Episodes
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In this brilliant interview with Blue Box Asset Mangement's William de Gale we talk about everything from how to account for growth and financial modeling to his own clever and insightful mental models for tech investing. William deGale is the Lead Portfolio Manger of the Blue Box Global Technology Fund and, as of the end of March 2025, the fund has returned ~17% per annum since inception in 2018.
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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) — Background
(4:55) — Growth Expectations, Nvidia, Buying Optically Expensive Stocks
(17:55) — Modeling and Reverse DCFs
(21:28) — Riding the Tech Sector
(25:19) — Why Tech and “Direct Connection”
(34:43) — Disrupters vs Enablers
(41:51) — GAAP adjustments and Mature Margin Frameworks?
(53:15) — Circle of Competence in High Tech
(57:51) — Champagne Glass Model of Tech Investing
(1:08:13) — Position Sizing
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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
*~*~*~*~*
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/
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In this episode of The Synopsis we read an excerpt from our extensive research report of Airbnb! If you prefer to read instead of listen to the memo, you can find access to the article below.
Read the Excerpt here: https://www.speedwellmemos.com/p/airbnb-business-history
*~*
*Become a Speedwell Member or Purchase the Airbnb Single Report Here*
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Show Notes
(0:00) – Intro
(0:40) –Memo Reading Starts
(13:45) – 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. At the time of publication, one or more contributors to this report has a position in ABNB. Furthermore, accounts one or more contributors advise on may also have a position in ABNB. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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Missing episodes?
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In this interview we talk to Simon Kold, author of On the Hunt for Great Companies. We talk about creating value versus extracting it, network effects, as well as specific businesses like Dolby Atmos and Ryanair. We hope you enjoy!
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~Speedwell Mentioned Memos~
The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space
What is a Fair Investment Assumption?
What is a Great Business?
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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) — Why Look for Great Companies
(4:27) — Becoming a Great Company, Amazon
(10:00) — Dolby Atmos
(19:21) — Value Extraction
(33:48) — Valuation Framework
(45:43) — Airline’s a Great Businesses?
(54:18) — Epistemology
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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
*~*~*~*~*
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/
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On this Dialogue episode of The Synopsis, we talk about the the potential impact of tarifs and the trade war, in addition to a RH 4Q24 Business Update.
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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) — Macro, Trade War, and Tarrifs
(10:24) — RH 2024 Overview
(16:19) — Worst Case Downside Scenario, Tariffs, Debt
(28:40) — Large Stock Repurchase
(33:22) — Upside and Why RH is Special
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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 RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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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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
(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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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 our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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
*~*
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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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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
~*~
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/
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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!
*~*~*~*~*
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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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
*~*~*~*~*
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/
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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
*~*
(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.
*-*-*-
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. 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/
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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]
*~*~*~*
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
*~*
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
*-*-*-
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 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/
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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
*~*
*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.
-*-*-*-*-*-*-*-*-*-*-
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/
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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.
*-*-*-
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 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/
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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!
*~*~*~*~*
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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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
*~*~*~*~*
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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.
Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it.
*-*-*-
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. 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/
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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).
*~*~*~*~*
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
(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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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
*~*~*~*~*
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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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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.
-*-*-*-*-*-*-*-*-*-*-
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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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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
(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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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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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/
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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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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
*~*~*~*~*
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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In this company focused interview, we talk with Abdullah Al-Rezwan, known on Twitter as Mostly Borrowed Ideas. 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.
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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
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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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
*~*~*~*~*
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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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/
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