The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
by The Investor's Podcast Network
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 wit...
Episodes
TIP836: Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O’Malley
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 (00:03:08) Revisiting the Exor and Ferrari thesis (00:05:06) How Exor’s stock reacted since the original purchase (00:09:16) Why Ferrari’s stock has fallen despite strong operating results (00:16:07) The market’s reaction to Ferrari’s new Luce model (00:22:26) How Ferrari’s other new releases are doing (00:45:04) Ferrari’s capital allocation, working capital, and margin trends (00:54:05) How Ferrari’s racing program supports its brand and marketing (00:57:18) Risks facing Ferrari from changing driving habits and tariffs (01:13:22) Expanding on Lingotto, Exor’s growing asset management business (01:17:44) Evaluating Lingotto’s performance, fees, and top holdings 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: Exor, Ferrari, Formula One Group. Follow Kyle 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: Plaud Plus500 Netsuite Scribe 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
TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve
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 (00:03:48) How Intuit’s accounting software became so popular (00:12:49) What makes QuickBooks such a great business (00:20:54) Why Intuit is the worst performing stock in the S&P 500 this year (00:24:05) How to think about Intuit as either a value trap or bargain (00:38:45) Whether Intuit’s TurboTax business is resistant to AI disruptions (01:17:02) Valuation discussion of Intuit (01:18:55) How to model Intuit’s intrinsic value (01:20:04) 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 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. See Shawn’s financial model for Intuit. The Finance Corner: "Deep Dive Into Intuit". Business Breakdowns Podcast — Intuit (2022). Intuit’s 2025 Investor Day Presentation. Intuit’s 2026 latest Investor Day Presentation. Check out our previous Intrinsic Value breakdowns: Wix, Microsoft, Kelly Partners Group. Follow Kyle 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: Plus500 Netsuite Shopify 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
TIP834: DLocal (DLO): Multibagger Potential with Decade-Long Runway w/ Daniel Mahncke & Shawn O’Malley
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 (00:03:01) How DLO became the leading player in emerging markets (00:07:14) What makes DLO’s business model stand out (00:19:08) What two megatrends DLO benefits from (00:28:18) Whether there is a race to the bottom with take rates (00:56:10) How DLO compares to Western competition (01:00:30) How DLocal distributes cash to shareholders (01:19:00) Valuation discussion of DLO (01:21:41) Whether DLO is valued attractively (01:23:19) 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 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. Value Investors Club Pitch on DLO. Interview with the CEO, Pedro Arnt. DLocal Investor Relations Podcast. Founder and CEO Interview by Stratechery. Check out our previous Intrinsic Value breakdowns: Visa, Amazon, Sea Limited, Mercado Libre, Shopify. 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: Plus500 Netsuite Shopify 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
RWH070: Hunting For Hidden Treasures w/ Christopher Begg
In this episode, William Green chats with Christopher Begg, a renowned hedge fund manager who is the CEO & CIO of East Coast Asset Management. Chris is also an adjunct professor at Columbia Business School, where he teaches the prestigious Security Analysis course that Ben Graham taught to Warren Buffett in 1951. Here, Chris shares rich insights about Tesla, Alphabet, SpaceX, Constellation Software, & the art of discovering great investments hidden in plain sight. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:30) How writing helps Chris Begg to “compress complexity into essence” (00:10:38) How to succeed by slowing down, training your attention, & going deep (00:32:48) How Alphabet embodies everything he seeks in a long-duration compounder (00:38:44) How fears of AI disruption created enticing bargains among software stocks (00:43:18) Why he focuses on great businesses with 8 layers of competitive advantage (00:55:04) What he learned from Buffett & Munger about the power of deserved trust (01:02:17) What ancient cathedrals can teach investors about businesses that endure (01:08:15) Why he steered clear of Elon Musk, then changed his mind & bet big on Tesla (01:24:58) What investors don’t yet see about the emerging capabilities of SpaceX (01:33:04) Why he reveres right-brained investment giants like Bill Miller & Nick Sleep (01:38:52) How Chris structures his life to create enduring value (01:51:43) How to prosper mightily without engaging in “extractive short-termism” (01:59:00) How a magical experience with his son reveals the true meaning of wealth 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. Christopher Begg’s investment firm, East Coast Asset Management. Robert Pirsig’s books Zen & the Art of Motorcycle Maintenance & Lila. Iain McGilchrist’s books The Matter with Things & The Master & His Emissary. Christopher Begg’s song, The Great Work. William Green’s podcast episode with Daniel Goleman & Tsoknyi Rinpoche. William Green’s 2025 podcast episode with Christopher Begg. William Green’s 2023 podcast episode with Christopher Begg. William’s book, Richer, Wiser, Happier. 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: Plus500 Netsuite Shopify Vanta 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
TIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’Malley
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 (00:01:19) Why the Transdigm playbook is worth cloning (00:05:02) How this management team built a public compounding machine (00:08:24) Why one segment profits directly from worsening wildfires (00:16:51) The chemical monopoly hiding inside a boring business (00:29:39) What makes these niche products nearly impossible to replace (00:39:05) How disciplined acquisitions have created so much shareholder value (00:45:16) The controversial fee structure investors aren’t big fans of (01:13:26) Valuation discussion of PRM (01:16:06) Intrinsic value of PRM (01:18:03) 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 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. Follow Kyle on Twitter 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: Plus500 Netsuite Shopify Vanta 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
TIP832: Fairfax Financial (FFO.TO): The Berkshire Of The North w/ Kyle Grieve & Shawn O'Malley
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 (00:05:30) Why Fairfax's history shorting backfired for years (00:08:41) How Fairfax structures its insurance and non-insurance businesses (00:15:10) How Fairfax treats its winning investments (00:19:03) What the combined ratio reveals about Fairfax’s underwriting abilities (00:28:52) Why Fairfax's culture keeps talented operators for decades (00:30:56) How Fairfax uses debt to fund acquisitions (00:37:54) Why Fairfax's buyback timing shows disciplined capital allocation (00:41:11) How Prem Watsa's pay stays modest despite success (00:46:56) What risks Fairfax has as it continues to scale (00:53:52) Valuation discussion of Fairfax (00:55:36) Intrinsic value of Fairfax (01:00:04) 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 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. Read The Fairfax Way by David Thomas here. Listen to Kyle's episode, where he covers the history of Fairfax Financial here. Follow Kyle on Twitter 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP831: Pinduoduo (PDD): Is PDD the Best Buy in China? w/ Daniel Mahncke and Shawn O'Malley
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. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:10:59) How PDD became one of China’s leading marketplaces (00:19:17) What makes PDD’s business model stand out (00:22:58) How PDD compares to Chinese competition (00:31:56) What makes China’s e-commerce market different (00:33:24) What happened to margins and growth (00:47:13) How Temu revolutionized international e-commerce (01:19:31) Valuation discussion of PDD (01:24:59) Whether PDD is valued attractively (01:27:25) 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 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. Value Investors Club Pitch on PDD. Hayden Capital Investment Memo on PDD. Check out our previous Intrinsic Value breakdowns: Amazon, Sea Limited, Mercado Libre, Shopify. 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley
In today's episode, 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(00:06:56) How Elon Musk's early rocket failures almost sank SpaceX(00:08:36) How Space, Connectivity, and AI segments actually work(00:10:56) Why reusable rockets are reshaping launch economics(00:12:04) Whether the AI segment is worrisome(00:29:57) What's really driving Connectivity's improving margins(00:31:16) How to think about SpaceX's R&D and capital spending(00:38:45) Why SpaceX's debt picture is more nuanced than it looks(00:44:19) How Musk's pay package ties to Mars and market cap benchmarks(00:48:08) What risks could derail the SpaceX growth story(00:55:57) Why its claimed market opportunity may be overstated(01:01:36) Whether SpaceX's valuation can be justified by the numbers(01:05:16) Intrinsic Value of SpaceX(01:07:05) 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 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. Read Elon Musk by Walter Isaacson here. Read Elon Musk by Ashlee Vance here. Check out the SpaceX prospectus here. Follow Kyle on Twitter 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP829: Kaspi Stock ($KSPI): The Cheapest E-Commerce Monopoly in the World w/ Daniel Mahncke and Shawn O'Malley
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 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. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:49) How Kaspi became Kazakhstan's No.1 superapp (00:16:56) What business units Kaspi operates (00:35:38) What role the fintech business plays (00:37:54) How the marketplace differs from Mercado Libre and Shopee (00:45:11) What the competitive environment in Kazakhstan looks like (00:52:30) What the Turkey expansion means for the business (01:23:43) Valuation discussion of Kaspi (01:27:11) Whether Kaspi is valued attractively (01:30:34) 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 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. Kaspi CEO Presentation. Interview with the CEO, Mikhail Mikheil. Chris Paryse Pitch on Kaspi. Business Breakdowns Episode on Kaspi. Response to Culper’s Short Report. Check out our previous Intrinsic Value breakdowns: Amazon, Sea Limited, Mercado Libre, Shopify. 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP828: Restoration Hardware (RH): Building a Luxury Empire From Scratch w/ Shawn O'Malley and Daniel Mahncke
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 (00:03:32) How RH has built an American luxury brand, defining home-design tastes (00:07:18) Why yachts and private jets are actually core to RH’s strategy to sell furniture to the ultra-rich (00:15:14) About the eccentric and fascinating world of Gary Friedman and his tastes that define RH (00:25:43) Why RH pivoted to a membership-based model for discounting in 2016 (00:40:31) What RH is planning on doing in response to its debt maturity wall looming in 2028 (00:49:42) How RH is using sale-leasebacks and monetizing its real estate to improve capital efficiency (00:53:08) How to think about the intrinsic value of RH (00:57:35) 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 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. Check out RH’s investor relations page. Listen to Business Breakdowns’ podcast on RH. Check out our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet. 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP827: Auto1 Stock (AG1): Is This the Amazon for Cars? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. They 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. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:23) Why the traditional used-car market doesn’t work well (00:10:24) About the size of the used-car market (00:13:11) How Auto1’s business model works (00:16:38) Who Auto1’s founders are (00:26:15) How Auto1 buys and sells cars (00:37:27) How the unit economics work (01:03:12) Valuation discussion of AG1 (01:06:58) Whether Auto1 is valued attractively (01:08:58) 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 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. Value Investors Club Pitch on Auto1. Business Breakdowns Episode on Auto1. Auto1 Investor Relations. Check out our previous Intrinsic Value breakdowns: Copart, Ferrari, Uber, Grab, Lyft, Exor NV, Mercedes-Benz. 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
RWH069: The Psychology of Investing w/ Emily Haisley
In today’s episode, William Green speaks with Emily Haisley, who heads the Behavioral Finance team at BlackRock, the world’s largest asset manager, with $14 trillion under management. Here, she explores the critical intersection of investing & psychology, explaining how she helps elite fund managers identify & counteract their behavioral biases, regulate their emotions, optimize their physiological state, avoid systematic mistakes, & take risks that align with their edge. This conversation offers powerful insights on how to win the inner game of investing. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:40) How Emily Haisley became head of Behavioral Finance at BlackRock (00:23:52) How her team helps fund managers recognize their behavioral biases (00:28:51) How to counteract a notoriously destructive bias, myopic loss aversion (00:39:56) Why disposition bias leads investors to hold losers & sell winners (00:44:31) Why it’s helpful to experience investment pain, not just learn about it (00:53:46) How investment teams can profit by “beating up” their decision makers (00:56:00) How the best investors benefit by subjugating their own ego (01:00:14) What practical steps Emily recommended to one elite investment team (01:17:48) Why she views “tainted altruism” as “the saddest bias” (01:25:27) What investors can do to manage stress & its impact on their decisions (01:29:35) How BlackRock uses AI to simulate decision making amid extreme volatility (01:35:32) Why she’s learned to embrace uncertainty, false starts, mistakes, & change (01:52:33) How 3 new year’s resolutions nudged Emily toward a happier life 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. J. Krishnamurthi’s book On Right Livelihood. William Green’s podcast interview with Annie Duke. William’s book, Richer, Wiser, Happier. 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: Plus500 Netsuite Vanta Shopify 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'Malley
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 (00:01:51) How American Tower powers the wireless networks we use (00:06:21) How AMT creates recurring revenue (00:08:09) Why adding additional tenants dramatically boosts profits per tower (00:13:57) The three moats protecting American Tower from competitors (00:32:13) Why the REIT structure forces heavy reliance on debt (00:38:46) What American Tower's capital allocation reveals about management (00:40:22) Whether the data center deal was worth it (00:57:33) How carrier consolidation threatens even the widest moats (01:01:30) Why a wonderful business isn't always a wonderful investment (01:11:35) Intrinsic value of AMT (01:13:52) 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 Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Brad Jacob’s first book, How to Make A Few Billion Dollars. Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars. Listen to Brad Jacob’s interview with David Senra. Follow Kyle on X and Linkedin. Follow Shawn on X and Linkedin. 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: Plus500 Netsuite Vanta Shopify 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra
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 Meta as a leading AI-powered advertising platform. Tobias breaks down Booking Holdings and whether its travel moat can withstand the rise of AI assistants. Stig analyzes Adobe, exploring the durability of its creative software ecosystem amid rapid technological change. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro(00:02:31) Why Hari is bullish on Meta (Ticker: META), highlighting its advertising dominance, network effects, and long-term monetization potential.(00:03:38) The bear case for Meta, including massive AI infrastructure spending, uncertain returns on capital, and execution risk around AI monetization.(00:14:27) Why Tobias is bullish on Booking Holdings (Ticker: BKNG), emphasizing its capital-light business model and robust travel ecosystem.(00:18:46) The bear case for Booking Holdings, including AI-driven loss of customer mindshare, and potential pressure on its role in the travel booking value chain.(00:27:43) Why Stig is bullish on Adobe, focusing on its switching costs and subscription-based revenue model (Ticker: NASDAQ: ADBE).(00:37:21) The bear case for Adobe, including AI-generated content and the increasing competition from tools like Canva and LLMs. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Stig Brodersen’s Portfolio and Track Record. Our valuation model of Adobe. Our valuation model of Meta. Our valuation model of Booking Holding.com. 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. Check out the Mastermind Discussion Q1, 2025 | Video. Tobias Carlisle's podcast, The Acquirers Podcast. Tobias' ETF, ZIG. Tobias' ETF, Deep. Tweet to Tobias Carlisle. 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: Plus500 Netsuite Vanta Shopify 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 Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP824: Copa Holdings (CPA): Is Buffett Right About Airline Stocks? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:35) Why airlines are such a tough business to be in (00:03:55) What Buffett and other superinvestors think (00:16:47) Why Copa is different than other airlines (00:35:58) How being the best-in-class business can change the investors’ outcome (00:38:38) How Copa built its moat (01:01:14) How Copa can defend its moat (01:22:37) Valuation discussion of Copa (01:24:36) Whether Copa is valued attractively (01:27:30) Whether Shawn and Daniel add CPA to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio Check out our previous Intrinsic Value breakdowns: Transdigm, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet. Follow Shawn on X and Linkedin. Follow Daniel 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: Plus500 Netsuite Vanta Shopify 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP823: From Railroads to AI: The Timeless Patterns Behind Market Bubbles w/ Kyle Grieve
Kyle Grieve discusses what bubbles are, why they form, and why they always feel different in real time. He’ll examine historical patterns through frameworks from Insana, Kindleberger, and Howard Marks, and explain how investors can protect themselves by focusing on intrinsic value over narratives rather than speculation. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:31) Why understanding bubbles is critical for long-term investor survival (00:04:31) How “this time is different” fuels every historical bubble (00:05:37) Why smart money, incentives, and career risk inflate bubbles (00:07:21) How investors rationalize bubbles using new, useless KPIs (00:08:56) The predictable emotional arc: skepticism, euphoria, panic, collapse (00:10:04) Why price detaches from intrinsic value during bubbles (00:12:28) Kindleberger’s five stages: displacement, boom, revulsion, discredit (00:30:58) Lessons from tiny bubbles like plank roads and Beanie Babies (00:53:01) How human nature, not technology, causes recurring bubbles (01:08:44) How to protect portfolios from bubbles by focusing on value, not narratives Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Buy Trendwatching. Follow Kyle 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: Plus500 Netsuite Vanta Shopify 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP822: QXO (QXO): Can One of the World's Best Consolidators Strike Lightning Again? w/ Kyle Grieve & Shawn O'Malley
Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:03) How Brad Jacobs built multiple billion-dollar companies from scratch (00:05:49) The structure QXO used to go public fast (00:07:05) How Beacon Roofing was acquired despite a poison pill defence (00:11:26) What Kodiak added to QXO's geography and product mix (00:14:43) Why the TopBuild deal is a game-changer for margins (00:23:54) How QXO plans to unlock synergies across its portfolio (00:43:27) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook (00:59:00) The thickness of QXO's competitive moat (01:08:51) The three biggest risks that could derail QXO's vision (01:11:57) What bull, base, and bear cases reveal about fair value (01:19:33) Intrinsic value of QXO (01:20:13) Portfolio decision Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Brad Jacob’s first book, How to Make A Few Billion Dollars. Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars. Listen to Brad Jacob’s interview with David Senra. Follow Kyle on X and Linkedin. Follow Shawn on X and Linkedin. 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: Plus500 Netsuite Vanta Shopify 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP821: Grab Holdings (GRAB): Why Uber Surrendered Southeast Asia w/ Shawn O’Malley & Daniel Mahncke
