The Synopsis

Drew Cohen

In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators.

Drew Cohen is an investment manager, registered investment advisor, and founder of Speedwell Research, which produces in-depth research reports for hedge funds and asset managers. Speedwell Research spends hundreds of hours researching public businesses and I share my insights in various episodes. Start listening today to become a better analyst, investor and business-person.

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#155
Tuesday · 49 min
Dialogue. Denied Allegations, Adobe Update, & Multiples in Growth Investing
In this episode of The Synopsis Alex bugs Drew. We then give an Adobe update and talk about how multiples can work for growth investors. ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes 0:00) — Denying Allegations (3:04) — Using Multiples (6:58) — The Importance of Making Your Assumptions Known (19:56) — Why a Multiple is a Shorthand For a DCF (24:44) — You Don't Need a Terminal Value (27:00) — Adobe Business Update (34:12) — Adobe's Incoherent Strategy and CEO Transition -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#144
September 3 · 1 hr 23 min
Interview. Palantir, DLocal & the Psychology of Investing with Babylon Capital
In this episode of The Synopsis we interview Dimitry of Babylon Capital on a variety of investing topics from portfolio concentration to how he identified Palantir early. ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Dimitry's Investment Philosophy (8:14) — What is a Quality Business? (10:36) — Dimitry's Palantir Investment Thesis (22:45) — How Do You Gain Confidence in High Growth Assumptions? (26:00) — A High Multiple Isn't Always Bad (32:31) — 2 Investment Mistakes (40:26) — Circle of Competence (44:51) — The Importance of Understanding Your Psychology (51:52) — Study History (53:31) — Drawdowns and Destination Analysis (1:02:12) — Dimitry's Thesis on Netflix (1:07:22) — Dimitry's Thesis on DLocal (1:13:42) — How Dimitry Thinks About Portfolio Construction (1:23:12) — Where to Find Dimitry -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#143
August 26 · 40 min
Dialogue. The Right Way to Diversify, Portfolio Strategies, Investment Matching Principle
In this Dialogue episode of The Synopsis we talk about diversification and how it feeds into portfolio strategy. ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Should You Concentrate or Diversify? (11:45) — Investment Matching Principle (19:53) — Don't Overweight One Individual Risk (26:44) — Position Sizing is Unscientific (38:09) — Find Your Sweet Spot -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#143
August 20 · 1 hr 6 min
Dialogue. Mercardo Libre Update and 3 Buffett Lessons Investors get Wrong
In this Dialogue episode of The Synopsis we provide an update on Mercardo Libre and go through 3 common Warren Buffett Lessons that Investors get wrong. ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Viewer Comments (7:06) — Buffett's 3 Lessons That Investors Misunderstand (10:22) — What Value Investing Really Means (19:06) — Margin of Safety (28:49) — Circle of Competence (37:46) — Meli Update (44:43) — Meli Net Interest Margin (50:41) — Meli's Credit Risk (59:23) — Interest Margin Sustainability -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#141
August 13 · 51 min
Dialogue. What Meta's Capex is Really for and Their 6 Call Options
In this Dialogue episode of The Synopsis we provide an update on Meta! ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — The Synopsis is Coming to YouTube! (3:01) — Meta Update (13:34) — Meta's 6 Call Options (24:12) — Meta Compute (30:18) — Meta AI (33:16) — Does Meta Need a Frontier Model? (39:41) — Litigation Risk -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#140
July 23 · 1 hr 1 min
Dialogue. AI SaaS Risk (again), Atlassian, Duolingo, & Uber
In this Dialogue episode of The Synopsis we talk Atlassian, AI/ software risks, Duolingo, and Uber in this podcast. ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Atlassian Business Overview (8:45) — Vertical vs Horizontal Software (11:15) — Is Atlassian a Melting Ice Cube? (12:56) — Atlassian AI Argument (35:11) — Duolingo Update (50:45) — Uber News (53:53) — Buffett Leads Berkshire's Google Investment -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#139
July 15 · 45 min
Dialogue. Netflix Investment Update and Why Renting Isn't Throwing Money Away
In this Dialogue episode of The Synopsis we talk Netflix and the financial case for renting vs buying a home. YouTube Video Links: Netflix Update (June 23rd), Buying vs Renting a Home (July 5th) Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) —Netflix Narrative (6:31) — Why is Engagement Falling? (9:38) — Netflix Ad Tech (17:44) — Netflix Content Cost Per Sub Advantage (21:37) — Netflix Valuation (27:35) — Should You Buy or Rent a Home? (34:28) — Home Buying Rules -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#138
