The Intrinsic Value Podcast - The Investor’s Podcast Network

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...

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...

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 royalt...

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...

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 t...

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 Ferr...

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 perfor...

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...

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 LEA...

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 back...

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 Ch...

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 i...

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...

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!

...

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 retu...

Kyle Grieve and Shawn O’Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:44) How American Tower powers the wireless networks we use (00:05:52) How AMT creates recurring revenue (00:07:04) Why adding additional tenants dramatically boosts profits per tower (00:12:56) The three moats protecting American Tower from competitors (00:30:22) Why the...

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.

Some investors believe Copa is a structural exception the ma...

Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:19) How Brad Jacobs built multiple billion-dollar companies from scratch (00:05:05) The structure QXO used to go public fast (00:06:21) How Beacon Roofing was acquired despite a po...

Shawn O'Malley and Daniel Mahncke explore Grab Holdings (ticker: GRAB).

In this episode, you'll learn how Grab was able to quickly grow across eight countries in Southeast Asia, and what local adaptations they made to outmaneuver Uber, which eventually ceded its entire market share to Grab.  

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:34) How Grab was able to outcompete Uber (00:11:18) What unique advantages Grab has been able to take advantage of in Southeast Asia (00:13:36) Why Grab’s lending business fits so naturally into its flywheel (00:59:13) What are the biggest risks facing the company (00:43:03) Why Grab’s profit...

Daniel Mahncke and Shawn O'Malley take a deep dive into Wix.com — the Israeli website-building platform whose investment case now turns on two of the most debated questions in the stock today: whether the generative-AI wave that lets anyone spin up a site from a text prompt is the end of Wix or whether Wix is too sticky, and whether the Base 44 acquisition — Wix's bet on AI-powered app generation — is the next leg of the story or a distraction from the SMB infrastructure business the company already dominates.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro

Kyle Grieve and Shawn O’Malley analyze LIFCO, one of the world's leading industrial serial acquirers operating through three distinct divisions spanning dental supplies, demolition equipment, and niche systems solutions across Europe.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:57) The fascinating history of LIFCO (00:07:13) How Carl Bennett built the DNA that still guides LIFCO's acquisition strategy today (00:08:54) Fredrik Karlsson's legendary track record and why he bought more stock after being removed (00:10:49) The three distinct business segments and how they drive growth independently (00:16:48) LIFCO's rigorous eight-step acquisition process (00:30:12) How LIFCO uses put/call options to align management incentives (00:39:07) Why...

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.

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-ris...

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.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro (00:02:29) How Sea Limited was...

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. They’ll trace the company’s growth history, untangle its complex capital structure, and assess its current debt situation.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro (00:01:13) How F1 generates billions of dollars from 24 live events (00:02:39) Why most sports franchises fail to produce cash flow (00:04:31) How Liberty got away from the tracking stock structure to simplify things (00:15:33) How the Conc...

Daniel Mahncke and Shawn O'Malley take a deep dive into Microsoft — the $3 trillion incumbent whose entire investment thesis now hinges on two of the most contested questions in technology: whether AI will reinforce or quietly dismantle the software franchises that built the company, and whether the OpenAI partnership is the strategic masterstroke it appeared to be in 2023, or a relationship that is slowly turning from asset into liability.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:40) About all major business units (00:11:19) How LinkedIn’s business works (00:17:40) How the cloud business keeps growing (00:20:32) What the future plans...

Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you'll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:42) Why OTC Markets operates as a...

Shawn O'Malley and Daniel Mahncke explore CoStar Group (ticker: CSGP), the dominant provider of commercial real estate data and analytics, and assess whether the company's massive $5 billion bet on Homes.com can successfully crack the residential real estate market dominated by Zillow, or whether this ambitious expansion will destroy shareholder value.

IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:42) Why the company has delivered nearly 60 consecutive quarters of double-digit revenue growth (00:09:17) How CoStar built a dominant, near-monopoly position in commercial real estate data and analytics (00:18:30) How CoStar generates roughly 50% profit margins on its core B2B business (00:44:12) What ma...

Daniel Mahncke, Shawn O'Malley, and Kyle Grieve take a closer look at the Intrinsic Value Portfolio and some of the high-priority watchlist companies.

The episode covers high-conviction portfolio holdings such as Airbnb, Universal Music Group, Reddit, and Exor, as well as watchlist companies like FICO, Trade Desk, and Nintendo. They also cover companies that might need to leave the portfolio today. Candidates are TransDigm and Copart.

For each, the question is the same: What are the key points of the investment thesis, has the thesis held up, and does the current valuation still make sense?<...

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...

Daniel Mahncke and Shawn O'Malley take a deep dive into four companies operating in the shadow of one of the greatest compounders of the last two decades — Constellation Software. Some investors believe that Topicus, Lumine, Sygnity, and Asseco Poland represent the best way to own the CSI model today, while others argue that the spinoffs lack the institutional depth and deal flow of the mother ship. Join Daniel and Shawn as they assess which of these mini-Constellations has the most compelling setup, and whether any of them deserve a spot in the portfolio.

IN TH...

Shawn O'Malley and Daniel Mahncke explore Spotify Inc. (ticker: SPOT), the world's largest audio streaming platform, and assess whether the company can sustain its growth and improve margins against fierce competition from YouTube, Apple, and Amazon, or whether it will remain trapped as a low-margin intermediary in the music industry. Spotify saved the recorded music industry from piracy and built a platform that over 750 million people use monthly.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro
00:13:25 - How Spotify saved the recorded music industry from piracy
00:24:40 - Why the freemium business model was ke...

Daniel Mahncke and Shawn O'Malley take a deep dive into Kelly Partners — a fast-growing Australian chartered accounting network with over 25,000 SME clients and founder Brett Kelly's relentless ambition to build Australia's first global accounting firm. Join Daniel and Shawn as they assess whether Kelly Partners has a sustainable moat, an attractive valuation, and whether it deserves a spot in portfolio.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro 00:02:56 - Who the CEO and founder, Brett Kelly, is 00:04:27 - About the mission of Kelly Partners 00:06:53 - How the business model works 00:10:15 - How big the TAM is 0...

Shawn O’Malley and Daniel Mahncke break down the emerging design giant Figma Inc. (ticker: FIG) and discuss whether the company can expand further into other enterprise design software verticals against Adobe. In this episode, you’ll learn how Figma burst onto the scene after three long years of toiling in the background, why Figma’s stock has crash 80% since IPO, and whether Figma’s stock is attractively priced at current levels.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro 00:09:01 - Why the design process used to be so messy and disjointed before Fig...

Daniel Mahncke and Shawn O’Malley take a deep dive into Duolingo — the leading language learning app with over 50 million daily active users and the chaotic green owl as a mascot. Since its IPO in 2021, Duolingo has expanded beyond language instruction to include math, music, and chess. The vision is to create the world's largest learning platform. 

Some people believe Duolingo will succeed and become a company worth hundreds of billions of dollars, dominating one of the largest and most profitable markets – education. However, the stock has fallen 80% from its highs, as the market views Duolingo as a potent...

Shawn O’Malley and Daniel Mahncke break down the ride-sharing giant Lyft Inc. (ticker: LYFT) and discuss whether the company can regain ground against Uber, or whether it’s always destined to be #2. While Lyft has clawed back some market share, finally attained profitability, and is now growing internationally, Shawn finds Lyft most interesting as a potential acquisition target for a company like DoorDash, Amazon, or Alphabet.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro

00:02:18 - Why Lyft could be such an interesting acquisition target

00:11:58 - How the compan...

Daniel Mahncke and Shawn O’Malley take a deep dive into Constellation Software — the popular Canadian compounder that has turned buying “boring” vertical market software into one of the most effective capital-allocation machines in public markets.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro 00:03:33 - How Mark Leonard founded Constellation 00:08:43 - What principles drive Mark Leonard 00:15:23 - What Constellation looks for in acquisition targets 00:19:20 - About the metrics that matter to Constellation 00:21:15 - How Constellation is structured and incentivized 00:46:26 - Whether AI is a threat or chance 01:04:50 - Why Constellation considers investing outside of VMS 01:08:50 - Whether...

Shawn O’Malley and Daniel Mahncke break down Netflix (ticker: NFLX) and discuss whether the company has finally won the streaming wars. While growth looked challenged back in 2022, Netflix has proven resilient in the face of competition and economic slowdowns by leaning into advertising and password crackdowns, with much room left to run internationally.

IN THIS EPISODE, YOU’LL LEARN:

00:00:00 - Intro

00:13:36 - How Netflix pivoted from mailing DVDs to streaming

00:14:48 - How Netflix killed Blockbuster

00:24:20 - Why the business works so well with two co-CEOs

Daniel Mahncke and Shawn O’Malley answer some of the most common questions about The Intrinsic Value Community. What exactly is it, who is it for, and how does it differ from simply listening to the podcast or reading the free newsletter? In this short episode, they explain why the Community was built, who the members are, and how it helps investors improve idea generation, decision-making, and long-term learning through thoughtful discussion and collaboration.

IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:01:04 - Why Shawn and Daniel built The Intrinsic Value Community 00:01:58 - How members generate, discuss, and...

Daniel Mahncke and Shawn O’Malley take a deep dive into Hermès — the family-controlled luxury house that has turned craftsmanship and scarcity into a compounding machine.

Join Daniel Mahncke and Shawn O’Malley as they assess whether Hermès can remain the pinnacle of luxury and whether it deserves a spot in The Intrinsic Value Portfolio.

IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro 00:01:10 - What makes a brand true luxury 00:10:35 - Why no one can copy Hermès 00:18:57 - How important local production and family ties are 00:20:26 - Why Hermès started producing bags 00:23:5...

Shawn O’Malley and Daniel Mahncke break down Doximity (ticker: DOCS), known as “the LinkedIn for doctors,” with a suite of productivity apps supporting physicians’ workflows, too. Incredibly, 80% of physicians in the U.S. are on Doximity, giving them fertile real estate to monetize those eyeballs with high-margin advertising opportunities for pharma companies.

IN THIS EPISODE, YOU’LL LEARN: 00:00:00 - Intro

00:00:22 - Why Doximity is so uniquely positioned to capitalize on pharmaceutical marketing

00:01:42 - How much of the U.S. health care system is still plagued by bureaucratic admin work, and the opportunity that creat...