In this insightful interview with Blue Box Asset Mangement's Porfolio Manager Mark Dainty we talk about precision medicine and life sciences, his investment strategy, and how he constructs a portfolio of "developers" vs "enablers". We also talk about 3 stocks in the fund. We hope you enjoy listening! 

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Show Notes

(0:00) — What is Precision Medicine and Life Sciences

(11:15) — Small Markets, but Higher Prices

(22:24) — Why Precision Medicine is like Dating Apps

(27:56) — Investment Strategy and Portfolio Construction

(47:20) — Two Stocks: Natera ($NTRA) and Guardant Health ($GH)

(54:24) — Risk of the Unknown?

(1:02:55) — Revolutions Medicines ($RVMD)

(1:11:10) — Financial Modeling

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Constellation Software and Copart after 1Q25 earnings (or fiscal 3Q25 for Copart) . Check out our written business updates for $CPRT and $CSU below! 

Constellation Software Business Recap 1Q25

Copart Business Update Fiscal 3Q25 (Calendar 1Q25)

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Show Notes

(0:00) — Intro

(1:55) —  Constellation Software Recap

(17:15) — Copart Update 

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CPRT and CSU. Furthermore, accounts one or more contributors advise on may also have a position in CPRT and CSU. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Company episode of The Synopsis we draw on our 108-page research report on Airbnb; the company that pioneered the sharing economy and become a Silicon Valley poster child for what a succesful start-up can become. 

Having started as a means to pay rent, Airbnb quickly turned into one of the world's largest accommodations provider. In a matter of just a decade, Airbnb was able to host more guests than Hilton could in 100 years. However, despite their large impact in how tens of millions of people traveled and millions more monetized  their unused properties, they struggled for years to turn a profit. That is until founder Brian Chesky decided to do something drastic and reshape the business—in the midst of Covid no less. In the matter of just a few years he took the business from losing $4bn a year to generating $3bn annually in free cash flow. With Airbnb having a firm grasp on the Alternative Accommodations segment, they are preparing to enter into new businesses and new verticals. Tune in for all of this and more! 

Learn more about our 108-page report here. 

For full access to all of our in-depth research reports, become a Speedwell Member here. 

If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email [email protected] 

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Mentioned Speedwell Memos: 

Minimum Viable Products versus Maximum Possible Products

Introducing the Piton Network Concept

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Show Notes

(0:00) — Airbnb Intro

Section 1: Business History

(5:33) — From RISD to SF

(19:05) — Cereal Boxes, Y Combinator

(34:12) — Early Airbnb Experience, Competitors, International

(43:10) — First Disaster

(47:21) — Toshi Hotels, Regulation 

(52:50) — Covid, Pulling the IPO

(1:01:50) — IPO

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Section 2: Industry and TAM

(1:05:27) — Business, How do they Make Money?

(1:18:13) — Experiences

(1:22:31) — Margins and Cost Structure

(1:25:26) — TAM Discussion

(1:39:21) — Categories of Competition

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Section 3: Competitors and Competitive Differentiation

(1:42:16) — Booking Competition

(1:52:21) — Merchant vs Agent Business Model, OTAs

(2:02:17) — Booking’s Alternative Accommodation Push, Booking vs Airbnb

(2:12:25) — Expedia, VRBO

(2:25:47) — Other Competitors

(2:30:47) — Comparing all Competitors, Network Effects, Differentiation

(2:45:26) — Competitive Advantages

(2:54:28) — Airbnb Negatives

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Section 4: Other Bets, Capital Allocation, Valuation

(2:58:33) — New Services, Super App

(3:13:25) — ROIC and Free Cash Flow

(3:20:04) — Capital Allocation, Stock Awards

(3:27:44) — Growth Drivers

(3:35:42) — Valuation

(3:37:11) — Risks and Conclusion

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Airbnb. Furthermore, accounts contributors advise on also may have  a position in Airbnb. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.

This weeks memo is "The Consumer's Hierarchy of Preferences: Two Ends of the Strategy Spectrum" 

Memo Link: Two Ends of the Strategy Spectrum

3rd Memo in the Series: Assessing Retail Strategies with The Inventory Value Capture Index on the Value Capture Index

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Show Notes

(0:00) – A Bit About this Memo

(3:49) –Memo Reading Starts

(15:39) – Explaining Some Key Ideas from the Memo

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Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

Speedwell Research's main website can be found here. 

