Go inside the businesses driving global innovation, changing the way we live and work. Sands Capital is an active, long-term investor, and each podcast in our What Matters Most series offers investors an in-depth look at a particular company, explains how our high-conviction strategy led us to target them, and why we expect them to be a leader going forward.
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In this episode of Season 3 of What Matters Most, Sands Capital’s Eduardo Leal explains how Brazil’s Nubank went from startup to the country’s second largest corporation in just 10 years — and the company’s digital-first banking platform. Join us as we explore how mobile banking is opening financial doors for global citizens and how we believe Nubank is poised to remake the Brazilian banking industry.
Show Notes
(2:23) The State of Banking for 700 million Latin Americans
(4:32) Founder David Vélez’ Story
(7:32) How NuBank Serves a Fundamental Need
(10:48) A Lean, Mean Business Model
(13:45) Overcapitalization: A Good Problem to Have
(17:06) How Sands Capital First Spotted NuBank
(18:46) Potential Risks to Future Growth
(21:01) Could NuBank Expand Beyond Latin America?
(22:29) The Next 10 Years
Review our podcast season and episode disclosures here.
Samsara: Steering the Future with Integrated Fleet Technology
Saison 3 · Épisode 1
jeudi 5 décembre 2024 • Durée 33:19
In our first episode of season 3’s What Matters Most, Sands Capital’s Emerson Bluhm explains why Samsara’s integrated hardware and software technology continues to gain market share and why this investment opportunity is aligned with Sands Capital’s philosophy. Join us as we explore the future of real-world operations and why Samsara is poised to become a leader of this ~$4 billion North American market.
Show Notes
(1:17) From Private Funding to Public Success
(3:50) A Software Company that Knows Hardware
(4:43) Why Physical Operations is Ripe for Disruption
(6:54) Leadership with a Proven Track Record
(11:04) The Value of Samsara’s Integrated Platform
(16:17) ‘AirTags’ for Cranes, Tools and Everything in Between
(19:44) Third-party Integrations and Realtime Decision-making
You’ll find semiconductors in just about every device with a plug, a power button, or a battery. In this episode of What Matters Most, Sands Capital research analyst Daniel Pilling explains why Entegris, a critical player in the global semiconductor industry, is seeing rapid growth as the demand for artificial intelligence (AI) and machine learning intensifies.
(00:01:37) From vacuum tubes to artificial intelligence (AI) in 80 years—a quick history of semiconductors
(00:04:51) How small is a nanometer really? Moore’s Law in action, shrinking chip circuitry.
(00:07:33) Exponential complexity in chipmaking. Skyscrapers and bread?
(00:09:00) But actually, how do you make a semiconductor?
(00:15:18) Entegris: chemicals or technology analysts? Who covers it and why?
(00:18:56) “One throat to choke”? And the chokepoint explained.
(00:26:28) Why consumables have less “lumpy” capital expenditures
(00:26:51) Chips that power EVs [electric vehicles]
(00:30:22) Don’t bet on the winner in this market, and what to do instead.
(00:33:57) Advantages and industry talent finding an employer of choice
(00:40:32) The iPhone moment and where AI is going from here
(00:42:17) Outlook for Entegris and semiconductor growth
Nearly every factory has room for more automation, with greater penetration in existing industries and expansion into new industries expected over the next decade. Sands Capital’s Suni Thakor and Danielle Menichella discuss why Keyence, a factory automation market leader that specializes in sensor and sensor systems, will likely be a beneficiary of that growth and what makes the company so unique within its sector.
(01:41) Reasons for factory automation
(03:08) Why Keyence is special
(05:20) Keyence’s attractive business space and high margins
(07:09) Trends in global automation
(08:54) Future sources of Keyence’s growth
(09:49) Impact of supply chain issues on Keyence
(12:48) Incorporating a business in the portfolio
(17:14) Frontline research on the company and the industry
(18:59) Portfolio managers and research analysts work together
(20:35) What’s a “cobot”?
(21:39) Keyence’s approach to ESG
(24:04) Suni on the importance of conviction for investment professionals
Unearthing Value: A Deep Dive Into Titan, India’s Jewelry Giant
vendredi 31 mai 2024 • Durée 38:48
In this episode of What Matters Most, we delve into the world of Titan, India’s leading jewelry and watch retailer, with Sands Capital Sr. Research Analyst Massimo Marolo. Explore the cultural significance of gold in India, the dynamics of the fragmented jewelry market, and Titan’s advantages as a trusted, vertically integrated brand. The conversation highlights Titan’s potential to further consolidate the industry and increase its market share as well as its commitment to sustainability and ethical sourcing in its gold supply chain. Tune in to discover how Titan is shaping the future of jewelry retail in India.
Placing Bets on Innovation: Flutter's Revolution in Online Gambling
Saison 2 · Épisode 10
mardi 30 avril 2024 • Durée 42:44
Dive into the dynamic world of online sports betting in this episode of What Matters Most. We sit down with Katherine Bates, research analyst at Sands Capital, to discuss the rise and strategies of Flutter, the world's largest online sportsbook and gaming operator. Discover how Flutter is leveraging technology, regulatory changes, and a deep understanding of customer behavior to redefine the betting experience. From the intricacies of in-game betting to the challenges of responsible gambling, this episode offers a compelling glimpse into the high-stakes world of online betting. Tune in to learn more about Flutter's growth formula and its potential impact on the future of global online gambling.
