Explorez tous les épisodes du podcast The Dutch Investors
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Titre
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#77 | Lessons from history on things that never change | Same as Ever - Ep. 3
21 Jan 2026
00:13:21
In this episode, we’re looking at why more isn't always better and why the most important changes usually happen when things are falling apart. We start with a brutal truth: a good idea on steroids quickly becomes a terrible one. Whether it’s the tragic story of the tallest man in history or the 73% stock drop Starbucks faced, we see what happens when something grows beyond its convenient size.
We also cover:
The Creative Power of Panic: Why the biggest innovations—from labor laws to the Renaissance—didn't come from happy scientists in labs, but from desperate people trying to survive catastrophes like the Triangle Shirtwaist fire and the Black Death.
Tragedies vs. Miracles: Why it took 40 years to build Silicon Valley Bank but only 36 hours for a panic to burn it down. We look at how "bad news" happens in an instant, while "good news" like Moore’s Law is a slow, boring grind that you only notice after decades.
The Power of Tiny Things: How a single wrong turn by a driver in 1914 triggered a chain reaction that shaped the entire 20th century.
The Rational Optimist: Why you should follow Bill Gates’ lead and save like a paranoid pessimist while investing like a dreamer. We compare the survival of Admiral Stockdale to the tragic race to the South Pole to show why pure optimism is often a death sentence.
If you've ever wondered why the world feels so fragile yet makes so much progress, this episode is for you.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#76 | Lessons from history on things that never change | Same as Ever - Ep. 2
14 Jan 2026
00:12:52
What still holds true, no matter how much the world changes? That is the question we are all left with.
Instead of guessing what comes next, this episode looks at human behavior, risk, and decision-making through a longer lens. It’s about the patterns that stay the same across generations, and what they mean for how you think about money, fear, and uncertainty.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#67 | Lessons from the Wright Brothers | Patience, progress & the compounding of conviction
27 Nov 2025
00:07:51
Imagine inventing something that changes the world, and no one notices. A story of failure, patience, and conviction.
This episode unpacks one of history’s greatest breakthroughs, and what it reveals about success, timing, and the way progress happens.
Sometimes, the biggest revolutions begin in complete silence.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#66 | Lesson from Charlie Munger and Warren Buffett on value investing | Superinvestors Ep. 1
19 Nov 2025
00:21:44
In this first episode of our Lessons from the Superinvestors series, we explore how Warren Buffett and Charlie Munger think about (value) investing.
We revisit some of their timeless principles and dive into what value investing really means, straight from their own words.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#65 | Liquor, Ladies & Leverage | The three L’s that ruin great men
12 Nov 2025
00:13:48
It’s one of Charlie Munger’s most famous warnings, and for good reason.
In this episode, we talk about the three temptations that have destroyed more careers, fortunes, and reputations than bad luck ever could. What separates those who keep their heads from those who lose it all?
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#64 | Alphabet Deep Dive | Other bets & Valuation w/ Secret Sauce Investing | Part 2
08 Nov 2025
00:23:06
In this second half of our conversation with Sonny from Secret Sauce Investing, we wrap up our 90-minute deep dive into Alphabet by tackling the parts most investors overlook: Waymo, Other Bets, and valuation.
We break down whether autonomous taxis could become Google’s next multi-billion-dollar business, how to think about Alphabet beyond just search and ads, and whether today’s price still leaves room for good returns.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#63 | Alphabet Deep Dive | Will AI destroy Google’s search empire? w/ Secret Sauce Investing
05 Nov 2025
01:06:43
Google helped spark the modern AI revolution. Yet today, many believe it’s been overtaken by younger, scrappier rivals. How did the original AI pioneer end up playing defense?
We explore what Google really has under the hood and whether its position is misunderstood, or genuinely in danger.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#62 | Interview w/ Nedap CEO Ruben Wegman | The end of an era
29 Oct 2025
00:42:49
After 16 years leading Nedap, CEO Ruben Wegman is preparing to step aside out of necessity. Diagnosed with Parkinson’s disease in 2018, Ruben has decided it’s time to hand over the reins of one of the Netherlands’ most respected technology companies.
In this conversation, Ruben reflects on his journey, from joining Nedap in the 1990s to transforming it from a manufacturing business into a software-driven, people-first organization. He opens up about what it’s really like to lead through crises, change, and personal challenges, and why culture, and long-term thinking are what truly sustain a company.
We’d like to thank Ruben for everything he’s done, for us, the shareholders, employees, the company, and everyone he’s inspired along the way.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#61 | 3 Lessons from Prosus and Tencent | The art of capital allocation
23 Oct 2025
00:13:17
Prosus is one of the most misunderstood companies in Europe, a Dutch holding giant whose fortune is tied to Tencent, one of China’s most powerful tech empires.
In this episode, we unpack what happens when a great asset sits inside a complex structure, why the market discounts it, and what investors can learn from it.
Three timeless lessons on capital allocation, value, and patience, all hidden inside the Prosus–Tencent story.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#60 | Adyen Deep Dive | Who will win in payments? | By TDI-founders Bouke and Mathijs
Adyen has delivered a 14% CAGR since going public in 2019. Operating in one of the fastest growing markets with the potential for extremely high profitability. So we were wondering whether this was a hidden gem we've been looking for... Basically, operating in our own, backyard.
Adyen is the quiet force behind some of the biggest brands in the world, think Netflix, Spotify, and Nike. This fintech company helps businesses, big and small, handle payments smoothly, whether online, in-store, or across multiple channels.
In this analysis, we’ll unpack what Adyen does, its strengths and challenges, and what its future might hold. Whether you’re curious about its business model, financials, or growth potential, this deep dive will help you understand why Adyen is such an interesting company to watch.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#59 | Cake Box Deep Dive w/ Paul Zbikowski | Sweet economics
09 Oct 2025
01:00:15
In this episode, we sit down with Paul Zbikowski (Bebop Value) to talk about Cake Box, the UK-based, egg-free celebration cake franchise that’s built one of the most unique niche businesses in the market.
Paul shares insights from his deep research and on-the-ground visits to over 60 Cake Box stores. We discuss what makes the company unique, how its franchise model works, why customers are so loyal, and why it might be one of the best-run small caps in the UK.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#58 | From caveman to capitalism | An (im)perfect system
02 Oct 2025
00:16:05
In this episode, we zoom out and look at the big picture, from cavemen rubbing stones together to the global web of technology that lets you play Fortnite with strangers across the world.
Along the way, we talk about capitalism: the imperfect system that drives so much of our progress. It’s not always fair, and it’s definitely not flawless, but it has taken us from fire and survival to smartphones, airplanes, and AI. This is a reflection on how far we've come, why we often take things for granted, and what a hungry caterpillar has in common with capitalism...
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#75 | 4 Quality Stocks to Start 2026 w/ Margin of Sanity
07 Jan 2026
01:00:35
In today’s episode, I’m joined by Peter from the Margin of Sanity podcast and Substack. We kick off 2026 by pitching two of our favorite high-conviction companies each. We focused on businesses with durable competitive advantages and valuations that allow us to sleep at night.
Our picks span the globe, featuring a monopoly-like business hiding in plain sight, a Polish compounder, and a Chinese master brand that dominates its category. We also analyze an American powerhouse that has cornered the market on pools, a company that thrives on recurring maintenance.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#57 | Palantir decoded | AI king or selling smoke? w/ Type-F Capital
25 Sep 2025
01:33:16
In this episode, we dive deep into the world of Palantir, with Palantir expert Emir, from Type-F Capital. We explore what sets this data analytics specialist apart from the rest.
You'll also discover how Palantir's dual-platform approach, with Foundry for commercial clients and Gotham for government agencies, allows for tailored solutions that maximize value. We'll unravel the mystery of Palantir's ontology framework, how its unique business model continues to revolutionize and much more!
It was a real pleasure talking to someone who knows so much about this weird, special, data-driven company.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#56 | New rules of competitive advantages and competition | Moats & Marathons w/ Jeffrey Towson
18 Sep 2025
01:45:54
Join us for a fascinating conversation with Jeffrey Towson. He's a leading expert on competitive advantages and digital business, and he's had a front-row seat to this incredible environment for over two decades. He's worked and lived across the US, China, and the Middle East, giving him unique insights into some of the world's most innovative tech companies.
