The Synopsis

This informative interview is with Ramneek Kundra, the Chief Investment Officer of DSP Pension Funds. In it we talk about investment philopsophy, portfolio construction and investing in the Indian stock market. You can learn more about DSP Pension Funds here.

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Show Notes

(0:00) — Investment Philosophy

(12:44) — A Great Business Ramneek Recently Found

(19:50) — Portfolio Construction

(24:27) — How to Treat the Market

(40:54) — Investing In Indian Stocks

(54:00) — Importance of Corporate Access

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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 new episode format we give a very short briefing on financial news of the week.

This draws on our new weekly newsletter called "The Investor's Briefing". If you wish to read it, you can find it here.

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You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Intro

(1:14 ) — In Financial Markets

(6:50 ) — Company News

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

In this new episode format we give a very short briefing on financial news of the week.

This draws on our new weekly newsletter called "The Investor's Briefing". If you wish to read it, you can find it here.

~*~

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.

~*~

You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — Intro

(0:51 ) — In Financial Markets

(5:04 ) — Company News

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For full access to all of our updates and in-depth research reports, become a Speedwell Member 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. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, Drew has a "dialogue" of one as he reviews 2Q25 earnings from Floor & Decor and Meta. You can find free versions of these updates below.

Meta 2Q25 Business Update

Floor & Decor 2Q25 Business Update

**If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here.

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Show Notes

(0:00) — Intro

(1:24) — Floor & Decor 2Q25 Update

(16:07) — Meta 2Q25 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 META and FND. Furthermore, accounts one or more contributors advise on may also have a position in META and FND. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this new episode format we give a very short briefing on financial news of the week.

This draws on our new weekly newsletter called "The Investor's Briefing". If you wish to read it, you can find it here.

~*~

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.

~*~

You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews.

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Show Notes

(0:00) — 100th Episode, New Product Announcement

(2:29 ) — The Investor's Briefing #1

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

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Follow Us:

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

In this Dialogue episode we talk about a Speedwell Memo: The Invisible Competitor: When Creating Value is Better than Fighting for It. Read the full memo here.

*Sign-up* for our Exclusive Constellation Software interview with a Head of M&A from the Volaris Group here!

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Show Notes

(0:00) — Intro

(1:27 ) — CSU Head of M&A Interview Announcement

(3:18) — Memo Overview

(8:58) — PC Competition

(21:24) — Reframing Disruption

(27:05) — Good Business Can Become Irrelevant

(37:55) — When to Copy Competition

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

In this Dialogue episode of The Synopsis, we discuss Evolution's 2Q25 earnings. We also give an overview of regulated vs unregulated markets and different complexities of regulation and solving the Asia Cyber attacks..

Evolution 2Q25 Business Update

This update quoted several expert call transcripts from Alpha Sense. You can get a free trial to read them for yourselve through this link.

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Show Notes

(0:00) — High Level Earnings Review

(19:31) — Overview of Market Regulation

(23:17) — UK Investigation and EU Ring-Fencing

(29:19) — Asia Market Regulation and Cyber Attacks

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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 Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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

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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 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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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/