July 3 · 1 hr 5 min
Dialogue. Copart, Adobe, and Uber Business Updates
In this Dialogue episode of The Synopsis we talk Copart, Adobe and Uber! YouTube Video Links: Adobe Update (June 16th), Uber Update (June 30th) Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (3:08) — Copart Update: Is IAA Out Competing Copart? (20:35) — Adobe Update: Is AI Replacing Adobe? (47:05) — Uber Update: Is Waymo Disrupting Uber? -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#136
June 18 · 42 min
Dialogue. Cash is Not Trash, Inflation Hedges, Portfolio Strategy
In this Dialogue episode of The Synopsis we discuss inflation and how to hedge a portfolio for it. YouTube Video Links: How to Protect Your Portfolio from Inflation Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Why Cash is Not Trash (4:34) — Duration Risk (10:32) — Berkshire Hathaway and the Cost of Equity (16:50) — Lump Sum or Dollar Cost Average? (19:10) — Don't Position Your Portfolio for Macro Calls (24:34) — End of World Portfolio (29:10) — Emergency Savings (34:47) — Real Estate -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#136
June 10 · 59 min
Dialogue. AI Bubbles, Reflexivity, and Where We are In the Cycle
In this Dialogue episode of The Synopsis we discuss whether we are in an AI bubble and various factors investor should consider. YouTube Video Links: Why This Isn't an AI Bubble (Yet) Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Financial vs Technology Bubbles (5:45) — Are AI Model Companies in a Bubble? (11:04) — Arguments For Why We Are in an AI Bubble (25:51) — How Reflexivity Affects Outcomes (35:33) — Software Bull Case (38:12) — AI Bubble Argument Summary (41:29) — AI Bubble Counterarguments (46:36) — What You Can Do as an Investor -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#135
May 26 · 1 hr 1 min
Dialogue. S&P 500 Valuation, Intuit & CSU Earnings, Sea and Meli Update
In this Dialogue episode of The Synopsis, we discuss S&P 500 valuations and concentration, and provide short thoughts on Constellation Software, Intuit, Sea Limited, and Mercado Libre. YouTube Video Links: S&P 500 Concentration Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — S&P 500 Concentration a Risk? (20:40) — Adobe Report Tease (23:18) — Intuit Earnings Review (36:12) — CSU Earnings and AGM (44:34) — Why AI is a Beneficiary for Axon (49:17) — Mercado Libre Earnings Takeaways and Risks (56:38) — Sea Limited Earnings Takeaways and Risks -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
#134
May 7 · 1 hr 36 min
Interview. Highest Conviction Investments and Investing Lessons with Rose Celine
In this wide spanning interview I spoke with pseudonymous investor Rose Celine. Rose is quite prolific on Twitter/X, commonly sharing his sharp thoughts on a variety of different stocks. In this interview we cover several of his investments and how he thinks about various investing topics. 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Rose's Background (6:31) — Investment Philosophy (8:46) — Punch Card Investing (13:27) — Axon Mistake (20:28) — Mercado Libre Investment Case (27:37) — Thoughts on Sea Limited Competition (32:44) — South America Profitability vs the U.S.? (40:28) — Portfolio Construction (44:38) — DLocal Investment Thesis (54:45) — Importance of Management (55:57) — Why Rose Invested in ServiceNow (59:32) — Valuation Thoughts (1:10:50) — Mercado Libre FinTech Risk (1:17:58) — Business Models Rose Avoids (1:21:42) — How to Judge an Opportunity Based on Opportunity Cost (1:29:07) — Sell a Great Business When it's Overvalued? -*-*-*-*-*-*-*-*-*-*- 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 AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here. *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ Also see Drew Cohen's disclaimers here: https://www.drewcohenmoney.com/disclaimers
#133
May 1 · 59 min
Interview. Former Coupang VP on Ecommerce Landscape, 1P vs 3p, and Expansion Plans