We talk about:
How Chinese companies are changing
The need for speed
Dynamic vs. static moats
China's innovation
The power of AI
The difference between moats and barriers to entry
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#55 | Inside Adyen's HQ | About its moat, culture and competition | An interview w/ Tarik Manfrinato and Maggie O'Donnell
11 Sep 2025
00:34:05
After going to Adyen's annual shareholder meetings for years, our analyst Bouke got invited to visit the HQ in Amsterdam, look around, talk to employees and even record a podcast! This was a rare opportunity to talk with Adyen's Corporate Communications and Investor Relations inside its HQ.
In this episode, we share some insights about the Adyen's successful formula, the competitive landscape and Adyen's competitive advantages.
It was a real pleasure talking to Tarik Manfrinato and Maggie O'Donnell.
You can read more about the Adyen Formula here, and check out their blog-posts here.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#54 | Serial acquirers & holding companies w/ Michael Gielkens
04 Sep 2025
01:21:05
We couldn’t avoid it any longer. Michael Gielkens, co-founder of Tresor Capital, is one of the most requested guests, thanks to his long-term and down-to-earth perspective, but above all, because of his unique insights on serial acquirers and holding companies.
Some of the topics we cover in this episode:
What sets serial acquirers and holding companies apart
Spotting quality operators (and red flags to avoid)
Why Sweden breeds so many acquirers
Goodwill, what it is, how it works, and how it distorts
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#53 | The AI-bubble 🫧
28 Aug 2025
00:14:25
We just finished watching an outstanding piece from Dutch television on the global AI race and how it might play out, according to economist Andy Xie.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#52 | Bear, base & bull case for global spirits | Uncorked w/ Secret Sauce Investing
21 Aug 2025
00:47:36
In this episode of The Dutch Investors Podcast, we welcome back Sonny from Secret Sauce Investing to unpack the turbulence shaking the global spirits industry. From Diageo and Pernod Ricard to Campari, Brown-Forman, and even China’s behemoth Maotai, we explore why share prices have stumbled, whether the headlines are overblown, and if there’s a long-term opportunity here.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#51 | Value investing in the digital age, earnings power & tech moats | Interview w/ Adam Seessel
14 Aug 2025
01:12:36
In this episode, we sit down with Adam Seessel, author of Where the Money Is and Founder and Managing Member, Gravity Capital Management, to unpack how value investing has evolved in the digital age.
Adam shares his personal journey from journalism to Wall Street, and how it shaped his unique approach to investing. We dive into his "Value 3.0" framework, explore the pitfalls of outdated accounting rules, and learn how to spot real earnings power in modern tech companies.
We also touch on:
Why Amazon’s margins are misleading (and what to do about it)
The difference between milking a business and building one
How to assess management without falling for surface-level signals
Whether we’re heading into a Value 4.0 era with AI
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#50 | LVMH Deep Dive | True luxury or premium? w/ Secret Sauce Investing
11 Aug 2025
01:22:43
As many of our TDI members know by now, Siem has a soft spot for luxury businesses. Not necessarily because of the value they add to society (that’s up for debate), but more for what goes on behind the scenes: the psychology, the anti-marketing principles, the rich history, and all the intricate layers that make these companies so fascinating. In this analysis, Siem and Sonny dove into the biggest, and arguably most iconic, luxury company in the world. Or rather, luxury holding, if we're being precise.
By the end of this analysis, you’ll have a deeper understanding of how LVMH transformed the luxury industry, its strategic approach to acquisitions, and how it maintains its position as one of the leaders in luxury goods.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#49 | The shared playbook of LVMH and Constellation Software
07 Aug 2025
00:10:33
At first glance, LVMH and Constellation Software couldn’t be more different, one sells champagne and handbags, the other sells municipal tax software. But underneath, they share a surprisingly similar strategy.
In this episode, we break down how both companies use the same disciplined playbook to scale without losing their touch.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#48 | Quality investing, optionality and conviction | Interview w/ Ryan Henderson
31 Jul 2025
01:06:58
In this episode, we sat down with Ryan Henderson; investor, podcaster, and Head of Research at FinChat. Many of you might know him from Chit Chat Stocks or the AUM Podcast, but today, dive into (quality) investing.
