RECENT EPISODES
Sun 20 SeptRWH072: The Making of A Money Master w/ Rob VinallIn this episode, Rob Vinall shares his journey as the manager of the Business Owner Fund, highlighting his impressive annualized return of 15.5% since 2008. He discusses the pivotal shift to value investing following the dot com crash and his focus on emotionally detached investment management. Vinall also emphasizes the potential of the undervalued Chinese market and the importance of building strong relationships in investment, while reflecting on the lessons learned from his experiences, including the challenges faced in 2022.Thu 17 SeptTIP847: Alphabet (GOOGL): The Megacap That Still Might Be Underrated w/ Kyle Grieve & Shawn O’MalleyIn this episode, Kyle Grieve and Shawn O'Malley delve into Alphabet's current market position, highlighting its significant investments in AI and data centers, which could reshape its profitability. They discuss the company's impressive growth in Google Cloud, with revenue compounding at 40% annually, and the challenges posed by regulatory scrutiny and competition from AI-driven search engines.Sun 13 SeptTIP846: Stock Picker: How to Live Off Your Portfolio w/ Ian CasselIn this episode, Ian Cassel shares his journey as a full-time micro-cap investor, detailing how he lives off a portfolio with a monthly budget of $2,000. He discusses the necessity of selling micro-cap investments within 36 months due to their unique risks and emphasizes the importance of mentorship and downside protection. Cassel also critiques conventional fund management practices, advocating for a diversified approach and a focus on outperforming the S&P 500 while managing emotional challenges in investing.Thu 10 SeptTIP845: Copart Stock (CPRT): Is Copart Now a Buy? w/ Daniel Mahncke & Shawn O'MalleyIn this episode, Daniel Mahncke and Shawn O'Malley analyze Copart's (CPRT) current valuation and growth challenges, highlighting a significant slowdown in revenue and increased competition from IAA. They discuss Copart's unique advantages, such as owning its land and a strong digital presence, while also addressing concerns about management changes and market dynamics.Sun 6 SeptTIP844: Uber (UBER): The Autonomy Referendum — Is Mr. Market Completely Wrong? w/ Daniel Mahncke & Shawn O’MalleyIn this episode, Daniel Mahncke and Shawn O'Malley delve into Uber's evolving business landscape, highlighting its impressive 20% annual bookings growth and $10 billion in free cash flow. They discuss the implications of automation on Uber's model, the competitive pressures from Waymo, and the potential of Uber's advertising business, which is expanding rapidly. The conversation also touches on Uber's strategic partnerships for autonomous vehicles and the recent acquisition attempt of Delivery Hero, suggesting a promising future despite current market skepticism.Thu 3 SeptTIP843: AppLovin (APP): The 30-Bagger Down More Than Half w/ Kyle Grieve & Shawn O'MalleyIn this episode, Kyle Grieve and Shawn O'Malley delve into the dramatic decline of AppLovin's stock, which has fallen over 50% in 2026 despite the company achieving impressive revenue growth of 53% year-over-year. They discuss the implications of AppLovin's advertising strategy, its competitive position against firms like the Trade Desk, and the potential impact of AI on its business model.Sun 30 AugTIP842: Comfort Systems USA (FIX): The Five-Bagger We Passed On w/ Kyle Grieve & Shawn O'MalleyIn this episode, Kyle Grieve and Shawn O'Malley discuss their missed investment opportunity in Comfort Systems USA, which has seen its stock price soar from an estimated fair value of $320 to nearly $1,800. They analyze the company's impressive growth metrics, including a 13% annual revenue growth rate and a significant increase in its backlog due to AI-driven investments. The conversation also touches on the challenges of sustaining growth and the implications of the AI spending cycle on future performance.Thu 27 AugTIP841: Palantir – Palantir is Cheaper than I Thought! w/ Daniel Mahncke & Shawn O’MalleyIn this episode, Shawn O'Malley and Daniel Mahncke delve into Palantir's surprising valuation and growth potential, noting its recent revenue surge to 100% year-over-year following the launch of AIP. They discuss the company's unique model of deploying engineers to enhance enterprise software efficiency and the implications of its high net profit margins. Despite these positive indicators, the hosts express caution regarding market perceptions and future growth, emphasizing the need for strategic investments to sustain momentum.Sun 23 AugTIP840: CATL: Powering EVs, Power Grids, and AI w/ Stig Brodersen, Manish Karira & Ralph SummerfordStig Brodersen, Manish Karira, and Ralph Summerford examine CATL, which