In case you missed it: What Matters Most Episode 9:
Kaspi: The Super App Reshaping Kazakhstan’s Financial Landscape
Saison 2 · Épisode 9
vendredi 29 mars 2024 • Durée 44:44
Explore digital innovation in Kazakhstan in this episode of What Matters Most, in which we spotlight Kaspi’s compelling super app ecosystem, which boasts nearly 70% of the country’s adult population as daily active users. Sands Capital Research Analyst Brian Crofton guides us through Kaspi’s growth into the country’s premier digital financial services company. Uncover the distinct challenges and prospects of operating and investing in Kazakhstan, a geopolitically intriguing emerging market, and learn how Kaspi is revolutionizing the financial sector, boosting consumer interaction as it cleverly layers its platform, and hoping to accelerate the future of digital finance.
(02:18) What is a fintech, really? And the story of Kaspi’s super app transformation
(04:26) An overview of the three main business lines and a strong business model
(09:00) “Now let’s plop it [the business model] into Kazakhstan.”
(18:03) Synergies across the network and Brian’s favorite insight into Kaspi
(20:08) Mechanics of the business: An initial public offering (twice) and the Baring Vostok connection
(25:38) Brian breaks down Kaspi’s relationship with Kazakhstan and Kazakhstan’s relationship with the elephant in the room.
(32:23) Investing in businesses domiciled in Kazakhstan comes with some additional research.
(35:48) Growth opportunities for Kaspi and the potential to reach maximum penetration
(40:27) Careful not to understate the potential value of layering new services on an existing platform
Related content from Sands Capital
Our latest thinking on innovation investing, long-term capital, and culture
Inside Cadence: The Software Powering Semiconductor Breakthroughs
Saison 2 · Épisode 7
jeudi 29 février 2024 • Durée 50:07
In this episode of What Matters Most, Sands Capital Sr. Research Analyst Daniel Pilling takes us on a deep dive into the world of Cadence, the leading software provider in the semiconductor industry. From the evolution of semiconductor design to the potential of generative AI, we explore the intricate processes and challenges in chip design. We delve into the cyclical nature of the semiconductor industry, the value addition in both leading edge and analog chips, and the strategic role Cadence plays in this dynamic ecosystem. With their software integrated into the manufacturing process of semiconductors, Cadence has the potential to shape the future of the industry.
(03:00) Overview of the semiconductor manufacturing process (if you didn’t listen to the Entegris episode) and the three-legged stool analogy
(05:34) Electronic design automation (EDA) tools and evolution of semiconductor design process
(09:52) Physical limitations, shrinking transistors, and the laws of physics
(13:04) Error reduction, adapting to increasing complexity, and generative AI
(17:17) Daniel’s five- to 10-year view on whether AI is a future alternative to EDA
(19:00) Who actually uses Cadence software?
(21:49) A counter to the cyclical nature of the semiconductor industry
(23:31) The value added in analog chips, and legacy Cadence software
(25:58) Frequency of chip re-architecting
(28:22) Management team and a second act
(30:55) Risks and how Cadence can benefit from the Jevons Paradox
(34:25) Daniel’s not worried about “the wall of worry.”
Globant Takes A Design-First Approach to Pure Play Digital Service
Saison 2 · Épisode 7
mercredi 31 janvier 2024 • Durée 54:06
If you’ve never thought about investing in IT services, this podcast episode could change your mind. Sands Capital Sr. Research Analyst Eric Black takes you through the investment case for Globant, the world’s largest pure play design-first digital services provider. Asset-light businesses such as Globant can be hard to evaluate, but the opportunities in the 1.5 trillion market of IT Services are undeniable. Eric helps us see why, unpacking the potential of AI, Globant’s strategic business partnerships, and the loyalty the company has generated from the more than 1,500 Fortune 500 and Fortune 2000 companies on its client list. Globant’s cutting-edge software solutions have made their way into products at Disney, ESPN, and Google and are making lives easier around the globe.
(03:44) The Disney Magic Band. The Globant product you’ve probably already seen.
(05:14) Tech companies don’t do everything in-house. Enter: Globant.
(06:59) What makes Globant a growth business?
(08:41) A Thought Leader in AI for the last decade and MaganifAI
(11:45) The research process into digital transformation
(14:31) A one-size-fits-all all approach would be antithetical to the way Globant operates
(18:26) The pandemic boost and a global presence
(21:51) “Value-added focus” and the power of a leader
(25:10) The competitive moat for a huge market and Globant’s potential advantages
(28:24) Competitors have the same advantages? Why we like Globant’s pure play angle.
(31:19) The disruptors lying in wait
(34:21) Staffing costs and flexing to keep margins high and remain profitable
(36:25) Researching a company operating in intangibles: what’s different?
Revolutionizing Public Safety: The Axon Ecosystem
Saison 2 · Épisode 6
vendredi 29 décembre 2023 • Durée 44:06
Its mission is simple: protect life, preserve truth, and accelerate justice. As Axon Enterprises innovates to try to achieve that goal, its solutions are rapidly becoming the industry standard. In this episode of What Matters Most, Sands Capital Portfolio Manager and Sr. Research Analyst Danielle Menichella, CFA discusses the business’ journey from Taser maker to artificial intelligence-powered software developer. We’re diving deep into how its wide range of technologies work in tandem, what the future of public safety might look like—and why we believe all of this makes the business an attractive investment opportunity.
Episode Transcript Available Here.
(2:22) Axon’s product line, from Tasers to body cameras
(6:50) The ethical considerations of investing in a manufacturer of weapons and surveillance equipment
(13:55) Eyeing untapped markets and finding opportunities in growing markets overseas
(19:55) Using artificial intelligence for faster redactions, transcriptions, and archiving of bodycam footage
(21:07) Navigating privacy concerns around surveillance devices and data storage
(27:15) Preserving human accountability as public safety technology advances
(35:50) The big question for Danielle: To be or not to be tased?