Here’s what we talk about in this episode:
Quality investing
Pros and cons of running a fund
How to spot compounders
The role of ethics, governance, and founder-led incentives
Why valuations are a strange concept
His favorite brands and companies
If you want to build conviction, tune out the noise, and play the long game, this episode is full of useful advice.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#74 | Investing Lessons from Analyzing 34 Companies | Deep Dives 2025 Recap | Part 3
31 Dec 2025
00:19:46
One year. 34 companies. A handful of lessons every investor should internalize. This episode extracts the recurring themes and investing lessons that surfaced across 2025.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#47 | Strategic mediocrity, owner mindset & conviction | Interview w/ Dan Shuart from Eagle Point Capital
24 Jul 2025
01:05:46
What does it take to be a great investor?
In this episode, we sit down with Dan Shuart, founder of Eagle Point Capital, to explore a refreshing and grounded approach to long-term investing. Dan shares the philosophy behind his fund, why he embraces strategic mediocrity instead of chasing perfection, and how conviction, patience, and an owner’s mindset shape every decision he makes.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#46 | 6 lessons from 6 companies we analyzed | From toxic waste to billion dollar companies
17 Jul 2025
00:19:46
From luxury giants to toxic waste monopolies, this episode unpacks what we learned from analyzing six radically different businesses:
LVMH
Mo-Bruk
Games Workshop
Portillo's
Hims & Hers Health
Microsoft
Some are glamorous, some are ugly, and one was literally built in a basement, but each one reveals something essential and useful. Something we can learn and take with us when analyzing other businesses.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#45 | The multibagger playbook | Interview w/ 100-bagger hunting | Part 2
10 Jul 2025
00:50:58
In Part 2 of our conversation with Kevin Schoovaerts, founder of 100-Bagger Hunting, we go beyond mindset and conviction, and straight into the systems, tools, and frameworks that enable multi-bagger research.
We discuss how to assess the quality of management (and why it's often overlooked), what great capital allocation looks like, and how geography and market maturity impact your odds of finding outlier businesses. Kevin also walks us through a real-life case study, his number one portfolio position, and explains exactly how he found it, what stood out, and why it's a textbook example of hidden potential.
If you’re looking to build a research funnel, or simply understand how to think about holding periods, portfolio size, and identifying winners, this episode is for you.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#44 | The soldiers who didn't shoot | A story of war, humanity, and the cost of pessimism
06 Jul 2025
00:08:32
Sometimes, the most powerful investing lessons don’t come from balance sheets or business books, they come from unexpected places.
It’s a story about war, humanity, and a surprising truth that challenges what we think we know about people, and ourselves.
What does it have to do with investing? More than you might think.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#43 | The art of finding multibaggers | Interview w/ 100-bagger hunting | Part 1
03 Jul 2025
01:06:12
In this first part of our conversation with Kevin Schoovaerts, the founder of 100-Bagger Hunting, we uncover the mindset and methods behind identifying life-changing investments. Kevin shares how his engineering background led him to embrace the complexity of markets, why he believes most investors overlook multibaggers.
We explore how to develop true conviction in a stock, the mental traps that sabotage long-term returns, and why writing down your thesis can be so powerful.
If you've ever wondered how great investors spot multi-baggers before the crowd does, or how to hold on when the market tests your resolve, this episode offers a masterclass in both mindset and method.
🎧 Part 2 coming soon, where we’ll go deeper into systems, tools, and actionable processes. Stay tuned.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#42 | Investing in Asian equities and markets | Interview w/ The Asia Economist
26 Jun 2025
01:22:51
In this episode, we sit down with Michael Spencer, founder of Temple Street Advisors and the voice behind The Asia Economist. Michael has lived in Singapore for over 25 years and brings decades of experience studying Asian equities, markets, and macro trends from the inside out.
We cover a wide range of topics, from shifting global dynamics to overlooked opportunities in Asia.
We talked about:
Geopolitical realignment between US-EU-China
Decoupling of global supply chains
Demographic tailwinds
Future of India and China
China’s evolving role
Information asymmetry
The challenge of understanding Asia from afar
This podcast is a must-listen for anyone interested in the factors that will shape the Asian century.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#41 | Mental models every investor should know | Causation vs Correlation | Part 3
19 Jun 2025
00:10:21
Every time the church bells ring, a dog barks. Coincidence? Maybe. Or maybe there's something else going on entirely.
In this episode, we explore one of the most misleading tricks our minds play on us, confusing correlation with causation. From shark attacks and ice cream to investing mistakes and marketing myths, we unpack why spotting patterns isn’t the same as understanding them.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#40 | 3 Mental models for investors
12 Jun 2025
00:24:05
Welcome back to The Dutch Investors Podcast.
If you enjoyed Part 1, you’re going to love this one. In Part 2, we’re diving deeper into the mental models that can reshape how you think. How you think matters more than you think.
These aren’t just “nice to know” concepts—they’re powerful tools. They’ll help you make smarter bets and avoid traps most investors fall into.
If you get value from this episode, please share it with a fellow investor and leave a 5-star review. It’s the best way to support what we’re building.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#39 | Quality investing, moats and valuation | Interview w/ Niklas from Heavy Moat Investments
05 Jun 2025
00:56:40
In this episode, we're joined by Niklas, the mind behind Heavy Moat Investments. A self-taught investor and software developer from Southern Germany,
We delve into:
The origins and philosophy of Heavy Moat Investments
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#38 | The story of Chipotle Mexican Grill | What can we learn from its success and failures?
01 Jun 2025
00:13:18
In this episode of The Dutch Investors, we dive into the spicy rise (and near fall) of Chipotle Mexican Grill. What started as one chef’s side hustle to fund his dream restaurant turned into a global burrito business worth billions. But it wasn’t all guac and glory.
The main focus of the episode is, what can we, as investors, learn from this story? This episode is stuffed with business lessons (and a few food puns, sorry not sorry).
Want the full fundamental analysis of Chipotle Mexican Grill? Click here.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#73 | What 1600 hours of Deep Dives in 2025 taught us | Investing Lessons | Part 2
28 Dec 2025
00:21:43
In Part 2 of our 2025 recap, we dig deeper into the invisible mechanics that separate good businesses from great investments. We explore why so-called 'safe' strategies can sometimes be the riskiest moves of all, how the psychology of the ultra-wealthy defies economic rules, and why the most powerful moats are often found in the unsexiest industries.
We uncover the truths learned from over 1,600 hours of research.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#37 | Fever-Tree Deep Dive | Built to be bought w/ Secret Sauce Investing
29 May 2025
00:47:24
In this episode, we sit down with Sonny from Secret Sauce Investing, a drinks' industry insider and longtime investor, to dive deep into the story of Fever Tree, the premium tonic brand that helped reinvent the mixer market.
We unpack how this British company turned a simple idea, into a globally recognized brand. We talk about Fever Tree's unique business model, what their strongest asset may be, and whether the valuation is attractive today.
Furthermore, we also cover:
The company’s explosive rise during the UK gin boom
Why its U.S. expansion could be a game-changer
The risks of staying premium in a cost-conscious world
Fever Tree’s brand strength vs. giants like Coca-Cola
Red flags
And much more!
If you’re a long-term investor, who loves consumer brands, and is wondering if tonic water can be a serious investment idea, this one is for you.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#36 | Thoughts on Trump, trade wars, tariffs, and trust | Are we repeating history?
26 May 2025
00:22:43
“Trust is the operating system. Break that, and everything on top becomes fragile.”
This episode is different, and perhaps (read hopefully) the last time I'll talk about Trump. I unpack what’s been on my mind: Trump, politics, tariffs, and the slow erosion of the systems that have kept global markets humming for decades. It’s not about whether you support him or not. It’s about what happens when predictability fades, alliances weaken, and countries are forced to rethink their dependencies.
If you want to understand the long-term implications, this will be good.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#35 | Polish companies, strategies and future | Interview w/ Kamil the head of IR at Budimex
22 May 2025
01:14:02
In this insightful conversation with Kamil Sochanek, the Head of Investor Relations at Budimex, Poland’s largest infrastructure company, we dive into his journey as a reliable investor with over a decade of experience in Polish equities.
