The Synopsis

In this wildly insighful conversation with Evolution's Chief Product Officer Todd Haushalter, we have a wide ranging conversation on everything from Evolution's moats and why its so hard to make great product to game innovation and how Evolution plans to stay ahead of the competition.

Todd Haushalter joined Evolution in 2015 and is responsible for having created billions of dollars of value for the company, in addition to having created many new live casino gaming formats that are among players favorites.

Many in the industry joke that he and his team at Evolution are the R&D department for the entire industry. When Evolution rolled out Lightening Roulette, competitors followed with Quantum Roulette and Mega Roulette. Rather than getting caught up in competing with copycats, Todd pushes his team to always focus on the player, delivering the best gaming experience for them.

All sorts of subtleties from camera angle switches to the timing of ball drops reflect Todd's relentless pursuit of an unparalleled player experience. Whereas competitors compete on price, his games win because players actively seek them out.

Whether you are familiar with live casino or not, everyone can learn from Todd Haushalter's business and operational acumen, which is flowering with insights that only a truly passionate and driven operator could articulate.

To read Speedwell's in-depth 74-page research report on Evolution, become a member or purchase a single report here. With a membership you will also get access to Evolution's business updates and all of our other reports.

You can listen to our 2h+ company podcast on Evolution here: (Apple, Spotify).

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Show Notes

(0:00) — Intro

(1:20) — Journey to Evolution? Taking Sermons from Evolution

(6:25) — Game Innovation and Dream Catchers

(13:57) — Why Todd gets called Steve Jobs; Dark side of Product Development; Culture

(21:01) — The Nitty Details of Gaming Math

(31:03) — The Art of Making a Game

(42:33) — Setting up a Competitor with 10 billion Euros

(50:59) — How OSS Changes Competition

(1:00:34) — Slots and Growth Inflection

(1:05:11) — Recommendations and AI; Social

(1:22:25) — Why do People like Live Casino?

(1:31:14) — Why would Todd Leave Evolution?

(1:38:23) — Aggregators?

(1:52:55) — Fear?

(1:57:40) — Is the Stock a Buy?

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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 Invisible Competitor: When Creating Value is Better than Fighting for It "

Memo Link: https://www.speedwellmemos.com/p/the-invisible-competitor-when-creating

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Show Notes

(0:00) – A Bit About this Memo

(0:59) –Memo Reading Starts

(21:08) – Connecting this 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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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 fun and insightful conversation we talk to Matt Reustle. Matt was a credit analyst and then equity analyst at Goldman Sachs in New York. He later worked on the buy-side and then moved to become Colossus's CEO, which is the podcast group responsible for Business Breakdowns and Invest Like The Best.

We talk about what people misunderstand about the Sell-side, why most investors fail with management meetings, what he learned from 200+ business breakdowns, and a few investing successes, as well as failures. We hope you enjoy!

You can download Matt Reustle's guide on meeting with management here.

Our memo on issues with the Sell-side can be read here.

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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) — Intro

(1:12) — Misunderstandings on what is the Sell-side

(9:15) — Quick Insight into Credit Research

(11:58) — Conflicting Prerogatives of a Sell-side analyst

(19:14) — Why Most Investors Fail with Management Meetings

(29:50) — Business Breakdowns Takeaways

(36:24) — What Makes a Great Analyst

(44:29) — Matt's Investing Style and 2 Stocks

(54:34) — What being CEO of Colossus taught Matt about Investing

(58:16) — Consumer Surplus's Role in Great Businesses

(1:02:51) — Does a Great Business Mean it Last a Long Time?

(1:09:00) — The Pain that is UPS

(1:12:56) — Conclusion

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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 interview, we talked with Barry Schwartz and Ernest Wong from Baskin Wealth Management on their investing philosophy and we cover a great variety of businesses. We discuss if you can quality invest in the energy sector, high multiple stock valuations, Costco vs Transdigm, how to rebase expectations, and differences in management of a fund versus seperately managed accounts, as well as much more! We hope you enjoy!

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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) — Intro

(0:51) — Baskin Wealth Management and Investing in Great Companies

(4:38) — Fund Structure versus Separately Managed Accounts (SMAs)

(12:12) — Where to Base Expecations?

(21:57) — Can you Quality Invest in Energy?

(32:31) — How to Deal with Terminal Value, High Multiple Stocks

(39:08) — High ROIC companies with limited reinvestment runway

(42:58) — Can you Overextract Consumer Surplus? Transdigm vs Costco

(52:02) — Portfolio Allocation

(55:17) — Mistakes and When Quality isn't Quality, Paypal circa 2021

(1:06:19) — What Makes a Terrible Investor?

(1:11:49) — Conclusion

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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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this company focused interview, we talk with "MBI", or Mostly Borrowed Ideas, as he is known on Twitter. We focus on just two companies: Spotify and Lululemon. In our Spotify segment we cover what an investor would have thought in 2021 about Spotify without the ex post facto analysis and walk through developments in the audio company up to current day. Our Lululemon discussion is centered around the recent shift in market sentiment on the business and how valid the adverse risks are.

You can find more about MBI and become a member to his research service here.

*~*~*~*~*

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) — Intro

Spotify Case Study

(3:29) — Spotify Background and Original Investment Thesis

(14:38) — Comparisons to Netflix

(21:41) — Spotify Advantages and Industry Dynamics

(30:42) — Summarizing the Spotify Thesis

(46:12) — What an investor could have seen in 2021

(53:32) — Pricing Discrimination and Pricing Power

(57:45) — Clarifying the Bull Case

(1:01:03) — Spotify Progress in 2023

(1:11:32) — Tech Risk Exposure

Studying the Lululemon Drawdown and Sentiment Shift

(1:19:24) — Shifting to Lululemon

(1:22:54) — Bear critiques are cliche

(1:26:33) — Why is the Business so Successful?

(1:34:00) — Lululemon Bear Case and Rebuttal

(1:45:17) — Alo and Lulu Consumer Preferences

(1:47:14) — Risk and Making a Decision on Lulu

(1:56:45) — Conclusion

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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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Axon! If you prefer to read instead of listen to the memo, you can find access to the article below.

Memo Link: https://www.speedwellmemos.com/p/axon-business-history

Become a Speedwell Member or Purchase the Axon Single Report Here

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Show Notes

(0:00) – Intro

(1:25) –Memo Reading Starts

(24:30) – Closing Comments

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

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 company focused interview, we talk with The Science of Hitting's Alex Morris on the Dollar Tree, Netflix, Disney, Match Group, Airbnb, and Spotify, in addition to touching on thoughts around when to exit a postion and how to stay open to new information. The Science of Hitting Research (or TSOH for short) is an investment research service that provides subscribers in-depth analysis on public equities. Learn more about it here.

You can purchase Alex's new book, Buffett and Munger Unscripted, which curates decades of Berkshire Hathaway Annual Meeting wisdom here.

*~*~*~*~*

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) Intro

(0:44) The Science of Hitting Research

(5:01) Confidence in a Circle of Competence vs Consumer Fickleness

(8:21) Dollar Tree: Does macro impacts mean the consumer value prop is weak?

(32:17) SVOD, 21st Century Fox, and a Netflix Case Study

(40:57) Why couldn't Disney beat Netflix?

(47:16) When stock valuations drive business operations

(53:43) How to think about valuation and when to sell

(1:06:44) Match Group and the Dating Industry

(1:20:11) Airbnb thoughts and Brian Chesky's Moonshot

(1:32:46) Mistakes, Spotify

(1:39:40) Good News, Page 379 is Free, and I Don't Know

(1:41:43) Conclusion

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Twitter: @Speedwell_LLC

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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/

On this Dialogue episode of The Synopsis, we took notes on all of our listener questions and answered different ones instead. In this wide ranging discussion we talk about lessons from the most boring business we covered, investing myths, our research process, and, yes, our listeners' questions too. Enjoy!

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) — Intro

(1:00) — 2025 Reports to Come

(6:05) — Most Interesting Things about the Most Boring Company we Covered

(8:22) — Intel, Pitons, Windows, and Etsy

(12:35) — Business Most Worried About

(24:13) — Investing Myths, LVMH, Risks

(37:13) — The Research Process

(48:41) — Evolution News on UK Gambling Commission

(57:48) — Don't Miss This, Podcast Growth Stats

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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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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/

On this Company episode of The Synopsis we cover Perimeter Solutions. Perimeter Solutions is the sole provider of a key fire fighting product, as well as other fire safety solutons. They went public through an acquistion vehicle controlled by Transdigm Founder and Billionaire, Nick Howley, as well as "The Outsiders" Author, William Thorndike. Nick Howley wants to apply the same model that made Transdigm so succesful to Perimeter Solutions.

Access the Free Portion of our Perimeter Solutions Exploratory 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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Show Notes

(0:00) — Intro

(0:47) — Background Story on their Main Firefighting Product

(4:42) — Corporate History and Everarc SPAC

(7:57) — Aren't SPACs a red flag? Weird Compensation Agreement

(13:03) — Business High Level Overview: Fire Safety and Specialty Products

(18:45) — Adjusted EBITDA???

(20:30) — Figures and Margins

(24:30) — Competitive Advantages of each Business Lines

(40:17) — Growth Opportunities

(53:22) — Capital Allocation and Transdigm Parallels

(1:04:53) — ROIC

(1:07:55) — Odd Compensation Arrangement

(1:15:47) — Valuation

(1:17:34) — You Should Know This

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

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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have a position in Perimeter Solutions. 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 "What is a Fair Investment Assumption? "

Memo Link: https://www.speedwellmemos.com/p/what-is-a-fair-investment-assumption

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Show Notes

(0:00) – Housekeeping / Intro

(0:25) –Memo Reading Starts

(15:25) – Closing Comments

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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/