Find Speedwell's free newsletter here.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.

This weeks memo is "The Consumer's Hierarchy of Preferences: The Other Side of the Consumer Value Prop" 

Memo Link: https://www.speedwellmemos.com/p/the-consumers-hierarchy-of-preferences 

2nd Memo in the series on The Consumer's Hierarchy of Preferences 

3rd Memo in the series on The Consumer's Hierarchy of Preferences

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Show Notes

(0:00) – A Bit About this Memo

(1:05) –Memo Reading Starts

(15:39) – Explaining Some Key Ideas from the Memo

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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more. 

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

Speedwell Research's main website can be found here. 

Find Speedwell's free newsletter here.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Perimeter Solutions and Dream Finders Homes after 1Q25 earnings. Check out our written business updates for $DFH and $PRM below! 

Dream Finders Homes 1Q25 Business Recap

Perimeter Solutions 1Q25 Business Recap

~*~

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Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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Show Notes

(0:00) — Intro

(1:09) — Perimeter Solutions 1Q25 Recap

(25:41) — Dream Finders Homes 1Q25 Recap

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For full access to all of our updates and in-depth research reports, become a Speedwell Member here.

Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in DFH and PRM. Furthermore, accounts one or more contributors advise on may also have a position in DFH and PRM. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Meta and Coupang after 1Q25 earnings. We also make some comments post Airbnb new summer announcement. Check out our written business updates for $META and $CPNG below! 

Meta 1Q25 Update

Coupang 1Q25 Update 

Meta Company Deep Dive Podcast Episode (Apple, Spotify)

Coupang Company Deep Dive Podcast Episode  (Apple, Spotify)

Last Memo Published: The Invisible Competitor

~*~

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Show Notes

(0:00) — Airbnb Comments post Announcement

(1:53) — Meta 1Q25 Update

(24:03) — Growth Vectors

(29:26) — Coupang 1Q25 Update

(42:37) — Forex Considerations with Investing

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Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CPNG and META. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and META. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Airbnb after 1Q25 earnings. Check out our written business updates for $ABNB below! 

Airbnb 1Q25 Business Update

~*~

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Show Notes

(0:00) Intro

(1:49) — Airbnb High Level Update 

(6:40) — Diatribe on Sell-Side Analyst Q&A

(9:00) — Airbnb Growth Slowdown and Macro

(22:30) — Airbnb’s New Businesses

(29:30) — Valuation, Mature Margin Defense

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Email us at [email protected] for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in ABNB. Furthermore, accounts one or more contributors advise on may also have a position in ABNB. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Evolution after 1Q25 earnings. Check out our written business updates for $CSGP and $EVO below! 

CoStar Group 1Q25 Business Update 

Evolution 1Q25 Business Update

~*~

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Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.

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Show Notes

(0:00) Intro

(1:05) — William deGale Interview Comments

(6:50) — CoStar Update, Growth vs S&M 

(25:11) — Importance of BoD, Capital Allocation Committee

(33:23) — Evolution Update, Revenue Growth Deceleration

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in CSGP and EVO. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and EVO. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this brilliant interview with Blue Box Asset Mangement's William de Gale we talk about everything from how to account for growth and financial modeling to his own clever and insightful mental models for tech investing. William deGale is the Lead Portfolio Manger of the Blue Box Global Technology Fund and, as of the end of March 2025, the fund has returned ~17% per annum since inception in 2018. 

*~*~*~*~* 

Get access to all of Speedwell Research's in-depth Research Reports here.

If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected] 

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Show Notes

(0:00) — Background

(4:55) — Growth Expectations, Nvidia, Buying Optically Expensive Stocks

(17:55) — Modeling and Reverse DCFs

(21:28) — Riding the Tech Sector

(25:19) — Why Tech and “Direct Connection”

(34:43) — Disrupters vs Enablers

(41:51) — GAAP adjustments and Mature Margin Frameworks?

(53:15) — Circle of Competence in High Tech

(57:51) — Champagne Glass Model of Tech Investing

(1:08:13) — Position Sizing

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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!  

Sign up for Speedwell's free newsletter and weekly memos here

*~*~*~*~* 

Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

Email us at [email protected] for any questions, comments, or feedback.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/