entrusted him with tens or even hundreds of millions of dollars. After decades working on Wall Street, he came to realize he’d misunderstood the meaning of wealth. That revelation led him to write a new book, “The Right Mountain: Practical Wisdom for Achieving True Wealth.” Here, he explores how to build a fulfilling life that includes—& transcends—financial success. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:06:33) How Matt started out shining shoes & selling frozen food. (00:18:56) Why Matt Ludmer reveres his father as his greatest teacher. (00:23:50) How he scored an investment adviser job at Morgan Stanley. (00:32:54) What happens when our hunger for success goes too far. (00:54:46) How to diagnose where your life is out of balance. (01:01:48) How loneliness led Matt to create a “heartfelt community.” (01:36:44) Why many top investors view meditation as a smart investment. (01:40:35) How to build rich relationships by meeting people where they are. (01:55:06) How his confidence in stocks is built on a century of data. (02:09:22) Why it’s psychologically shrewd to divide your assets into three pots. (02:15:09) Why Matt prefers low-cost ETFs to actively managed funds. (02:17:13) How to find a career—& design a life—that lights you up. (02:30:48) Why the ultimate prize is unconditional contentment. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Matt Ludmer’s book, “The Right Mountain.” Napoleon Hill’s book, “Think and Grow Rich!” Krishnamurti’s book, “Commentaries on Living.” Lee Eisenberg’s book, “The Number.” Daniel Goleman & Tsoknyi Rinpoche’s book, “Why We Meditate.” Tara Bennett-Goleman’s book, “Emotional Alchemy.” William Green’s podcast with Tsoknyi Rinpoche & Daniel Goleman. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today's episode, Kyle Grieve and Shawn O’Malley discuss Aritzia, the everyday luxury fashion brand that has become one of retail's most impressive compounders. They explore how a small boutique in the corner of a department store grew into a brand with exceptional store-based economics, a spotless balance sheet, and a huge untapped opportunity across America. With the stock falling even as the business posts some of its best growth ever, they debate whether this is a rare chance to own a durable compounder or a hot brand nearing its peak. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:04) What Lululemon's struggles reveal about investing in retail brands (00:10:59) Why Aritzia's stores outsell most of their mall neighbours (00:15:37) How Aritzia turned a tariff headache into rising margins (00:25:32) Why some fashion brands fade while others keep compounding (00:27:57) The one competitive advantage behind Aritzia's decades of growth (00:53:48) Why management turned down cheap money when everyone else borrowed (01:03:33) The biggest risk that could end Aritzia's run (01:20:05) Valuation discussion on Aritzia (01:24:16) Intrinsic value of Aritzia (01:25:12) Whether Kyle & Shawn will add Aritzia to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind. If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Check out our previous Intrinsic Value breakdowns: Lululemon, Nike, Hermes, LVMH. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In this episode, William Green speaks with multibillionaire Sir Michael Moritz, arguably the most successful venture capitalist ever. He spent nearly four decades at Sequoia Capital, which invested in early-stage companies like Nvidia, Google, YouTube, PayPal, Airbnb, LinkedIn & Stripe. Here, he talks about his unconventional path to success, the role of temperament in investing, & what he learned from observing Steve Jobs, Bill Gates, Jensen Huang & Elon Musk. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:04:50) Why Michael Moritz has always felt like an outsider. (00:14:05) How his family’s survival was built on the kindness of others. (00:26:16) How his relentlessness became the key to his success. (00:29:26) How Oxford & Time magazine prepared him for investing. (00:38:27) How the novelist Philip Roth changed his life. (00:44:06) What Michael learned from observing Bill Gates up close. (00:57:28) What made Steve Jobs special. (01:02:46) Why it’s so hard to predict which founders will succeed or fail. (01:06:36) Why investors must be open enough to learn from younger people. (01:09:20) What Charlie Munger identified as Michael’s investing edge. (01:14:02) What soccer legend Sir Alex Ferguson taught Michael about leadership. (01:18:05) Why he views Elon Musk as the greatest industrialist in US history. (01:21:32) What Michael learned from his wife & children. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Michael Moritz’s book, “Auslander.” Michael Moritz’s book “Return to the Little Kingdom.” Alex Ferguson & Michael Moritz’s book, “Leading.” Alex Ferguson & Michael Moritz’s book, “The Games of My Life.” Philip Roth’s book “Sabbath’s Theater.” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Daniel Mahncke and Shawn O’Malley revisit the two luxury houses they passed on last time — Hermès (EPA: RMS), the 189-year-old maker of the Birkin bag, and LVMH (EPA: MC), the 75-brand conglomerate behind Louis Vuitton, Dior, Tiffany, and Hennessy. Both stocks now sit near their lows: Hermès is down more than 50% from its February 2025 peak and trades at 32 times earnings for the first time in a decade, while LVMH has fallen to a five-year low after two straight years of declining sales — something that didn’t even happen in 2009. The luxury industry has lost roughly 70 million customers since 2022, the Chinese market that tripled between 2017 and 2021 has been shrinking ever since, and a war in the Gulf emptied the stores on the Champs-Élysées of their best-spending tourists. But some brands are growing. Daniel and Shawn work out why Richemont can grow 20% in the same quarter LVMH grows 3%, why Hermès still earns a 41% margin while LVMH’s fashion and leather division has given back seven points of margin in five years, and why the top 0.1% of luxury clients keep spending while the aspirational buyer walks away. They also cover the Chinese property bust and its five-to-six-year playbook, and how prior luxury downturns in 2009, 2016, and 2020 ended. In the end, Daniel updates both valuation models and decides whether either Hermès or LVMH finally earns a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:35) About the state of the luxury market (00:15:58) How Hermès’ business has done since our first pitch (00:20:22) What makes LVMH and Hermès special (00:31:30) How LVMH’s business has done since our first pitch (00:33:23) How China is impacting the luxury market (00:39:12) How long past luxury downturns were (01:02:33) Why Hermès has an even better chance of recovering quickly (01:09:10) Valuation discussion (01:10:43) Intrinsic value of RMS (01:12:26) Intrinsic value of LVMH (01:12:51) Whether LVMH or RMS will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind. If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Original Episode on Hermès. Original Episode on LVMH. BCG Sector Analysis. Check out our previous Intrinsic Value breakdowns: Restoration Hardware, Formula One Group, Hermès, LVMH. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Kyle Grieve and Shawn O’Malley discuss HEICO and TransDigm, two dominant players in the aerospace components industry known for their pricing power and resiliency. They’ll compare how each company grows through acquisitions and organic expansion, how they approach debt and capital allocation, and what gives each business its durable competitive advantages. The discussion also covers the risks facing both companies, including regulatory scrutiny and reliance on continued aerospace demand, as well as potential sources of future growth. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:06:41) How TransDigm built its sole-source pricing power model (00:10:12) How HEICO competes by underpricing original equipment manufacturers (00:16:14) Why the aerospace industry has such high barriers to entry (00:19:35) Why both companies rely heavily on acquisitions to grow (00:29:33) How each company’s approach to debt differs sharply (00:33:26) Why regulators have started scrutinizing TransDigm’s acquisition strategy (00:46:20) What gives HEICO and TransDigm such durable competitive advantages (00:54:08) How ownership and incentive structures shape each management team (01:07:30) What risks could disrupt either company’s long runway of growth (01:11:33) Where future growth could come from for both businesses (01:16:44) Valuation discussion (01:19:19) Intrinsic value of HEICO (01:20:07) Whether Kyle & Shawn will add HEICO or TransDigm to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Listen to the TransDigm episode with Daniel and Shawn. Listen to our HEICO episode with Clay Finck. Listen to the TransDigm Foundations with Nicholas Howley. Listen to TransDigm episode with Nicholas Howley. Read The Compounders book. Check out our previous Intrinsic Value breakdowns: Copart, Comfort Systems, SpaceX, Copa Holdings. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Kyle Grieve and Shawn O’Malley discuss Walmart and how it grew from Sam Walton’s small-town five-and-dime into a retail giant. Today, it also makes money from e-commerce, a marketplace, advertising and memberships. They cover the scale advantages behind Walmart’s everyday low prices, how its suppliers end up financing its inventory, and why its power over those suppliers continues to draw antitrust scrutiny. They also look at Walmart’s capital allocation, management, growth levers and the biggest risks facing the business. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:12) How Sam Walton’s early franchise lessons shaped Walmart’s strategy (00:11:10) Why trading margin for volume remains core to Walmart (00:15:21) How Walmart makes money beyond traditional brick-and-mortar retail (00:28:56) Why everyday low prices built lasting customer trust (00:34:48) How negative working capital supports Walmart’s free cash flow (00:38:01) What the PepsiCo case reveals about Walmart’s supplier power (00:41:19) How Walmart splits capital between buybacks, dividends and reinvestment (00:53:25) Why the Jet.com acquisition was a good acquisition despite the write-down (01:05:52) Where Walmart’s future growth may come from (01:10:14) How agentic AI shopping could threaten Walmart’s customer relationships (01:15:27) Valuation discussion of Walmart (01:16:58) Walmart's intrinsic value (01:19:43) Whether Kyle & Shawn will add Walmart to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Buy your copy of Sam Walton’s autobiography Made In America. Check out our previous Intrinsic Value breakdowns: Lululemon, Nike, Ulta, Our Biggest Losers. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In this episode, Stig Brodersen speaks with David Fagan about Total Wealth Performance and why someone with average investment returns can still build a meaningful net worth. They discuss why saving is the first step in wealth creation, why financial independence is a matter of intention rather than luck, and how idle cash quietly becomes one of the most expensive decisions investors ever make. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:04:20) Why David has been a saver ever since he blew his entire net worth on a Hot Wheels racetrack at age eight (00:12:34) Why money decisions that look odd are often rational given someone's lived experiences (00:13:56) Why financial independence is not luck but small habits that compound (00:17:47) What Total Wealth Performance is, and why the return on your broker statement is not your real return (00:22:29) How Stig thinks about financial independence (00:29:34) The ABCs of front-end performance: availability, behavior, and configuration (00:37:55) Why idle cash is one of the most expensive decisions an investor can make (00:45:00) Why net worth beats portfolio returns as a scorecard during the accumulation phase (00:54:13) How and why tax is a real expense Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Check out Stig and David's free educational resource, Compounding Simplicity. Watch David Fagan's free educational videos. Read Charles Schwab's study, Does Market Timing Work? Listen to our interview with David Fagan about Why Simplicity Beats Complexity. Listen to our interview with David Fagan about Simple Investing. Listen to our interview with David Fagan about investing like a business owner. Listen to our interview with David Fagan about Buffett's favorite business book. Connect with David on LinkedIn or through mbf Chartered Professional Accountants. Stig's blog post on his portfolio and track record since 2014. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Daniel Mahncke and Shawn O’Malley revisit Meta Platforms (NASDAQ: META), the advertising machine behind Facebook, Instagram, and WhatsApp that reaches 3.6 billion people every day — over 40% of the world’s population — and just grew ad revenue 27% to a nearly $240 billion annual run rate. Yet the stock trades more than 20% below its highs, because the money is going out even faster than it’s coming in: operating margins fell from 43% to 31% in a single year, quarterly free cash flow collapsed from $8.5 billion to $784 million, and capex guidance now sits at $130–145 billion this year — with analysts penciling in $200 billion for next. Daniel and Shawn dig into what all that spending actually buys. Is this Mark Zuckerberg’s third failed attempt to turn Meta into a platform — after the FarmVille-era Facebook apps and a $100 billion metaverse — or does AI finally make the vision real, whether through AI glasses, a personal agent, a budding cloud business, or an ad engine where every pixel becomes sellable inventory? They also cover Meta’s $17 billion settlement with 47 states over teen safety, the special purpose vehicles keeping tens of billions of data-center debt off Meta’s balance sheet, why Apple is quietly taking the opposite side of Meta’s bet, and why Wall Street rewards Google for the same capex it punishes Meta for. In the end, Daniel rebuilds his valuation model from scratch and decides whether Meta finally earns a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:54) About Zuckerberg’s Platform Dream (00:11:52) Why Meta was sued and how it settled (00:25:18) What the regulatory risk means for Meta’s future (00:30:56) What Meta’s AI vision looks like (00:39:00) How AI could revolutionize Meta’s Ads Business (00:42:02) About the optionality of WhatsApp (00:53:21) Why AI could make Meta glasses a success (01:06:58) How Meta is planning to build a Cloud Business (01:22:46) Meta's valuation discussion (01:26:29) How much Meta's stock is actually worth (01:26:51) Whether META will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Our original deep-dive on Meta. Zuckerberg’s WSJ Article – The AI Future is for Everyone. Ben Thompson’s Research at Stratechery. Check out our previous Intrinsic Value breakdowns: Alphabet, Microsoft, SpaceX. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In this episode, William Green speaks with Rob Vinall, an English hedge fund manager with a terrific track record. Since launching his Business Owner Fund in 2008, he’s racked up stellar annualized returns of 15.5%. Rob almost never gives interviews but speaks in depth here about the principles & practices that have driven his success in the 20 years since he founded his firm, RV Capital—not least, his habit of betting on CEOs who view their business as their life’s work. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:54) How Rob Vinall vaulted himself out of humble circumstances (00:14:26) Why he disliked working at Goldman Sachs (00:17:12) How he taught himself to invest during the dotcom crash (00:24:20) How Berkshire Hathaway’s annual meeting changed his life (00:27:39) How he launched a fund with no staff, no office & no track record (00:41:22) What he learned from Warren Buffett’s relationship with Ajit Jain (00:50:19) What qualities Rob looks for in outlier CEOs (01:01:03) Why he admires Mark Zuckerberg & disagrees with Meta’s critics (01:03:21) How Rob’s thinking about business moats has evolved (01:04:47) Why he’s betting a third of his assets on out-of-favor Chinese stocks (01:20:41) Why today’s momentum-driven market is ideal for long-term investors (01:32:12) How he survived the most traumatic year of his life (01:42:07) What drives him after 20 years of investment success (01:48:54) How to handle being rich without wrecking your kids Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Benjamin Graham’s book, The Intelligent Investor. Alice Schroeder’s book, The Snowball. William Green’s podcast episode with Chris Begg. William Green’s podcast episode with Terry Smith. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Kyle Grieve and Shawn O’Malley revisit Alphabet nearly two years after Shawn’s original pitch, tracing how the company transformed from a cash-rich, buyback-driven business into an aggressive spender on AI infrastructure. They walk through what changed across Search, YouTube, Cloud, and Waymo, and unpack why the market’s fears around AI disrupting Google were largely unfounded. Along the way, they dig into how Alphabet is funding its buildout, what that means for shareholders, and which questions will determine whether this evolved version of the business is actually better. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:03) Why Shawn’s original Alphabet thesis needed a revisit (00:05:55) How the AI-kills-search narrative played out in reality (00:32:00) Why Google Cloud’s margins surprised skeptical investors (00:45:27) How Waymo went from afterthought to major asset (00:51:27) How Alphabet’s AI spending flows through its earnings (01:09:06) What Berkshire Hathaway’s growing stake signals about the company (01:09:42) Why Alphabet paused buybacks and started raising equity (01:13:11) Which unresolved questions will define Alphabet’s next few years (01:19:06) Whether Kyle & Shawn will add to their Alphabet position in the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Our original podcast deep-dive on Alphabet. Check out our previous Intrinsic Value breakdowns: SpaceX, Microsoft, Meta. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Scribe Plaud Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In this episode, Stig Brodersen welcomes back Ian Cassel, founder of MicroCapClub and CIO of Intelligent Fanatics Capital Management, to discuss his new book, Stock Picker. They dig into why most microcaps must be sold within 36 months, why Ian never holds a large cash position, and how he arrived at the $2 million that let him live off his portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:12:24) Why Ian's first big win at 16 shaped his risk tolerance for life. (00:24:48) How Ian arrived at the $2 million he needed to become a full-time private investor, and why the number was about pain tolerance, not expected returns. (00:26:48) Why there is no such thing as saving when you live off your portfolio, and the safeguards Ian built to survive consistently inconsistent returns. (00:32:19) Why most microcaps you buy must be sold within 36 months, even the winners, and why the greats had their best returns in their highest-turnover years. (00:40:56) Why Ian never holds a large cash position, and how a 3 to 5% cash buffer forces him to sell his least convicted idea. (00:46:09) Whether Ian would take a guaranteed 20% annual return for the rest of his life. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Learn more about how to join us in NYC for our Intrinsic Value Conference. Ian's new book, Stock Picker. Ian's community, MicroCapClub. Meet Ian in person at a Planet MicroCap event. Follow Ian on X and LinkedIn. Listen to our interview with Ian Cassel about the five core skills of stock picking. Listen to our interview with Ian Cassel about multi-bagger first principles. Listen to our interview with Ian Cassel about finding lightning in a bottle in microcaps. Listen to our interview with Ian Cassel about the big world of microcaps. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Daniel Mahncke and Shawn O’Malley revisit Copart (NASDAQ: CPRT), the online salvage auction giant that turns totaled cars into a global marketplace, connecting insurers with more than a million buyers across 190 countries. Copart owns over 250 salvage yards outright — land that’s increasingly difficult to permit today — and compounded earnings per share at over 20% a year for a decade. But the stock is down more than 40% from its highs, U.S. insurance volumes have fallen for four straight quarters, and its main competitor, IAA, has now outgrown Copart for six straight quarters. Daniel and Shawn dig into what actually broke. Is the volume decline cyclical, driven by Americans dropping insurance coverage after premiums rose ~50% in three years — or structural, as Progressive becomes America’s largest auto insurer while sending three-quarters of its salvage to IAA? They also cover why founder-era CEO Jay Adair returned after four years away, why Copart just bought back $1.6 billion of its own stock after five years of nothing, and what a rumored acquisition of CCC Intelligent Solutions would mean for a company that has never carried meaningful debt. In the end, Daniel updates his valuation model and decides whether Copart earns its way back into The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:29) What changed since our last episode on Copart (00:14:22) How Copart’s moat works (00:23:37) Whether Copart’s moat still exists (00:26:14) Whether competition actually gained market share (00:45:28) What new CEO Jay Adair wants to change (01:03:53) How much Copart stock is actually worth (01:10:29) Whether CPRT will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Our original deep-dive on Copart. Value Investor Club Long Thesis. Value Investor Club Short Thesis. Check out our previous Intrinsic Value breakdowns: Auto1, Lyft, Exor NV. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Shawn O’Malley and Daniel Mahncke revisit Uber (NYSE: UBER), one of the largest holdings in The Intrinsic Value Portfolio, fifteen months after they first pitched it. In that time, Uber’s operating profits have roughly doubled, free cash flow has climbed to about $10 billion a year, gross bookings are compounding around 20% annually, and the board authorized a new $20 billion buyback. And yet the stock is flat, with its multiple of operating profits cut from 55 times down to roughly 22 times. Shawn and Daniel discuss why the market is pricing Uber as though autonomy ends the story — Waymo raising $16 billion at a $126 billion valuation, roughly the same market cap as all of Uber, and formally ending its exclusive partnerships in Austin and Atlanta. They dig into the more than 20 AV partners Uber has lined up in response, from Nuro and Lucid to Rivian, NVIDIA, Zoox, WeRide, Baidu, and Pony.ai, plus Uber’s $14.8 billion offer for Delivery Hero, the margin inflection driven by advertising, insurance normalization, and Uber One — and whether the market is writing down the entire company for a risk that touches maybe a tenth of its profits. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:04:06) Why Uber’s stock is flat while its operating profits have doubled (00:07:19) How Uber’s operating margins swung 55 percentage points in under six years (00:08:40) Why advertising, Uber One, and insurance reform keep pushing margins higher (00:28:49) What Waymo ending its exclusive deals in Austin and Atlanta really means (00:41:17) How much of Uber’s profits are genuinely exposed to robotaxis (00:50:29) Why Uber is racing to sign more than 20 autonomous vehicle partners (00:58:04) What Uber’s $14.8 billion offer for Delivery Hero actually buys it (01:06:39) Why Shawn and Daniel are happy to keep owning Uber Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Our original podcast deep-dive on Uber. Lewistown Capital’s Ride or Die: The Self-Driving S-Curve. Uber’s acquisition offer for Delivery Hero. Uber & Rivian’s robotaxi partnership for up to 50,000 vehicles. NVIDIA’s plan to launch robotaxis on Uber across 28 cities. Uber’s investor relations site. Waymo’s $16 billion funding round. Check out our previous Intrinsic Value breakdowns: Grab Holdings, Lyft, DoorDash. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Scribe Plaud Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today’s episode, Kyle Grieve and Shawn O’Malley break down AppLovin, the mobile advertising platform that went from a failed app recommendation tool to one of the most profitable businesses in ad tech. They walk through how the company makes money on both sides of the ad exchange, why its data advantage has been so hard for competitors to copy, and what caused the market to turn on the stock so violently after a relatively strong quarter. Along the way, they dig into the founder’s track record, the buyback program that made early shareholders rich, and whether the growth story still has room to run. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:11) How a failed app became a global advertising platform (00:11:52) How AppLovin makes money from advertisers and publishers (00:16:48) Why real-time auctions beat the old waterfall method (00:30:24) What actually protects AppLovin from Google and Meta (00:31:06) Why AppLovin bought mobile game studios, then sold them (00:57:42) How buybacks created enormous value (01:08:50) Details on the executive comp structure (01:13:59) What we think triggered the post-earnings collapse (01:19:14) Where the next leg of growth could come from (01:28:39) Valuation discussion of AppLovin (01:30:05) Intrinsic Value of AppLovin (01:30:26) Whether Kyle & Shawn will add AppLovin to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Check out our previous Intrinsic Value breakdowns: Alphabet, Meta, Reddit, Trade Desk, Uber. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Monarch Plus500 Scribe Plaud Netsuite References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
In today's episode, Kyle Grieve and Shawn O’Malley revisit Comfort Systems USA, a business Shawn originally passed on at $320 that has since appreciated fivefold due to explosive data center spending. The company shattered original projections, with accelerating organic growth, expanding margins, and exceptional capital efficiency. Despite acknowledging the business quality, the hosts discussed whether the original decision reflected a flawed investment process or was the natural outcome of applying a strict investment framework. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:09:16) How AI data center spending transformed a boring contractor into a multi-bagger (00:21:28) How to use the backlog to be directionally correct about the company’s future (00:31:10) About the tailwinds behind their organic growth (00:44:49) Why surety bonding capacity creates a widening competitive advantage (00:57:32) About how the return on incremental invested capital has improved (01:10:28) About their exceptional incentive plan (01:13:18) Why are we uncertain about Comfort’s high growth metrics 5-10 years from now (01:17:26) Valuation discussion of Comfort Systems (01:20:35) Whether Kyle & Shawn will add Comfort Systems to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Follow Kyle on X and LinkedIn. Follow Shawn on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Scribe Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
Daniel Mahncke and Shawn O’Malley take a deep dive into Palantir (NASDAQ: PLTR), the data and AI platform behind everything from battlefield targeting systems to Airbus’s A350 production line, with customers including the U.S. Army, the NHS, Ferrari, and Airbus. Palantir is growing revenue at over 90%, with net dollar retention at 157% and adjusted operating margins above 60% — a Rule of 40 score of 155%, roughly double what the best software companies in the world achieve. It also trades at around 60 times sales, which is why The Economist called it possibly the most overvalued firm of all time. Daniel and Shawn discuss whether the ontology layer is a sustainable moat now that Microsoft and Google have launched competing products, what Alex Karp and Peter Thiel’s politics mean for a company selling to Western governments, and why twenty years of losses turned into the fastest-accelerating software business on the market. In the end, Daniel values the business and decides whether PLTR deserves a spot in The Intrinsic Value Portfolio. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:29) How Palantir’s Ontology actually works (00:16:26) How AI turned around Palantir’s business (00:20:59) Why Palantir has the best margins in the industry (00:34:22) Why no one seems to be able to copy Palantir’s Ontology (00:38:01) How Palantir grows its customer base (01:07:36) Palantir's valuation discussion (01:11:37) How much Palantir stock is actually worth (01:12:52) Whether PLTR will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Satish Terala’s AI Masterclass. Future Investing’s Interview with a Palantir FDE. Check out our previous Intrinsic Value breakdowns: Constellation Software, Dell, Alphabet, Constellation Software Spinoffs. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Scribe Plus500 Netsuite Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm