The Dutch Investors
Welcome to The Dutch Investors podcast, where we make investing practical, fun and approachable. Our goal is simple: to educate and inform you about the fascinating world of investing. Each episode, we explore unique companies, industries, and concepts to give you a clear path in your investing journey.Join us for timeless insights, stories, and a dose of Dutch wisdom to become a more confident and educated investor.
#110 | AI Winners or Victims? The Case for Klaviyo, HubSpot, and Adyen
AI Victims or AI Winners?
Software stocks keep falling while revenue still grows. So is AI destroying these businesses, or making them stronger? In this episode, we look at three very different companies: Klaviyo, HubSpot, and Adyen. Which ones are actually exposed to AI, which ones could benefit from it, and where the market may be overreacting.
The core question is simple but important: if AI makes software easier to build, use, and replace, what happens to pricing power, retention, and valuation? We break down how each business makes money, why their pricing...
#109 | Is ASML too Complex to Own?
How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat.
We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charlie Munger’s circle of competence to real-world investing decisions, exploring why honest unc...
#108 | Grab: What Does Reliability Cost?
Why choose Grab when another ride-hailing app offers a cheaper fare?
From a rainy evening in Vietnam to the economics behind your next ride, we explore Grab’s business model, network effects, and competition in Southeast Asia and what they mean for investors in Grab stock (NASDAQ: GRAB).
A story about reliability, customer loyalty, and the questions worth asking before buying the shares.
Interested in Grab Holdings? See our Grab deep dive.
Main takeaway? A service can be valuable to customers without being an attractive in...
#107 | What Happened to Dino Polska?
Dino Polska (WSE: DNP) keeps opening supermarkets across Poland, but profit growth has slowed, and its shares have come under pressure. Has the investment thesis changed? Or has the market become too pessimistic?
In this episode we revisit our original Dino Polska deep dive and compare our expectations with what happened. We cover the retailer’s business model, competition with Biedronka and Lidl, pressure on margins, and its approach to reinvesting for growth. We also revisit the valuation.
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#106 | The Payments Industry | Industry Deep Dive
In this deep dive, we break down the global payments industry from the ground up, moving past the surface-level metrics to examine the hidden framework that powers every digital and physical transaction. We explore why payments are a battleground of intense competition, structural moats, and evolving technology, helping investors separate true compounding businesses from value traps.
Chapter 1: The Four Party Model Chapter 2: Point of Sale Chapter 3: Digital Wallets Chapter 4: Payment Service Providers Chapter 5: Issuing and Acquiring Banks Chapter 6: Card Networks Chapter 7: Crypto and Stable Coins <...#105 | The beauty of Fairfax: Q&A with Asheef Lalani (Brown)
In this episode we'll get answers to some in-depth questions on Fairfax, often named the 'Canadian Berkshire Hathaway' due to its similar business model.
Asheef Lalani, also known as BrownMarubozu, is a real Fairfax expert. He's been following the company closely for over six years and has been in close contact with some people working at the company. He'll help us uncover what makes Fairfax so special and why this might be an interesting investment.
Asheef is a true Fairfax expert, and we highly recommend following him if you're interested in Fairfax. You can do...
#104 | Why Most CEOs Are Bad Investors
What is the actual job of a CEO, and why do most leaders fail at the one thing that truly drives shareholder returns? In this episode, we break down the mechanics of capital allocation, look at the playbook used by history's greatest outsider CEOs, and examine why conventional business metrics often lead investors astray.
Credits to William Thorndike and his excellent book: The Outsiders - Eight Unconventional CEOs and Their Radically Rational Blueprint for Success.
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<...#103 | 10 Rules for Marriage That Also Apply to Investing
What do long-term public equity investing and a decades-long marriage actually have in common? More than you might think.
In this special episode of The Dutch Investors, Siem te Hennepe reflects on tying the knot with his wife, Ariane, after ten years together. To mark the occasion, co-founders Bouke, Luuk, and Mathjis handed over a unique wedding gift: ten fundamental rules bridging the worlds of market discipline and lifelong partnership.
Enjoy.
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#102 | Interview w/ Compound with René on Quality Investing, AI Workflows, and Market Psychology
We are joined by René, the creator behind Compound with René, live from Mallorca. Vacation or not, investing is his passion, and he thinks about it daily.
We discuss the principles of finding quality companies, how artificial intelligence changes research, and the reality of navigating modern stock markets.
You can find René's socials here:
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#101 | 7 Disney Quotes That Make You a Better Investor
While doing a deep dive into The Walt Disney Company, we stumbled upon something unexpected: Disney characters have been dispensing timeless financial wisdom for decades.
In this episode, we break down seven classic Disney lines and explore what they can teach us about market psychology, risk management, and the power of long-term compounding.
It'll be a magical, somewhat nostalgic episode. 🌟
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<...#100 | Perimeter Solutions Deep Dive | w/ Joep Dikken from Tresor Capital
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Every year, millions of acres of forest burn across North America, threatening thousands of homes and costing billions of dollars in damage. The biggest challenge in stopping a megafire isn't a lack of brave firefighters or aircraft but that water alone evaporates almost instantly in extreme heat.
Traditionally, when a wildfire breaks out, firefighting crews rely on dropping water or short-term suppressants directly on the flames. But in scorching temperatures and high winds, water dries up...
#99 | 4 Invisible Competitive Advantages | Part 2
Most investors chase after what’s visible—the numbers on the chart, the market share, the growth rate. But what if what truly matters is hidden? Secrets that even the wealthiest can’t buy, no matter how deep their pockets. Rare, uncopyable qualities that create impenetrable moats around the business castles of tomorrow.
In part two of our deep dive into competitive advantages, we leave the easily measurable financial metrics behind to explore the four most elusive, bulletproof structures in the business world. These are the invisible forces that deep pockets cannot replicate, concluding with the single most p...
#98 | How strong is Shift4's competitive advantage? w/ Niklas from Heavy Moat Investments
In this episode, Niklas and Bouke dive deep into Shift4's four segments. While the underlying business has performed remarkably well, Shift4's share price has declined by over 50%. What's going on here?
Shift4 is a fintech company operating in the payments space. It provides end-to-end payment processing solutions, combining software, hardware, and payment gateway services into one platform. The company serves merchants in industries such as restaurants, hospitality, retail, and entertainment, enabling them to accept transactions both in-store and online.
To read our 30-page analysis on Shift4, become a TDI Member.
To f...
#97 | 4 Visible Competitive Advantages | Part 1
🎁 Special Announcement: To celebrate Siem's upcoming wedding on July 1st, we are giving away 30 days of full, unrestricted access to the TDI Terminal completely free. No credit card required! Head over to thedutchinvestors.com to claim your access. If you want to drop us a wedding gift, please leave a 5-star review on your favorite podcast app!
Every investor has heard the word moat, but how do you separate a genuine corporate stronghold from a company that just had a few lucky quarters?
In part one of this special two-part series, we break dow...
#96 | TransMedics (Free) Premium Deep Dive | w/ Joep Dikken from Tresor Capital
There are roughly 100,000 people on organ transplant waiting lists in the United States right now. About 20 of them die every single day. Not because there aren't enough willing donors but because of how we transport and preserve organs.
Traditionally, when a donor organ becomes available, it gets put on ice in a cooler and rushed to the recipient hospital. Ice. Like your groceries. And the problem is that this method called static cold storage gives surgeons very little time. A donated heart, for example, starts deteriorating about 4 hours after retrieval. If you can't get it to the...
#95 | Interview w/ Teqnion CXO Daniel Zhang | Inside the Serial Acquirer Playbook
What does it actually look like to run a highly decentralized, fast-growing group of niche businesses?
