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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 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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 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.

 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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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

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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

 Portfolio Review ⁠⁠Submit Tool⁠⁠.

 Value Investors Club ⁠⁠Pitch on DLO⁠⁠.

 Interview with the CEO, Pedro Arnt.

 DLocal Investor Relations Podcast.

 Founder and CEO Interview by Stratechery.

 Check out our previous Intrinsic Value breakdowns ⁠⁠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.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

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 Read The Fairfax Way by David Thomas.

 Listen to my episode where I cover the history of Fairfax Financial.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

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

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

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

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

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

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

(01:15:22) Valuation discussion of PDD

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

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

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

BOOKS AND RESOURCES

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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 PDD⁠.

 Hayden Capital Investment ⁠Memo on PDD⁠.

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

 Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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

 Read Elon Musk by Walter Isaacson here.

 Read Elon Musk by Ashlee Vance here.

 Check out the SpaceX prospectus here.

 Follow Kyle on Twitter and LinkedIn.

 Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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

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

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

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

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

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

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

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

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

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

(01:18:26) Valuation discussion of Kaspi

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

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

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

BOOKS AND RESOURCES

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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 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.

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

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

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

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

IN THIS EPISODE YOU’LL LEARN:

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

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

BOOKS AND RESOURCES

 Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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 Check out our previous Intrinsic Value breakdowns: ⁠Transdigm⁠, ⁠Salesforce⁠, ⁠Berkshire Hathaway⁠, ⁠FICO⁠, ⁠PayPal⁠, ⁠Uber⁠, ⁠Nike⁠, ⁠Amazon⁠, ⁠Airbnb⁠, ⁠Alphabet⁠.

 Check out RH’s ⁠investor relations page.⁠

 Listen to Business Breakdowns’ ⁠podcast⁠ on RH.

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

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

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

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

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

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

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

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

(00:13:58) Who Auto1’s founders are

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

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

(00:54:25) Valuation discussion of AG1

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

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

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

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 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.

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

This week, Shawn and Daniel won't be releasing an episode as usual, but they will be back next Sunday with a new co-host joining them to help break down companies for The Intrinsic Value Portfolio. Plus, Shawn & Daniel are moving over to the main podcast feed for The Investor's Podcast. 

You can still find all of their weekly stock breakdowns here on Sundays, but if you head over to The Investor's Podcast, you'll be able to access their episodes four days sooner! 

The link to the new podcast feed, where you can access episodes from Shawn & Daniel earlier, is below.

https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e31f1a3933da46f4
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Special Announcement: The Intrinsic Value Podcast Update

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