controls roughly 40 percent of the global EV battery market and has held the top position for nine consecutive years, generating close to 20 billion dollars in operating cash flows last year through a negative working capital model that resembles Amazon's.Thu 20 AugTIP839: Domino's Pizza (DPZ): Is the Royalty Engine Still Running? w/ Kyle Grieve & Shawn O’MalleyKyle Grieve and Shawn O'Malley examine whether Domino's Pizza, which collects royalties from more than 22,000 franchisee-owned stores across 90 markets, still deserves its reputation as a royalty engine. They find that earnings per share grew at roughly 15 percent annually over two decades largely through $1.32 billion in buybacks in 2022 alone rather than genuine top-line expansion, with NOPAT compounding at only 4.2 percent between 2021 and 2025.Sun 16 AugTIP838: Google, Reddit, Amazon – Are Our Biggest Winners Still a Buy? w/ Daniel Mahncke & Shawn O’MalleyShawn O'Malley and Daniel Mahncke revisit three of their largest portfolio positions, asking whether Google, Amazon, and Reddit still justify buying at current prices. On Alphabet, Mahncke flags a structural shift from asset-light software company to capital-intensive infrastructure business, with CapEx potentially hitting 300 billion dollars and operating margins possibly falling from 35 percent to 20 percent by 2030.Thu 13 AugTIP837: Adobe, Lululemon, PayPal – Are our Biggest Losers a Buy Now? w/ Daniel Mahncke & Shawn O’MalleyIn this episode, Shawn O'Malley and Daniel Mahncke revisit three positions that fell sharply after being covered, asking whether Adobe, Lululemon, or PayPal deserve a second look. Lululemon, entered near 200 dollars and exited near 116, saw its thesis collapse as North American growth stalled, competition from Alo and Viori intensified, and a shift to heavy discounting signaled brand erosion before headline numbers reflected the damage.Sun 9 AugRWH071: Risk, Ruin, Reinvention & Resilience w/ Victor HaghaniVictor Haghani, co-founder of Long-Term Capital Management, joins the show to discuss the arc from LTCM's extraordinary early returns of roughly 31.2 percent annually through 1997 to its near-collapse after Russia's 1998 default triggered a broad risk-off move across crowded industry-wide positions. Haghani reflects on the personal lesson he considers most underexamined: having roughly 80 percent of his family's liquid net worth in the fund while his human capital was fully correlated to its survival.Thu 6 AugTIP836: Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O’MalleyKyle Grieve and Shawn O'Malley examine Exor NV, an Italian holding company trading at roughly a 60 percent discount to its net asset value of approximately $193 per share, nearly double its historical average discount of 30 percent. The most striking valuation anomaly is that the market value of Exor's Ferrari stake alone exceeds Exor's entire market capitalization, implying all other holdings carry zero or negative value.Sun 2 AugTIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle GrieveIntuit has fallen roughly 60% from its peak above $800 per share to below $300, making it the S&P 500's worst performer in 2026, yet the underlying business grew revenue 15% and operating profits nearly 30% year over year during the same period.Thu 30 JulTIP834: DLocal (DLO): Multibagger Potential with Decade-Long Runway w/ Daniel Mahncke & Shawn O’MalleyIn this episode, Daniel Mahncke and Shawn O'Malley examine DLocal, a B2B payments company that built a single API connecting global merchants to over 600 local payment methods across 60-plus markets, solving the structural problem that domestic rails like Brazil's PIX and India's UPI cannot move money across borders.Sun 26 JulRWH070: Hunting For Hidden Treasures w/ Christopher BeggChristopher Begg of East Coast Asset Management joins the show to discuss his concentrated nine-stock portfolio targeting 15 percent or better IRRs over a 10-year horizon and the hiding-in-plain-sight philosophy behind his 2025 year-end letter.Thu 23 JulTIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’MalleyKyle Grieve and Shawn O'Malley examine Perimeter Solutions, a serial acquirer built by Nicholas Halley and William Thorndike that has compounded its share price at nearly 25% annually since its IPO. The discussion centers on the fire safety segment, where Perimeter has held market leadership for roughly 70 years, maintains equipment at over 150 air tanker bases, and recently signed five-year contracts with Cal Fire and the Defense Logistics Agency.Sun 19 JulTIP832: Fairfax Financial (FFO.TO): The Berkshire Of The North w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O'Malley examine Fairfax Financial, the Canadian insurer whose founder Prem Watsa has compounded book value at over 18% annually since 1985 by earning roughly 7.7% on float versus an industry average of 4%.Thu 16 JulTIP831: Pinduoduo (PDD): Is PDD the Best Buy in China? w/ Daniel Mahncke and Shawn O'MalleyIn this episode, Daniel Mahncke and Shawn O'Malley examine whether Pinduoduo represents a compelling value opportunity in Chinese e-commerce. They trace PDD's rise from a 2015 late entrant targeting the roughly 70 percent of China's population in lower-tier cities that Alibaba and JD ignored for 15 years, explaining how team buying, WeChat distribution, and a factory-direct model with no inventory produced 15 billion dollars in free cash flow against an enterprise value of roughly 45 billion dollars.Sun 12 JulTIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O'Malley examine whether SpaceX deserves its roughly 2 trillion dollar valuation after its IPO raised approximately 85.7 billion dollars. They focus on Starlink as the crown jewel, carrying 40% operating margins across 10.3 million subscribers, while questioning whether the AI segment, which lost 6.3 billion dollars in 2025, adds any real value.Thu 9 JulTIP829: Kaspi Stock ($KSPI): The Cheapest E-Commerce Monopoly in the World w/ Daniel Mahncke and Shawn O'MalleyKaspi.kz began as a second-tier Kazakhstani bank before CEO Mikhail Lomtadze transformed it into a super app spanning payments, e-commerce, and fintech that now reaches more than 70 percent of Kazakhstan's 20 million people, with active users opening the app over 77 times per month.Thu 9 JulTIP829: Kaspi Stock ($KSPI): The Cheapest E-Commerce Monopoly in the World w/ Daniel Mahncke and Shawn O'MalleyHosts Daniel Mahncke and Shawn O'Malley examine Kaspi, a Kazakhstani super app covering payments, e-commerce, and fintech that serves over 70 percent of Kazakhstan's 20 million people at a frequency of 77 app interactions per month. Each of its three business segments would qualify as a monopoly independently, yet the stock trades at roughly seven to eight times earnings, a discount Mahncke attributes to geopolitical risk rather than business deterioration.Sun 5 JulTIP828: Restoration Hardware (RH): Building a Luxury Empire From Scratch w/ Shawn O'Malley and Daniel MahnckeShawn O'Malley and Daniel Mahncke examine RH, the luxury furniture and home goods company led by Gary Friedman, who rebranded it from Restoration Hardware and repositioned it toward ultra high net worth households worth more than 20 million dollars.Sun 5 JulTIP828: Restoration Hardware (RH): Building a Luxury Empire From Scratch w/ Shawn O'Malley and Daniel MahnckeShawn O'Malley and Daniel Mahncke trace RH from its literal origins as a hardware store founded in 1979 by Stephen Gordon to Gary Friedman's transformation of a near-bankrupt retailer into a luxury lifestyle brand built around rooftop restaurants, private jets, and European galleries. The 2016 membership program, now priced at 200 dollars annually with 25 percent off merchandise, is identified as the single inflection point that drove gross profits up more than 900 basis points.Thu 2 JulTIP827: Auto1 Stock (AG1): Is This the Amazon for Cars? w/ Daniel Mahncke & Shawn O’MalleyDaniel Mahncke and Shawn O'Malley examine Auto1 Group, the Berlin-based online used car marketplace that survived the 2022 to 2023 industry collapse that wiped out Cazoo and nearly destroyed Carvana, and is now growing at roughly 22 percent year-over-year with approximately 840,000 cars sold.Thu 2 JulTIP827: Auto1 Stock (AG1): Is This the Amazon for Cars? w/ Daniel Mahncke & Shawn O’MalleyIn this episode, Daniel Mahncke and Shawn O'Malley examine Auto1 Group, a Berlin-founded used car marketplace that moves roughly 840,000 vehicles per year and holds about 3 percent of a 700-billion-euro European market. They explore how Auto1's AI-driven pricing models, cross-border arbitrage across dozens of regulatory environments, and vertical integration into auto lending through asset-backed securities could support management's historically unprecedented target of 10 percent market share.Sun 28 JunRWH069: The Psychology of Investing w/ Emily HaisleyEmily Haisley, who leads the behavioral finance team at BlackRock where she works across more than 14 trillion dollars in assets under management, joins the show to discuss how systematic biases like disposition bias, loss aversion, and sunk-cost thinking silently drag on investment returns.Sun 28 JunRWH069: The Psychology of Investing w/ Emily HaisleyIn this episode, Emily Haisley, who leads the behavioral finance team at BlackRock, explains how her group identifies and corrects systematic biases across portfolios covering more than 14 trillion dollars in assets. She walks through how loss aversion, disposition bias, and sunk-cost thinking create measurable, costly