RECENT EPISODES
Sun 8 NovTIP859: Mercado Libre ($MELI): We Doubled Down on Meli w/ Daniel Mahncke & Shawn O'MalleyDaniel Mahncke and Shawn O’Malley discuss why the portfolio raised Mercado Libre’s weighting from 5% to 7%, citing the reinforcing marketplace, payments, lending, logistics and advertising businesses. Mercado Pago’s $101 billion in quarterly payment volume, compared with $22 billion in goods sold, illustrates its scale beyond the marketplace. Rapid credit growth and rising delinquencies over 90 days temper the growth case, while investment-driven margin pressure sets up the question of whether profitability can strengthen later this decade.Thu 5 NovTIP858: McDonald's ($MCD): Generational Compounder in Historical Drawdown w/ Daniel Mahncke & Shawn O'MalleyDaniel Mahncke and Shawn O’Malley examine whether McDonald’s is a real-estate-and-franchising compounder temporarily in a historic drawdown: franchising supplies more than 90% of profits, while the company owns land under roughly 60% of restaurants. They assess stagnant traffic, value-focused menus and pressure on franchisees, alongside risks from GLP-1 drugs and competitors. With shares about 30% below their 52-week high and trading at 18 times earnings versus a 10-year average near 24–25, they debate the case for buying the weakness.Sun 1 NovTIP857: S&P Global, Novo, Deckers Brands w/ Stig Brodersen, Tobias Carlisle, & Hari RamachandraStig Brodersen argues S&P Global’s ratings and indices businesses underpin a wide moat, while AI could pressure its Market Intelligence terminals; he sees the shares as undervalued despite that risk. Hari Ramachandra weighs Novo Nordisk’s roughly 40% decline and lower valuation against Eli Lilly’s efficacy lead, patent and pricing risks, and Novo’s obesity-drug pipeline. Tobias Carlisle sees Deckers Brands as cheaper but less durable, with HOKA growth slowing and returns hinging on consumer demand and brand momentum.Thu 29 OctTIP856: Airbnb (ABNB): The Business Outgrew Its Peak, The Stock Hasn't w/ Kyle Grieve & Shawn O'MalleyAirbnb’s revenue and nights booked have grown beyond their 2021 stock-price peak, yet the shares had not reclaimed that high. Shawn O’Malley’s updated estimate of intrinsic value remained near $150 per share, with faster growth offset by slower margin expansion and delayed advertising. The discussion examines geographic growth, Airbnb’s brand and direct customer relationships, and whether AI-driven travel search could weaken that advantage as investors watch margins, regulation and durable growth.Sun 25 OctTIP855: Shopify (SHOP): The Big Winner of Agentic Commerce? w/ Shawn O'Malley & Daniel MahnckeShawn O’Malley and Daniel Mahncke examine whether Shopify can turn its commerce infrastructure into a winner in agentic commerce, with an AI-readable catalog and Google’s Universal Commerce Protocol helping assistants discover and sell merchants’ products. They weigh promising growth in AI-referred shopping against the risk that AI platforms capture customer relationships, and ask whether Shopify’s strong execution can justify a valuation they consider demanding.Thu 22 OctTIP854: GE Aerospace: Chris Hohn’s Biggest Bet w/ Daniel Mahncke & Shawn O'MalleyDaniel Mahncke and Shawn O’Malley examine why Chris Hohn has made GE Aerospace more than 30% of his roughly $50 billion portfolio, despite the stock’s demanding valuation. They unpack GE’s engine installed base and high-margin aftermarket services, while weighing supply constraints, engine performance risks and reliance on commercial aviation. Their central question: can projected earnings growth justify a stock trading at about 40 times earnings, or should investors wait for a better entry price?Sun 18 OctRWH074: True Wealth w/ Matt LudmerMatt Ludmer argues that true wealth means well-being and fulfillment, not just a high net worth, and describes balancing financial, personal, community, and systems-based dimensions of life. Drawing on more than four decades in investing, he favors diversified, low-cost portfolios held for the long term, with assets matched to when clients need them. He also reflects on ambition, loneliness, and making deliberate room for connection and compassion.Thu 15 OctTIP853: Aritzia (ATZ.TO): The Women's Apparel Brand Conquering the US, plus Nike, Lulu, and More w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O’Malley examine Aritzia’s rapid U.S. growth, 43% latest-quarter revenue increase and premium valuation of about 33 times earnings. They weigh its “everyday luxury” brand and store economics against the risk that fashion appeal fades, and discuss Nike’s direct-sales misstep and Lululemon’s slowing North American sales as cautionary examples.Sun 11 OctRWH073: Unstoppable w/ Sir Michael MoritzSir Michael Moritz reflects on the determination shaped by his refugee parents and the patience that defined his roughly 38 years at Sequoia Capital. He discusses why investors should judge companies on their prospects today, not past peaks, and what he learned backing founders such as Bill Gates, Steve Jobs and Nvidia’s Jensen Huang—while acknowledging how hard it is to spot lasting success.Thu 8 OctTIP852: Hermès and LVMH Stock: Time to Buy Luxury? w/ Daniel Mahncke & Shawn O'MalleyDaniel Mahncke and Shawn O’Malley examine why weakness among aspirational buyers and China’s property downturn are pressuring LVMH and Hermès, despite stronger U.S. demand. They compare LVMH’s exposure to fashion and leather goods with Hermès’ scarcity-driven model, then assess valuations and recovery prospects. Both stocks are near historical valuation lows, but the speakers see room for further declines and are not ready to buy.Thu 8 OctTIP852: Hermès and LVMH Stock: Time to Buy Luxury? w/ Daniel Mahncke & Shawn O'MalleyLuxury’s downturn reflects weaker aspirational spending and Chinese demand, with LVMH more exposed to cyclical buyers while Hermès has proved more resilient. But Hermès growth has slowed to under 3%, and both stocks still look short of the speakers’ return hurdles: their base cases imply roughly 12–13% annual returns for Hermès at €1,300 and 11% for LVMH, leaving neither ready to buy.Sun 4 OctTIP851: HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better? w/ Kyle Grieve & Shawn O'MalleyKyle Grieve and Shawn O’Malley compare HEICO’s lower-priced, FAA-approved alternatives with TransDigm’s proprietary, often sole-source aerospace parts, examining certification barriers, aftermarket demand and contrasting acquisition strategies. They weigh HEICO’s lighter debt against TransDigm’s stronger pricing power and discuss regulatory and customer-relations risks. The central question is whether HEICO’s higher valuation is justified: both businesses have attractive moats, but the speakers remain cautious about buying either at current prices.Thu 1 OctTIP850: Walmart (WMT): From Discount Retailer to eCommerce Powerhouse w/ Kyle Grieve & Shawn O'MalleyWalmart’s evolution from discount retailer to commerce platform spans stores, e-commerce, delivery, marketplace, advertising, and Walmart+, with global e-commerce sales growing about 23% to roughly a quarter of revenue. Kyle Grieve and Shawn O’Malley discuss how scale supports its low-price model, while noting that digital profitability remains difficult to assess. They also weigh growth and competitive risks against a valuation of about 38–40 times earnings, which they see as leaving little margin for error.Sun 27 SeptTIP849: Average Returns Can Still Make You Wealthy w/ David FaganDavid Fagan explains how average returns can build meaningful wealth when saving, compounding time, investor behavior, taxes, and fees work together. His “Total Wealth Performance” framework looks beyond quoted portfolio returns to what actually compounds and is ultimately retained. He also discusses why staying invested with a strategy suited to your temperament can matter more than trying to time the market.Thu 24 SeptTIP848: Meta (META): What the Market Misses? w/ Daniel Mahncke & Shawn O'MalleyDaniel Mahncke and Shawn O’Malley examine whether Meta’s AI push can strengthen its advertising engine or build a durable business beyond ads, as 2026 capital-spending guidance reaches $130 billion–$145 billion. They weigh improving ad performance and WhatsApp business tools against uncertain cloud ambitions, legal risks and long-term financing commitments—and ask whether the returns can justify years of weak free cash flow.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 CasselIan Cassel explains why living off a portfolio means covering expenses while still growing capital faster than the S&P 500, not spending every gain. He discusses keeping two years of expenses in cash to avoid selling during downturns and preparing for uneven returns. His micro-cap approach emphasizes turnover: many small-company growth stories fade within 36 months, so investors must reassess positions rather than default to buy and hold.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.