In this episode, Kamil shares his thoughts on several prominent Polish companies, including Dino Polska ($DNP.WA), Sygnity ($SGN.WA), Synektik ($SNT.WA), Benefit Systems ($BFT.WA), Cyber_Folks ($CBF.WA), Vercom ($VRC.WA), CD Projekt ($CDR.WA), Budimex ($BDX.WA), Decora (DCR.WA), Asseco ($ACP.WA), Creotech Instruments (CRI.WA), Bioceltix (BCX.WA), Auto Partner ($APR.WA), and Text ($TXT.WA).
We also explore Kamil’s investing philosophy, the developing Polish investment landscape, key trends in the market, and the opportunities he sees for investors in Poland. I believe this episode is packed with valuable insights.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#34 | The highest AUV restaurant you've never heard of w/ Brett Schafer | Portillo's Deep Dive
15 May 2025
01:07:19
Portillo’s is a small, Chicago-based restaurant chain with fewer than 100 locations, yet it generates more revenue per restaurant than Chipotle, Chick-fil-A, and even McDonald’s. How is that possible?
In this episode, I’m joined by Brett Schafer from Chit Chat Stocks to break down Portillo’s from every angle: the unit economics, growth strategy, margins, culture, and the big question, can this concept scale beyond Chicago without losing what makes it special?
We also cover key KPIs to watch in restaurant stocks, why Brett owns Portillo’s, what could go wrong, and what a best-case scenario might look like. This is an episode you won’t want to miss.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#33 | 5 Mental models for investors
08 May 2025
00:25:19
In this episode, we're diving into something that might just change the way you see the world, mental models. But don’t worry, this isn’t a lecture. It’s more like showing how the smartest minds, from investors to scientists, deal with complexity.
You’ll hear how ancient myths, gym workouts, and even birds with weird beaks somehow all tie back to making smarter investing choices.
Grab a coffee, take a walk, and get ready to rethink how you think.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#32 | 5 Universal laws applied to investing | Part 2
01 May 2025
00:14:39
Some ideas get tested by time and just keep proving themselves right. Others seem like solutions but quietly create even bigger problems. And sometimes, the more confident we feel, the more mistakes we make.
In this episode, we explore five more universal laws that shape investing in ways most people never consider. From why old ideas tend to outlast new ones to how feeling safer can actually make us take bigger risks, these concepts explain why markets move the way they do, and why investors so often repeat the same missteps.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#31 | Interview w/ Braden Dennis the founder and CEO of Finchat on entrepreneurship, investing and software
24 Apr 2025
01:12:19
In this episode, we sat down with someone many of you already know, and if you don’t, you're about to meet one of the most passionate voices in finance and tech.
Braden Dennis, the founder and CEO of Finchat.io, joins us to talk about entrepreneurship, investing, and what it’s like to build software for the modern investor. He shares the story behind Finchat, why he started it, and how it's helping investors around the world save time and make better decisions.
We dive into:
The vision behind Finchat
How Finchat is adding value to users
Lessons learned from building a global software company
What he’s learned from studying serial acquirers
Why KPIs actually matter
The role of AI in investing and where it’s heading
…and much more.
So grab a coffee, tune in, and enjoy this episode with Braden Dennis.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#30 | AI, SaaS, and scaling from Poland | A conversation w/ the head of IR at Text S.A.
17 Apr 2025
01:39:47
A conversation with Marcin Droba, Head of Investor Relations at Polish software company Text S.A. We talk about the company’s evolution from live chat to a full AI-powered suite, the power of SaaS, and why Poland might just be one of Europe’s most underrated tech hubs.
Marcin shares what it's like to work at a fast-scaling tech company, how they balance capital efficiency with innovation, and why being headquartered in Poland gives them a unique edge. Whether you're into software, investing, or just love hearing behind-the-scenes stories from growing companies, this one's for you.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#29 | A nerdy UK compounder with software-like margins | w/ Secret Sauce Investing | Free Games Workshop Fundamental Analysis
10 Apr 2025
00:53:14
What makes a company truly unique? Is it the product, the business model, or the way it captures its customers? Games Workshop might just be one of the most fascinating case studies in all three.
Describing Games Workshop simply as a creator and seller of plastic miniatures would be an understatement. It sells a world, a feeling, a sense of belonging, one that fans dedicate years on. It allows Games Workshop to ask a big premium on its products, just like LEGO. But does that translate into a great investment?