On this podcast we talk to Gunjan Bhartia, Former VP of Strategy & Business at Coupang to explore Coupang's evolving strategy—from international expansion to business model evolution—and the hidden risks that may be overlooked by the market. This was orginally recorded as an AlphaSense webinar in January, and we thank AlphaSense for letting us release it on our podcast too. Sign-Up for the Adobe AI Expert Call Here. We will have this conversation on May 5th, but you will be able to download a recording if you sign-up now and miss that time. *~*~*~*~* 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (5:10) — South Korean E-Commerce Competitive Landscape (9:25) — What Coupang's Market Share Could Be (10:47) — Biggest Gaps in Selection on Coupang (16:16) — Differences Between 1P vs 3P (18:30) — Taiwan (23:00) — Coupang vs Sea Limited in Taiwan (28:32) — Can Coupang Expand Beyond Korea? (35:40) — Coupang Eats Strategy (40:04) — Coupang Pay Strategy (42:27) — Advertising Runway (46:08) — Coupang Pay Strategy (50:04) — Why 1P is More Profitable Than 3P (58:02) — Risks Facing Coupang -*-*-*-*-*-*-*-*-*-*- 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 AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here. *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ Also see Drew Cohen's disclaimers here: https://www.drewcohenmoney.com/disclaimers
#146
April 23 · 1 hr 13 min
Interview. Hedge Fund Manager's Top Investments with Hayden Capital's Fred Liu
In this insightful interview I spoke with Hedge Fund Manager of Hayden Capital, Fred Liu. We talked about his investment philosophy of "emerging compounders" and how he likes to concentrate in a few stocks. We also talk about a few of his investments including Sea Limited and AppLovin. *~*~*~*~* 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (0:43) — Fred Liu's Investment Philosophy (2:39) — Looking for Owner-Operators (4:49) — Why Fred Liu Concentrates His Portfolio (8:29) — Thoughts on Trimming Winners (16:03) — Investing in Rational Capital Allocators (19:15) — What Fred Liu Saw in Sea Limited and Shopee in 2018 (32:38) — Why Amazon Isn't Successful Globally & How Pinduoduo Took Over Alibaba (44:49) — Why Fred Liu Exited Pinduoduo (46:48) — Expectations With Sea Limited (51:48) — Shopee's Strategy in Brazil Compared to Mercado Libre (58:22) — AppLovin Investment Thesis (1:05:07) — Expectations for AppLovin Going Forward (1:09:15) — AppLovin's Risks (1:11:49) — Where You Can Find Fred Liu -*-*-*-*-*-*-*-*-*-*- 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 AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here. *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ Also see Drew Cohen's disclaimers here: https://www.drewcohenmoney.com/disclaimers
#145
April 20 · 52 min
Dialogue. Private Credit Unraveling, Taxes & Investing, Key Insights from Investor Interviews
In this Dialogue episode of The Synopsis, we discuss private credit and take-aways from our Shift4, Chris Mayer and Bill Nygren interivews. YouTube Video Links: Private Credit, Tax Implications of Selling Stock Five Minute Money Newsletter Free Sign Up ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (2:50) — Shift4 Interview Takeaways (13:43) — Bill Nygren Interview Takeaways (16:35) — When Do You Buy or Sell and How Taxes Affect Your Selling Decision (33:00) — Chris Mayer Interview Takeaways: Thoughts on CSU & Copart (40:36) — Private Credit Crisis -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers
April 8 · 1 hr 26 min
Interview. Chris Mayer on Finding Quality Compounding Stocks
In this insightful interview I spoke with fund manager Chris Mayer. Chris is an investment fund manager and author of many books including "100 Baggers: Stocks that Return 100 to 1 and How to Find Them". In this interview we talk everything from investment philosophy and when to sell to specific stocks like Constellation Software and Copart. We hope you enjoy! You can find a video version of this podcast on YouTube 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:50) — Investment Philosophy (1:45) — Concentration (4:08) — Margin of Safety (7:18) — Risk of Paying a Premium Multiple (10:02) — Buy & Hold or Sell? (17:33) — CSU Reinvestment Risk (24:02) — What Stocks Excite Chris the Most (28:26) — Is the Quality Sell-Off Justified? (33:31) — AI Risks (37:14) — Thoughts on Copart (51:00) — Research Process (1:02:44) — What Companies Will Be Impacted by AI (1:08:52) — How Do You Have Confidence in a Buy/Sell Decision? (1:13:05) — How Psychological Biases Affect Decision Making (1:16:55) — The Risk of Copying Successful Investors (1:22:03) — Why You Can Time the Market (1:24:36) — The Investor's Odyssey -*-*-*-*-*-*-*-*-*-*- 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 AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here. *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
#145
March 23 · 1 hr 21 min
Interview. Bill Nygren on 25 Years of Beating the Market
