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The Intrinsic Value Podcast – The Investor’s Podcast Network
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The Intrinsic Value Podcast – The Investor’s Podcast Network

by The Investor's Podcast Network

NewTIVP108 (Video): Mercado Libre ($MELI): We Doubled Down on Meli w/ Daniel Mahncke & Shawn O’MalleyNovember 11, 2026 · 1 h 4 min
Episodes
372
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weekly
Latest episode
Nov 11, 2026
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About the podcast

Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio. Every week, The Intrinsic Value Podcast will you help get smarter about business, valuation, and investing — don’t miss out on the journey! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Episodes 372

  1. TIVP108 (Video): Mercado Libre ($MELI): We Doubled Down on Meli w/ Daniel Mahncke & Shawn O’Malley

    1 h 4 minEpisode 722

    Daniel Mahncke and Shawn O’Malley return to Mercado Libre (NASDAQ: MELI), a holding in The Intrinsic Value Portfolio. The “Amazon of Latin America” just reported its 31st consecutive quarter of revenue growth …

    Show notes

    Daniel Mahncke and Shawn O’Malley return to Mercado Libre (NASDAQ: MELI), a holding in The Intrinsic Value Portfolio. The “Amazon of Latin America” just reported its 31st consecutive quarter of revenue growth above 30%, a streak no company of its size has ever matched, with revenue up 45% to $10.75 billion. In the same quarter, its operating margin fell to 6.3%, the lowest in years, and the stock trades below where it was originally pitched.

    Daniel and Shawn cover the evolution of Mercado Pago, which processed $109 billion in payments last quarter, more than four times what the marketplace sold, and runs a $17.9 billion credit book growing 62% a year that has made it the sixth-largest card issuer in Brazil. They explain why booking losses on new credit cards upfront is the biggest reason margins fell, and why Pago is so important for the ecosystem. They then take a close look at Shopee, the biggest competitor for Meli in Brazil. They also cover Amazon, and the question that decides the whole thesis: will Brazil end up looking like the U.S., with one or two dominant platforms, or like China, where four players compete margins down to 2%? In the end, they walk through the updated valuation model and explain why they added to the position.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:00:24) What changed since our last pitch

    (00:04:33) How Mercado Pago keeps taking share

    (00:06:02) Why Pago strengthens the flywheel

    (00:21:31) Whether competition forces Meli’s hands

    (00:38:33) How margins impact the Meli thesis

    (00:51:45) What MELI’s stock is worth

    (00:57:55) Whether MELI will stay part of The Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES


    NEW TO THE SHOW?


    SPONSORS

    Support our free podcast by supporting our ⁠sponsors⁠:

    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

  2. TIVP107 (Video): McDonald's ($MCD): Generational Compounder in Historical Drawdown w/ Daniel Mahncke & Shawn O’Malley

    1 h 25 minEpisode 721

    Daniel Mahncke and Shawn O’Malley cover their first restaurant stock. Although one could argue it isn’t really a restaurant business at all. McDonald’s (NYSE: MCD) is the landlord behind $139 billion of yearly …

    Show notes

    Daniel Mahncke and Shawn O’Malley cover their first restaurant stock. Although one could argue it isn’t really a restaurant business at all. McDonald’s (NYSE: MCD) is the landlord behind $139 billion of yearly sales across roughly 46,000 restaurants. About 95% of those restaurants are run by franchisees, who paid McDonald’s around $10.4 billion in rent and $6 billion in royalties last year. That means about 91% of McDonald’s restaurant-level profit comes from collecting rent and royalties, not from selling burgers. 

    Daniel and Shawn explain how Ray Kroc took over McDonald’s and came up with the real estate plans with his business partner Sonneborn. They also cover how Bill Ackman’s 2005 refranchising plan was rejected by management, then carried out a decade later by Steve Easterbrook, the CEO who was later fired and handed back $105 million. They look at why franchisees are currently pushing back, and what the roughly $8.5 billion of rent relief and remodel support announced at the September investor day means for shareholders. They also ask whether GLP-1 drugs can be a terminal risk for McDonald’s. In the end, they walk through the valuation model and decide whether the world’s most famous landlord is worth its price, and whether McDonald’s earns a spot in The Intrinsic Value Portfolio.


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:00:31) About McDonald’s journey to a global franchise

    (00:09:41) Why and how McDonald’s turned into a real estate company

    (00:19:46) How McDonald’s actually makes money

    (00:24:14) How the franchising business works

    (00:25:07) Why McDonald’s wants to sell more restaurants

    (00:44:23) How GLP-1 drugs change the business

    (01:14:13) Valuation discussion

    (01:16:49) What MCD’s stock is worth

    (01:20:03) Whether MCD will be added to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  3. TIVP106 (Video): Airbnb (ABNB): The Business Outgrew Its Peak, The Stock Hasn't w/ Kyle Grieve & Shawn O’Malley

    1 h 27 minEpisode 720

    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 …

    Show notes

    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

    (00:10:11) Why Airbnb barely noticed when it shut off advertising

    (00:15:46) What really caused Airbnb’s growth and cash flow slowdown

    (00:27:09) How Airbnb is winning market share from competitors

    (00:29:28) Why AI chatbots could become travel’s new gatekeepers

    (00:31:19) The asset no competitor can buy, no matter their budget

    (00:39:30) The hidden trade-off behind Airbnb’s Reserve Now, Pay Later

    (00:51:17) Why Brian Chesky’s “founder mode” reshaped how Airbnb operates

    (01:09:33) The fast-growing countries that could fuel Airbnb for decades

    (01:13:11) How hotels became Airbnb’s backdoor customer acquisition channel

    (01:17:46) Valuation discussion

    (01:20:24) Intrinsic value of Airbnb

    (01:22:19) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠:

    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

  4. TIVP105 (Video): Shopify (SHOP): The Big Winner of Agentic Commerce? w/ Shawn O'Malley & Daniel Mahncke

    1 h 20 minEpisode 719

    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 …

    Show notes

    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

    (00:00:57) How to grade an investment decision without falling for hindsight bias

    (00:07:05) What Shawn and Daniel got right and wrong when they passed on Shopify in 2025

    (00:13:55) How Shopify sustained more than 30% GMV growth for five straight quarters

    (00:15:10) Why Shopify merchants captured nearly half of all new U.S. e-commerce dollars

    (00:24:55) Valuation discussion of Shopify

    (00:33:43) What agentic commerce is and how Shopify’s Catalog and Universal Commerce Protocol power it

    (00:50:52) Why AI shopping may favor independent brands over Amazon and Etsy

    (01:01:57) Why merchants are unlikely to vibe-code their way off Shopify

    (01:10:38) What Ben Graham’s P/E matrix says Shopify is worth today

    (01:13:52) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠:

    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

  5. TIVP104 (Video): GE Aerospace: Chris Hohn’s Biggest Bet w/ Daniel Mahncke & Shawn O’Malley

    1 h 15 minEpisode 719

    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 …

    Show notes

    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

    (00:03:40) About the history of aviation and GE

    (00:14:22) Why engines became a political product

    (00:23:26) What makes GE such a great compounder

    (00:24:26) Why the aftermarket is so attractive

    (00:25:46) Why GE is the pinnacle of aerospace

    (00:52:21) How CEOs destroyed and turned around the business

    (01:01:50) What GE’s stock is worth

    (01:10:08) 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


    NEW TO THE SHOW?


    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  6. TIVP103 (Video): Aritzia (ATZ.TO): The Women's Apparel Brand Conquering the US, plus Nike, Lulu, and More w/ Kyle Grieve & Shawn O’Malley

    1 h 25 minEpisode 718

    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 …

    Show notes

    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

    (00:01:41) What Lululemon's struggles reveal about investing in retail brands

    (00:09:41) Why Aritzia's stores outsell most of their mall neighbours

    (00:14:20) How Aritzia turned a tariff headache into rising margins

    (00:20:20) Why some fashion brands fade while others keep compounding

    (00:24:04) The one competitive advantage behind Aritzia's decades of growth

    (00:47:28) Why management turned down cheap money when everyone else borrowed

    (00:57:31) The biggest risk that could end Aritzia's run

    (01:14:37) Valuation discussion on Aritzia

    (01:19:08) Intrinsic value of Aritzia

    (01:19:51) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

    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

  7. TIVP102 (Video): Hermès and LVMH Stock: Time to Buy Luxury? w/ Daniel Mahncke & Shawn O’Malley

    1 h 15 minEpisode 717

    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 …

    Show notes

    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

    (00:00:41) About the state of the luxury market

    (00:14:03) How Hermès’ business has done since our first pitch

    (00:18:31) What makes LVMH and Hermès special

    (00:26:59) How LVMH’s business has done since our first pitch

    (00:29:00) How China is impacting the luxury market

    (00:35:54) How long past luxury downturns were

    (00:55:02) Why Hermès has an even better chance of recovering quickly

    (01:01:43) Valuation discussion

    (01:03:27) Intrinsic value of RMS

    (01:05:02) Intrinsic value of LVMH

    (01:05:25) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  8. TIVP101 (Video): HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better? w/ Kyle Grieve & Shawn O’Malley

    1 h 18 minEpisode 716

    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 …

    Show notes

    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

    (00:05:30) How TransDigm built its sole-source pricing power model

    (00:09:00) How HEICO competes by underpricing original equipment manufacturers

    (00:15:03) Why the aerospace industry has such high barriers to entry

    (00:18:24) Why both companies rely heavily on acquisitions to grow

    (00:25:33) How each company’s approach to debt differs sharply

    (00:29:24) Why regulators have started scrutinizing TransDigm’s acquisition strategy

    (00:42:43) What gives HEICO and TransDigm such durable competitive advantages

    (00:47:20) How ownership and incentive structures shape each management team

    (01:00:39) What risks could disrupt either company’s long runway of growth

    (01:04:42) Where future growth could come from for both businesses

    (01:09:52) Valuation discussion

    (01:12:48) Intrinsic value of HEICO

    (01:13:17) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

    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

  9. TIVP100 (Video): Walmart (WMT): From Discount Retailer to eCommerce Powerhouse w/ Kyle Grieve & Shawn O’Malley

    1 h 15 minEpisode 715

    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 …

    Show notes

    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

    (00:00:39) How Sam Walton’s early franchise lessons shaped Walmart’s strategy

    (00:09:29) Why trading margin for volume remains core to Walmart

    (00:13:36) How Walmart makes money beyond traditional brick-and-mortar retail

    (00:24:21) Why everyday low prices built lasting customer trust

    (00:31:15) How negative working capital supports Walmart’s free cash flow

    (00:34:16) What the PepsiCo case reveals about Walmart’s supplier power

    (00:37:41) How Walmart splits capital between buybacks, dividends and reinvestment

    (00:45:42) Why the Jet.com acquisition was a good acquisition despite the write-down

    (00:57:56) Where Walmart’s future growth may come from

    (01:02:12) How agentic AI shopping could threaten Walmart’s customer relationships

    (01:07:39) Valuation discussion of Walmart

    (01:08:54) Walmart's intrinsic value

    (01:10:53) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:

    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

  10. TIVP099 (Video): Meta (META): What the Market Misses w/ Daniel Mahncke & Shawn O’Malley

    1 h 30 minEpisode 716

    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 …

    Show notes

    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

    (00:00:45) About Zuckerberg’s Platform Dream

    (00:11:30) Why Meta was sued and how it settled

    (00:20:53) What the regulatory risk means for Meta’s future

    (00:28:33) What Meta’s AI vision looks like

    (00:37:30) How AI could revolutionize Meta’s Ads Business

    (00:40:47) About the optionality of WhatsApp

    (00:48:13) Why AI could make Meta glasses a success

    (01:02:20) How Meta is planning to build a Cloud Business

    (01:18:40) Meta's valuation discussion

    (01:22:47) How much Meta's stock is actually worth

    (01:22:57) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  11. TIVP098 (Video): Alphabet (GOOGL): The Megacap That Still Might Be Underrated w/ Kyle Grieve & Shawn O’Malley

    1 h 21 minEpisode 715

    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 …

    Show notes

    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

    (00:00:41) Why Shawn’s original Alphabet thesis needed a revisit

    (00:06:55) How the AI-kills-search narrative played out in reality

    (00:30:28) Why Google Cloud’s margins surprised skeptical investors

    (00:43:48) How Waymo went from afterthought to major asset

    (00:49:44) How Alphabet’s AI spending flows through its earnings

    (01:03:12) What Berkshire Hathaway’s growing stake signals about the company

    (01:03:47) Why Alphabet paused buybacks and started raising equity

    (01:07:15) Which unresolved questions will define Alphabet’s next few years

    (01:13:13) Whether Kyle & Shawn will add to their Alphabet in the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠sponsors⁠:

    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

  12. TIVP097 (Video): Copart Stock (CPRT): Is Copart now a Buy? w/ Daniel Mahncke & Shawn O’Malley

    1 h 11 minEpisode 714

    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 …

    Show notes

    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

    (00:00:46) What changed since our last episode on Copart

    (00:12:42) How Copart’s moat works

    (00:17:55) Whether Copart’s moat still exists

    (00:20:30) Whether competition actually gained market share

    (00:39:57) What new CEO Jay Adair wants to change

    (00:58:23) How much Copart stock is actually worth

    (01:05:32) 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

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    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

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  13. TIVP096 (Video): Uber (UBER): The Autonomy Referendum: Is Mr. Market Completely Wrong? w/ Shawn O’Malley and Daniel Mahncke

    1 h 5 minEpisode 713

    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 …

    Show notes

    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

    (00:00:44) Why Uber’s stock is flat while its operating profits have doubled

    (00:03:53) How Uber’s operating margins swung 55 percentage points in under six years

    (00:05:12) Why advertising, Uber One, and insurance reform keep pushing margins higher

    (00:24:09) What Waymo ending its exclusive deals in Austin and Atlanta really means

    (00:36:22) How much of Uber’s profits are genuinely exposed to robotaxis

    (00:41:28) Why Uber is racing to sign more than 20 autonomous vehicle partners

    (00:49:07) What Uber’s $14.8 billion offer for Delivery Hero actually buys it

    (00:57:14) 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

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    Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

    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

  14. TIVP095 (Video): Applovin (APP): The 30-Bagger Down More Than Half w/ Kyle Grieve & Shawn O'Malley

    1 h 33 minEpisode 712

    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 …

    Show notes

    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

    (00:01:46) How a failed app became a global advertising platform

    (00:10:35) How AppLovin makes money from advertisers and publishers

    (00:15:36) Why real-time auctions beat the old waterfall method

    (00:28:36) What actually protects AppLovin from Google and Meta

    (00:33:17) Why AppLovin bought mobile game studios, then sold them

    (00:53:11) How buybacks created enormous value

    (01:04:13) Details on the executive comp structure

    (01:09:31) What we think triggered the post-earnings collapse

    (01:14:55) Where the next leg of growth could come from

    (01:24:39) Valuation discussion of AppLovin

    (01:26:07) Intrinsic Value of AppLovin

    (01:26:31) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

    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

  15. TIVP094 (Video): Comfort Systems (FIX): The Five-Bagger We Passed OnComfort Systems w/ Kyle Grieve & Shawn O'Malley

    1 h 17 minEpisode 711

    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 …

    Show notes

    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 (00:07:16) How AI data center spending transformed a boring contractor into a multi-bagger (00:22:43) How to use the backlog to be directionally correct about the company’s future (00:27:59) About the tailwinds behind their organic growth (00:41:13) Why surety bonding capacity creates a widening competitive advantage (00:49:39) About how the return on incremental invested capital has improved (01:02:20) About their exceptional incentive plan (01:05:06) Why are we uncertain about Comfort’s high growth metrics 5-10 years from now (01:09:11) Valuation discussion of Comfort Systems (01:12:21) 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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:

    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

  16. TIVP093 (Video): Palantir Stock (PLTR): Palantir is Cheaper than I Thought! w/ Daniel Mahncke & Shawn O’Malley

    1 h 16 minEpisode 710

    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 …

    Show notes

    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

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  17. TIVP092 (Video): Domino's Pizza (DPZ): Is the Royalty Engine Still Running? w/ Kyle Grieve & Shawn O'Malley

    1 h 16 minEpisode 709

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Domino's Pizza, the world’s biggest pizza franchisor built on a royalty-driven, asset-light business model. They walk through Domino's shift toward …

    Show notes

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Domino's Pizza, the world’s biggest pizza franchisor built on a royalty-driven, asset-light business model. They walk through Domino's shift toward franchising and away from Company-owned stores, and what that means for the company's future revenue mix and cash generation. Along the way, they dig into whether Domino's royalty engine can keep running at the pace investors have come to expect.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:01:09) Reviewing the Domino's royalty engine thesis (00:13:30) Why Domino's has moved away from Company-owned stores (00:26:05) The role of royalties versus supply chain revenue in Domino's earnings (00:33:21) How Domino's utilizes a fortressing strategy and its effect on store growth (00:41:16) The competitive landscape in delivery, carryout, and aggregator platforms (00:43:27) How the franchise model keeps Domino's asset-light and cash-generative (00:48:47) Domino's capital allocation and approach to share buybacks (00:56:47) International franchising and Domino's global store growth (00:58:30) Risks facing Domino's from labor costs, competition, and changing consumer habits (01:06:29) Valuation discussion of Domino's (01:07:40) Intrinsic value of Domino's (01:09:00) Whether Kyle & Shawn will add Domino's to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠sponsors⁠:

    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

  18. TIVP091 (Video): Google, Reddit, Amazon – Are Our Biggest Winners Still a Buy? w/ Daniel Mahncke & Shawn O'Malley

    1 h 28 minEpisode 708

    After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O’Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon …

    Show notes

    After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O’Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon, and Reddit are companies that generated great returns for the Intrinsic Value Portfolio, but there were also companies on the watchlist that turned into multibaggers in the past year.