In this episode, we sat down with Daniel Zhang, the CXO of Swedish serial acquirer Teqnion. Moving past the typical, surface-level investor questions, this conversation dives straight into the gritty realities of capital allocation, operational mistakes, and the heavy weight of managing public market expectations.
Daniel pulls back the curtain on how Teqnion thinks and operates.
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A new c...#94 | Tesla Deep Dive | Full Self-Driving, Half the Story
Tesla in 2026 is in the middle of an identity crisis. Margins are compressing, the car business is shrinking, and Elon Musk is pivoting the whole story toward AI, robots, and full self-driving. We trace TSLA from the Roadster gamble to today's $1.6 trillion bet on optionality and what has to go right from here.
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#93 | Texas Roadhouse Deep Dive | High Steaks and Sizzling Margins
In this episode of the TDI Podcast, we are doing a deep dive into a company that breaks almost every rule taught in business school: Texas Roadhouse. How does a restaurant become one of the greatest success stories in casual dining when it refuses to serve lunch during the week, does zero national TV advertising, and requires managers to put up $25,000 before they even start?
We explore the inspiring, unconventional journey of founder Kent Taylor, the unique culture that drives their customer loyalty, and the economics behind their free peanuts and fresh-baked bread. From tracking key metrics...
#92 | 3 Mental models for investors
Welcome back to The Dutch Investors Podcast.
If you enjoyed Part 1, you’re going to love this one. In Part 2, we’re diving deeper into the mental models that can reshape how you think. How you think matters more than you think.
These aren’t just “nice to know” concepts—they’re powerful tools. They’ll help you make smarter bets and avoid traps most investors fall into.
If you get value from this episode, please share it with a fellow investor and leave a 5-star review. It’s the best way to support what we’re...
#91 | Porsche AG Deep Dive | 911 Problems but the Story Ain't One
Porsche, once the undisputed profit engine of the automotive world, is facing its most serious challenge yet. Following a staggering 92.7% collapse in operating profit, the brand is navigating what analysts call its Nokia Moment, a struggle to reconcile mechanical excellence with a rapidly evolving EV market.
In this deep dive, we explore the turbulent history of the silver crest, from its controversial origins and the revolution of the 1990s to the financial derivatives of 2008. We analyze the leadership shift under new CEO Michael Leiters and the bold Strategy 2035 pivot, which sees the brand leaning back into combustion...
#90 | Serial Acquirers, The Long View & Nordic Compounders | Interview w/ Joel Sherwood
Welcome back to The Dutch Investors podcast. In this episode, we sit down with Joel Sherwood, an American investor who has lived in Sweden for over 20 years. Joel documents his journey on Substack through the Sherwood Investment Letter, focusing heavily on the Nordic markets.
We dive deep into the playbook of serial acquirers; businesses whose entire model is based on buying other niche companies and letting the capital compound. Joel unpacks why the Nordic region has become such a hotbed for these long-term, family-owned compounding machines.
We also get into the psychology of staying objective...
#89 | Chipotle Mexican Grill Deep Dive | A Recipe for Success or Disaster?
In episode #91, we dive into the business behind the burrito: Chipotle Mexican Grill (NYSE: CMG).
We explore how a fine-dining chef accidentally created the fast-casual restaurant category and built a global empire. This deep dive breaks down Chipotle's "Food With Integrity" model, its store-level economics, and the mechanics of the famous burrito flywheel.
We also examine the risks of the food industry, looking at the low barriers to entry, limits on pricing power, and what the current stock valuation actually means for potential investors. Is this a durable, protected business model or a fragile chain...
#88 | Amazon Deep Dive | Inside The Everything Store Flywheel
If you think Amazon is just an online retailer, think again. From dismantling physical friction with the internet to building an infrastructure that makes everything from cloud computing to logistics look effortless, Amazon’s true power lies in its hidden, interconnected engine. Jeff Bezos’s long-term vision transformed the world’s shopping habits, but what’s next? How does Amazon defend its dominance, and what vulnerabilities could threaten its empire?