mistakes, and why teaching investors about biases is rarely enough without embedding corrections into process structure.Thu 25 JunTIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O'Malley examine American Tower, a REIT now trading nearly 40% below its 2021 peak despite owning roughly 150,000 towers globally whose specific land parcels cannot be replicated due to zoning restrictions and surrounding development.Thu 25 JunTIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O'Malley examine American Tower, a REIT controlling nearly 150,000 tower assets globally whose core economic logic rests on extreme multi-tenant operating leverage, where adding a second tenant to a single tower raises revenue roughly 400 percent while lifting operating costs only 16 percent.Sun 21 JunTIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari RamachandraStig Brodersen, Tobias Carlisle, and Hari Ramachandra discuss three equity pitches across technology and travel. Hari makes the case for Meta after a roughly 20% pullback, projecting ad revenue of $243 billion in 2026 and 46% upside from his pitch price, while the group debates whether Meta's projected $135 billion in AI and data center capex will generate returns above its existing advertising business or simply compress multiples over several years.Sun 21 JunTIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari RamachandraIn this episode, Hari Ramachandra makes the case for Meta at roughly 20 percent off its peak, pointing to $46 billion in free cash flow, a 41 percent operating margin, and a base case of 46 percent upside, while arguing that AI commoditization makes Meta's proprietary walled garden data more valuable as compute costs fall.Sun 21 JunTIP825: Meta, Adobe, Booking Holding w/ Stig Brodersen, Tobias Carlisle & Hari RamachandraStig Brodersen, Tobias Carlisle, and Hari Ramachandra debate three technology and platform businesses facing AI-driven uncertainty. Hari presents Meta as undervalued at roughly $600 against a $775 intrinsic value estimate, arguing that AI commoditizes model quality and shifts advantage toward distribution and data scale, though Tobias questions whether $135 billion in capex on fast-depreciating AI chips will generate returns above the existing business.Sun 21 JunTIP825: Meta, Adobe, Booking Holding w/ Stig Brodersen, Tobias Carlisle & Hari RamachandraIn this episode, Hari Ramachandra pitches Meta at roughly $600 per share against an internal valuation of $775, highlighting an 18.5% five-year revenue CAGR, a 41% operating margin, and $46 billion in 2025 free cash flow, while the central debate centers on whether $135 billion in planned AI and data center capex will generate adequate returns.Thu 18 JunTIP824: Copa Holdings (CPA): Is Buffett Right About Airline Stocks? w/ Daniel Mahncke & Shawn O’MalleyCopa Holdings, the most profitable airline of any real scale in the Americas, trades at roughly eight times earnings compared to twelve to fourteen times for US carriers like Delta and United, a discount Daniel Mahncke attributes to the airline industry's toxic reputation rather than Copa's specific fundamentals.Thu 18 JunTIP824: Copa Holdings (CPA): Is Buffett Right About Airline Stocks? w/ Daniel Mahncke & Shawn O’MalleyCopa Holdings, the Panama-based airline trading at roughly eight times earnings versus twelve to fourteen times for US peers like Delta and United, is the focus of this episode as Daniel Mahncke makes the case that Copa's structural advantages in cost, network, and geography justify owning it despite Warren Buffett's long-standing warning that airlines destroy investor capital.Sun 14 JunTIP823: From Railroads to AI: The Timeless Patterns Behind Market Bubbles w/ Kyle GrieveKyle Grieve examines how the same psychological forces driving the railroad manias of the 1800s and the dot-com bubble of the 1990s are visible in today's AI infrastructure buildout, arguing that bubbles are not anomalies but predictable expressions of greed, optimism, and social proof.Sun 14 JunTIP823: From Railroads to AI: The Timeless Patterns Behind Market Bubbles w/ Kyle GrieveKyle Grieve traces a single psychological pattern across every major market bubble from the plank road boom of the 1840s through RCA's 120-fold rise before 1929 to the NASDAQ trading at 246 times earnings in March 2001, arguing that greed, optimism, and social proof repeat regardless of the underlying technology.Thu 11 JunTIP822: QXO (QXO): Can One of the World's Best Consolidators Strike Lightning Again? w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O'Malley examine QXO, the building products distribution company Brad Jacobs launched in June 2024 by injecting roughly five billion dollars of outside capital and targeting 50 billion dollars in revenue within a decade.