The Synopsis

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

This weeks article is Google Shut the Door on Competition, AI Swung it Back Open

Article Link: https://speedwellsnippets.substack.com/p/google-shut-the-door-on-competition

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Show Notes

(0:00) – Intro

(0:44) - Housekeeping/ Upcoming

(1:51) –Memo Reading Starts

(28:16) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

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Disclaimer

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

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

This weeks article is Priced to Outperform Perfection: The Home Depot Circa 1999

Article Link: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the

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Show Notes

(0:00) – Intro

(0:45) – Housekeeping

(1:33) – Memo Reading Starts

(14:40) – Closing Comments

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Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

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Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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

This weeks article is The Risk Circle: Deciding What Risks Matter and When

Article Link: https://speedwellsnippets.substack.com/p/the-risk-circle-deciding-what-risks

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Show Notes

(0:00) – Intro

(0:47) –Memo Reading Starts

(14:55) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

Twitter: @Speedwell_LLC

Threads: @speedwell_research

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

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Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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

This weeks article is How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity

Article Link: https://speedwellsnippets.substack.com/p/how-pies-proofs-and-punch-cards-hold

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Show Notes

(0:00) – Intro

(0:46) –Memo Reading Starts

(19:56) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

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

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

This weeks article is Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency

Article Link: https://speedwellsnippets.substack.com/p/understanding-modularity-how-apple

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Show Notes

(0:00) – Intro

(0:49) –Memo Reading Starts

(16:56) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

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

In this podcast on Floor & Decor, Speedwell Research covers everything from its founding as a single store in Atlanta, Georgia to becoming the leading hard surface flooring specialty chain retailer. We draw on Speedwell Research's 57 page research report to teach not just about the flooring industry and Floor & Decor's interlocking business model, but also about competitive dynamics and how to think about store level unit economics. We hope you enjoy!

(Please note that for the first few minutes of the recording, occasionally the sound quality declines. It improves thereafter.)

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Show Notes

(0:00) Intro

(1:51) Background

(4:48) CEO Tom Taylor

(6:21) Industry

(15:26) Floor & Decor Model

(24:33) TAM Breakdown and Commercial Business

(28:35) Pro Business

(33:15) Competitive Landscape and Main Competition

(59:10) Four Wall Store Model, Mature Margins

(1:11:49) Long-Term Store Target

(1:24:45) What Can Go Wrong, Risks

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Purchase Speedwell's FND Report here: https://speedwellresearch.com/2022/11/08/floor-decor-deep-dive/

Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/

Articles Mentioned

Speedwell's Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that

Speedwell's Memo on Home Depot's Valuation in 1999: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the

Floor & Decor 2022 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2022-earnings-recap

Floor & Decor 2H23 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2q2023

Business Breakdowns Floor & Decor Podcast: https://www.joincolossus.com/episodes/29086328/cohen-floor-decor-raising-the-floor?tab=transcript

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. At the time of publishing, one or more contributors to the podcast had a position in FND. Furthermore, accounts one or more contributors advise on may also have a position in FND. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

This weeks article is from the business history section of our Walker & Dunlop report.

Article Link: https://open.substack.com/pub/speedwellsnippets/p/walker-and-dunlop-business-history?r=3jwcb&utm_campaign=post&utm_medium=web&showWelcome=true

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Show Notes

(0:00) – Intro

(2:02) –Article Reading Starts

(21:55) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Purchase Walker & Dunlop Single Report: https://speedwellresearch.com/subscribe/

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

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

In this episode of The Synopsis we introduce a new episode format called, "Articles". As the name suggests, this episode will be a reading of a memo written by Speedwell Research. If you prefer to read instead of listening to the memos, you can find access to the article below. On this first Articles episode, we are reading our business philosophy piece introducing the concept of the Piton and the Piton Network.

This weeks article is The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space.

Article Link: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that

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Show Notes

(0:00) – Intro

(0:47) –Memo Reading Starts

(18:30) – Closing Comments

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Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/

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

In this episode of The Synopsis we cover capital-light homebuilder, Dream Finders Homes. We dovetail into the homebuilding industry, the macro supply/ demand environment, as well as detail Dream Finders Homes business model and how it differs from peer NVR. This podcast is informed by Speedwell Research's new short format reports, called "Exploratory Reports". We released the first Exploratory Report on Dream Finders Homes for free (link below).

Dream Finders Homes Report Link: https://speedwellsnippets.substack.com/p/dream-finders-home-exploratory-report

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Show Notes

(0:00) - Intro, What is an Exploratory Research Piece?

(2:37) - Macro Backdrop, Housing Supply/ Demand Factors

(10:51) - Homebuilding as a Business

(13:57) - Dream Finders Homes History and Background

(19:17) - ROIC, Financial Performance,

(22:36) - Capital-light Model vs Traditional

(27:14) - Original Capital-light Homebuilder, NVR and how NVR differs from DFH

(34:08) - Competitive Factors, How do Homebuilders Differentiate?

(37:18) - Risks and Concerns

(42:36) - Closing Thoughts

(44:33) - Conclusion

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Piece Introducing the The Value Capture Index: https://speedwellsnippets.substack.com/p/the-consumers-hierarchy-of-preferences-dc6

Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

Purchase a Speedwell Membership: https://speedwellresearch.com/subscribe/

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. At the time of publishing, no contributors to the podcast had a position in DFH. Furthermore, accounts one or more contributors advise on did not have a position in DFH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis, we cover everything from Etsy's founding history and early strategic errors to how Josh Silverman quickly reaccelerated growth and improved profitability after several years of sagging performance. We dovetail into what makes the platform unique and how Etsy has been able to succeed where both eBay and Amazon failed. We draw on Speedwell's 79 page report to teach not just about Etsy, but also help investors learn about how great CEOs run a business.

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Show Notes

(0:00) Intro

(0:54) Founding History

(3:01) Where the Name "Etsy" Comes From

(6:45) Issues with Founder Robert Kalin

(10:45) New CEO, The Chad Dickerson Era

(14:02) Foolish Endeavors

(19:48) Turning Around Etsy, Josh Silverman Appointed CEO

(25:29) Identifying Where Etsy Can Improve, Initiatives to Improve the Buyer Experience

(35:40) Etsy Advertising, A Fumble Recovered

(41:16) How Etsy Makes Money

(44:41) Covid Ecommerce Boom, 2021 Bull Market, Metric Distortions

(51:09) Changing Buyer Behavior, Improving Frequency

(59:21) International Opportunity

(1:03:03) Capital Allocation, Acquisitions

(1:12:07) ROIC

(1:14:22) Competition, Take-Rates

(1:26:56) Pre-Mortem

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Purchase Speedwell's full 79 page ETSY research report here: https://speedwellresearch.com/2023/09/28/etsy-deep-dive/

Speedwell's free newsletter: https://speedwellsnippets.substack.com/

More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy

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. At the time of publishing, one or more contributors to the podcast had a position in ETSY. Furthermore, accounts one or more contributors advise on may also have a position in ETSY. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/