The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
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TIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari Ramachandra
1 november 2026 · 1 uur 28 min
In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Novo, until recently the most valuable company in Europe, now priced as if its obesity franchise is a melting ice cube. Stig pitches S&P Global, the company behind the S&P 500 and one of the world’s great ratings businesses, and explains why it became his first new position in more than a year. Tobias breaks down Deckers Brands, the owner of HOKA and UGG, trading at 11 times earnings and buying back stock aggressively. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:24) Why Hari is bullish on Novo Nordisk (Ticker: NVO), trading at 12 times forward earnings with a 4.5% dividend and an oral obesity pill gaining traction.
(00:15:24) The bear case for Novo Nordisk, including Eli Lilly’s lead in efficacy and market share, Medicare price negotiations, and patent expiries in key markets.
(00:28:19) Why Stig is bullish on S&P Global (Ticker: SPGI), highlighting the ratings oligopoly, the economics of the S&P 500 index, and why he bought a starter position below $400.
(00:46:35) The bear case for S&P Global, including AI disruption of Market Intelligence, competition from startups like AlphaSense and Rogo, and whether 23 times earnings is cheap enough.
(00:58:41) Why Tobias is bullish on Deckers (Ticker: DECK), emphasizing $1.6 billion in net cash, buybacks of 80% of free cash flow, and thoughtful capital allocation.
(01:19:51) The bear case for Deckers Brands, including slowing HOKA growth, the fashion risk in UGG, a squeezed consumer, and the low base rate for brands re-accelerating growth.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind.
If you are interested in more personal meet-ups, meeting …
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TIP856: Airbnb (ABNB): The Business Outgrew Its Peak, The Stock Hasn't w/ Kyle Grieve & Shawn O'Malley
29 oktober 2026 · 1 uur 26 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:11:30) Why Airbnb barely noticed when it shut off advertising
(00:17:08) What really caused Airbnb’s growth and cash flow slowdown
(00:31:20) How Airbnb is winning market share from competitors
(00:33:32) Why AI chatbots could become travel’s new gatekeepers
(00:35:21) The asset no competitor can buy, no matter their budget
(00:42:08) The hidden trade-off behind Airbnb’s Reserve Now, Pay Later
(00:56:54) Why Brian Chesky’s “founder mode” reshaped how Airbnb operates
(01:16:17) The fast-growing countries that could fuel Airbnb for decades
(01:19:55) How hotels became Airbnb’s backdoor customer acquisition channel
(01:24:29) Valuation discussion
(01:26:55) Intrinsic value of Airbnb
(01:29:10) Whether Kyle & Shawn will add to their Airbnb position in the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind.
If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle.
Track The Intrinsic Value Portfolio.
Portfolio Review Submit Tool.
Our original pitch on Airbnb.
Check out our previous Intrinsic Value breakdowns: Restoration Hardware, FICO, Copart.
Follow Kyle on …
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TIP855: Shopify (SHOP): The Big Winner of Agentic Commerce? w/ Shawn O'Malley & Daniel Mahncke
25 oktober 2026 · 1 uur 19 min
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. Lees meer
Shawn and Daniel grade their original analysis: what they got right about the business, what they got wrong about the numbers, and whether the decision-making process itself was flawed. They dig into how Shopify became central to agentic commerce through its Catalog of over a billion products, the Universal Commerce Protocol it co-developed with Google, and agentic storefronts inside ChatGPT, Gemini, and Copilot. They also cover Amazon blocking Meta’s Muse agent while Shopify partnered with it, the bear case that merchants will vibe-code their own stores, Sidekick’s rapid adoption, and whether a great business is worth owning at 112 times operating profits.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:08:42) What Shawn and Daniel got right and wrong when they passed on Shopify in 2025
(00:09:02) How to grade an investment decision without falling for hindsight bias
(00:16:07) How Shopify sustained more than 30% GMV growth for five straight quarters
(00:17:12) Why Shopify merchants captured nearly half of all new U.S. e-commerce dollars
(00:23:28) Valuation discussion of Shopify
(00:32:30) What agentic commerce is and how Shopify’s Catalog and Universal Commerce Protocol power it
(00:49:22) Why AI shopping may favor independent brands over Amazon and Etsy
(01:03:14) Why merchants are unlikely to vibe-code their way off Shopify
(01:08:53) What Ben Graham’s P/E matrix says Shopify is worth today
(01:11:56) Whether Shawn and Daniel will add Shopify to the Int…
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TIP854: GE Aerospace: Chris Hohn’s Biggest Bet w/ Daniel Mahncke & Shawn O'Malley
22 oktober 2026 · 1 uur 12 min
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. Lees meer
Daniel and Shawn dig into the mechanism behind how GE sells its engines at roughly zero margin because every engine comes back as three and a half times its sale price in spare parts and shop visits over 25 to 30 years. They also cover the Cold War deal that put a GE engine core in a locked room in France, how Larry Culp turned a company Nelson Peltz was sure would file for Chapter 11 into three companies worth more than $600 billion, and whether Heico’s copycat parts and the regulators now circling the engine aftermarket can dent the pricing. In the end, they walk through the valuation model and decide whether the best business in aviation is worth its price — and whether GE earns a spot in The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:44) About the history of aviation and GE
(00:14:15) Why engines became a political product
(00:25:58) What makes GE such a great compounder
(00:26:58) Why the aftermarket is so attractive
(00:28:16) Why GE is the pinnacle of aerospace
(00:57:09) How CEOs destroyed and turned around the business
(01:06:22) What GE’s stock is worth
(01:14:51) Whether GE will be added to The Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Apply for The Intrinsic Value Mastermind Community where investors learn, share ideas, network, and join calls with experts.
