The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

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

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:03) How Brad Jacobs built multiple billion-dollar companies from scratch
(00:05:49) The structure QXO used to go public fast
(00:07:05) How Beacon Roofing was acquired despite a poison pill defence
(00:11:26) What Kodiak added to QXO's geography and product mix
(00:14:43) Why the TopBuild deal is a game-changer for margins
(00:23:54) How QXO plans to unlock synergies across its portfolio
(00:43:27) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook
(00:59:00) The thickness of QXO's competitive moat
(01:08:51) The three biggest risks that could derail QXO's vision
(01:11:57) What bull, base, and bear cases reveal about fair value
(01:19:33) Intrinsic value of QXO
(01:20:13) Portfolio decision

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Brad Jacob’s first book, How to Make A Few Billion Dollars.

Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars.

Listen to Brad Jacob’s interview with David Senra.

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

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

Despite Grab’s astronomical successes, the company’s stock is down 70% since IPO, and investors are wondering if perhaps now is finally a good entry point after the company reached its first full year of profitability. Shawn and Daniel discuss and estimate Grab’s intrinsic value, plus so much more!

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

(00:04:45) How Grab was able to outcompete Uber

(00:11:46) What unique advantages Grab has been able to take advantage of in Southeast Asia

(00:13:42) Why Grab’s lending business fits so naturally into its flywheel

(00:57:26) What are the biggest risks facing the company

(00:41:21) Why Grab’s profit margins are inflecting so dramatically, and where they could land

(01:02:55) What makes Southeast Asia such an appealing market to invest in long-term

(01:11:03) How to think about Grab’s intrinsic value and attractiveness as an investment

(01:14:26) Whether Shawn and Daniel decide to add Grab to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

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Track The Intrinsic Value Portfolio

Compound with Rene’s deep dive into Grab.

Listen to Shawn & Daniel’s podcast on Uber.

Read Shawn’s newsletter on Uber.

Check out our previous Intrinsic Value breakdowns: ⁠Transdigm⁠, ⁠Salesforce⁠, ⁠Berkshire Hathaway⁠, ⁠FICO⁠, ⁠PayPal⁠, ⁠Uber⁠, ⁠Nike⁠, ⁠Amazon⁠, ⁠Airbnb⁠, ⁠Alphabet⁠.

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SPONSORS
Support our free podcast by supporting our sponsors:

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

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:32) How Wix was founded
(00:21:35) Why clients keep using Wix
(00:28:05) How much of WIX is actually vulnerable to AI
(00:37:07) Why Wix is more sticky than it seems
(00:38:24) Whether vibecoding is likely to disrupt drag-and-drop website building
(00:46:54) Why Base44 could change the entire investment case
(01:06:24) How Wix could survive and turn into a multibagger
(01:09:21) Valuation discussion of Wix
(01:13:26) Whether Shawn and Daniel add Wix to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Portfolio Review Submit Tool.

Value Investor Club Article.

Chit Chat Stocks w/ Manuel Cunha.

Future Investing Interview w/ Manuel Cunha.

Rene Sellman Substack Article.

Manuel Cunha Substack Article.

Previous Intrinsic Value breakdowns: Figma, Microsoft, Salesforce, Adobe.

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

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:39) The fascinating history of LIFCO
(00:07:31) How Carl Bennett built the DNA that still guides LIFCO's acquisition strategy today
(00:09:24) Fredrik Karlsson's legendary track record and why he bought more stock after being removed
(00:11:16) The three distinct business segments and how they drive growth independently
(00:17:29) LIFCO's rigorous eight-step acquisition process
(00:31:52) How LIFCO uses put/call options to align management incentives
(00:40:46) Why niche industrial markets create natural competitive advantages that larger competitors simply ignore
(00:45:23) The capital efficiency metrics that prove LIFCO's returns are sustainable and real
(01:09:26) What risks could derail the business
(01:14:36) Multiple valuation scenarios showing potential returns under bull, base, and bear cases
(01:16:53) Intrinsic value of Lifco
(01:23:16) Portfolio decision

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Read more on Lifco and other serial acquirer outperformers in The Compounders.

Listen to Kyle's episode on The Compounders.

Learn more about process power in Kyle's interview with Hamilton Helmer.

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In today's episode, Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital allocation and aggressive share buybacks. They’ll explore NVR's differentiated business model, which helps minimize capital intensity and risk, and examine how this strategy has enabled superior returns on capital. They’ll navigate how to think of NVR through cycles and whether it’s a business that is simple to understand.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:30) How NVR became a legendary share cannibal in homebuilding
(00:05:05) The LPA model and how NVR de-risks traditional homebuilding
(00:10:16) Why homebuilders love leverage while NVR maintains a fortress balance sheet
(00:15:34) How the mortgage banking segment generates high margins
(00:21:41) The history of its margin rise and stabilization
(00:27:49) How counter-positioning creates competitive advantages
(00:52:58) How management is aligned through ROIC incentives and deep insider ownership
(01:06:15) About the cyclicality trap, homebuilders must deal with
(01:18:45) The three distinct valuation scenarios and what they reveal
(01:14:06) Intrinsic value of NVR
(01:26:15) Whether Kyle and Shawn will add NVR to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Joel Greenblatt’s ⁠NVR case study⁠.

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