    Daniel and Shawn discuss the patterns of the stocks that gained most in value, what one can learn from that, and how they think about selling and holding positions that went up past their fair value estimate.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:02:35) About Google’s stock rise and valuation (00:14:09) How the massive capex changes the Mag7 (00:26:41) Why Amazon might be more attractive than Google (00:38:54) Why Daniel and Shawn decided to sell some Reddit (00:56:54) Why Remitly wasn’t added to the Portfolio (01:05:35) How TSMC, Dell, and Comfort Systems became multibaggers (01:18:02) What the future holds for the AI trade

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

    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

  19. TIVP090 (Video): Adobe, Lululemon, PayPal – Are our Biggest Losers a Buy Now? w/ Daniel Mahncke & Shawn O’Malley

    1 h 19 minEpisode 707

    Daniel Mahncke and Shawn O'Malley take a trip down memory lane and look back at the pitches of the last year and a half – especially the ones that didn’t work out as hoped. Many companies that were seen as …

    Show notes

    Daniel Mahncke and Shawn O'Malley take a trip down memory lane and look back at the pitches of the last year and a half – especially the ones that didn’t work out as hoped. Many companies that were seen as best-in-class businesses not too long ago experienced massive drawdowns in the last year. Some of them were covered on this show, and others even made it into the portfolio. 

    Daniel and Shawn discuss the patterns of the stocks that lost most in value, what one can learn from that, and how the market shift towards AI changed how they invest. The companies discussed today are Adobe, Lululemon, PayPal, Trade Desk, and CoStar.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:03:36) Why Lululemon had to leave the portfolio (00:21:59) What made us sell PayPal (00:34:01) About Adobe’s downfall and future outlook (00:52:55) Why Trade Desk never made it into the portfolio (01:00:56) Whether Daniel’s and Shawn’s conviction in CoStar is broken (01:10:47) What Daniel and Shawn learned from the companies above

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:

    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

  20. TIVP089 (Video): Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O'Malley

    1 h 25 minEpisode 706

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy's Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor's …

    Show notes

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy's Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor's ownership of Ferrari, and what they like about Lingotto, Exor’s investing management company. Along the way, they dig into what could cause the current valuation gap to close or widen.


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:00:50) Revisiting the Exor and Ferrari thesis

    (00:02:51) How Exor’s stock reacted since the original purchase

    (00:06:59) Why Ferrari’s stock has fallen despite strong operating results

    (00:14:01) The market’s reaction to Ferrari’s new Luce model

    (00:20:35) How Ferrari’s other new releases are doing

    (00:42:34) Ferrari’s capital allocation, working capital, and margin trends

    (00:47:48) How Ferrari’s racing program supports its brand and marketing

    (00:50:59) Risks facing Ferrari from changing driving habits and tariffs

    (01:07:30) Expanding on Lingotto, Exor’s growing asset management business

    (01:12:00) Evaluating Lingotto’s performance, fees, and top holdings


    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  21. TIVP088 (Video): Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O'Malley & Kyle Grieve

    1 h 20 minEpisode 705

    Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU). In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst …

    Show notes

    Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU).

    In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst performer in the S&P 500” this year. But is this a bargain price for a high-quality SaaS business, or a value trap? That’s the key question that Shawn & Kyle discuss, plus so much more!

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:03:08) How Intuit’s accounting software became so popular (00:11:54) What makes QuickBooks such a great business (00:19:58) Why Intuit is the worst performing stock in the S&P 500 this year (00:23:10) How to think about Intuit as either a value trap or bargain (00:36:57) Whether Intuit’s TurboTax business is resistant to AI disruptions (01:11:21) Valuation discussion of Intuit (01:13:13) How to model Intuit’s intrinsic value (01:14:22) Whether Shawn & Kyle add Intuit to The Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:

    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

  22. TIVP087 (Video): DLocal (DLO): Multibagger Potential with Decade-Long Runway w/ Daniel Mahncke & Shawn O’Malley

    1 h 23 minEpisode 704

    Daniel Mahncke and Shawn O'Malley take a deep dive into DLocal (NASDAQ: DLO), the first Uruguayan unicorn and the emerging markets payment provider for companies like Amazon, Uber, Spotify, Netflix, and many …

    Show notes

    Daniel Mahncke and Shawn O'Malley take a deep dive into DLocal (NASDAQ: DLO), the first Uruguayan unicorn and the emerging markets payment provider for companies like Amazon, Uber, Spotify, Netflix, and many more. DLocal is trading at attractive multiples while growing payment volumes at over 70% and printing cash due to high operating leverage and a high-margin business model. That cash is given back to shareholders in the form of dividends and buybacks.

    Daniel and Shawn discuss whether the high customer concentration and the declining take rate justify the cheap valuation or whether the market is not understanding the full potential of this emerging market jewel. In the end, Daniel values the business and decides whether DLO deserves a spot in The Intrinsic Value Portfolio.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:02:04) How DLO became the leading player in emerging markets (00:06:16) What makes DLO’s business model stand out (00:14:20) What two megatrends DLO benefits from (00:26:41) Whether there is a race to the bottom with take rates (00:50:37) How DLO compares to Western competition (00:56:58) How DLocal distributes cash to shareholders (01:13:26) Valuation discussion of DLO (01:16:05) Whether DLO is valued attractively (01:17:44) Whether Shawn and Daniel add DLO to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our ⁠sponsors⁠:

    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

  23. TIVP086 (Video): Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve and Shawn O'Malley

    1 h 16 minEpisode 703

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Perimeter Solutions, a niche industrial conglomerate built by Transdigm's legendary founder Nick Howley using the same playbook that turned Transdigm …

    Show notes

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Perimeter Solutions, a niche industrial conglomerate built by Transdigm's legendary founder Nick Howley using the same playbook that turned Transdigm into a multi-decade compounder. They break down how the company operates two very different segments, from wildfire retardants and airbase logistics to specialty chemicals and precision medical manufacturing equipment, each built around sticky, mission-critical customer relationships. They’ll also cover the company's acquisition strategy, its unusual founder's advisory fee, and the debt and litigation risks that complicate an otherwise compelling capital allocation story.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:00:34) Why the Transdigm playbook is worth cloning (00:04:20) How this management team built a public compounding machine (00:07:42) Why one segment profits directly from worsening wildfires (00:16:05) The chemical monopoly hiding inside a boring business (00:27:27) What makes these niche products nearly impossible to replace (00:37:14) How disciplined acquisitions have created so much shareholder value (00:43:19) The controversial fee structure investors aren’t big fans of (01:07:07) Valuation discussion of PRM (01:09:54) Intrinsic value of PRM (01:11:43) Whether Kyle and Shawn will add PRM to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠:

    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

  24. TIVP085 (Video): Fairfax Financial (FFO.TO): The Berkshire Of The North w/ Kyle Grieve and Shawn O'Malley

    1 h 8 minEpisode 702

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Fairfax Financial, the insurance conglomerate that Prem Watsa built from a near-bankrupt trucking insurer into a compounding machine often compared to …

    Show notes

    In today's episode, Kyle Grieve and Shawn O’Malley analyze Fairfax Financial, the insurance conglomerate that Prem Watsa built from a near-bankrupt trucking insurer into a compounding machine often compared to Berkshire Hathaway. They break down Fairfax's insurance and non-insurance segments, its use of float, and the capital allocation moves, from acquisitions to buybacks, that have driven decades of growth. The conversation also covers Fairfax's competitive advantages, key risks such as catastrophe exposure and succession, and whether the business remains an attractive opportunity today.

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:04:52) Why Fairfax's history shorting backfired for years (00:07:48) How Fairfax structures its insurance and non-insurance businesses (00:14:20) How Fairfax treats its winning investments (00:18:46) What the combined ratio reveals about Fairfax’s underwriting abilities (00:31:36) Why Fairfax's culture keeps talented operators for decades (00:33:16) How Fairfax uses debt to fund acquisitions (00:38:28) Why Fairfax's buyback timing shows disciplined capital allocation (00:43:09) How Prem Watsa's pay stays modest despite success (00:49:35) What risks Fairfax has as it continues to scale (00:56:19) Valuation discussion of Fairfax (00:57:56) Intrinsic value of Fairfax (01:02:29) Whether Kyle and Shawn will add Fairfax to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠sponsors⁠⁠⁠⁠:

    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

  25. TIVP084 (Video): Pinduoduo (PDD): Is PDD the Best Buy in China? w/ Daniel Mahncke & Shawn O'Malley

    1 h 29 minEpisode 701

    Daniel Mahncke and Shawn O'Malley take a deep dive into Pinduoduo (NASDAQ: PDD), the Chinese retail giant that has overtaken local competitors like Alibaba and JD.com and expanded internationally with Temu …

    Show notes

    Daniel Mahncke and Shawn O'Malley take a deep dive into Pinduoduo (NASDAQ: PDD), the Chinese retail giant that has overtaken local competitors like Alibaba and JD.com and expanded internationally with Temu, which has become the most-downloaded e-commerce app in the world. They discuss how to think about the lack of disclosures and what the margin decline and growth deceleration mean for the business going forward. But also whether this presents an exceptional buying opportunity at a single-digit earnings multiple and about 60% of the company’s market capitalization in cash.

    Daniel and Shawn also discuss how the Chinese e-commerce market compares to international equivalents and what those differences mean for the profitability of the e-commerce model in general. In the end, Daniel values the business and decides whether PDD deserves a spot in The Intrinsic Value Portfolio.


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:10:55) How PDD became one of China’s leading marketplaces

    (00:19:21) What makes PDD’s business model stand out

    (00:23:06) How PDD compares to Chinese competition

    (00:31:10) What makes China’s e-commerce market different

    (00:32:26) What happened to margins and growth

    (00:47:51) How Temu revolutionized international e-commerce

    (01:15:22) Valuation discussion of PDD

    (01:20:52) Whether PDD is valued attractively

    (01:23:21) Whether Shawn and Daniel add PDD to the Intrinsic Value Portfolio


    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  26. TIVP083 (Video): SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve and Shawn O'Malley

    1 h 16 minEpisode 700

    Kyle Grieve and Shawn O’Malley analyze SpaceX's blockbuster 2026 IPO, dissecting the company's three segments: Space, Connectivity, and AI. They’ll also look at its history, moats, capital allocation, debt, and …

    Show notes

    Kyle Grieve and Shawn O’Malley analyze SpaceX's blockbuster 2026 IPO, dissecting the company's three segments: Space, Connectivity, and AI. They’ll also look at its history, moats, capital allocation, debt, and incentive structure. They’ll stress-test SpaceX's aggressive $28.5 trillion total addressable market claim and walk through the key risks facing the business, from key-man dependence to regulatory exposure. 


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:06:28) How Elon Musk's early rocket failures almost sank SpaceX (00:08:11) How Space, Connectivity, and AI segments actually work (00:10:38) Why reusable rockets are reshaping launch economics (00:12:00) Whether the AI segment is worrisome (00:32:54) What's really driving Connectivity's improving margins (00:34:19) How to think about SpaceX's R&D and capital spending (00:42:00) Why SpaceX's debt picture is more nuanced than it looks (00:47:41) How Musk's pay package ties to Mars and market cap benchmarks (00:51:33) What risks could derail the SpaceX growth story (00:59:27) Why its claimed market opportunity may be overstated (01:05:28) Whether SpaceX's valuation can be justified by the numbers (01:09:08) Intrinsic Value of SpaceX (01:10:59) Whether Kyle and Shawn will add SpaceX to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES


    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠⁠⁠sponsors⁠⁠⁠:

    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

  27. TIVP082 (Video): Kaspi Stock ($KSPI): Beating the Market with an E-Commerce Monopoly? w/ Daniel Mahncke & Shawn O'Malley

    1 h 30 minEpisode 699

    Daniel Mahncke and Shawn O'Malley take a deep dive into Kaspi.kz (NASDAQ: KSPI), the Kazakhstani super-app that combines payments, e-commerce, and fintech into a single platform that most of the country uses …

    Show notes

    Daniel Mahncke and Shawn O'Malley take a deep dive into Kaspi.kz (NASDAQ: KSPI), the Kazakhstani super-app that combines payments, e-commerce, and fintech into a single platform that most of the country uses every day. They unpack how the business actually makes its money across its three segments, why its dominance at home has been so hard for competitors to challenge, and how a company this profitable ends up trading at only around seven times earnings.

    Daniel and Shawn discuss the company's founders and incentive structure, its expansion into Turkey through Hepsiburada, the role of its high dividend in the investment case, and the risks that come with it – from the oil-linked currency to the governance questions raised in the Culper short report. They also walk through how Daniel values the business and whether Kaspi.kz deserves a spot in The Intrinsic Value Portfolio.


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:00:36) How Kaspi became Kazakhstan's No.1 superapp

    (00:15:45) What business units Kaspi operates

    (00:33:49) What role the fintech business plays

    (00:36:07) How the marketplace differs from Mercado Libre and Shopee

    (00:43:34) What the competitive environment in Kazakhstan looks like

    (00:51:11) What the Turkey expansion means for the business

    (01:18:26) Valuation discussion of Kaspi

    (01:21:59) Whether Kaspi is valued attractively

    (01:25:24) Whether Shawn and Daniel add KSPI to the Intrinsic Value Portfolio


    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS

    Support our free podcast by supporting our sponsors:

    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

  28. TIVP081 (Video): Restoration Hardware (RH): Building a Luxury Empire From Scratch w/ Shawn O'Malley and Daniel Mahncke

    1 h 8 minEpisode 698

    Shawn O'Malley and Daniel Mahncke explore Restoration Hardware (ticker: RH). In this episode, you'll learn how RH was able to reinvent itself as a high-end furniture retailer, using opulent galleries, high-end …

    Show notes

    Shawn O'Malley and Daniel Mahncke explore Restoration Hardware (ticker: RH).

    In this episode, you'll learn how RH was able to reinvent itself as a high-end furniture retailer, using opulent galleries, high-end dining, private yachts, and a membership model based on Amazon Prime and Costco.

    RH is an incredibly bold and unique business, not afraid to use unconventional viral marketing efforts to drive customers into stores, as they aim to set styles for the ultra-rich. Shawn and Daniel dig into the business, risks for shareholders, and estimate RH’s intrinsic value, plus so much more!

    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro (00:02:27) How RH has built an American luxury brand, defining home-design tastes (00:05:51) Why yachts and private jets are actually core to RH’s strategy to sell furniture to the ultra-rich (00:14:36) About the eccentric and fascinating world of Gary Friedman and his tastes that define RH (00:26:18) Why RH pivoted to a membership-based model for discounting in 2016 (00:41:30) What RH is planning on doing in response to its debt maturity wall looming in 2028 (00:50:17) How RH is using sale-leasebacks and monetizing its real estate to improve capital efficiency (00:53:55) How to think about the intrinsic value of RH (00:58:21) Whether Shawn and Daniel add RH to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠sponsors⁠:

    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

  29. TIVP080 (Video): Auto1 Stock (AG1): Is this the Amazon for Cars? w/ Daniel Mahncke & Shawn O’Malley

    1 h 4 minEpisode 697

    Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. What trips most investors up about Auto1 is that it's two different businesses in one – a …

    Show notes

    Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. What trips most investors up about Auto1 is that it's two different businesses in one – a capital-light merchant marketplace on one side, a capital-heavy consumer retail bet on the other – and the asset-heavy model that everyone points to as the risk is arguably the same thing that kept Auto1 alive while better-funded competitors went bankrupt.

    The market tends to fixate on the inventory sitting on Auto1's books and misses that the two halves of the business earn their returns in entirely different ways. Daniel and Shawn walk through how the thin margins on each car turn into something far more attractive once you account for how fast Auto1 cycles its inventory, and why none of it works without the funding structure underneath: a non-recourse ABS architecture that lets Auto1 carry enormous inventory without raising equity to match. That's the piece capital-light rivals skipped, and a large part of why they didn't survive.

    Daniel and Shawn examine whether Auto1's instant-guaranteed-pricing model is a genuine consumer moat or a balance-sheet liability in disguise, what the economics actually look like in 2026 once you separate the merchant flywheel from the retail build-out, and the more uncomfortable side of the bull case – that net income can read positive while cumulative free cash flow stays deeply negative when new debt is funding operations. They also assess whether Auto1 Group deserves a spot in The Intrinsic Value Portfolio.


    IN THIS EPISODE YOU’LL LEARN:

    (00:00:00) Intro

    (00:00:31) Why the traditional used-car market doesn’t work well

    (00:07:42) About the size of the used-car market

    (00:10:32) How Auto1’s business model works

    (00:13:58) Who Auto1’s founders are

    (00:19:43) How Auto1 buys and sells cars

    (00:32:20) How the unit economics work

    (00:54:25) Valuation discussion of AG1

    (00:58:08) Whether Auto1 is valued attractively

    (01:00:14) Whether Shawn and Daniel add AG1 to the Intrinsic Value Portfolio


    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.


    BOOKS AND RESOURCES


    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠⁠:

    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

  30. TIVP079 (Video): American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'Malley

    1 h 15 minEpisode 696

    Kyle Grieve and Shawn O’Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable …

    Show notes

    Kyle Grieve and Shawn O’Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:44) How American Tower powers the wireless networks we use (00:05:52) How AMT creates recurring revenue (00:07:04) Why adding additional tenants dramatically boosts profits per tower (00:12:56) The three moats protecting American Tower from competitors (00:30:22) Why the REIT structure forces heavy reliance on debt (00:36:56) What American Tower's capital allocation reveals about management (00:38:36) Whether the data center deal was worth it (00:52:19) How carrier consolidation threatens even the widest moats (00:56:22) Why a wonderful business isn't always a wonderful investment (01:06:48) Intrinsic value of AMT (01:09:04) Whether Kyle and Shawn will add AMT to the Intrinsic Value Portfolio

    Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

    BOOKS AND RESOURCES

    NEW TO THE SHOW?

    SPONSORS Support our free podcast by supporting our ⁠⁠⁠⁠⁠sponsors⁠⁠⁠⁠⁠:

    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

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