The Intrinsic Value Podcast - The Investor’s Podcast Network

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) tells the story of Coupang, the “Amazon of South Korea.” Coupang’s Bom Kim is an impressive founder & CEO who has led the company to incredible growth, with almost half of South Korea’s population becoming active customers of Coupang. And Coupang’s overnight delivery actually puts Amazon to shame, while few companies create as much value for customers as Coupang does with its RocketWOW memberships, which are similar to Amazon’s Prime subscriptions. But how well does this all translate into value for Coupang’s shareholders? In today’s episode, you’ll learn the origin story behind Coupang, how its business model works, why its stock has flopped since IPOing in 2021, how Shawn thinks about its valuation, and whether he wants to add it to The Intrinsic Value Portfolio, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:51 - How Coupang captured the hearts — and wallets — of South Koreans 05:06 - Why Bom Kim founded Coupang 22:03 - What’s behind Coupang’s shift into luxury e-commerce 33:11 - Why Coupang is planning to expand more in Taiwan and what went wrong in Japan 38:40 - Which legendary investors have invested in Coupang 40:28 - How a negative cash conversion cycle supports Coupang’s free cash flows 42:34 - In what ways Temu and Alibaba are threatening Coupang 45:53 - How to think about Coupang’s intrinsic valuation 49:41 - Whether Shawn is adding Coupang to The Intrinsic Value Portfolio And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for The Intrinsic Value Newsletter. Coupang’s pitch on the Value Investors Club forum. Check out Miller Value Partners on Coupang. Quartr’s breakdown of the Coupang story. Coupang’s AI-powered fulfillment center. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: TurboTax Airbnb Public Bluehost Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down Madison Square Garden Sports Corp., ticker: MSGS, which is the holding company that owns the NBA’s New York Knicks and NHL’s New York Rangers. MSGS is one of the few publicly-traded equities that allows retail investors to directly own professional sports teams, and few franchises are of a higher profile than the Knicks and Rangers. Shawn covers the business model of professional sports teams, why sports franchises are trophy assets for billionaires, the driving factor behind the rapid appreciation in the value of professional sports teams, why investors in MSGS are effectively getting ownership in the Knicks and Rangers at a 50% discount, estimates for the intrinsic value per share of MSGS, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:59 - How MSGS gives retail investors a chance to own two of the most valuable sports franchises in the world 04:02 - Why purchase prices for sports teams have appreciated so dramatically in recent years 16:06 - How to think about MSGS’s valuation and its discount to NAV 20:55 - How league structure affects the Knicks and Rangers differently 27:19 - What is the biggest cost for sports teams 29:57 - Why the business of pro sports teams isn’t as good as you’d think 30:17 - How a tax break incentivizes billionaires to buy sports teams 32:24 - The bear case against investing in MSGS 33:28 - Shawn’s estimate of MSGS’s intrinsic value and decision on whether to add it to The Intrinsic Value Portfolio And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for The Intrinsic Value Newsletter. $MSGS pitch on the Value Investor’s Club forum. Follow Vince Pagano on social media. Check out Aswath Damodaran on sports franchises. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Browse through all our episodes (complete with transcripts) here. Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: TurboTax Airbnb Public Bluehost Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

The Intrinsic Value Podcast by The Investor’s Podcast Network is hosted by Shawn O’Malley. This podcast is inspired by 10 years of interviews with the world’s best investors here at The Investor’s Podcast Network. Shawn applies those lessons while breaking down and valuing a different business every week. From outlining how companies make money to understanding their competitive advantages, competitors, growth opportunities, and, of course, estimating their intrinsic value, this podcast will help you think smarter about business and investing. Tune in each week and start growing your knowledge and wealth today! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) chats with Clay Finck and Kyle Grieve of our We Study Billionaires podcast. Shawn reflects with Clay and Kyle on some of their favorite moments as Millennial Investing hosts in the past, from chatting with William Green to discussing whether we are in an “Everything Bubble” and how passive investing has affected markets. You’ll learn how Clay has evolved as an investor since joining The Investor's Podcast Network, how Kyle built out his stock portfolio and the challenges of doing so publicly, what has resonated with them the most from studying legendary investors, and updates on our new show — The Intrinsic Value Podcast — plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 00:29 - What to expect from our new show, The Intrinsic Value Podcast 03:10 - How Clay has evolved since joining The Investor's Podcast 13:00 - Whether markets are in an “Everything Bubble” and how to manage anxiety as an investor 17:08 - How Kyle built out his portfolio of individual stocks 37:31 - What it means to have skin in the game as a public personality and investor 45:03 - How passive investing has changed financial markets 49:38 - Why Clay and Kyle both choose to be active investors 58:53 - What surprised William Green most about legend investors from his interactions with them 1:02:40 - What has resonated with Clay and Kyle the most from studying legend investors And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Listen to Clay Finck and Kyle Grieve on We Study Billionaires or watch them on YouTube. Listen to MI131 with William Green and Clay Finck | Youtube Video. Listen to MI167 with Eric Balchunas and Clay Finck | Youtube Video. Listen to MI197 with Scott Nations and Clay Finck | Youtube Video. Listen to MI345 with Brian Stoffel and Kyle Grieve | Youtube Video. Check out William Green’s book Richer, Wiser, Happier. Meet up with us at the 2025 Berkshire Hathaway shareholder’s meeting in Omaha. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: TurboTax Airbnb Public Bluehost Connect with Shawn: Twitter | LinkedIn | Email Connect with Clay: Twitter | LinkedIn | Email Connect with Kyle: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) goes through the best-selling book Zero to One by the prolific investor Peter Thiel, who’s best known for co-founding PayPal and Palantir and for being the first outside investor in Facebook. Thiel is a highly contrarian thinker, and the book organizes his notes from his time at Stanford lecturing to the next generation of Silicon Valley’s entrepreneurs. You’ll learn Peter Thiel’s favorite question to ask in interviews, the difference between horizontal and vertical progress, how the Tech Bubble changed Silicon Valley, why Peter Thiel actually likes monopolies, what investors get wrong about competition, how the Pareto Principle applies to the venture capital industry, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 06:06 - What Peter Thiel’s favorite interview question is 09:42 - What the difference is between horizontal and vertical progress 11:41 - Why Thiel thinks that technological progress has stagnated since the 1970s 17:43 - How Thiel took advantage of the Dot-Com Bubble to scale PayPal 19:57 - How the Dot-Com Bubble changed the culture of Silicon Valley and the goals of its founders 23:22 - Why Peter Thiel encourages funders to build a monopoly in specific niches 26:34 - How competition destroys profits 34:50 - Which types of monopolies are good for society 41:10 - What the Pareto Principle means for the venture capital industry And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Peter Thiel's book, Zero to One. Check out the Podcast review of Peter Thiel’s Zero to One on We Study Billionaires | YouTube Video. Check out the Executive summary of Zero to One by Preston Pysh and Stig Brodersen. Clayton Christensen's book, The Innovator’s Dilemma. Nassim Taleb's book, The Black Swan. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Public Bluehost Airbnb Fundrise NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) shares his favorite lessons from the billionaire investor Mohnish Pabrai, who some know as the “Indian Warren Buffett.” Pabrai is a master investor, a close friend of Charlie Munger, and a wonderful storyteller, too. You’ll learn what it means to circle the wagons in investing, how a few big decisions will end up mattering the most throughout your investment career, how GEICO changed Benjamin Graham’s perspective on investing, why Nick Sleep told his investors to simply buy and hold three stocks, what Pabrai learned from having lunch with Buffett, what it means to be a Dhando Investor, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 03:59 - Why only 4% of Berkshire Hathaway’s decisions over the years have explained most of Buffett’s outperformance 08:52 - Which three stocks Nick Sleep told his investors to hold after winding down his fund 09:48 - Which types of stocks you’d want to circle the wagons around 10:10 - How GEICO changed Benjamin Graham’s perspective on investing 17:19 - What Pabrai learned from having lunch with Warren Buffett 30:26 - Why great companies are not always great investments 37:55 - How the Patels built a motel empire across America 42:24 - What it means to be a Dhando Investor And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Mohnish Pabrai's book, The Dhando Investor. Pabrai’s Circle the Wagons presentation. Pabrai’s past interviews on The Investors Podcast Network: The Inner Score Card, Masterclass, Playing to Win, Value Investing and Philanthropy. Pabrai’s profile in Richer, Wiser, Happier. Check out Richer, Wiser, Happier by William Green. Pabrai’s presentation to Peking University students. Pabrai’s Dakshana Foundation. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet Bluehost Fundrise Public Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) takes you into the classroom of legendary investor Joel Greenblatt, sharing his biggest takeaways from watching Greenblatt’s lectures at Columbia. Greenblatt is a wildly successful investor, professor, founder of the Value Investor’s Club forum, and best-selling author of some of the most popular stock investing books ever written. You’ll learn how Greenblatt thinks about the upside and downside potential for investments through three case studies, how Joel Greenblatt derived his Magic Formula for investing, why buying cheap stocks still works even though the strategy is well-known, where to look for the rarest but most attractive types of stock investments, what was Joel Greenblatt’s biggest investing mistake, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:34 - How to think through stock investments via case studies on the best pitches ever submitted to the Value Investor’s Club forum 03:02 - How Joel Greenblatt derived the Magic Formula for investing 05:12 - Which investments are the rarest but most attractive 07:34 - Why it’s important to condense an investment thesis down to just a few sentences 11:52 - How bankruptcy restructurings can actually generate undervalued and overlooked stocks 19:02 - Why so many great investors get their start with microcap stocks and special situations 30:16 - Why value investing still works and has worked across time 41:29 - How Joel Greenblatt made his biggest investing mistake And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Joel Greenblatt's book, The Little Book that Beats the Markets. Watch the Video summary of The Little Book that Beats the Markets. Joel Greenblatt’s site: MagicFormulaInvesting.com. Playlist of Joel Greenblatt’s video lectures. Check out Value Investors Club (VIC). Norbert Lou interview (Charlie479). Joel Greenblatt’s 2022 interview on the Richer, Wiser, Happier podcast | YouTube Video. Joel Greenblatt’s 2021 interview on the We Study Billionaires podcast | YouTube Video. Check out NVR Pitch on VIC. Take a look at the NII Pitch on VIC. See the SGDE Pitch on VIC. Review the WNMLA Pitch on VIC. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Bluehost Fundrise Public Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses the concept of hidden compounders, where some of the most boring businesses can make the best long-term investments. Compared to well-known compounders like Apple and Amazon, which have well-known track records in compounding returns for investors, there are loads of lesser-known companies with less obvious competitive advantages that operate in less exciting industries with equally impressive track records in recent years. You’ll learn what it means to be a hidden compounder, why many hidden compounders have invisible moats, what to look for in finding hidden compounders, what makes companies like Old Dominion and Teqnion so successful, why intangible assets can provide more enduring advantages than physical assets, why Peter Lynch loves boring businesses, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 03:13 - What is a hidden compounder, and how to think about their invisible moats 03:43 - Why Peter Lynch loves boring businesses 06:44 - What signs to look for in identifying hidden compounders 31:36 - What the Lindy effect is, and how it relates to hidden compounders 32:27 - How Warren Buffett has set the standard for investing in boring, hidden compounders 37:48 - Why intangible competitive advantages can be the most enduring 40:17 - Morgan Stanley’s conclusions on investing in compounders And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. We Study Billionaires episode 295 with Mohnish Pabrai | YouTube Video. Millennial Investing episode 373 on Monster Beverage | YouTube Video. Millennial Investing episode 379 on quality investing for the long-term | YouTube Video. Read One Up On Wall Street by Peter Lynch. Check out Invisible Moats blog post from Chris Mayer. Guy Spier’s interview with Mohnish Pabrai on Hidden Moats. Check out Teqnion stock explained, YouTube interview for We Study Billionaires. Morgan Stanley’s 2016 report on the value of equity “compounders”. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Airbnb Fundrise Public Bluehost NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) explores the fundamentals of, and merits in, being a long-term, quality-focused investor, using John Huber’s success and philosophy as an example to follow. Huber is the rare money manager who truly aligns incentives with his investors by using the template created by Warren Buffett back in his days before Berkshire Hathaway. You’ll learn about what makes Huber’s fee structure special, Huber’s philosophy for investing long-term in high-quality companies, how time-arbitrage gives long-term investors a structural advantage in markets, how to blend both a focus on value and quality, the importance of assessing compounding power, how much to pay for quality companies, how changes in valuation multiples affect returns even for great businesses, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:36 - Why John Huber used the Buffett partnership fee structure in his fund 03:44 - How time-arbitrage gives investors an advantage over time 04:55 - What it means to find investments where you can win big, and if you lose, not lose much 11:40 - How to calculate ROIC and why it matters for compounders 28:11 - What price to pay for the highest-quality businesses 32:33 - How changes in price-to-earnings multiples can affect returns over time 35:36 - How to blend both value and quality as investing styles And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Saber Capital Management’s website. Check out What Is Your Investing Edge? Article from John Huber. John Huber’s latest interviews on Millennial Investing (YouTube Video) and We Study Billionaires (YouTube Video). Follow John’s Substack: Base Hit Investing. Buffett’s 1987 shareholder letter discussing returns on capital. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet Fundrise Public Bluehost Airbnb Fundrise NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) explores the highs and lows of famed investor Martin Whitman’s career. Whitman is the founder of Third Avenue Management, which, at its peak in 2006, managed 26 billion dollars across a handful of funds. For nearly two decades, Whitman outperformed market benchmarks with average annual returns of 12 percent. Whitman’s approach to investing is unique, and in this episode, you’ll learn about why the balance sheet is just as important or more important than the income statement, how Whitman got his reputation for being a “vulture” investor, how Whitman was able to profit from companies going through bankruptcy, the legal differences between being a bondholder and stockholder, what Whitman looks for in the companies he owns long-term, and takeaways from Whitman’s legacy, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 07:13 - Why investors should focus on creditworthiness 08:20 - Why the balance sheet is just as important or more important than the income statement 11:35 - How Whitman’s legacy was tarnished by the 2008 Financial Crisis 15:05 - How to assess earnings power using assets 28:58 - What strategies Whitman used to beat the market averages 35:09 - How different markets have varying degrees of efficiency 37:42 - What issues Whitman has with current accounting standards 43:16 - The case for thinking more like a creditor in stock investing And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Request a free copy of Whitman’s book, Dear Fellow Shareholders, on this page. Whitman’s book Distress Investing. Case studies on legend investors from past episodes: Howard Marks, Bill Ackman, Bill Miller, George Soros. William Thorndike Jr.'s book, The Outsiders. Hunter Hopcroft’s blog post on Martin Whitman — check out Hunter on Twitter. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses how companies can age just like people, how to define and understand the corporate life cycle, why the corporate decline phase is both inevitable and almost always poorly managed, how to invest across the corporate life cycle, plus so much more from studying Aswath Damodaran and recent research from Michael Mauboussin & Dan Callahan of Morgan Stanley. Aswath Damodaran is a renowned professor of finance at NYU who recently published a book on corporate life cycles. Shawn pulls from Aswath and other sources in painting an actionable picture of the corporate life cycle and how it affects investors while also diving into case studies on three aging companies: Intel, Walgreens, and Starbucks. Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:18 - Why companies age 07:37 - What the corporate life cycle looks like 18:03 - How companies can age gracefully (and why most don’t) 23:35 - How Intel, Walgreens, and Starbucks face different and similar challenges of aging 29:23 - Which declining stock Aswath Damodaran is investing in 34:31 - Investing strategies based on the corporate life cycle 36:59 - Why it’s important to diversify across the corporate life cycle 43:19 - Why younger companies carry more duration risk And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Clay Finck’s interview with Aswath Damodaran on We Study Billionaires | YouTube Video. Morgan Stanley’s paper on stages of the corporate life cycle. Damodaran’s free online course about the corporate life cycle. Book: The Corporate Lifecycle by Aswath Damodaran. Book: The Little Book of Valuation by Aswath Damodaran. Blog post on the investing implications of the corporate life cycle. Check out the case study on aging on Intel, Starbucks, and Walgreens. Aswath Damodaran’s YouTube channel. Aswath Damodaran’s free mobile app for valuation. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@shawn_OMalley_) discusses why great companies fail, as outlined by Clayton Christensen in his timeless book, The Innovator’s Dilemma, which was first published in 1997. The Economist actually named it one of the six most important business books ever written. Christensen was an academic and business consultant who wrote a number of compelling books, but the Innovator’s Dilemma is by far his best-known work. Christensen worked at Harvard Business School for a decade before founding a consulting firm in 2000 and a venture capital firm focused on investing in Southeast Asia in 2005. In this episode, you’ll learn how disruptive innovations shift the status quo, the difference between disruptive and sustaining innovations, why companies can seemingly do everything right and still lose out to new competition, how following logical incentives can actually lead management to disregard threats from disruptive technology, why disruptive technologies tend to emerge on the fringes of established customer demographics, and what companies can do to prepare themselves for the inevitable rise of disruptive technologies, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:11 - What is a disruptive innovation, and how it differs from sustaining innovations. 02:52 - How the “paradox” of innovation impacts industry leaders. 05:11 - Why even the best of the best companies aren’t immune to disruptive innovation. 08:03 - How to think about disruptive technologies from the vantage point of a value investor. 08:55 - How Tesla disrupted the automotive industry. 13:15 - Why the fast-paced hard-drive industry is such a good case study on innovation. 21:10 - How value networks shape biases and outcomes in companies. 31:28 - What industry leaders can do to manage disruptive innovation. 36:20 - How Honda stumbled into disruptive innovation in the U.S. market. *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for TIP’s free newsletter, We Study Markets. The Innovator’s Dilemma by Clayton Christensen. Clayton Christensen’s website. Executive Summary of the book. Clayton Christensen’s Essential Articles, from the Harvard Business Review. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses The Alchemy of Finance by George Soros. George Soros is a controversial political figure, but he is a legend on Wall Street. Many know him as the man who “broke the Bank of England” for his epic short bets against the British pound that broke its currency peg. Soros’s hedge fund is among the best performing ever, generating billions of dollars in wealth and giving rise to a number of Soros’s protégés who would make their own names for themselves. You’ll learn about Soros’s life growing up in Nazi-occupied Hungary, how he went from immigrant to hedge fund titan, why philosophy and abstract thinking were critical to Soros’s success, Soros’s unique theory on investing called Reflexivity and how it has helped him throughout his career, which shortcomings Soros identified in markets, how he used reflexivity to profit from a boom in conglomerates, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:18 - What it was like for George Soros growing up in Nazi-occupied Hungary 03:15 - How Soros went from immigrant to hedge fund titan 10:01 - What is reflexivity, and how did Soros use it 12:16 - Why markets are a place to test hypotheses 24:30 - Why Soros thinks free markets have shortcomings 26:33 - What value investors miss about reflexivity and stock prices 29:45 - How Soros profited from a boom in conglomerates using reflexivity 32:06 - What causes reversals in markets And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. George Soros's book, The Alchemy of Finance. George Soros's book, Soros on Soros: Staying Ahead of the Curve. George Soros’s wiki. How Soros broke the Bank of England. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) discusses the formula used by some of history’s best investors to systematically beat the market averages. It’s not a secret formula for winning if you don’t have any investing edge, but it is a system for maximizing wealth over time by properly sizing bets based on your conviction in terms of how favorable bets are for you ( your “edge.”) You’ll learn about the great minds of Bell Labs behind the Kelly formula, how Ed Thorpe used the Kelly formula to beat the dealers in Las Vegas, which investors have used the Kelly formula and found success with it, how to define having an “edge” in investing and what that can mean for you, the controversies surrounding the Kelly formula, and why the Kelly formula isn’t better known, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:57 - The origins of the esteemed Bell Labs and how its research led to the Kelly formula’s creation 02:27 -How to define and