In this special episode, I sat down with Sonny from Secret Sauce Investing on Substack, who has owned Games Workshop since 2021 and knows the company inside and out. He helped us analyze and figure out makes Games Workshop so profitable, resilient, and yet risky at the same time.
If you want to understand how a niche company has realized a 16% CAGR on its stock price since 1995, hit play and find out!
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#28 | Why Heico will become a 1000-bagger stock
03 Apr 2025
00:09:06
A quiet compounder with 86,000% returns since 1990? Heico is one of the most remarkable compounders of our time, yet it 'flies' under the radar to many. What’s their secret and could it still become a 1000-bagger?
In this episode, we break down: 🚀 Why Heico dominates their industry 🛠️ The secret sauce behind their success and business model 📈 Why its acquisition strategy is one-of-a-kind
Tune in to find out.
For the entire company deep dive (written and podcast), check out: https://www.thedutchinvestors.com/tdi-database
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#72 | Cellebrite Deep Dive | Unlocking the truth in digital investigations w/ Heavy Moat Investments
26 Dec 2025
00:53:58
Is your phone ever truly locked? Today, we step into the secretive world of digital forensics to analyze Cellebrite ($CLBT), the Israeli company that helps law enforcement agencies worldwide access data from locked mobile devices.
I’m joined by Niklas from Heavy Moat Investments for a thorough deep dive into this unique SaaS company. We trace Cellebrite's history from the infamous San Bernardino Apple vs. FBI case to its current status as a market leader in a global duopoly.
We discuss how their technology actually works, the backlog of digital evidence facing police departments, and why this mission-critical software creates an incredibly sticky 'heavy moat' business. Finally, we break down the valuation, the risks of encryption, and why we believe Cellebrite is perfectly positioned for a potential buyout.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#27 | Buffett and Munger Unscripted | Interview w/ author Alex Morris on investing and timeless lessons
27 Mar 2025
00:42:17
Today’s episode is a real treat. We sit down with Alex Morris, the founder of TSOH Investment Research and the author of Buffett and Munger Unscripted. If you’ve ever wondered what it’s really like to study two of the greatest investors of all time, beyond the quotes, beyond the headlines, this is the conversation for you.
In this episode, Alex opens up about his decade-long career as a buy side analyst, why he started writing online, and how his deep admiration for Buffett and Munger evolved into a full-fledged book project. We talk about what surprised him most while researching the duo, the most misunderstood parts of their investing mindset, and much more!
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#26 | Investing is a game of contradictions
23 Mar 2025
00:14:57
What if I told you that in investing, black-and-white thinking is your biggest enemy? That the market can be overpriced… and still keep going up. That a stock can look expensive… and still be a bargain. That the safest-looking company… might be the riskiest bet on the board.
In this episode, we dive deep into the strange, frustrating, and fascinating world of investing contradictions, the kind that trip up beginners and challenge even the best investors in the game.
If you’ve ever felt stuck between what should work and what actually happens, this one’s for you.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#25 | What a century old Artic expedition and investing have in common
18 Mar 2025
00:10:11
Imagine battling brutal cold, starvation, 1000s of miles from home, facing the unknown. Over 100 years ago, two teams set out on a treacherous journey to discover the Arctic, but only one team made it back alive.
Their secret was a strategy that also happens to be the key to successful investing.
In this episode, we reveal the surprising parallels between one of history’s most dangerous expeditions and the world of investing.
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.
#24 | A company more exclusive than Hermès and Ferrari | The world’s most exclusive business
13 Mar 2025
00:10:11
Luxury handbags and supercars are exclusive, but nothing compares to this ultra-luxury business. In this episode, we dive into The Italian Sea Group, one of the world’s most prestigious yacht builders, crafting vessels that cost more than entire skyscrapers.
We’ll explore:
Why the ultra-wealthy are immune to market downturns.
How this company compares to luxury giants like Ferrari and Hermès.
Why its business model is one of the most resilient in the world.
Plus, we’ll break down the economics of mega-yachts, what makes them the ultimate status symbol, and whether The Italian Sea Group is worth exploring. (Short answer, yes it is!)
Disclaimer: Nothing in this podcast can be considered financial advice. This is for educational purposes only. We may hold positions in the businesses discussed. Do your own research.