In this incredible interview I spoke with legendary investor Bill Nygren, who has beaten the market over a 25 year period by around 200bps. This is an extremely hard and rare feat. In our wide-spanning conversation Bill tells us about everything from his investment process and valuation framework to how to value a cyclical business, the importance of management, investing lessons from Netflix & Meta, as well as what a lot of value investors get wrong. We even had time to talk about his Salesforce and Airbnb postions a bit. We hope you enjoy! You can find a video version of this podcast on YouTube 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:51) — Bill Nygren's Investment Philosophy (4:15) — Valuation Timeframe (9:22) — Is There a Thing as Fair Value? (12:19) — Investing in Banks (17:30) — Why Haven't We Had a Normal Recession? (18:43) — How to Value a Cyclical Business? (23:24) — How Confident Can You Be on Your Downside? (24:36) — Does the Quality of Management Matter? (26:28) — How Important is ROIC? (28:34) — Should an Investor Buy & Hold Forever? (39:21) — The Role of Talking to Management in Your Investment Process (41:54) — Research Process (44:54) — How to Gain Confidence in Your Research (49:08) — Investing Lessons From Meta & Netflix (1:03:48) — Portfolio Analyst Relationship (1:06:38) — Portfolio Diversification (1:10:06) — Salesforce and the AI Risks (1:13:64) — What to Do About Deferred Revenue in Software Stocks (1:17:26) — Why Bill Owns Airbnb Over Booking Holdings -*-*-*-*-*-*-*-*-*-*- 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 AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here. *~*~*~*~* Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
#144
March 18 · 1 hr 5 min
Interview. Shift4 CEO Taylor Lauber and CFO Christopher Cruz on Capital Allocation, Competition, and Global Blue Strategy.
In this fantastic interview we spoke with the CEO of Shift4, Taylor Lauber, and CFO, Christopher Cruz. We covered everything from what sets Shift4 apart from competition to capital allocation and their latest acquistion of Global Blue. You can find our Shift4 Research report here. AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Shift4 Business Overview (1:14) — Where Shift4 Fits in the Payment Value Chain (3:17) — How Shift4 Differentiates Itself (7:12) — Competitive Dynamics (8:46) — Toast vs Shift4 (14:26) — ROIC and Capital Allocation (24:46) — The Role of Gateway and Global Blue (36:34) — Global Blue Competitive Dynamics (44:06) — Organic Growth vs M&A (59:39) — 2027 Free Cash Flow Target Still on the Table? (1:04:22) — Can Shift4 be Recreated? -*-*-*-*-*-*-*-*-*-*- 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 info@speedwellresearch.com 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 securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
#143
March 12 · 43 min
Interview. Billionaire Square (Block) Cofounder Jim McKelvey on Competing Against Amazon
In this exceptional interview, we talk to Cofounder of Square (Block) Jim McKelvey on competing against Amazon. From his time at Square, he saw how they were able to outcompete Amazon and he wasn't sure how that was possible given their superior resources, merchant network, and large base of talented employees. After better understanding how that was possible, he wrote a book on his insights called "The Innovation Stack". In this interview we touch on some of his key learnings, as well as talk about why it is so hard to copy some businesses. **Purchase Jim's Book, The Innovation Stack, Here AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Amazon vs Square (13:22) — Why Amazon Quit Against Square (24:58) — Southwest (37:33) — Copying a Companies Innovation Stack (40:53) — Advice to Build a Business -*-*-*-*-*-*-*-*-*-*- 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 info@speedwellresearch.com 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 securities discuessed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
#142
March 5 · 56 min
Dialogue. Netflix Walks, Underlying Duolingo Growth Issues, and Bad Decisions at Paypal
In this Dialogue episode of The Synopsis, we discuss Netflix stepping away from Warner Bros., Duolingo and underlying growth issues, plus Paypal and what makes a great manager. Five Minute Money Newsletter Free Sign Up YouTube Video Links: Paypal, Netflix, Duolingo ~*~ You can also get a free trial to AlphaSense to read 200k+ expert calls through this link. ~*~ For full access to all of our updates and in-depth research reports become a Speedwell Member here. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro, Netflix/Paramount Warner Bros. Deal (17:17) — Duolingo Selloff (30:08) — Duolingo Valuation (36:20) — PayPal Overview (42:48) — What Makes a Good Manager? (52:41) — PayPal Valuation -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to info@speedwellresearch.com 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 info@speedwellresearch.com 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. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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