Sean Iddings, an entrepreneur and microcap investor, discusses his high conviction position in eXp World Holdings (EXPI). EXPI is a hyper growth company that is attacking the real estate brokerage business with an interesting model. Sean breaks down the business, the upside he sees in the company, and addresses some of the red flags surrounding the stock.

Sean’s EXPI write up: https://www.thewoodshedd.com/posts/2021-07-09-highconviction-copy/#how-to-value-expi 
Sean's twitter: https://twitter.com/iddings_sean
My notes on EXPI, including some interesting proxy details: https://twitter.com/AndrewRangeley/status/1423081507132936194?s=20 

Chapters
0:00 Intro
1:25 What is EXPI?
8:55 How EXPI harnesses the power of incentives
10:05 Comparing EXPI to a multi-level marketing company (EXPI)
18:00 Why aren't we seeing operating leverage?
22:30 EXPI's expansion opportunities
26:30 Discussing EXPI's copycats
29:20 Is how the employees relate to the stock price concerning?
35:45 Veirbela and Success magazine; critical assets or overrated?
45:50 Sean's closing thoughts