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#87 | Misunderstood Quality & First Principles | Interview w/ Aria Radnia
Join us for an insightful conversation with Aria Radnia as he shares his journey into investing, his approach to analyzing high-quality misunderstood companies, and the psychological challenges of investing. Discover practical tips, mental models, and lessons learned from years of research and experience.
You can find Aria Radnia's socials here:
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#86 | Booking Holdings Deep Dive | The World's Best Online Travel Agency?
Most companies struggle to stay afloat in the hyper-competitive and efficient world of online travel, but Booking Holdings ain't one of them.
From a small Dutch startup to a $135+ billion market cap giant. In this episode we uncover the secret sauce behind their unrivaled success and how they’re redefining the future of travel booking.
Perfect for investors, industry insiders, and travel enthusiasts, this episode offers an inside look at the machine behind your next trip.
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#85 | Amazon's 3 Pillars of Success
In 1994, Jeff Bezos saw a number that changed everything: the web was growing at 2,300% per year. He walked away from a high-paying Wall Street career to start an online bookstore.
In this episode of the Dutch Investors Podcast, we explore the psychology behind Amazon’s ascent from a garage to a global powerhouse. We break down the three permanent pillars that make the company an unassailable moat.
Learn why Amazon bets on the things that never change, and how you can apply these timeless lessons to your own portfolio.
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...#84 | What Darwin taught us about Investing
In this episode of The Dutch Investors, we challenge the traditional obsession with beating the market and finding the next hottest stock. Instead of looking at flashy investment manuals, we dive into the world of evolutionary biology to discover a different path to wealth.
Why did the dodo bird really become extinct, and what can a 450-million-year-old sea urchin teach you about investing? We explore the fascinating Nalanda Way, a philosophy inspired by Charles Darwin that prioritizes the art of rejection over the thrill of the hunt.
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#83 | Discover 4 Quality Stocks w/ Joep Dikken from Tresor Capital
In this episode of The Dutch Investors, we sit down with Joep Dikken from Tresor Capital to pitch and break down 4 high-quality stocks we both like.
We dive deep into the world of high-stakes logistics and specialized service models (Transplant As A Service), examining how one company has successfully vertically integrated an entire industry’s supply chain. We discuss a Dutch holding company, a market leader in educational software, and a trillion-dollar asset manager.
We think you'll enjoy this one.
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#82 | Will Duolingo get disrupted? The rise and fall of the green owl w/ Secret Sauce Investing
In this conversation, The Dutch Investors and Sonny from Secret Sauce Investing delve into the rise and current state of Duolingo, exploring its business model, financial metrics, and the impact of AI on its future.
We discuss the challenges of user engagement, the risks of disruption from AI technologies, and the competitive landscape in the education technology sector. The conversation culminates in a debate about the long-term viability of Duolingo as a leading language learning platform.
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#81 | Lessons on what never changes | Same as Ever - Ep. 5
Ever feel like the world is changing so fast it’s impossible to keep up? In this final episode of our series on Morgan Housel’s Same As Ever, we shift our focus away from the new and look at the timeless forces that drive our behavior. We explore incentives, why we have a weird tendency to choose complex solutions, and the long run vs. the short run.
By looking at historical examples ranging from British convict ships to the math behind a Nobel Prize-winning portfolio, we review the permanent traits of human nature that impact your mone...
#80 | Lessons from history on things that never change | Same as Ever - Ep. 4
In this episode, we continue our deep dive into Morgan Housel’s Same As Ever. Instead of trying to guess what the stock market will do next week, we focus on the human behaviors that have remained unchanged for the last 500 years. We explore five timeless themes that explain why staying on top is often much harder than getting there.
We also cover themes like:
The Fragility of PerfectionThe Price of AdmissionThe Red Queen HypothesisThe Toy TrapThe Grass is Greener (on Bullshit)We are looking for the behaviors that never change. Because those are the on...
#79 | How to Use AI as a Long-Term Investing Tool w/ Compound with AI
In this episode, Mostapha from Compound With AI shares his insights on leveraging artificial intelligence for investing. We discuss his journey from being a value investor to incorporating AI tools into his research process.
Mostapha explains how AI can enhance the speed and depth of your investment research, allowing investors to analyze more stocks in less time. He also answers common misconceptions about AI.
This is the episode for anyone who wants to improve as a long-term investor, save time, and delve deeper than they have in the past.
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#78 | Is PayPal the Ultimate Value Play or Value Trap? w/ Type-F Capital
PayPal has fallen over 80% from its all-time highs, and the market is pricing it like a business in a permanent state of decline. We wanted to find out if the market has it right or if this is one of the most misunderstood opportunities in finance today. So we sat down with Emir from Type-F Capital, a data-driven equity research analyst who has been following the company's transformation from the inside out.
Emir brings a unique, independent perspective on why the death of PayPal has been greatly exaggerated. Emir covers topics like:
#77 | Lessons from history on things that never change | Same as Ever - Ep. 3
In this episode, we’re looking at why more isn't always better and why the most important changes usually happen when things are falling apart. We start with a brutal truth: a good idea on steroids quickly becomes a terrible one. Whether it’s the tragic story of the tallest man in history or the 73% stock drop Starbucks faced, we see what happens when something grows beyond its convenient size.
We also cover:
The Creative Power of Panic: Why the biggest innovations—from labor laws to the Renaissance—didn't come from happy scientists in labs, bu...#76 | Lessons from history on things that never change | Same as Ever - Ep. 2
What still holds true, no matter how much the world changes? That is the question we are all left with.
Instead of guessing what comes next, this episode looks at human behavior, risk, and decision-making through a longer lens. It’s about the patterns that stay the same across generations, and what they mean for how you think about money, fear, and uncertainty.
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#75 | 4 Quality Stocks to Start 2026 w/ Margin of Sanity
In today’s episode, I’m joined by Peter from the Margin of Sanity podcast and Substack. We kick off 2026 by pitching two of our favorite high-conviction companies each. We focused on businesses with durable competitive advantages and valuations that allow us to sleep at night.
Our picks span the globe, featuring a monopoly-like business hiding in plain sight, a Polish compounder, and a Chinese master brand that dominates its category. We also analyze an American powerhouse that has cornered the market on pools, a company that thrives on recurring maintenance.
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#74 | Investing Lessons from Analyzing 34 Companies | Deep Dives 2025 Recap | Part 3
One year. 34 companies. A handful of lessons every investor should internalize. This episode extracts the recurring themes and investing lessons that surfaced across 2025.
Wishing you a healthy and successful 2026.
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#73 | What 1600 hours of Deep Dives in 2025 taught us | Investing Lessons | Part 2
In Part 2 of our 2025 recap, we dig deeper into the invisible mechanics that separate good businesses from great investments. We explore why so-called 'safe' strategies can sometimes be the riskiest moves of all, how the psychology of the ultra-wealthy defies economic rules, and why the most powerful moats are often found in the unsexiest industries.
We uncover the truths learned from over 1,600 hours of research.
Enjoy.
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#72 | Cellebrite Deep Dive | Unlocking the truth in digital investigations w/ Heavy Moat Investments
Is your phone ever truly locked? Today, we step into the secretive world of digital forensics to analyze Cellebrite ($CLBT), the Israeli company that helps law enforcement agencies worldwide access data from locked mobile devices.
I’m joined by Niklas from Heavy Moat Investments for a thorough deep dive into this unique SaaS company. We trace Cellebrite's history from the infamous San Bernardino Apple vs. FBI case to its current status as a market leader in a global duopoly.
We discuss how their technology actually works, the backlog of digital evidence facing police de...