Apply for The Mastermind Inner Circle to connect with the most successful investors, executives, and business leaders from our…
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RWH074: True Wealth w/ Matt Ludmer
18 oktober 2026 · 2 uur 33 min
In this episode, William Green speaks with Matt Ludmer, the founder & CEO of Aligned Wealth Management. Matt is a financial adviser to wealthy individuals & families, including clients who have entrusted him with tens or even hundreds of millions of dollars. After decades working on Wall Street, he came to realize he’d misunderstood the meaning of wealth. That revelation led him to write a new book, “The Right Mountain: Practical Wisdom for Achieving True Wealth.” Here, he explores how to build a fulfilling life that includes—& transcends—financial success. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:06:33) How Matt started out shining shoes & selling frozen food.
(00:18:56) Why Matt Ludmer reveres his father as his greatest teacher.
(00:23:50) How he scored an investment adviser job at Morgan Stanley.
(00:32:54) What happens when our hunger for success goes too far.
(00:54:46) How to diagnose where your life is out of balance.
(01:01:48) How loneliness led Matt to create a “heartfelt community.”
(01:36:44) Why many top investors view meditation as a smart investment.
(01:40:35) How to build rich relationships by meeting people where they are.
(01:55:06) How his confidence in stocks is built on a century of data.
(02:09:22) Why it’s psychologically shrewd to divide your assets into three pots.
(02:15:09) Why Matt prefers low-cost ETFs to actively managed funds.
(02:17:13) How to find a career—& design a life—that lights you up.
(02:30:48) Why the ultimate prize is unconditional contentment.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Inquire about William Green’s Richer, Wiser, Happier Masterclass.
Matt Ludmer’s book, “The Right Mountain.”
Napoleon Hill’s book, “Think and Grow Rich!”
Krishnamurti’s book, “Commentaries on Living.”
Lee Eisenberg’s book, “The Number.”
Daniel Goleman & Tsoknyi Rinpoche’s book, “Why We Meditate.”
Tara Bennett-…
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TIP853: Aritzia (ATZ.TO): The Women's Apparel Brand Conquering the US, plus Nike, Lulu, and More w/ Kyle Grieve & Shawn O'Malley
15 oktober 2026 · 1 uur 23 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:04) What Lululemon's struggles reveal about investing in retail brands
(00:10:59) Why Aritzia's stores outsell most of their mall neighbours
(00:15:37) How Aritzia turned a tariff headache into rising margins
(00:25:32) Why some fashion brands fade while others keep compounding
(00:27:57) The one competitive advantage behind Aritzia's decades of growth
(00:53:48) Why management turned down cheap money when everyone else borrowed
(01:03:33) The biggest risk that could end Aritzia's run
(01:20:05) Valuation discussion on Aritzia
(01:24:16) Intrinsic value of Aritzia
(01:25:12) Whether Kyle & Shawn will add Aritzia to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind.
If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle.
Track The Intrinsic Value Portfolio.
Portfolio Review Submit Tool.
Check out our previous Intrinsic Value breakdowns: Lululemon, Nike, Hermes, LVMH.
Follow Kyle on X and LinkedIn.
Follow…
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RWH073: Unstoppable w/ Sir Michael Moritz
11 oktober 2026 · 1 uur 28 min
In this episode, William Green speaks with multibillionaire Sir Michael Moritz, arguably the most successful venture capitalist ever. He spent nearly four decades at Sequoia Capital, which invested in early-stage companies like Nvidia, Google, YouTube, PayPal, Airbnb, LinkedIn & Stripe. Here, he talks about his unconventional path to success, the role of temperament in investing, & what he learned from observing Steve Jobs, Bill Gates, Jensen Huang & Elon Musk. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:04:50) Why Michael Moritz has always felt like an outsider.
(00:14:05) How his family’s survival was built on the kindness of others.
(00:26:16) How his relentlessness became the key to his success.
(00:29:26) How Oxford & Time magazine prepared him for investing.
(00:38:27) How the novelist Philip Roth changed his life.
(00:44:06) What Michael learned from observing Bill Gates up close.
(00:57:28) What made Steve Jobs special.
(01:02:46) Why it’s so hard to predict which founders will succeed or fail.
(01:06:36) Why investors must be open enough to learn from younger people.
(01:09:20) What Charlie Munger identified as Michael’s investing edge.
(01:14:02) What soccer legend Sir Alex Ferguson taught Michael about leadership.
(01:18:05) Why he views Elon Musk as the greatest industrialist in US history.
(01:21:32) What Michael learned from his wife & children.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Inquire about William Green’s Richer, Wiser, Happier Masterclass.
Michael Moritz’s book, “Auslander.”
Michael Moritz’s book “Return to the Little Kingdom.”
Alex Ferguson & Michael Moritz’s book, “Leading.”
Alex Ferguson & Michael Moritz’s book, “The Games of My Life.”
Philip Roth’s book “Sabbath’s Theater.”
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green on X.
