The Synopsis

In this episode of The Synopsis, Alex had the best moment of his life when he got Drew to agree with him on a point. We talk about what an agentic AI world means for Meta, Apple, Google, and other internet businesses.

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Drew Cohen Capital

Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/

Speedwell Research

For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/

Fiscal.AI

Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/

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Show Notes:

(0:00) — Thoughts on Muse (22:19) — How AI Agents Affect Airbnb & Booking (37:24) — Google Search vs AI Agents (47:46) — Is Apple Really Behind in the AI Race?

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Podcast background:

In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.

Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.

Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel ⁨@DrewCohenMoney⁩ . You can learn more about him here: https://www.drewcohencapital.com/

Alex is an unpaid host.

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This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.

YouTube: https://www.youtube.com/@TheSynopsisPod

Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li

Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398

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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohencapital.com/disclaimers

In this episode of The Synopsis, we talk to Mostly Borrowed Ideas on how Meta's Muse signifies the beginning of a potentially very disruptive AI transition that leaves many businesses worse off. We touch on Airbnb, Booking, Uber, DoorDash, and Amazon, among others. Mostly Borrowed Ideas, or MBI, was one of the earliest stock analysts to write his thoughts publicly. He has over 150k followers on X and tens of thousands investors regularly read his stock commentary.

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Drew Cohen Capital

Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/

Speedwell Research

For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/

Fiscal.AI

Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/

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Show Notes:

(0:00) — Why MBI Changed His Opinion on Airbnb (12:33) — Airbnb Advantages Over AI Agents (23:24) — How AI Agents Affect Direct Traffic for OTAs (31:52) — Does Agentic AI Shift the Airbnb Thesis? (42:59) — Airbnb vs Booking in Agentic AI (52:34) — The Rise of Proactive Commerce (55:08) — Do Hotels Really Need Booking Now? (59:14) — Rebuttal to AI Breaking Booking (1:07:42) — How AI Agents Affect Uber & DoorDash (1:20:42) — How AI Agents Affect E-Commerce

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Podcast background:

In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.

Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.

Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel ⁨@DrewCohenMoney⁩ . You can learn more about him here: https://www.drewcohencapital.com/

Alex is an unpaid host.

~*~*~*~*~

This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.

YouTube: https://www.youtube.com/@TheSynopsisPod

Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li

Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398

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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohencapital.com/disclaimers

In this episode of The Synopsis, Alex bemoans the video launch because he has to pay attention to Drew talk, and we go deep on The Trade Desk and Copart.

You can watch an in-depth deep dive on both stocks here:

The Trade Desk: https://www.youtube.com/watch?v=A0vV_w1nfNk

Copart: https://www.youtube.com/watch?v=Ar8QlzMhcfs

~*~*~*~

Drew Cohen Capital

Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/

Speedwell Research

For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/

Fiscal.AI

Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/

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Show Notes:

(0:00) — The Synopsis Podcast Overview (3:38) — The Trade Desk Business Overview (12:47) — Why the Market Shifted on The Trade Desk (24:40) — The Trade Desk Opportunity (31:41) — Copart Update (55:56) — Market vs Management Narrative

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Podcast background:

In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.

Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.

Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel ⁨@DrewCohenMoney⁩ . You can learn more about him here: https://www.drewcohencapital.com/

Alex is an unpaid host.

~*~*~*~*~

This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.

YouTube: https://www.youtube.com/@TheSynopsisPod

Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li

Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398

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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this episode of The Synopsis Alex bugs Drew. We then give an Adobe update and talk about how multiples can work for growth investors.

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

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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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Show Notes

0:00) — Denying Allegations (3:04) — Using Multiples (6:58) — The Importance of Making Your Assumptions Known (19:56) — Why a Multiple is a Shorthand For a DCF (24:44) — You Don't Need a Terminal Value (27:00) — Adobe Business Update (34:12) — Adobe's Incoherent Strategy and CEO Transition

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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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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this episode of The Synopsis we interview Dimitry of Babylon Capital on a variety of investing topics from portfolio concentration to how he identified Palantir early.

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

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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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Show Notes

(0:00) — Dimitry's Investment Philosophy (8:14) — What is a Quality Business? (10:36) — Dimitry's Palantir Investment Thesis (22:45) — How Do You Gain Confidence in High Growth Assumptions? (26:00) — A High Multiple Isn't Always Bad (32:31) — 2 Investment Mistakes (40:26) — Circle of Competence (44:51) — The Importance of Understanding Your Psychology (51:52) — Study History (53:31) — Drawdowns and Destination Analysis (1:02:12) — Dimitry's Thesis on Netflix (1:07:22) — Dimitry's Thesis on DLocal (1:13:42) — How Dimitry Thinks About Portfolio Construction (1:23:12) — Where to Find Dimitry

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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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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis we talk about diversification and how it feeds into portfolio strategy.

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

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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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Show Notes

(0:00) — Should You Concentrate or Diversify? (11:45) — Investment Matching Principle (19:53) — Don't Overweight One Individual Risk (26:44) — Position Sizing is Unscientific (38:09) — Find Your Sweet Spot

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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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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis we provide an update on Mercardo Libre and go through 3 common Warren Buffett Lessons that Investors get wrong.

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

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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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Show Notes

(0:00) — Viewer Comments (7:06) — Buffett's 3 Lessons That Investors Misunderstand (10:22) — What Value Investing Really Means (19:06) — Margin of Safety (28:49) — Circle of Competence (37:46) — Meli Update (44:43) — Meli Net Interest Margin (50:41) — Meli's Credit Risk (59:23) — Interest Margin Sustainability

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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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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

-*-*-*-*-*-*-*-*-*-*-

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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis we provide an update on Meta!

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

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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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Show Notes

(0:00) — The Synopsis is Coming to YouTube! (3:01) — Meta Update (13:34) — Meta's 6 Call Options (24:12) — Meta Compute (30:18) — Meta AI (33:16) — Does Meta Need a Frontier Model? (39:41) — Litigation Risk

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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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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

-*-*-*-*-*-*-*-*-*-*-

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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis we talk Atlassian, AI/ software risks, Duolingo, and Uber in this podcast.

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

~*~

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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Show Notes

(0:00) — Atlassian Business Overview (8:45) — Vertical vs Horizontal Software (11:15) — Is Atlassian a Melting Ice Cube? (12:56) — Atlassian AI Argument (35:11) — Duolingo Update (50:45) — Uber News (53:53) — Buffett Leads Berkshire's Google Investment

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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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Follow Us:

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

-*-*-*-*-*-*-*-*-*-*-

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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis we talk Netflix and the financial case for renting vs buying a home.

YouTube Video Links: Netflix Update (June 23rd), Buying vs Renting a Home (July 5th)

Five Minute Money Newsletter Free Sign Up

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You can also get a free trial to AlphaSense to read 200k+ expert calls through this link.

~*~

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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Show Notes

(0:00) —Netflix Narrative (6:31) — Why is Engagement Falling? (9:38) — Netflix Ad Tech (17:44) — Netflix Content Cost Per Sub Advantage (21:37) — Netflix Valuation (27:35) — Should You Buy or Rent a Home? (34:28) — Home Buying Rules

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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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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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers