In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith" Memo Link: https://www.speedwellmemos.com/p/how-axons-founder-built-a-35bn-business Get access to our full $AXON Research Report here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Housekeeping / Intro (1:03) –Memo Reading Starts (19:28) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode we talk about 3Q24 earnings for Floor & Decor, Meta, and Etsy. You can read this entire 3Q24 earnings update for free here.  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. *~*~*~*~* Link for Podcast Mentioned in the Show: "Dialogue. Meta, Etsy, and Snowballing Risks" (Apple, Spotify) *~*~*~*~* For all three companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the Floor & Decor ($FND) Company Podcast Episode here:  (Apple, Spotify)  Listen to the Meta ($META) Company Podcast Episode here: (Apple, Spotify) Listen to the Etsy ($ETSY) Company Podcast Episode here: (Apple, Spotify)  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - How we think about Quarterly Updates  (5:55) - Floor & Decor: Deviating from the Long-term Plan?  (33:06) - Meta: Business Firing on All Cylinders  (48:14) - Etsy: Why are “Polar Opposite” Offerings Taking Share? -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about 3Q24 earnings for CoStar Group ($CSGP) and Evolution ($EVO). The free versions of the earnings updates can be found here: CoStar Group, Evolution  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the CoStar Group Company Podcast Episode here: Apple, Spotify Listen to the Evolution Company Podcast Episode here: Apple, Spotify -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - Intro  (1:18) - Evolution Update (29:03) - CoStar Group Update  -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this investment focused interview, we talk with Twitter's Sidecar Investor on partnering with great managers, position sizing, sourcing ideas, "stable assumptions", and when to not trust an operator, among much more!  Find out more about Sidecar Investor here and follow him on Twitter @sidecarcap The Mentioned Memo on Home Depot can be found here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (3:57) — Early Examples of Partnering with Great Managers (9:05) — Importance of Managers vs. Moats (15:13) — Owner Operator Companies Upside and Potential Downfall (17:52) —  How Much Can You Trust a Manager (26:47) — Diversification vs Resiliency (30:19) — Lessons in Investing, Valuation, and When to Sell (35:19) — Position Sizing and Holding (40:21) — Macro Role, Capital Intensity, and Moats (51:45) — Sourcing Ideas (58:26) — Gaining and Losing Confidence in Management Teams (1:03:38) — Assumptions, Conservatism versus Accuracy (1:08:40) — Learnings and What Businesses Should People Study More -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Minimum Viable Products versus Maximum Possible Products " Memo Link:  www.SpeedwellMemos.com/mvps-versus-mpps -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Housekeeping (1:06) –Memo Reading Starts (13:24) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo, Investing is Just Answering a Series of Questions: Explaining the Reverse DCF We cover what a Reverse DCF is, how do use one, common errors, and how an investor should conceptulize the outputs.  We hope you enjoy!  *~*~* For full access to all of our in-depth research reports, become a Speedwell Member here.  *~*~* Other Speedwell Memos Mentioned in the Discussion The Investment Matching Principle (on the connection between position sizing and risk/ reward)  From Private to Public Markets (touches on VC vs Buffett Investing)  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Memo Overview  (2:57) - Reverse DCF Details (11:46) - Issues with the Terminal Value (18:50) What Makes a Great Investor (31:43) — Basketball Betting Analogy , Getting the Lower Range Correct (37:04) - Mistakes with the Reverse DCF and Mistakes We’ve Made -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. All views expressed on this podcast do not represent the views of the companies podcast contributors may have worked for. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this wide spanning interview episode we talk with Biz Almanac's Andy on investment philosophy, the differences of Founder-led businesses, as well as many different companies he's written up on his Substack, including TerraVest, Alimentation Couche Tard, Burford, Progressive, TFI, Old Dominion, Spotify, Mercardo Libre, and  more!  Find out more about Biz Almanac's research and writings here and follow him on Twitter @BizAlmanac. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:59) What is your Investment Philosophy? Why focus on Owner Operated Businesses?  (13:47) — How do you pick companies to vette? (19:51) — When to Sell and we discuss a Controversial Study's Conclusions   (34:30) — TerraVest (45:54) — Alimentation Couche Tard (58:09) — Alternative Asset Managers, Apollo Group  (1:04:09) — Burford, Niche Area of Littigation Finance  (1:13:02) — Progressive Insurance  (1:15:26) — What is LTL? TFI and Old Dominion  (1:23:29) — Spotify, Daniel Ek as a Founder  (1:30:02) — Mercado Libre, Developed Markets  vs Developing Markets (1:41:00) — Take Aways and Closing Comments  -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Investing is Just Answering a Series of Questions: Explaining the Reverse DCF" Memo Link:  https://www.speedwellmemos.com/p/investing-is-just-answering-a-series Recomended Article Podcast on Hurdle Rates: (Spotify, Apple)  Or read it here: How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro and Updates (1:27) –Memo Reading Starts (19:19) – Check out this Memo on Hurdle Rates and the "Right" Discount Rate -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company episode on CoStar Group, Speedwell Research draws on their extensive research report to cover everything from Founder Andy Florance's entrance into the real estate data space from his Princeton dorm room to becoming the dominant real estate data and analytics provider. Florance not only beat out competition in the commerical data space, but succesfully entered several new markets including taking a fledging apartments listing platform and driving it to the #1 spot. Today CoStar is looking to do it again with Homes.com, while still aggresviely expanding their growing array of internet real estate businesses. Learn the inner workings of the real estate data and markeplace business, as well as how a company succesfully expanded far beyond their original core product and continues to find new markets to fight after. We hope you enjoy!    Company Description: Real estate data & analytics provider and operator of real estate marketplace. Purchase the full CoStar Group Report here.  More details on our CoStar Group Report  here.  Purchase a Speedwell Membership to gain access to all of our Reports here.   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (2:45) — High Level CoStar Overview (6:15) — Founding History Starts (16:52) — IPOing  (26:54) —  2008 Financial Crisis  (35:40) — Lawsuits and LoopNet  (49:44) — Apartments.com acquisition (59:46) — Xcelligent Lawsuit and the Last of the Direct Competitors (1:04:56) — Closing Out History and S&P 500 Addition * Section 2: The Business  (1:07:35) — Business Section Overview  (1:21:30) — Multifamily and Apartments.com Business (1:29:00) — Residential Overview (1:30:43) — Loopnet Overview (1:34:07) — Other Businesses/ Wrapping Up Business Section * Section 3: TAM and Industry (1:43:13) — TAM Overview (1:50:29) —  How the Residential Industry Works (2:01:15) — Multifamily Industry * Section 4: Competition (2:08:53) — CoStar Competitors (2:15:35) — Why Does CoStar Win (2:23:48) — Why LoopNet Wins (2:25:30) — Zillow and Apartments.com Competition (2:34:03) — Homes.com vs Zillow * Section 5: Growth Opportunites, Capital Allocation, and Valuation (2:40:45) — International (2:46:38) — ROIC, Free Cash Flow,  (2:54:06) — Dilution and Capital Allocation (3:00:33) — Valuation (3:05:45) — Risks (3:10:50) — Bull / Bear Summary (3:15:50) — Conclusion -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full CoStar Group Report here.  More details on our CoStar Group Report  here.  Purchase a Speedwell Membership to gain access to all Reports here.   *~* Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Costar Group. Furthermore, accounts one or more contributors advise on may also have a position in CoStar Group. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

On this episode we talk about a recent memo, What You Don't Know About Sell-side Price Targets We cover several factors that influence a sell-side analysts' recommendations and explain that price targets don't mean what you think they do. We hope you enjoy!  For full access to all of our in-depth research reports, become a Speedwell Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:19) Memo Overview  (4:51) What Does the Sell-side Do?  (10:12) Tech Bubble Era Sell-Side Analyst (15:14) What is a Price Target and Why it Doesn't Make Sense (20:19) Biggest Unknown Factor that Influences Price Targets  (26:12) Carrer Risk and Other Recommendation Factors  (30:25) Why Sell-side likes to Stay in Consensus (34:44) What could be different about Sell-side research  (30:09) Closing Thoughts  (40:20) Concluding Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. All views expressed on this podcast do not represent the views of the companies podcast contributors may have worked for. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "What You Don't Know About Sell-side analyst Price Targets" Memo Link:  https://www.speedwellmemos.com/p/what-you-dont-know-about-sell-side  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:19) –Memo Reading Starts (20:38) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about 2Q24 earnings for Floor & Decor ($FND) and Evolution ($EVO). For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.  Listen to the Floor & Decor Company Podcast Episode here: Apple, Spotify  Listen to the Evolution Company Podcast Episode here: Apple, Spotify For full access to all of our in-depth research reports, become a Speedwell Member here. You can also buy indiviudal reports here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro Evolution Update (1:09) Evolution Discussion Starts (5:24) Biggest Payout Ever  (10:16) Capital Allocation, Galaxy Gaming Acquistion (19:02) Georgia Strike  (24:32) Unregulated Markets and KYC  (27:43) Wrapping Up Evolution Commentary  Floor & Decor Update (29:52) Floor & Decor Overview  (30:23) LL Flooring Background and Bankruptcy (33:10) Macro Impacts  (37:14) Inventory Levels, Gross Margins  (40:04) The "Philosophical" Question on Growth and when to Get Concerned  (48:03) Spartan Acquistion and Pro Business  (51:15) Cash Balances, Bad Guidance, Peers Struggling, Closing Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Coupang! If you prefer to read instead of listen to the memo, you can find access to the article below. Memo Link:  https://www.speedwellmemos.com/p/coupang-business-history  Become a Speedwell Member or Purchase the Coupang Single Report Here The Synopsis Coupang Company Podcast Episode: Apple, Spotify -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (15:32) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Company episode of The Synopsis we cover Porsche AG. Porsche is a brand that has tried to become "luxury at scale" with over 300k units produced annually versus undisputed luxury car brands who produce closer to ~10k. While their strategy might have diluted their brand, they still enjoy superior positioning compared to most premium car manufacturs like BMW and Mercedes-Benz.  Listen to this episiode to learn not just about Porsche's history and business model, but also about the car industry and different car manufacturer's strategies.  Access the Free Portion of our Porsche AG Exploratory Report Here For full access to all of our in-depth research reports, become a Speedwell Member here.  Memos Referenced in the Episode: Value Capture Index Introduction -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:17) Why Research Porsche?  (3:22) Porsche History  (15:14) Crises in Porsche's History  (18:23) Corporate Structure (24:32) - The Automotive Industry (29:39) - Industry Production Figures and Company Financial Profiles (32:21) Value Capture Index and Competitior Business Models (45:08) ROIC and Earnings Improvements (51:02) Risks and Closing Comments -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording no contributor had a position in Porsche AG. Furthermore, accounts contributors advise on also did not currently have a position in Porsche AG. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo, What is a Great Business?  Other Memos Mentioned: The Consumer's Hierarchy of Preferences: The Other Side of the Consumer Value Prop For full access to all of our in-depth research reports, become a Speedwell Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:53) Observing versus Creating a Great business (6:07) Great Businesses through the lens of The Consumer's Hierarchy of Preferences  (8:27) Pressure Cooker Metaphor  (15:15) Is Reinvestment Runway a Criteria?  (23:03) Moats and Copart (27:30) CHOP and Disruptions (30:44) Nintendo (34:35) Where does the Surplus Lie? (41:13) Walker & Dunlop  (45:54) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk Constellation Software and RH!  Listen to our full company-specific episodes on Constellation Software and RH in our feed if you haven't already!  *Note* After this recording we switched how we record our podcasts, so you should enjoy better sound quality in the future!  Memo Mentioned: The Investment Matching Principle -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:40) Constellation Software Update  (33:09) RH Update  (52:42) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "What is a Great Business?" Memo Link:  https://www.speedwellmemos.com/p/what-is-a-great-company  Check out Speedwell's Interview with Best Anchor Stocks (Spotify, YouTube) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:01) –Memo Reading Starts (18:37) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this wide spanning interview episode we talk with Best Anchor Stocks' Leandro on investment philosophy, quality businesses, Nintendo, Deere, Copart, Hermes, and much more!  Find out more about Best Anchor Stocks here, follow Leandro on Twitter @Invesquotes  and Best Anchor Stocks Podcast can be found here. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:16) What Characterizes a Good Business?  (6:15) Multiples, Implied Valuation, Reverse DCF  (26:00) Great Companies and Valuation, Copart, Constellation Software  (35:32) Nintendo and Deere, Transitioning Business Models  (49:01) Hermes, Durability, Ferrari, Rolex, and Luxury   (1:15:12) A Good Business versus a Good Investment  (1:18:05) Book Recommendations  (1:22:58) Conculsion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk Floor & Decor, Copart, and their 1Q24 results.  Check out our full company episodes on Floor & Decor and Copart below if you haven't already!  Floor & Decor Company Episode:  Apple  Spotify Copart Company Episode:  Apple  Spotify (Note Copart's latest quarter is fiscal 2Q, but ends Feb. 27) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:47) Floor & Decor Update  (17:58) Copart Update  (39:06) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about Grab, WeChat, Meituan, X, and all things about SuperApps. Our conversation builds off of a recent memo on SuperApps, which you can read here: WeChat, Meituan, and Grab: What is a SuperApp and Why You Will Fail Building One **Please note we had issues with the orginal sound recording and had to use AI tools to adjust the sound volume, however it adversely impacted the sound quality. We apologize for this and will try to avoid this happening in the future.**  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:51) SuperApps Intro, Cross Selling, Sea Limited's Free Fire  (8:54) What a SuperApp Aims to Do  (13:59) WeChat History and What Was Different About It  (20:41) Why no Mini-programs or SuperApps in the U.S.? (23:28) Meituan's and Grab's SuperApp; Twitter/X's Ambitions (41:03) The Physical World's "SuperApps", Sears, E-Commerce Grocery -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about Meta, Evolution, and their 1Q24 results. Check out our full company episodes on Meta and Evolution below if you haven't already!  Meta Company Episode: Apple, Spotify Evolution Company Episode: Apple, Spotify A written update on Meta's 1Q24 results can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:06) Evolution Business Update (16:06) Meta Business Update  (48:37) Conclusion   -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is a business update on Meta.  Memo Link:  https://www.speedwellmemos.com/p/meta-1q24-business-update Purchase our Meta Research Report here. Become a full Speedwell Member and gain access to the updated reverse DCF and Meta Report here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:04) –Memo Reading Starts (17:17) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/  

On this episode we talk about RH and provide an update with their business. Check out our full company episode on RH if you haven't already! (Links below) RH Company Episode: Apple, Spotify A Written Update on RH from 1H23 can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:01) Announcement (2:05) RH Business Update  (30:44) Conclusion     -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification"  Memo Link:  https://www.speedwellmemos.com/p/wechat-meituan-and-grab-superapp  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:07) –Memo Reading Starts (14:43) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/  

On this episode we talk about two Speedwell Memos. The first memo is titled "Priced to Outperform Perfection: The Home Depot Circa 1999" and covers how to think about valuation and what is priced into a stock.  The second memo is If the Model Doesn't Work, Don't Fix It: A Look at Traditional Apparel Retailers, Zara, and Shein and covers the business operations of three different retail models.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) First Memo on What was Priced into Home Depot's Valuation circa 1999 (22:07) Second Memo on Traditional Retailers, Zara, and Shein -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is an exceprt from our Evolution Research Report.  Memo Link:  https://www.speedwellmemos.com/p/evolution-business-history  Become a Speedwell Member or Purchase the Evolution Single Report Here -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:18) –Memo Reading Starts (13:40) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification"  Memo Link:  https://www.speedwellmemos.com/p/the-investment-matching-principle  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:07) –Memo Reading Starts (13:05) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company episode on Coupang, Speedwell Research draws on their extensive research report to cover everything from Founder Bom Kim's early foray into commerce with a Groupon-like business to an epic restructuring of the company just weeks away from IPOing that left them on the path to become the leading South Korean ecommerce business. Learn about how the South Korean competitve enviroment developed differently, as well as how Coupang managed to dominant after a capital-intensive pivot. We hope you enjoy!    Company Description: Dominant South Korean ecommerce provider with fully integrated logistics operation. Purchase the full Coupang Report here.  More details on our Coupang Report here.  Purchase a Speedwell Membership to gain access to all Reports here.  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (1:55) Coupang Business Overview (2:56) Start History  (6:13) Groupon Business Model, Differing Value Props  (17:10) Pulling the IPO and Pivoting (30:32) - Second Attempt at an IPO *~* Section 2: TAM and Competition (31:44) TAM and Korean Retail Market Overview (39:13) Market Share and GMV Estimates (42:52) Competition, Consumer Preferences Served (47:47) Flywheel  (56:37) Coupang Fresh Grocery  (59:30) Spend per Buyer  (1:01:18) Competitive Enviroment, Naver *~* Section 3: International and Other Bets (1:27:17) Other Bets  (1:28:31) Coupang Play (1:31:56) Coupang Eats (1:39:10) Coupang Pay (1:42:25) International, Japan, Taiwan (1:48:42) Farfetch *~* Section 4: Financials, Valuation, Risks  (1:53:04) Financial Metrics (2:00:00) Coupang Steady State Margins  (2:04:03) Reverse DCF (2:06:20) Bear Case, Bull Case, Risks (2:13:58) Conclusion -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full Coupang Report here.  More details on our Coupang Report here.  Purchase a Speedwell Membership to gain access to all Reports here.     Articles Mentioned Speedwell’s Memo: Metaphor Malware: The Clumsy Thinking That Is Crippling Your Business Understanding *~* Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Coupang. Furthermore, accounts one or more contributors advise on may also have a position in Coupang. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Balancing Risk and Return: The Simple Statistics of Investing"  Memo Link:  https://www.speedwellmemos.com/p/balancing-risk-and-return-the-simple  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:33) –Memo Reading Starts (9:23) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Metaphor Malware: The Clumsy Thinking that is Crippling your Business Understanding" Memo Link:  https://www.speedwellmemos.com/p/metaphor-malware-the-clumsy-thinking  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (10:00) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a memo of ours on what the cost of equity is, and how investors can practicially contextualize the question. The memo we draw on in this episode is called "How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity" and can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) How Much Money Should I Make for Risking my Capital?  (1:32) The Munchausen Trilemma (3:48) Relative vs Absolute Investors  (11:38) How "Absolute Investor" is a Misnomer (15:25) The Punch Card Idea and How it Relates to the Cost of Equity (26:24) Conclusion   -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "If the Model Doesn't Work, Don't Fix It: A Look at Traditonal Apparel Retailers, Zara, and Shein" Memo Link:  https://www.speedwellmemos.com/p/if-the-model-doesnt-work-dont-fix -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (12:43) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our Constellation Software research report, covering their Business History. If you prefer to read instead of listening to this article, you can find access to it below.   Article Link: Speedwell Memos - Constellation Software Business History  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro  (1:13) – Article Reading Starts (9:25) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Constellation Research Report Purchase a Speedwell Membership to gain access to all of Speedwell’s Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Speedwell's free newsletter can be found here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice.Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation discipline.  We hope you enjoy!    Company Description: A decentralized and acquisitive conglomerate of Vertical Market Software Companies based out of Canada. Purchase the full Constellation Software Report here.  Purchase a Speedwell Membership to gain access to all Reports here.  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (0:58) Constellation Software High-Level Business Description (5:01) Mark Leonard History and Constellation Software Background  (10:31) Constellation Software IPO  *~* Section 2: Vertical Market Software (13:25) What is VMS and Competitive Advantages  (20:37) Financial Model Benefits *~* Section 3: Corporate Structure and Revenue Segments  (23:32) Six Groups  (33:54) Revenue Segments and Context (38:41) How SaaS Changes Things  (44:29) Constellation Software Competitive Advantages *~* Section 4: Topicus and Lumine (52:05) Topicus (1:06:46) Lumine *~* Section 5: Capital Allocation, Valuation & Risks. (1:08:37) Capital Deployment and Hurdle Rates  (1:17:29) ROIC (1:20:00) Risks  (1:23:06) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full Constellation Software Report here.  Purchase a Speedwell Membership to gain access to all Reports here.     Articles Mentioned Speedwell’s Memo: From Private to Public Markets: The Detrimental Impact of Investors’ Expectations *~* Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/   

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is If You Don't Know What Game You're Playing, You Already Lost Article Link:  https://www.speedwellmemos.com/p/if-you-dont-know-what-game-youre -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:17) –Memo Reading Starts (13:14) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about a recent memo on how investors can influence businesses and what is difference between being a public versus private company. The memo we draw on is called "From Private to Public Markets: The Detrimental Impact of Investors' Expectations" and can be found here.   We recently found out we have a *duplicate Spotify feed* and will be *removing* it this week. Please follow this correct Spotify feed  just called "The Synopsis" to keep getting our content!   -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:21) Two Extremes of Investing  (6:49) Reflexivity, Difference Between Analyst and Operator  (19:36) Risk Embedded in Assumptions were Too High, Illustration  (23:57) The Role of Narrative  (28:24) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

*Important* If you listen on Spotify, make sure you follow us on this Spotify feed. We just became aware there was a duplicate feed, which we are disconnecting next week.  In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is From Public to Private Markets: The Detrimental Impact of Investors' Expectations Article Link:  https://www.speedwellmemos.com/p/from-private-to-public-markets-the -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:20) –Memo Reading Starts (20:52) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On our very first interview we talk with Mostly Borrowed Ideas in a wide spanning interview on Meta, Google, Microsoft, and investment decision quality. Mostly Borrowed Ideas writes a deep-dive on a publically traded company every month. You can find more out about him and his writings here.    -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:37) Meta, Risks, Tiktok, ATT, Metaverse (26:22) Google, Sundar Pichai, Capital Allocation (33:52) Google Risks (46:59) What is a Great Business?  (59:19) Owners versus Managers (1:08:45) Investment Process Improved through Writing (1:18:57) Conclusion   -*-*-*-*-*-*-*-*-*-*- Find out more about MBI at https://www.mbi-deepdives.com  Buy Speedwell Meta Single Research Report  Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Mentioned Links  Speedwell's Memo on Wish *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this episode we talk about how investment risks could impact an investment thesis through the lens of Etsy and Meta. We provide a short "timeless" update on both companies as well.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Important Announcement (0:41) Intro (3:33) Etsy Value Prop, Issues, and Temu Read-through  (16:41) Meta Risks and The One Thing Investors Needed To Be Sure Of  (26:33) How to Gain Clarity with Meta Circa 2022  (34:20) Conclusion -*-*-*-*-*-*-*-*-*-*- Buy Meta Single Research Report  Buy Etsy Single Research Report Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Mentioned Links  The Synopsis Meta Company Podcast (Apple, Spotify) The Synopsis Etsy Company Podcast (Apple, Spotify)  *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our 79 page Etsy Report, covering Etsy's Business History. If you prefer to read instead of listening to this article, you can find access to it below.   Article Link: https://www.speedwellmemos.com/p/etsy-business-history    -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Important Announcement (0:45) – Intro  (1:36) – Article Reading Starts (30:31) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Etsy Research Report Purchase a Speedwell Membership to gain access to all of Speedwell’s Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Speedwell's free newsletter can be found here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

Charlie Munger talks about the Latticework of Mental Models and how having exposure to many different disciplines helps gain insight into problems. Key to connecting different disciplines though, is the metaphor.  This week, on The Synopsis, we talk about our two Piton Network business philosophy pieces. The Piton Network is our attempt to create a metaphor that furthers investors and analysts understanding of business and strategy.  Our first memo is The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space. You can read it here.  Our second memo is Meta-Optimizations: Knowing When a Business is Operating from Strength or Weakness. You can read it here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:00) What is a Piton (4:21) Decision Clusters, Southwest (11:03) Floor & Decor, Copy Cats, Lowes  (17:53) Amazon vs Wal-Mart delivery  (20:22) Jim McKelvey's Innovation Stack, Square vs Amazon  (24:37) Pulling Out Pitons, Netflix  (32:28) Ford vs Tesla, Complexity, Piton Network vs Value Network  (43:35) Value of Metaphor -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to all of our in-depth research reports: https://speedwellresearch.com/subscribe/ Sign up for Speedwell's free newsletter: https://www.speedwellmemos.com  Mentioned Links: Speedwell's First Consumer Hierarchy of Preferences Memo Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Meta-Optimizations: Knowing When a Business is Operating From Strength or Weakness Article Link:  https://www.speedwellmemos.com/p/meta-optimizations-knowing-when-a  *Please note that this memo builds off a concept introduced early in The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space. If you want to listen to this memo first, click here for Apple and here for Spotify links.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:21) –Memo Reading Starts (29:58) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