Related …
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TIP852: Hermès and LVMH Stock: Time to Buy Luxury? w/ Daniel Mahncke & Shawn O'Malley
8 oktober 2026 · 1 uur 16 min
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. Lees meer
But some brands are growing. Daniel and Shawn work out why Richemont can grow 20% in the same quarter LVMH grows 3%, why Hermès still earns a 41% margin while LVMH’s fashion and leather division has given back seven points of margin in five years, and why the top 0.1% of luxury clients keep spending while the aspirational buyer walks away. They also cover the Chinese property bust and its five-to-six-year playbook, and how prior luxury downturns in 2009, 2016, and 2020 ended. In the end, Daniel updates both valuation models and decides whether either Hermès or LVMH finally earns a spot in The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:35) About the state of the luxury market
(00:15:58) How Hermès’ business has done since our first pitch
(00:20:22) What makes LVMH and Hermès special
(00:31:30) How LVMH’s business has done since our first pitch
(00:33:23) How China is impacting the luxury market
(00:39:12) How long past luxury downturns were
(01:02:33) Why Hermès has an even better chance of recovering quickly
(01:09:10) Valuation discussion
(01:10:43) Intrinsic value of RMS
(01:12:26) Intrinsic value of LVMH
(01:12:51) Whether LVMH or RMS wil…
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TIP851: HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better? w/ Kyle Grieve & Shawn O'Malley
4 oktober 2026 · 1 uur 18 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:06:41) How TransDigm built its sole-source pricing power model
(00:10:12) How HEICO competes by underpricing original equipment manufacturers
(00:16:14) Why the aerospace industry has such high barriers to entry
(00:19:35) Why both companies rely heavily on acquisitions to grow
(00:29:33) How each company’s approach to debt differs sharply
(00:33:26) Why regulators have started scrutinizing TransDigm’s acquisition strategy
(00:46:20) What gives HEICO and TransDigm such durable competitive advantages
(00:54:08) How ownership and incentive structures shape each management team
(01:07:30) What risks could disrupt either company’s long runway of growth
(01:11:33) Where future growth could come from for both businesses
(01:16:44) Valuation discussion
(01:19:19) Intrinsic value of HEICO
(01:20:07) Whether Kyle & Shawn will add HEICO or TransDigm to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track …
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TIP850: Walmart (WMT): From Discount Retailer to eCommerce Powerhouse w/ Kyle Grieve & Shawn O'Malley
1 oktober 2026 · 1 uur 16 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:12) How Sam Walton’s early franchise lessons shaped Walmart’s strategy
(00:11:10) Why trading margin for volume remains core to Walmart
(00:15:21) How Walmart makes money beyond traditional brick-and-mortar retail
(00:28:56) Why everyday low prices built lasting customer trust
(00:34:48) How negative working capital supports Walmart’s free cash flow
(00:38:01) What the PepsiCo case reveals about Walmart’s supplier power
(00:41:19) How Walmart splits capital between buybacks, dividends and reinvestment
(00:53:25) Why the Jet.com acquisition was a good acquisition despite the write-down
(01:05:52) Where Walmart’s future growth may come from
(01:10:14) How agentic AI shopping could threaten Walmart’s customer relationships
(01:15:27) Valuation discussion of Walmart
(01:16:58) Walmart's intrinsic value
(01:19:43) Whether Kyle & Shawn will add Walmart to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The…
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TIP849: Average Returns Can Still Make You Wealthy w/ David Fagan
27 september 2026 · 1 uur 11 min
In this episode, Stig Brodersen speaks with David Fagan about Total Wealth Performance and why someone with average investment returns can still build a meaningful net worth. They discuss why saving is the first step in wealth creation, why financial independence is a matter of intention rather than luck, and how idle cash quietly becomes one of the most expensive decisions investors ever make. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:04:20) Why David has been a saver ever since he blew his entire net worth on a Hot Wheels racetrack at age eight
(00:12:34) Why money decisions that look odd are often rational given someone's lived experiences
(00:13:56) Why financial independence is not luck but small habits that compound
(00:17:47) What Total Wealth Performance is, and why the return on your broker statement is not your real return
(00:22:29) How Stig thinks about financial independence
(00:29:34) The ABCs of front-end performance: availability, behavior, and configuration
(00:37:55) Why idle cash is one of the most expensive decisions an investor can make
(00:45:00) Why net worth beats portfolio returns as a scorecard during the accumulation phase
(00:54:13) How and why tax is a real expense
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Check out Stig and David's free educational resource, Compounding Simplicity.
Watch David Fagan's free educational videos.
Read Charles Schwab's study, Does Market Timing Work?
Listen to our interview with David Fagan about Why Simplicity Beats Complexity.
Listen to our interview with David Fagan a…
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TIP848: Meta (META): What the Market Misses? w/ Daniel Mahncke & Shawn O'Malley
24 september 2026 · 1 uur 26 min
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. Lees meer
Daniel and Shawn dig into what all that spending actually buys. Is this Mark Zuckerberg’s third failed attempt to turn Meta into a platform — after the FarmVille-era Facebook apps and a $100 billion metaverse — or does AI finally make the vision real, whether through AI glasses, a personal agent, a budding cloud business, or an ad engine where every pixel becomes sellable inventory? They also cover Meta’s $17 billion settlement with 47 states over teen safety, the special purpose vehicles keeping tens of billions of data-center debt off Meta’s balance sheet, why Apple is quietly taking the opposite side of Meta’s bet, and why Wall Street rewards Google for the same capex it punishes Meta for. In the end, Daniel rebuilds his valuation model from scratch and decides whether Meta finally earns a spot in The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:54) About Zuckerberg’s Platform Dream
(00:11:52) Why Meta was sued and how it settled
(00:25:18) What the regulatory risk means for Meta’s future
(00:30:56) What Meta’s AI vision looks like
(00:39:00) How AI could revolutionize Meta’s Ads Business
(00:42:02) About the optionality of WhatsApp
(00:53:21) Why AI could make Meta glasses a success
(01:06:58) How Meta is planning to build a Cloud Business
(01:22:46) Meta's valuation discussion
(01:…
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RWH072: The Making of A Money Master w/ Rob Vinall
20 september 2026 · 1 uur 48 min
In this episode, William Green speaks with Rob Vinall, an English hedge fund manager with a terrific track record. Since launching his Business Owner Fund in 2008, he’s racked up stellar annualized returns of 15.5%. Rob almost never gives interviews but speaks in depth here about the principles & practices that have driven his success in the 20 years since he founded his firm, RV Capital—not least, his habit of betting on CEOs who view their business as their life’s work. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:54) How Rob Vinall vaulted himself out of humble circumstances
(00:14:26) Why he disliked working at Goldman Sachs
(00:17:12) How he taught himself to invest during the dotcom crash
(00:24:20) How Berkshire Hathaway’s annual meeting changed his life
(00:27:39) How he launched a fund with no staff, no office & no track record
(00:41:22) What he learned from Warren Buffett’s relationship with Ajit Jain
(00:50:19) What qualities Rob looks for in outlier CEOs
(01:01:03) Why he admires Mark Zuckerberg & disagrees with Meta’s critics
(01:03:21) How Rob’s thinking about business moats has evolved
(01:04:47) Why he’s betting a third of his assets on out-of-favor Chinese stocks
(01:20:41) Why today’s momentum-driven market is ideal for long-term investors
(01:32:12) How he survived the most traumatic year of his life
(01:42:07) What drives him after 20 years of investment success
(01:48:54) How to handle being rich without wrecking your kids
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Inquire about William Green’s Richer, Wiser, Happier Masterclass.
Benjamin Graham’s book, The Intelligent Investor.
Alice Schroeder’s book, The Snowball.
William Green’s podcast episode with Chris Begg.
William Green’s podcast episode with Terry Smith.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book.
Follow William Green …
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TIP847: Alphabet (GOOGL): The Megacap That Still Might Be Underrated w/ Kyle Grieve & Shawn O’Malley
17 september 2026 · 1 uur 19 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:03) Why Shawn’s original Alphabet thesis needed a revisit
(00:05:55) How the AI-kills-search narrative played out in reality
(00:32:00) Why Google Cloud’s margins surprised skeptical investors
(00:45:27) How Waymo went from afterthought to major asset
(00:51:27) How Alphabet’s AI spending flows through its earnings
(01:09:06) What Berkshire Hathaway’s growing stake signals about the company
(01:09:42) Why Alphabet paused buybacks and started raising equity
(01:13:11) Which unresolved questions will define Alphabet’s next few years
(01:19:06) Whether Kyle & Shawn will add to their Alphabet position in the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Learn more about how to join us in NYC for our Intrinsic Value Conference.
Portfolio Review Submit Tool.
Our original podcast dee…
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TIP846: Stock Picker: How to Live Off Your Portfolio w/ Ian Cassel
13 september 2026 · 1 uur 15 min
In this episode, Stig Brodersen welcomes back Ian Cassel, founder of MicroCapClub and CIO of Intelligent Fanatics Capital Management, to discuss his new book, Stock Picker. They dig into why most microcaps must be sold within 36 months, why Ian never holds a large cash position, and how he arrived at the $2 million that let him live off his portfolio. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:12:24) Why Ian's first big win at 16 shaped his risk tolerance for life.
(00:24:48) How Ian arrived at the $2 million he needed to become a full-time private investor, and why the number was about pain tolerance, not expected returns.
(00:26:48) Why there is no such thing as saving when you live off your portfolio, and the safeguards Ian built to survive consistently inconsistent returns.
(00:32:19) Why most microcaps you buy must be sold within 36 months, even the winners, and why the greats had their best returns in their highest-turnover years.
(00:40:56) Why Ian never holds a large cash position, and how a 3 to 5% cash buffer forces him to sell his least convicted idea.
(00:46:09) Whether Ian would take a guaranteed 20% annual return for the rest of his life.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Learn more about how to join us in NYC for our Intrinsic Value Conference.
Ian's new book, Stock Picker.
Ian's community, MicroCapClub.
Meet Ian in person at a Planet MicroCap event.
Follow Ian on X and LinkedIn.
Listen to our interview with Ian Cassel about the five core skills of stock picking.
Listen to our interview with Ia…
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TIP845: Copart Stock (CPRT): Is Copart Now a Buy? w/ Daniel Mahncke & Shawn O'Malley
10 september 2026 · 1 uur 9 min
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. Lees meer
Daniel and Shawn dig into what actually broke. Is the volume decline cyclical, driven by Americans dropping insurance coverage after premiums rose ~50% in three years — or structural, as Progressive becomes America’s largest auto insurer while sending three-quarters of its salvage to IAA? They also cover why founder-era CEO Jay Adair returned after four years away, why Copart just bought back $1.6 billion of its own stock after five years of nothing, and what a rumored acquisition of CCC Intelligent Solutions would mean for a company that has never carried meaningful debt. In the end, Daniel updates his valuation model and decides whether Copart earns its way back into The Intrinsic Value Portfolio.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:29) What changed since our last episode on Copart
(00:14:22) How Copart’s moat works
(00:23:37) Whether Copart’s moat still exists
(00:26:14) Whether competition actually gained market share
(00:45:28) What new CEO Jay Adair wants to change
(01:03:53) How much Copart stock is actually worth
(01:10:29) Whether CPRT will be added to The Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive …
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TIP844: Uber (UBER): The Autonomy Referendum — Is Mr. Market Completely Wrong? w/ Daniel Mahncke & Shawn O’Malley
6 september 2026 · 1 uur 7 min
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. Lees meer
Shawn and Daniel discuss why the market is pricing Uber as though autonomy ends the story — Waymo raising $16 billion at a $126 billion valuation, roughly the same market cap as all of Uber, and formally ending its exclusive partnerships in Austin and Atlanta. They dig into the more than 20 AV partners Uber has lined up in response, from Nuro and Lucid to Rivian, NVIDIA, Zoox, WeRide, Baidu, and Pony.ai, plus Uber’s $14.8 billion offer for Delivery Hero, the margin inflection driven by advertising, insurance normalization, and Uber One — and whether the market is writing down the entire company for a risk that touches maybe a tenth of its profits.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:04:06) Why Uber’s stock is flat while its operating profits have doubled
(00:07:19) How Uber’s operating margins swung 55 percentage points in under six years
(00:08:40) Why advertising, Uber One, and insurance reform keep pushing margins higher
(00:28:49) What Waymo ending its exclusive deals in Austin and Atlanta really means
(00:41:17) How much of Uber’s profits are genuinely exposed to robotaxis
(00:50:29) Why Uber is racing to sign more than 20 autonomous vehicle partners
(00:58:04) What Uber’s $14.8 billion offer for Delivery Hero actually buys it
(01:06:39) Why Shawn and Daniel are happy to keep owning Uber
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive …
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TIP843: AppLovin (APP): The 30-Bagger Down More Than Half w/ Kyle Grieve & Shawn O'Malley
3 september 2026 · 1 uur 30 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:11) How a failed app became a global advertising platform
(00:11:52) How AppLovin makes money from advertisers and publishers
(00:16:48) Why real-time auctions beat the old waterfall method
(00:30:24) What actually protects AppLovin from Google and Meta
(00:31:06) Why AppLovin bought mobile game studios, then sold them
(00:57:42) How buybacks created enormous value
(01:08:50) Details on the executive comp structure
(01:13:59) What we think triggered the post-earnings collapse
(01:19:14) Where the next leg of growth could come from
(01:28:39) Valuation discussion of AppLovin
(01:30:05) Intrinsic Value of AppLovin
(01:30:26) Whether Kyle & Shawn will add AppLovin to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Learn more about how to join us in NYC for our Intrinsic Value Conference.
Por…
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TIP842: Comfort Systems USA (FIX): The Five-Bagger We Passed On w/ Kyle Grieve & Shawn O'Malley
30 augustus 2026 · 1 uur 19 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:09:16) How AI data center spending transformed a boring contractor into a multi-bagger
(00:21:28) How to use the backlog to be directionally correct about the company’s future
(00:31:10) About the tailwinds behind their organic growth
(00:44:49) Why surety bonding capacity creates a widening competitive advantage
(00:57:32) About how the return on incremental invested capital has improved
(01:10:28) About their exceptional incentive plan
(01:13:18) Why are we uncertain about Comfort’s high growth metrics 5-10 years from now
(01:17:26) Valuation discussion of Comfort Systems
(01:20:35) Whether Kyle & Shawn will add Comfort Systems to the Intrinsic Value PortfolioDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Learn more about how to join us in NYC for our Intrinsic Value Conference.
Portfolio Review Submit Tool.
Follow Kyle on X and LinkedIn.
Follow Shawn on X and LinkedIn…
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TIP841: Palantir – Palantir is Cheaper than I Thought! w/ Daniel Mahncke & Shawn O’Malley
27 augustus 2026 · 1 uur 15 min
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. Lees meer
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 PortfolioDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track …
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TIP840: CATL: Powering EVs, Power Grids, and AI w/ Stig Brodersen, Manish Karira & Ralph Summerford
23 augustus 2026 · 1 uur 19 min
In today’s episode, Stig Brodersen is joined by Manish Karira and Ralph Summerford for a bull and bear debate on CATL, the world’s largest battery maker. Manish presents the bull case, arguing that a company most listeners have never heard of is becoming the backbone of the global energy infrastructure, powering EVs, stabilizing power grids, and feeding AI data centers. Ralph, a forensic accountant, presents the bear case, digging into price deflation, geopolitical risk, and whether CATL’s US licensing model is capital-light growth or a defensive retreat. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:58) Why Manish is bullish on CATL, the world’s largest battery maker with 40% global market share and a founder-led culture of relentless R&D.
(00:14:43) Why energy storage for AI data centers and the LRS licensing model in the US are two growth engines the market may not have fully priced in.
(00:30:59) The bear case for CATL, including price deflation, a temporary margin windfall, the unwinding of its interest-free supplier float, and key-man risk.
(00:58:28) How battery swapping and leasing could transform CATL from selling a battery once to owning the asset for its entire lifetime.
(01:03:09) How to think about CATL’s valuation at 18 times operating profit, its 150+ strategic stakes including DeepSeek, and why the Hong Kong shares trade at a premium to the mainland listing.Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Stig Brodersen’s Portfolio and Track Record.
Meet Ralph at our Intrinsic Value Conference in NYC on September 19.
Connect with Ralph o…
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TIP839: Domino's Pizza (DPZ): Is the Royalty Engine Still Running? w/ Kyle Grieve & Shawn O’Malley
20 augustus 2026 · 1 uur 16 min
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. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:55) Reviewing the Domino's royalty engine thesis
(00:15:26) Why Domino's has moved away from Company-owned stores
(00:29:19) The role of royalties versus supply chain revenue in Domino's earnings
(00:36:21) How Domino's utilizes a fortressing strategy and its effect on store growth
(00:44:18) The competitive landscape in delivery, carryout, and aggregator platforms
(00:46:29) How the franchise model keeps Domino's asset-light and cash-generative
(00:55:47) Domino's capital allocation and approach to share buybacks
(01:03:44) International franchising and Domino's global store growth
(01:05:25) Risks facing Domino's from labor costs, competition, and changing consumer habits
(01:13:19) Valuation discussion of Domino's
(01:14:31) Intrinsic value of Domino's
(01:15:52) Whether Kyle & Shawn will add Domino's to the Intrinsic Value PortfolioDisclaimer: 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…
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TIP838: Google, Reddit, Amazon – Are Our Biggest Winners Still a Buy? w/ Daniel Mahncke & Shawn O’Malley
16 augustus 2026 · 1 uur 27 min
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. Lees meer
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
(00:03:51) About Google’s stock rise and valuation
(00:15:32) How the massive capex changes the Mag7
(00:29:08) Why Amazon might be more attractive than Google
(00:40:48) Why Daniel and Shawn decided to sell some Reddit
(01:03:07) Why Remitly wasn’t added to the Portfolio
(01:11:57) How TSMC, Dell, and Comfort Systems became multibaggers
(01:24:09) What the future holds for the AI tradeDisclaimer: 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.
Pitch on Google.
Pitch on Reddit.
Pitch on Crocs.
Pitch on Amazon.
Pitch on Remitly.
Pitch on TSMC.
Pitch on Dell.
Pitch on Comfort Systems.
Related books mentioned in the podcast.
Ad-free episodes …
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TIP837: Adobe, Lululemon, PayPal – Are our Biggest Losers a Buy Now? w/ Daniel Mahncke & Shawn O’Malley
13 augustus 2026 · 1 uur 18 min
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. Lees meer
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
(00:04:33) Why Lululemon had to leave the portfolio
(00:20:11) What made us sell PayPal
(00:36:08) About Adobe’s downfall and future outlook
(00:58:40) Why Trade Desk never made it into the portfolio
(01:06:53) Whether Daniel’s and Shawn’s conviction in CoStar is broken
(01:16:37) What Daniel and Shawn learned from the companies aboveDisclaimer: 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.
Pitch on Adobe.
Pitch on Lululemon.
Pitch on Paypal.
Pitch on Trade Desk.
Pitch on CoStar Group.
Related books mentioned in the podcast.
Ad-free episodes on our Premium Feed…
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RWH071: Risk, Ruin, Reinvention & Resilience w/ Victor Haghani
9 augustus 2026 · 2 uur
In this episode, William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of The Missing Billionaires: A Guide to Making Better Financial Decisions. Victor’s journey is among the most remarkable & instructive in modern investment history. As one of the founders of Long-Term Capital Management, he experienced dazzling success & devastating failure. Today, he oversees billions of dollars using a low-cost, diversified, index-driven strategy that reflects hard-won lessons about resilience, humility, simplicity & risk management. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro(00:04:17) How Victor Haghani’s tumultuous family history shaped him.(00:14:02) What he learned as a star trader on Salomon’s famed arbitrage desk.(00:22:56) How he honed his skills by playing high-stakes games of Liar’s Poker.(00:30:35) How Long-Term Capital Management hit the jackpot—for a while.(00:46:04) How Russia’s default in 1998 sparked a cascading disaster.(00:49:18) Why he defends the fund’s enormous appetite for leverage & risk.(00:52:20) What he views as the real lessons of the fund’s collapse.(00:58:21) How the concept of expected utility can improve our financial decisions.(01:11:09) Why he fell out of love with exotica like private equity & hedge funds.(01:13:22) What troubles him about the traditional, static approach to indexing.(01:18:52) Why he favors a “dynamic asset allocation” based on risks & rewards.(01:27:21) How his firm’s current allocations reflect a wary view of US equities.(01:40:45) What he’s learned about overcoming adversity & finding happiness.
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.
Victor Haghani’s investment firm, Elm Wealth.
Victor Haghani & James White’s book “The Missing Billionaires.”
Michael Lewis’ book, “Liar’s Poker.”
Roger Lowenstein’s book, “When Genius Failed.”
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TIP836: Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O’Malley
6 augustus 2026 · 1 uur 24 min
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. Lees meer
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 holdingsDisclaimer: 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…
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TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve
2 augustus 2026 · 1 uur 19 min
Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU). Lees meer
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 PortfolioDisclaimer: 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 …
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TIP834: DLocal (DLO): Multibagger Potential with Decade-Long Runway w/ Daniel Mahncke & Shawn O’Malley
30 juli 2026 · 1 uur 22 min
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. Lees meer
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 PortfolioDisclaimer: 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 t…
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RWH070: Hunting For Hidden Treasures w/ Christopher Begg
26 juli 2026 · 2 uur 2 min
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. Lees meer
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 wealthDisclaimer: 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 E…
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TIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’Malley
23 juli 2026 · 1 uur 16 min
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. Lees meer
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 PortfolioDisclaimer: 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.
Rel…
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TIP832: Fairfax Financial (FFO.TO): The Berkshire Of The North w/ Kyle Grieve & Shawn O'Malley
19 juli 2026 · 1 uur 6 min
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. Lees meer
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 …
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TIP831: Pinduoduo (PDD): Is PDD the Best Buy in China? w/ Daniel Mahncke and Shawn O'Malley
16 juli 2026 · 1 uur 27 min
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. Lees meer
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 PortfolioDisclaimer: 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…
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TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley
12 juli 2026 · 1 uur 13 min
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 $28.5 trillion total addressable market claim and walk through the key risks facing the business, from key-man dependence to regulatory exposure. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro(00:06:56) How Elon Musk's early rocket failures almost sank SpaceX(00:08:36) How Space, Connectivity, and AI segments actually work(00:10:56) Why reusable rockets are reshaping launch economics(00:12:04) Whether the AI segment is worrisome(00:29:57) What's really driving Connectivity's improving margins(00:31:16) How to think about SpaceX's R&D and capital spending(00:38:45) Why SpaceX's debt picture is more nuanced than it looks(00:44:19) How Musk's pay package ties to Mars and market cap benchmarks(00:48:08) What risks could derail the SpaceX growth story(00:55:57) Why its claimed market opportunity may be overstated(01:01:36) Whether SpaceX's valuation can be justified by the numbers(01:05:16) Intrinsic Value of SpaceX(01:07:05) Whether Kyle and Shawn will add SpaceX to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Learn more about how to join us in NYC for our Intrinsic Value Conference.
Read Elon Musk by Walter Isaacson here.
Read Elon Musk by Ashlee Vance here.
Check out the SpaceX prospectus …
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TIP829: Kaspi Stock ($KSPI): The Cheapest E-Commerce Monopoly in the World w/ Daniel Mahncke and Shawn O'Malley
9 juli 2026 · 1 uur 28 min
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. Lees meer
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 PortfolioDisclaimer: 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 …
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TIP828: Restoration Hardware (RH): Building a Luxury Empire From Scratch w/ Shawn O'Malley and Daniel Mahncke
5 juli 2026 · 1 uur 8 min
Shawn O'Malley and Daniel Mahncke explore Restoration Hardware (ticker: RH). Lees meer
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 o…
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TIP827: Auto1 Stock (AG1): Is This the Amazon for Cars? w/ Daniel Mahncke & Shawn O’Malley
2 juli 2026 · 1 uur 7 min
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. Lees meer
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 PortfolioDisclaimer: 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.
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RWH069: The Psychology of Investing w/ Emily Haisley
28 juni 2026 · 1 uur 56 min
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. Lees meer
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 lifeDisclaimer: 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 bo…
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TIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'Malley
25 juni 2026 · 1 uur 13 min
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. Lees meer
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 PortfolioDisclaimer: 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.
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 Pr…
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TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra
21 juni 2026 · 1 uur 1 min
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. Lees meer
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 The Intrinsic Value 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 Q…
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TIP824: Copa Holdings (CPA): Is Buffett Right About Airline Stocks? w/ Daniel Mahncke & Shawn O’Malley
18 juni 2026 · 1 uur 27 min
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. Lees meer
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 PortfolioDisclaimer: 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.
Try out our Portfolio Review Submit Tool.
Check out the Value Investor Club Article.
Read the Asymmetric Edge Substack Article.
Warren Buffett on the Airline Industry in his Annual Letters.
Check out our previous Intrinsic Value breakdowns: Transdigm, Berkshire Hathaway, FICO.
Follow Shawn on X and Linkedin.
Follow Daniel on X and …
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TIP823: From Railroads to AI: The Timeless Patterns Behind Market Bubbles w/ Kyle Grieve
14 juni 2026 · 1 uur 6 min
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. Lees meer
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 narrativesDisclaimer: 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.
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…
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TIP822: QXO (QXO): Can One of the World's Best Consolidators Strike Lightning Again? w/ Kyle Grieve & Shawn O'Malley
11 juni 2026 · 1 uur 20 min
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. Lees meer
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 decisionDisclaimer: 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.
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…
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TIP821: Grab Holdings (GRAB): Why Uber Surrendered Southeast Asia w/ Shawn O’Malley & Daniel Mahncke
7 juni 2026 · 1 uur 21 min
Shawn O'Malley and Daniel Mahncke explore Grab Holdings (ticker: GRAB). Lees meer
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 The Intrinsic Value 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.
…
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TIP820: WIX: The Most Asymmetric AI Bet? w/ Daniel Mahncke & Shawn O’Malley
4 juni 2026 · 1 uur 14 min
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. Lees meer
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 PortfolioDisclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Portfolio Review Submit Tool.
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 …
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TIP819: Lifco AB (LIFCO-B.ST): The Serial Acquirer Building an Unstoppable Compounding Engine w/ Kyle Grieve & Shawn O'Malley
31 mei 2026 · 1 uur 22 min
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. Lees meer
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 decisionDisclaimer: 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.
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-fre…
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TIP818: NVR (NVR): What's Next for One of History's Greatest Compounders? w/ Kyle Grieve & Shawn O'Malley
28 mei 2026 · 1 uur 26 min
In today's episode, Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital allocation and aggressive share buybacks. They’ll explore NVR's differentiated business model, which helps minimize capital intensity and risk, and examine how this strategy has enabled superior returns on capital. They’ll navigate how to think of NVR through cycles and whether it’s a business that is simple to understand. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:30) How NVR became a legendary share cannibal in homebuilding
(00:05:05) The LPA model and how NVR de-risks traditional homebuilding
(00:10:16) Why homebuilders love leverage while NVR maintains a fortress balance sheet
(00:15:34) How the mortgage banking segment generates high margins
(00:21:41) The history of its margin rise and stabilization
(00:27:49) How counter-positioning creates competitive advantages
(00:52:58) How management is aligned through ROIC incentives and deep insider ownership
(01:06:15) About the cyclicality trap, homebuilders must deal with
(01:18:45) The three distinct valuation scenarios and what they reveal
(01:14:06) Intrinsic value of NVR
(01:26:15) Whether Kyle and Shawn will add NVR to the Intrinsic Value PortfolioDisclaimer: 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 Norbert Lou’s initial NVR writeup from 100.
Joel Greenblatt’s NVR case study.
Follow Kyle on X and Linkedin.
Follow Shawn on X and Linkedin.
Related books mentioned in the podcast.
Ad-free episodes on our …
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TIP817: Simple Investing Beats Complexity w/ David Fagan
24 mei 2026 · 1 uur 8 min
In this episode, Stig Brodersen speaks with David Fagan about why simplicity often beats complexity in investing and life. They discuss why many investors overcomplicate wealth creation, how simple systems can lead to better long-term outcomes, and why clarity, focus, and consistency are often underrated advantages. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro(00:02:13) Why you should choose simplicity over complexity in investing and life(00:14:13) Why complexity is hardwired into us(00:18:26) The simple truth about becoming financially independent(00:34:17) Why simplicity gives clarity and peace of mind(00:35:45) How we’re all driven by incentives, whether they are financial or not
(00:37:15) Why you should know about irreducibility and Occam’s Razor(00:39:04) Why everything in financial planning starts with savings(00:42:33) Why you should not have a budget but a personal spending planDisclaimer: 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.
Check out Stig and David’s new free educational resource, Compounding Simplicity.
Watch David Fagan’s videos about Compounding Simplicity.
Listen to our interview with David Fagan about Simple Investing.
Listen to our interview with David Fagan about investing like a business owner.
Listen to our interview with David Fagan about Buffett’s favorite business book.
Stig’s blog post on his portfolio and track record since 2014.
Related books mentioned in the podcast.
Ad-free episodes on our Premium Feed…
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TIP816: Sea Limited (SE): Can Sea Limited 10x Again? w/ Daniel Mahncke & Shawn O’Malley
21 mei 2026 · 1 uur 37 min
Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:36) How Sea Limited was founded
(00:06:39) Which business units belong to Sea Limited
(00:11:48) How a gaming business is funding Shopee and Monee
(00:16:54) How Monee compares to Mercado Libre's Mercado Pago
(00:42:32) Why Shopee has become the largest e-commerce company in SEA
(01:19:22) How Sea Limited’s moat looks like
(01:28:17) Why Sea Limited is so strong in Brazil
(01:34:22) Valuation discussion of SE
(01:35:51) Intrinsic value of SE
(01:36:39) Whether Shawn and Daniel add SE to the Intrinsic Value PortfolioBOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Norges Bank Interview with SE CEO.
Jimmy’s Journal's Article on SEA.
RS Capital Deep Dive on SEA.
Hayden Capital Interview with Drew Cohen.
Hayden Capital Shareholder Letter.
Previous Intrinsic Value breakdowns: Mercado Libre, Coupang, Amazon.
Follow Shawn on X and Linkedin.
Follow Daniel on X and Linkedin.
Related books mentioned in the podcast.
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TIP815: Lyn Alden on Why Fiscal Dominance Changes Everything
18 mei 2026 · 1 uur 8 min
Stig Brodersen welcomes back renowned macroeconomist and bestselling author Lyn Alden. They explore fiscal dominance, gold, energy markets, and the shifting role of the U.S. dollar in a more fragmented global economy. Lyn also explains why higher interest rates may no longer slow inflation the way they once did, and what this changing macro regime means for investors. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro(00:02:24) Why you can’t ignore macro in the era of fiscal dominance(00:13:00) How to think about treasuries and gold with respect to their dilution rates(00:18:08) Who benefits and who loses from a strong dollar domestically and internationally(00:24:31) Who are the winners and losers from higher oil prices across countries and sectors(00:32:02) Whether you are benefiting from fiscal deficits as an investor and consumer(00:34:25) Why price controls won’t solve the problem(00:52:24) Why the biggest companies essentially short the US dollar
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.
Lyn Alden’s book, Broken Money.
Lyn Alden's free website.
Our interview with Lyn Alden about Dollar Dominance Decline.
Our interview with Lyn Alden about Investing during Fiscal Dominance.
Our interview with Lyn Alden about Gold.
Our interview with Lyn Alden about Currencies and Debt.
Our interview with Lyn Alden about her book, Broken Money.
Barry Eichengreen’s book, Money without Borders.
Related books mentioned in the podcast.
Ad-free episodes on our Premium Feed…
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TIP814: Formula One Group (FWONA): The Only Sports Franchise Worth Owning w/ Kyle Grieve & Shawn O'Malley
14 mei 2026 · 1 uur 18 min
Kyle Grieve and Shawn O’Malley analyze Formula One Group, a business that commands nearly a billion global fans, generates billions in revenue from only 24 live events, and boasts free cash flow margins nearly any business would envy. Lees meer
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:55) How F1 generates billions of dollars from 24 live events
(00:03:22) Why most sports franchises fail to produce cash flow
(00:05:16) How Liberty got away from the tracking stock structure to simplify things
(00:16:19) How the Concorde agreements pose risk
(00:21:10) The debt structure Liberty built to help build sustainable cash flow
(00:38:04) Details of F1 Group’s other surprising racing league
(00:45:34) How Netflix’s streaming coverage of F1 helped grow the sport
(01:02:02) Why the business remains capital light
(01:10:19) Valuation discussion of FWONA
(01:11:30) How cross-promotions and synergies create exciting new growth levers
(01:16:20) Intrinsic value
(01:18:38) Portfolio decisionDisclaimer: 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.
Watch the video about the dealmakers behind F1’s success.
Watch how F1 impacts local communities with its events.
Read the book on Formula One’s history.
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.
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