The Intrinsic Value Podcast - The Investor’s Podcast Network

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The Intrinsic Value Podcast - The Investor’s Podcast Network episodes

May 24TIVP072 (Video): Sea Limited (SE): Can Sea Limited 10x Again? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:29) How Sea Limited was founded
(00:06:35) Which business units belong to Sea Limited
(00:10:37) How a gaming business is funding Shopee and Monee
(00:16:55) How Monee compared to Mercado Libre’s Mercado Pago
(00:40:22) Why Shopee has become the largest e-commerce company in SEA
(01:13:45) How Sea Limited’s moat looks like
(01:22:47) Why Sea Limited is so strong in Brazil
(01:28:58) Valuation discussion of SE
(01:30:53) Intrinsic value of SE
(01:31:37) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Norges Bank ⁠Interview with SE CEO⁠.

Jimmy’s Journal⁠'s ⁠Article on SEA⁠.

RS Capital ⁠Deep Dive on SEA⁠.

Hayden Capital ⁠Interview with Drew Cohen⁠.

Hayden Capital ⁠Shareholder Letter⁠.

Previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

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1 hr 40 min
May 17TIVP071 (Video): Formula One Group (FWONA): The Only Sports Franchise Worth Owning w/ Kyle Grieve & Shawn O'Malley
Kyle Grieve and Shawn O’Malley analyze Formula One Group, a business that commands nearly a billion global fans, generates billions in revenue from only 24 live events, and boasts free cash flow margins nearly any business would envy. They’ll trace the company’s growth history, untangle its complex capital structure, and assess its current debt situation.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:13) How F1 generates billions of dollars from 24 live events
(00:02:39) Why most sports franchises fail to produce cash flow
(00:04:31) How Liberty got away from the tracking stock structure to simplify things
(00:15:33) How the Concorde agreements pose risk
(00:20:31) The debt structure Liberty built to help build sustainable cash flow
(00:34:49) Details of F1 Group’s other surprising racing league
(00:42:22) How Netflix’s streaming coverage of F1 helped grow the sport
(00:54:53) Why the business remains capital light
(01:03:14) Valuation discussion of F1 Group
(01:04:23) How cross-promotions and synergies create exciting new growth levers
(01:09:51) Intrinsic value of F1 Group
(01:11:36) Portfolio decision on F1 Group
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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1 hr 19 min
May 10TIVP070 (Video): Microsoft (MSFT): Is Microsoft a Misunderstood AI Opportunity? w/ Shawn O'Malley & Daniel Mahncke
Daniel Mahncke and Shawn O'Malley take a deep dive into Microsoft — the $3 trillion incumbent whose entire investment thesis now hinges on two of the most contested questions in technology: whether AI will reinforce or quietly dismantle the software franchises that built the company, and whether the OpenAI partnership is the strategic masterstroke it appeared to be in 2023, or a relationship that is slowly turning from asset into liability.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:40) About all major business units
(00:11:19) How LinkedIn’s business works
(00:17:40) How the cloud business keeps growing
(00:20:32) What the future plans for gaming are
(00:24:09) Why the Office products might be in danger
(00:50:25) How AI is challenging Microsoft’s software
(00:54:48) Who captures the most value from AI
(01:22:50) Valuation discussion of Microsoft
(01:26:20) Whether Shawn and Daniel add MSFT 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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World Economic Forum Interview with CEO.

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1 hr 33 min
May 03TIVP069 (Video): OTC Markets (OTCM): A Picks and Shovels Play in Modern Capital Markets w/ Kyle Grieve & Shawn O'Malley
Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you'll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:42) Why OTC Markets operates as a hidden monopoly, most investors have never heard of
(00:02:25) The three business segments generating recurring revenue from market infrastructure
(00:08:26) How OTCM's pricing power compares to other monopolistic businesses
(00:14:10) Why 130 employees can manage the infrastructure for over 12,000 securities
(00:18:58) What keeps customers so loyal
(00:24:28) How regulatory relationships create barriers to entry
(00:47:49) The surprising reason declining subscriber counts might not be concerning
(00:52:23) The exceptional unit economics that make Corporate Services so profitable
(00:55:53) Why management's capital allocation approach is so different from that of typical CEOs
(01:13:28) Valuation discussion of OTCM
(01:15:38) Intrinsic value of OTCM
(01:16:37) Whether this hidden infrastructure gem deserves a spot in your portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
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Learn more about OTC Markets Group on their IR.

Listen to an interview with CEO, Cromwell Coulson.

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1 hr 23 min
April 25TIVP68 (Video): CoStar Group (CSGP): The Real Estate Empire Making a $5 Billion Bet w/ Shawn O'Malley & Daniel Mahncke
Shawn O'Malley and Daniel Mahncke explore CoStar Group (ticker: CSGP), the dominant provider of commercial real estate data and analytics, and assess whether the company's massive $5 billion bet on Homes.com can successfully crack the residential real estate market dominated by Zillow, or whether this ambitious expansion will destroy shareholder value.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:42) Why the company has delivered nearly 60 consecutive quarters of double-digit revenue growth
(00:09:17) How CoStar built a dominant, near-monopoly position in commercial real estate data and analytics
(00:18:30) How CoStar generates roughly 50% profit margins on its core B2B business
(00:44:12) What makes CoStar's data moat so durable and difficult for competitors to replicate
(00:48:12) How the company's acquisition-driven strategy has fueled decades of growth
(00:56:22) Why CoStar is investing $5 billion into Homes.com to take on Zillow and Realtor.com
00:58:21) Competitive landscape in the residential real estate marketplace
(01:08:41) Whether CoStar's massive residential bet will pay off or destroy shareholder value
(01:23:57) How Shawn and Daniel value CoStar and whether CSGP belongs in the portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
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Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠here⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Track ⁠The Intrinsic Value Portfolio⁠.

Costar pitch on the ⁠Value Investors Club⁠.

Drew Cohen’s⁠ podcast on CoStar⁠.

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Follow Shawn on ⁠⁠X⁠⁠ and ⁠⁠Linkedin⁠⁠.

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1 hr 37 min
April 19TIVP067: Portfolio Review: Thoughts on Airbnb, Reddit, Adobe, and co. w/ Daniel Mahncke, Shawn O'Malley, & Kyle Grieve
Daniel Mahncke, Shawn O'Malley, and Kyle Grieve take a closer look at the Intrinsic Value Portfolio and some of the high-priority watchlist companies.
The episode covers high-conviction portfolio holdings such as Airbnb, Universal Music Group, Reddit, and Exor, as well as watchlist companies like FICO, Trade Desk, and Nintendo. They also cover companies that might need to leave the portfolio today. Candidates are TransDigm and Copart.
For each, the question is the same: What are the key points of the investment thesis, has the thesis held up, and does the current valuation still make sense?

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:04:38) The key thesis behind Exor
(00:15:37) The key thesis behind TransDigm and our thoughts on Copart
(00:29:45) The key thesis behind Reddit
(00:40:28) The key thesis behind Airbnb
(00:57:58) The key thesis behind Universal Music Group
(01:06:04) Our thoughts on Trade Desk
(01:20:04) Our thoughts on FICO
(01:29:10) Our thoughts on Nintendo

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

BOOKS AND RESOURCES
Join ⁠The Intrinsic Value Conference⁠ in Omaha this May 1, 2026!

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠here⁠⁠.

Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Podcasts: ⁠Exor⁠, ⁠TransDigm⁠, ⁠Copart⁠, ⁠Reddit⁠, ⁠Airbnb⁠, ⁠Universal Music Group⁠, ⁠Trade Desk⁠, ⁠FICO⁠.

Newsletters: ⁠Exor⁠, ⁠TransDigm⁠, ⁠Copart⁠, ⁠Reddit⁠, ⁠Airbnb⁠, ⁠Universal Music Group⁠, ⁠Trade Desk⁠, ⁠FICO.⁠

Follow Daniel on ⁠X⁠ and ⁠Linkedin⁠.

Follow Shawn on ⁠X⁠ and ⁠Linkedin⁠.

Follow Kyle on ⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠.

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1 hr 47 min
April 12 Special Announcement: The Intrinsic Value Podcast Update
This week, Shawn and Daniel won't be releasing an episode as usual, but they will be back next Sunday with a new co-host joining them to help break down companies for The Intrinsic Value Portfolio. Plus, Shawn & Daniel are moving over to the main podcast feed for The Investor's Podcast.
You can still find all of their weekly stock breakdowns here on Sundays, but if you head over to The Investor's Podcast, you'll be able to access their episodes four days sooner!
The link to the new podcast feed, where you can access episodes from Shawn & Daniel earlier, is below.

https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e31f1a3933da46f4
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3 min
April 05TIVP066: Valuing Constellation Software's Spinoffs: Topicus, Lumine and co. w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into four companies operating in the shadow of one of the greatest compounders of the last two decades — Constellation Software. Some investors believe that Topicus, Lumine, Sygnity, and Asseco Poland represent the best way to own the CSI model today, while others argue that the spinoffs lack the institutional depth and deal flow of the mother ship. Join Daniel and Shawn as they assess which of these mini-Constellations has the most compelling setup, and whether any of them deserve a spot in the portfolio.

IN THIS EPISODE, YOU’LL LEARN:
(00:00:00) Intro
(00:01:12) Why smaller VMS companies are interesting
(00:09:23) How the law of large numbers shifts CSU’s focus
(00:11:04) About Topicus and why it's the closest copy of CSU
(00:14:57) Why VMS is so attractive for acquirers
(00:31:13) Lumine and its focus on the media and communication vertical
(00:44:16) Sygnity and its new chapter
(01:03:51) Asseco Poland and why it might be a the next Topicus
(01:11:40) Whether Shawn and Daniel add a Mini Constellation to the portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES
The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Learn how to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠join us⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠.

Shawn & Daniel use ⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠ for every company they research — use their ⁠⁠⁠⁠referral link⁠⁠⁠⁠ to get started with a 15% discount!

Outsiders’ Corner Asseco Writeup.

Outsider’s Corner Asseco Writeup No.2.

Alankrit Capital Sygnity Writeup.

Seeking Winners Lumine Writeup.

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

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1 hr 21 min
March 29TIVP065: Spotify (SPOT): Investing in Music in the Age of AI w/ Shawn O’Malley & Daniel Mahncke
Shawn O'Malley and Daniel Mahncke explore Spotify Inc. (ticker: SPOT), the world's largest audio streaming platform, and assess whether the company can sustain its growth and improve margins against fierce competition from YouTube, Apple, and Amazon, or whether it will remain trapped as a low-margin intermediary in the music industry. Spotify saved the recorded music industry from piracy and built a platform that over 750 million people use monthly.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:13:25 - How Spotify saved the recorded music industry from piracy
00:24:40 - Why the freemium business model was key to Spotify's growth
00:29:24 - What makes Spotify's recommendation engine and personalization a competitive moat
00:51:00 - How Spotify is diversifying beyond music into podcasts and audiobooks
00:37:56 - Why music streaming margins are structurally constrained by label royalties
01:16:27 - How YouTube poses the biggest competitive threat to Spotify
01:11:26 - What Spotify's management team thinks about AI's impact on the business
00:41:11 - How Spotify's pricing power and international expansion affect its valuation
01:28:14 - Whether Shawn and Daniel add SPOT to their Intrinsic Value Portfolio

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES
The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Sign up for ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn how to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠join us⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Track ⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠.

Shawn & Daniel use ⁠⁠⁠Fiscal.ai⁠⁠⁠ for every company they research — use their ⁠⁠⁠referral link⁠⁠⁠ to get started with a 15% discount!

Check out The Story of Spotify, w/ Shawn O’Malley (podcast from 2024).

Shawn & Daniel’s coverage of Universal Music Group on The Intrinsic Value Podcast.

Shawn & Daniel’s newsletter on Universal Music Group.

Tim Ferriss’s interview with Daniel Ek.

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

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1 hr 37 min
March 22TIVP064: Kelly Partners Group: The Constellation Software of Accounting? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O'Malley take a deep dive into Kelly Partners — a fast-growing Australian chartered accounting network with over 25,000 SME clients and founder Brett Kelly's relentless ambition to build Australia's first global accounting firm.
Join Daniel and Shawn as they assess whether Kelly Partners has a sustainable moat, an attractive valuation, and whether it deserves a spot in portfolio.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:02:56 - Who the CEO and founder, Brett Kelly, is
00:04:27 - About the mission of Kelly Partners
00:06:53 - How the business model works
00:10:15 - How big the TAM is
00:26:12 - Whether AI is a threat or an opportunity
00:26:51- What the bull and bear cases look like
00:35:02 - What acquisition criteria Kelly Partners has
00:51:50 - How the financials work
01:03:07 - Whether Shawn and Daniel add Kelly Partners to the portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES
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Learn how to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠join us⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Track ⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠.

Shawn & Daniel use ⁠⁠Fiscal.ai⁠⁠ for every company they research — use their ⁠⁠referral link⁠⁠ to get started with a 15% discount!

Anomaly Invest Article .

Compound and Fire KPG Deep Dive.

Compound and Fire KPG AI Article.

Be Better Off Show.

Explore our previous Intrinsic Value breakdowns: ⁠⁠Uber⁠⁠, ⁠⁠Nike⁠⁠, ⁠⁠Reddit⁠⁠, ⁠⁠Nintendo⁠⁠, ⁠⁠Airbnb⁠⁠, ⁠⁠AutoZone⁠⁠, ⁠⁠Alphabet,⁠⁠ ⁠⁠Ulta,⁠⁠ ⁠⁠John Deere,⁠⁠ ⁠⁠Madison Square Garden Sports⁠⁠.

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Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hr 18 min

About The Intrinsic Value Podcast - The Investor’s Podcast Network

From the publisher's feed

Presented by The Investors Podcast Network with over 10 million downloads — home to the popular We Study Billionaires podcast, The Intrinsic Value Podcast is a new show focused on breaking down businesses, estimating their intrinsic value per share, and deciding whether they should be added to an ongoing portfolio of stocks built out each week. From assessing the monopoly power of Google to determining the fair value of publicly-traded sports franchises, no topics is off limits in the pursuit of understanding as many different businesses as possible and putting together the ultimate long-term stock portfolio.