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The Investor's Podcast Network

Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio.

Every week, The Intrinsic Value Podcast will you help get smarter about business, valuation, and investing — don’t miss out on the journey!
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Millennial Investing - The Investor’s Podcast Network

In today's episode, Kyle Grieve and Shawn O’Malley break down AppLovin, the mobile advertising platform that went from a failed app recommendation tool to one of the most profitable businesses in ad tech. They walk through how the company makes money on both sides of the ad exchange, why its data advantage has been so hard for competitors to copy, and what caused the market to turn on the stock so violently after a relatively strong quarter. Along the way, they dig into the founder's track record, the buyback program that made early shareholders rich, and whether the growth story still has room to run.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

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

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

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

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

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

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

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

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

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

(01:24:39) Valuation discussion of AppLovin

(01:26:07) Intrinsic Value of AppLovin

(01:26:31) Whether Kyle & Shawn will add AppLovin to the Intrinsic Value Portfolio

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

BOOKS AND RESOURCES

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 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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 Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠
Alphabet, Meta, Reddit, Trade Desk, Uber.

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

In today's episode, Kyle Grieve and Shawn O’Malley revisit Comfort Systems USA, a business Shawn originally passed on at $320 that has since appreciated fivefold due to explosive data center spending. The company shattered original projections, with accelerating organic growth, expanding margins, and exceptional capital efficiency. Despite acknowledging the business quality, the hosts discussed whether the original decision reflected a flawed investment process or was the natural outcome of applying a strict investment framework.

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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 Portfolio Review ⁠⁠⁠⁠⁠⁠⁠Submit Tool⁠⁠⁠⁠⁠⁠⁠.

 Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
Constellation Software⁠, ⁠Dell⁠, ⁠Alphabet⁠, ⁠Constellation Software Spinoffs⁠.

 Follow Kyle on ⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠.

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 Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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

Daniel Mahncke and Shawn O’Malley take a deep dive into Palantir (NASDAQ: PLTR), the data and AI platform behind everything from battlefield targeting systems to Airbus’s A350 production line, with customers including the U.S. Army, the NHS, Ferrari, and Airbus. Palantir is growing revenue at over 90%, with net dollar retention at 157% and adjusted operating margins above 60% — a Rule of 40 score of 155%, roughly double what the best software companies in the world achieve. It also trades at around 60 times sales, which is why The Economist called it possibly the most overvalued firm of all time.

Daniel and Shawn discuss whether the ontology layer is a sustainable moat now that Microsoft and Google have launched competing products, what Alex Karp and Peter Thiel’s politics mean for a company selling to Western governments, and why twenty years of losses turned into the fastest-accelerating software business on the market. In the end, Daniel values the business and decides whether PLTR deserves a spot in The Intrinsic Value Portfolio.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:02:29) How Palantir’s Ontology actually works 

(00:16:26) How AI turned around Palantir’s business

(00:20:59) Why Palantir has the best margins in the industry

(00:34:22) Why no one seems to be able to copy Palantir’s Ontology

(00:38:01) How Palantir grows its customer base

(01:07:36) Palantir's valuation discussion

(01:11:37) How much Palantir stock is actually worth

(01:12:52) Whether PLTR will be added to The Intrinsic Value Portfolio

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

BOOKS AND RESOURCES

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠⁠⁠.

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 Satish Terala’s ⁠AI Masterclass⁠.

 Future Investing’s ⁠Interview with a Palantir FDE.⁠

 Check out our previous Intrinsic Value breakdowns: ⁠Constellation Software⁠, ⁠Dell⁠, ⁠Alphabet⁠, ⁠Constellation Software Spinoffs⁠.

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

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Uber⁠, ⁠Grab⁠, ⁠Coupang⁠.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

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 Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠⁠⁠.

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 Pitch on ⁠⁠⁠Google.⁠⁠⁠

 Pitch on ⁠⁠⁠Reddit⁠.

 Pitch on ⁠⁠⁠Crocs⁠.

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 Pitch on ⁠⁠⁠Remitly⁠⁠⁠.

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 Pitch on ⁠Dell⁠.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

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 Pitch on Adobe.

 Pitch on Lululemon.

 Pitch on Paypal.

 Pitch on Trade Desk.

 Pitch on CoStar Group.

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

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

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

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

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

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

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

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

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

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

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

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

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

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

BOOKS AND RESOURCES

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 Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠Exor, Ferrari, Formula One Group.

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 Follow Shawn on X and LinkedIn.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

 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.

 Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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SPONSORS

Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:

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References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

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 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠.

 Portfolio Review ⁠⁠Submit Tool⁠⁠.

 Value Investors Club ⁠⁠Pitch on DLO⁠⁠.

 Interview with the CEO, Pedro Arnt.

 DLocal Investor Relations Podcast.

 Founder and CEO Interview by Stratechery.

 Check out our previous Intrinsic Value breakdowns ⁠⁠Uber⁠⁠, ⁠⁠Nike⁠⁠, ⁠⁠Reddit⁠⁠, ⁠⁠Nintendo⁠⁠, ⁠⁠Airbnb⁠⁠, ⁠⁠AutoZone⁠⁠, ⁠⁠Alphabet⁠⁠, ⁠⁠Ulta⁠⁠, ⁠⁠John Deere⁠⁠, ⁠⁠Madison Square Garden Sports⁠⁠.

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

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 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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

Millennial Investing by The Investor’s Podcast Network is hosted by Shawn O’Malley.
Millennial Investing by The Investor’s Podcast Network is hosted by Shawn O’Malley.This popular podcast has been downloaded over 10 million times and dives into a range of topics from a value investor’s perspective. From the lessons of history’s best investors to breaking down interesting companies, outlining different approaches to stock investing, recapping the most influential investing books ever written, and more — Millennial Investing has everything you need to help you on your investment journey.
Tune in each week and start growing your knowledge and wealth today!
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Millennial Investing Podcast Trailer

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