Shawn O'Malley and Daniel Mahncke explore Grab Holdings (ticker: GRAB). In this episode, you'll learn how Grab was able to quickly grow across eight countries in Southeast Asia, and what local adaptations they made to outmaneuver Uber, which eventually ceded its entire market share to Grab. Despite Grab’s astronomical successes, the company’s stock is down 70% since IPO, and investors are wondering if perhaps now is finally a good entry point after the company reached its first full year of profitability. Shawn and Daniel discuss and estimate Grab’s intrinsic value, plus so much more! IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:04:45) How Grab was able to outcompete Uber (00:11:46) What unique advantages Grab has been able to take advantage of in Southeast Asia (00:13:42) Why Grab’s lending business fits so naturally into its flywheel (00:57:26) What are the biggest risks facing the company (00:41:21) Why Grab’s profit margins are inflecting so dramatically, and where they could land (01:02:55) What makes Southeast Asia such an appealing market to invest in long-term (01:11:03) How to think about Grab’s intrinsic value and attractiveness as an investment (01:14:26) Whether Shawn and Daniel decide to add Grab to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio Compound with Rene’s deep dive into Grab. Listen to Shawn & Daniel’s podcast on Uber. Read Shawn’s newsletter on Uber. Check out our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet. Follow Shawn on X and Linkedin. Follow Daniel 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP820: WIX: The Most Asymmetric AI Bet? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Wix.com — the Israeli website-building platform whose investment case now turns on two of the most debated questions in the stock today: whether the generative-AI wave that lets anyone spin up a site from a text prompt is the end of Wix or whether Wix is too sticky, and whether the Base 44 acquisition — Wix's bet on AI-powered app generation — is the next leg of the story or a distraction from the SMB infrastructure business the company already dominates. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:32) How Wix was founded (00:21:35) Why clients keep using Wix (00:28:05) How much of WIX is actually vulnerable to AI (00:37:07) Why Wix is more sticky than it seems (00:38:24) Whether vibecoding is likely to disrupt drag-and-drop website building (00:46:54) Why Base44 could change the entire investment case (01:06:24) How Wix could survive and turn into a multibagger (01:09:21) Valuation discussion of Wix (01:13:26) Whether Shawn and Daniel add Wix to the Intrinsic Value Portfolio BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Portfolio Review Submit Tool. Value Investor Club Article. Chit Chat Stocks w/ Manuel Cunha. Future Investing Interview w/ Manuel Cunha. Rene Sellman Substack Article. Manuel Cunha Substack Article. Previous Intrinsic Value breakdowns: Figma, Microsoft, Salesforce, Adobe. Follow Shawn on X and Linkedin. Follow Daniel 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: Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley
Kyle Grieve and Shawn O’Malley analyze LIFCO, one of the world's leading industrial serial acquirers operating through three distinct divisions spanning dental supplies, demolition equipment, and niche systems solutions across Europe. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:39) The fascinating history of LIFCO (00:07:31) How Carl Bennett built the DNA that still guides LIFCO's acquisition strategy today (00:09:24) Fredrik Karlsson's legendary track record and why he bought more stock after being removed (00:11:16) The three distinct business segments and how they drive growth independently (00:17:29) LIFCO's rigorous eight-step acquisition process (00:31:52) How LIFCO uses put/call options to align management incentives (00:40:46) Why niche industrial markets create natural competitive advantages that larger competitors simply ignore (00:45:23) The capital efficiency metrics that prove LIFCO's returns are sustainable and real (01:09:26) What risks could derail the business (01:14:36) Multiple valuation scenarios showing potential returns under bull, base, and bear cases (01:16:53) Intrinsic value of Lifco (01:23:16) Portfolio decision Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Track The Intrinsic Value Portfolio. Read more on Lifco and other serial acquirer outperformers in The Compounders. Listen to Kyle's episode on The Compounders. Learn more about process power in Kyle's interview with Hamilton Helmer. 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: HardBlock Human Rights Foundation Plus500 Netsuite Shopify Vanta 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. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm