The Synopsis

On this Dialogue episode of The Synopsis, we answer listener questions and talk about RH, APi Global, Constellation Software, NVR, Dream Finder Homes, Axon, Copart, and a recent interview Drew Cohen gave with Compounding Quality. We hope you enjoy!

Mentioned Memo: An Interview on Investing with Speedwell's Drew Cohen

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Show Notes

(0:00) Intro

(1:32) — RH and Macro

(7:30) — APi Global Roll-Ups (and Constellation Software Parallels)

(15:58) — NVR vs Dream Finders Home; Only Buy the Best?

(26:30) — What Investment Rule do you Disagree With?

(31:20) — Axon, Copart, and Culture

(38:59) — How to Make a Decision

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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

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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 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 an unedited reproduction of an interview with Speedwell's Drew Cohen that was orginally featured on Compounding Quality's newsletter. All questions are from Pieter Slegers of Compounding Quality.

Read the Interview Transcript Here : https://www.speedwellmemos.com/p/an-interview-on-investing-with-speedwells

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Memo mentioned: The Invisible Competitor: https://www.speedwellmemos.com/p/the-invisible-competitor-when-creating

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Show Notes

(0:00) — About this Memo

(1:43) — First Question

(8:48) — Research and Making Decisions

(12:22) — Best Investment

(18:02) — Key Characteristics for Great Investors

(24:24) — Book Recommendations

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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/

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Copart. Check out our written business updates for $CSGP and $CPRT below!

CoStar Group 4Q24 Business Update

Copart: 2Q25 Business Update (Calendar 4Q24)

~Mentioned Memos~

Accounting Memo: Alibaba, JD, and the $330bn Footnote

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For full access to all of our updates and in-depth research reports, including our CoStar Group and Copart Extensive 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

~CoStar Group~

(1:58) — CoStar Overview

(10:55) — Sales Force, Growth, Homes.com

(23:06) — Better Bear Case, Valuation, Andy Florance as a CEO

~Copart~

(31:51) — Copart Overview and Tailwinds

(47:45) — International, Purple Wave, Tariffs, Valuation

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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. At the time of publication, one or more contributors to this report has a position in CSGP and CPRT. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and CPRT. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this interview we talk to Right Tail Capital's Founder, Jeremy Kokemor. Jeremy has been in the investment world for almost 3 decades and started his own investment firm back in 2022. In this conversation, he shares his experience running an investment advisory firm, how he picks stocks, and talks about 3 of his past investments in quality businesses. 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) — Right Tail Capital Investment Philosophy

(1:58) — How the Business of Investing Interrupts Good Investing

(9:21) — Absolute vs Relative Return, Stock Selection

(19:43) — Biggest Position, NVR, Dream Finders Homes, and Home Builders

(31:26) — Murphy USA, Gas Station Industry

(49:24) — Ferguson, Plumbing and HVAC B2B Distributors, Floor & Decor Similarities

(1:01:24) — When Research Changed an Investment Thesis, Why Not Call it Left Tail Capital?

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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/

On this Dialogue episode of The Synopsis, we give an update on Dream Finders Homes and Floor & Decor. Check out our written business updates for $FND and $DFH below!

Dream Finders Homes 4Q24 Business Update

Floor & Decor 4Q24 Business Update

~Mentioned Memos~

Home Depot Memo: Priced to Outperform Perfection

For full access to all of our updates and in-depth research reports, including our Dream Finders Homes Exploratory Report and our Floor & Decor Extensive 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

Dream Finders Homes 4Q24 Business Update

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(0:00) — Where's the Letter?

(1:34) — High Level Overview

(5:27) — Acquisition Model Similar to Constellation Software

(9:20) — Rare Case where ROE makes more Sense, Riff on Bank Balance Sheets

(12:57) — Operating Income, Tariffs, Non-homebuilder Acquisitions

(20:04) — Valuation

Floor & Decor 4Q24 Business Update

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(24:00) — Overview, Same Store Sales Controversy

(33:45) — Founder Operators versus Professional Managers, Cabinet Selection Concerns, Store Roll Outs Slowing

(42:00) — Tariffs, Spartan, Operating Leverage

(49:12) — Valuation

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

On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company.

Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith.

Learn more about our 75-page research 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

How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith

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Show Notes

Part 1: Founding History and Background

(0:00) Axon Overview

(3:34) — Background of the Advent of the TASER

(12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser

(15:39) — AirTaser Early Struggles

(23:20) — Taser International rename, Going Public

(34:36) — Broadening their Mission and Product Lines, Introducing Axon

(43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate

(51:11) — Axon Camera Business Frictions, Gaining Adoption and Building a Competitive Moat

(1:17:57) — Concluding History

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Part 2: Financials, Industry, Competition, and Valuation

(1:26:22) — Revenue Segments, Business Model

(1:43:39) — Profitability and Mature Margins

(1:47:45) — Industry and TAM, Pricing Power

(1:57:59) — Competition

(2:29:38) — Why Axon Wins (One Breath Take)

(2:33:36) — ROIC, Mature Profitability, Free Cash Flow

(2:40:51) — Valuation

(2:44:07) — Risks

(2:49:01) — Free Axon Resources from Speedwell

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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

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Twitter: @Speedwell_LLC

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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 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 an excerpt from our extensive research report of CoStar Group! If you prefer to read instead of listen to the memo, you can find access to the article below.

Subscribe to Drew Cohen's YouTube Channel Here

CoStar Group Memo Link: https://www.speedwellmemos.com/p/costar-business-history

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*Become a Speedwell Member or Purchase the CoStar Group Single Report Here*

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Show Notes

(0:00) – YouTube Announcement and Episode Formats

(2:33) –Memo Reading Starts

(24:18) – Upcoming!

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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/

On this Dialogue episode of The Synopsis, we give an update on Coupang and Perimeter Solutions. Check out our written business updates for $CPNG and $PRM below!

Coupang 4Q24 Business Update

Perimeter Solutions 4Q24 Business Update

For full access to all of our updates and in-depth research reports, including our Airbnb and Evolution Extensive 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

(1:02) — Coupang 4Q Update

(27:35) — Perimeter Solutions 4Q Update

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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:

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

In this insightful conversation we talk with Philz Coffee Cofounder, Jacob Jaber, on what it was like to build and operate a coffee business from a single counter in a bodega to chain of 75 stores. Jacob talks about the many things he learned operating in the extremely competitive food and beverage industry, while also distilling his experience down to general business lessons that are highly applicable to many industries. We hope you enjoy it!

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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

(0:48) — Philz Coffee Founding History

(4:25) — What Need Did Philz Coffee Fulfill?

(12:14) — Forgoing Sales and Creating Fricition

(16:30) — Scaling, Ambitions, and Growth

(25:46) — Raising Capital, Store Economics, ROIC

(37:50) — What Changes with Scale, Keeping Consumer Surplus

(43:30) — Figuring out Price, Competition

(51:18) — Identifying and Investing in New Business Concepts

(59:24) — How Running a Business changed Jacob as an Investor

(1:05:49) — Purpose

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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/

On this Dialogue episode of The Synopsis, we debreif on our Todd Haushalter interview and give an update on Evolution and Airbnb. We also talk about the "blue sky" scenario of Airbnb's ambitions. Check out our written business updates for $ABNB and $EVO below!

Evolution 4Q24 Business Update

Airbnb 4Q24 Business Update

For full access to all of our updates and in-depth research reports, including our Airbnb and Evolution Extensive 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) — Debrief on Evolution's Todd Haushalter Interview

(12:39) — Evolution Update

(33:25) — Airbnb Update

(41:05) — SuperApp Ambitions

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