This week on The Synopsis, we talk about a recent memo, "The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish". In this conversation we talk about Wish and what lessons we cannot draw from their lack of success. We also talk about our LTV and financial analaysis, as well as what Wish's value prop was compared to other competitors.  You can read the Full Memo here.  You can become a full Speedwell Research Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:11) Memo background  (4:09) Wish Pitch and Value Prop (9:12) Putting Business Failure into Proper Context (16:10) Growth vs Maintenece Marketing  (25:14) LTV Analysis and Buyer Churn  (30:42) What Happened to Wish  (32:26) Main Lessons (37:36) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to all of our in-depth research reports: https://speedwellresearch.com/subscribe/ Sign up for Speedwell's free newsletter: https://www.speedwellmemos.com  Mentioned Links: Chinese Ecommerce GMV Accounting Piece: https://www.speedwellmemos.com/p/accounting-insights-alibaba-jd-and  Interview with Peter Szulczewski: https://www.youtube.com/watch?v=s1LzKGJ0bNU  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*-   Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. There are several charts and excels in this memo that may be helpful to look at for more comprehensive understanding.  This weeks article is The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish Article Link: https://www.speedwellmemos.com/p/the-future-of-ecommerce-that-wasnt  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:04) - Housekeeping/ Upcoming (1:38) –Memo Reading Starts (29:46) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company's inception experimenting with a single roulette wheel to a global business with 60%+ margins. Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world where it is the supplier, and Evolution is the largest supplier. We hope you enjoy!    Company Description: B2B supplier in the online casino space specializing in the live casino vertical. Purchase the full Evolution Report here.  Purchase a Speedwell Membership to gain access to all Reports here.  -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (2:20) Evolution High-Level Business Description (5:01) Evolution History and Background  *~* Section 2: TAM and Market Differences  (35:32) TAM Overview (40:05) Grey and Black Markets (44:38) Aggregators (53:35) North America Regulation  *~* Section 3: Business Model (1:00:59) How they Make Money  (1:05:07) How Evolution Differentiates *~* Section 4: Competition (1:17:55) Competition Overview (1:22:33) Playtech (1:31:42) Vertical Integration (1:39:10) Pragmatic  *~* Section 5: Capital Allocation, Valuation & Risks. (1:47:30) Capital Allocation and ROIC (1:51:35) Acquisitions and Slot Business (1:59:37) Risks  (2:04:47) Valuation (2:06:39) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's EVO Report here: https://speedwellresearch.com/2023/12/19/evolution/  Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/    Articles Mentioned Speedwell’s Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that     Twitter: @Speedwell_LLC  Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/ 

In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is 10 Lessons from Copart's 40 Years in Business: Learning from Willis Johnson and Jay Adair Article Link: https://speedwellsnippets.substack.com/p/10-lessons-from-coparts-40-years -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:55) – Memo Reading Starts (20:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's Copart Report Here: https://speedwellresearch.com/2023/05/22/copart-deep-dive/  Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

This week on The Synopsis, we talk about a recent memo, "Google Shut the Door on Competition, AI Swung it Back Open". We cover some old threats to Google's Search dominance and how AI catalyzes them. This show is in our Dialogue format, which you can expect more of in the coming future. We hope you enjoy!  You can read the Full Memo Here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:51) Memo background  (3:10) Product Encroachment (9:12) Two Way Google Historically Competed (11:05) Form Function Changes (15:03) AI Threats and How AI is Changing Things  (16:42) Facebook's Platform Shift  (24:40) AI risks to Sponsored Link Business  (28:06) Todd Combs, Charlie Munger, What Can Investors Assume?  -*-*-*-*-*-*-*-*-*-*- Buy Speedwell Research's Meta Report: https://speedwellresearch.com/2023/01/17/meta-platforms-deep-dive/  Become a Speedwell Member here to gain access to all of our research reports: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*-   Disclaimer Nothing in this podcast is investment advice nor should be construed as such. At the time of this writing, one or more contributers to the podcast has a position in Google. Furthermore, accounts one or more contributors advise on may also have a position in Google. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is Google Shut the Door on Competition, AI Swung it Back Open Article Link: https://speedwellsnippets.substack.com/p/google-shut-the-door-on-competition -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:44) - Housekeeping/ Upcoming (1:51) –Memo Reading Starts (28:16) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer At the time of this writing, one or more contributors to this report has a position in Google. Furthermore, accounts one or more contributors advise on may also have a position in Google. This may change without notice.  Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/