use the Kelly formula 18:22 - Why the Kelly formula is helpful 23:40 - Why there are limits to the Kelly formula 25:17 - How Ed Thorpe beat the dealer and the markets with the Kelly formula 28:22 - How Claude Shannon’s approach to beating the markets with the Kelly formula differed from Thorpe’s 36:38 - What it means to have an edge in markets 38:52 - Why the Kelly formula is controversial 41:02 - How to think about your own edge in markets 41:44 - Why the Kelly formula isn’t better known And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out Fortune’s Formula by William Poundstone. Check out Beat the Dealer by Ed Thorpe. Read Beat the Market (free PDF) by Ed Thorpe. Bell Labs’ history. Read about the Information theory. The Kelly Formula, explained. William Thorndike's book The Outsiders. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down the energy drink company Monster Beverage, which you may be surprised to learn has been one of the best-performing stocks of the last few decades. You’ll learn about how Monster got its start almost one hundred years ago and how it took on a new identity in the early 2000s, how Monster Energy changed the beverage market, why Monster’s stock has done so incredibly well, how Monster is fending off the competition and its plan for continuing to compound excellent returns, why Monster’s relationship with Coca-Cola is such a strategic advantage, how to think about valuing Monster Beverage, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:22 - How Monster Beverage got its start almost a century ago 04:49 - How a single product completely changed Monster Beverage’s trajectory as a company 06:30 - Why Monster has delivered such exceptional returns 08:34 - Why Coca-Cola invested in Monster and how that partnership is still helping Monster to this day 10:08 - What the energy drink market looks like today and how competition threatens Monster 20:53 - What investors can learn from doing a case study on Monster 23:53 - Which challenges could weigh on Monster the most going forward 30:09 - Whether Shawn thinks the stock offers good value And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Monster’s latest annual 10k filing. Monster Energy’s website. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) will be breaking down the Magic Kingdom company: Disney. You’ll learn about why recognition value is so important to Disney, why hit movies are just the top of the sales funnel for Disney, how Disney has built a flywheel supporting its businesses, what the outlook is for Disney’s streaming efforts, how Covid hurt the company and how it has bounced back, why the company’s famed ex-CEO Bob Iger returned, what to make of Disney’s financials and valuation, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:48 - How Disney relies on recognition value at the top of its sales funnel 04:36 - What to understand about the flywheel of Disney’s businesses 11:34 - How Disney’s streaming business is doing 14:17 - Why Covid was so challenging for Disney 19:17 - Why Disney’s famed ex-CEO Bob Iger returned to the company 32:02 - What makes ESPN so profitable 36:43 - What to make of Disney’s financials and valuation 39:51 - Shawn’s opinion on buying the stock And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Check out The Ride of a Lifetime: Lessons learned from 15 years as CEO of the Walt Disney Company by Bob Iger. Check out Walt Disney: The Triumph of the American Imagination by Neal Gabler. Breakdown of TV Sports Rights. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) is joined by stock investor and founder of The All-in-One Investing Platform, Daniel Mahncke, to break down the world’s largest online Retailer: Alibaba. You’ll learn about Alibaba’s different business segments, how Alibaba has been impacted by regulations from the Chinese government, why investors have lost trust in Chinese regulators, what drives Alibaba’s profits, what drove the recent slowdown in Alibaba’s business, why Alibaba may finally offer an attractive valuation to investors, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 03:00 - Which segments drive Alibaba’s business the most 16:35 - Why the Chinese government cracked down on tech companies 17:02 - Why investors have soured generally on Chinese stocks 30:35 - How Covid disrupted Alibaba’s operations 34:02 - What is the outlook for Alibaba’s profitability 37:32 - How to value Alibaba 43:48 - Why Alibaba may finally offer good value to investors 47:12 - Which risks are most concerning for Alibaba And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Daniel Mahncke’s All-In-One Investing Platform. Warren Buffett Shareholder Letter 1994. Charlie Munger on investing in China and his Alibaba Investment. Howard Marks Memo: Thinking about Macro. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email Connect with Daniel: Twitter | LinkedIn HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Clay Finck chats with Tobias Carlisle about what led him to becoming a value investor, what mean reversion is and how it relates to his overall investment strategy, how inflation impacts his investment process, what the shiller PE is and why it’s something to be mindful of, what his thoughts are on determining an appropriate discount rate, and much, much more! Tobias Carlisle is the founder of The Acquirer’s Multiple®. He is also the founder of Acquirers Funds® which manages ZIG, the Acquirers Fund, and DEEP, the Roundhill Acquirers Deep Value Fund. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:00 - How Tobias ended up becoming a value investor. 07:43 - What investors had a big impact on Tobias’s own development? 12:02 - What mean reversion is from an investment standpoint, and how it relates to his overall investment strategy. 21:44 - What the shiller PE is, and why it is something to be mindful of. 32:20 - How inflation impacts his overall thought process for stock investing. 44:03 - Tobias’s thoughts on an appropriate discount rate, and what discount rate Warren Buffett might be using in his valuation process. 47:19 - The two funds the Acquirer’s Fund manages - ZIG and DEEP. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Tobias Carlisle’s book The Acquirer’s Multiple. Tobias Carlisle’s book Deep Value. Tobias Carlisle’s book Quantitative Value. Bruce Greenwald’s book Value Investing. Benjamin Graham’s book, The Intelligent Investor. The Acquirer’s Podcast. The Acquirer’s Multiple. The Acquirer’s Fund. Related Episode: Listen to MI025: Deep Value Investing w/ Tobias Carlisle, or watch the video. Related Episode: MI084: Warren Buffett, Charlie Munger, And Berkshire Hathaway w/ Adam Mead, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite HELP US OUT! Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) is joined by stock investor and founder of The All-in-One Investing Platform, Daniel Mahncke, to break down the company behind the S&P 500 index: S&P Global. You’ll learn about the five different business units at S&P Global, how the company has built up such deep moats in its credit ratings and indices businesses, how the company’s merger with IHS Markit has affected its future outlook, why the company faced allegations of enabling the Great Financial Crisis, its current valuation and intrinsic value estimate, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 06:30 - How S&P Global was formed and which business units are most important today 07:09 - Why S&P Global is such an important company behind the scenes in financial markets 12:43 - What credit ratings are and why they matter to companies 17:03 - How S&P Global provides data to participants throughout financial markets 35:27 - What was S&P Global’s role in the Great Financial Crisis 38:05 - Why the company is so attractive to investors 39:09 - What risks undermine S&P Global’s future returns 41:51 - Whether Shawn and Daniel think the stock offers good value today And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Daniel Mahncke’s All-In-One Investing Platform. Value Investors Club post breaking down S&P Global. Try valuing S&P Global for yourself with our TIP Finance tools. Andrew Ross Sorkin's book, Too Big to Fail. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Connect with Shawn: Twitter | LinkedIn | Email Connect with Daniel: Twitter | LinkedIn HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Clay Finck chats with Rihard Jarc to do a deep dive on Alphabet’s stock, better known as Google. We cover what Alphabet’s main sources of revenue are, why Google search is such a valuable resource for advertisers to acquire new customers, what is included in Alphabet’s ‘other bets’ line of business, where Alphabet sits in the AI industry, potential risks for Alphabet, why Rihard is bullish on AirBnB, and much more! Rihard Jarc is the Chief Investment Officer of New Era Funds and runs an investment newsletter called Uncover Alpha. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:04 - What Alphabet’s main sources of revenue are. 06:39 - Why Google is such a valuable resource for advertisers to acquire new customers. 15:55 - What is included in Alphabet’s ‘other bets’ line of business? 18:21 - How Rihard projects revenue for Alphabet going into the future. 24:01 - Where Alphabet sits in the AI industry. 27:00 - Whether Alphabet’s cash pile is excessive or not. 34:38 - Potential risks investing in Alphabet. 40:46 - Why Rihard is bullish on AirBnB. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Related episode: Listen to MI165: Is FAANG The New Value? w/ John Huber, or watch the video. Related episode: Listen to MI124: Is Amazon a Value Stock? w/ Jason Moser, or watch the video. Check out the books mentioned in the podcast here. Enjoy ad-free episodes when you subscribe to our Premium Feed. NEW TO THE SHOW? Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Toyota Facet ShipStation Fundrise Public Bluehost Airbnb NetSuite Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm