Explore every episode of the podcast The Synopsis
| Title | Pub. Date | Duration | |
|---|---|---|---|
| Interview. A Deep Dive on Growth Investing with "From Growth to Value" | 11 Dec 2025 | 01:15:59 | |
In this fascinating interview with Kris, also known as From Growth to Value, we talk in-depth about growth investing and his investing style, as well as several of his investments. You can read his thoughts on various stocks at Potential Multibaggers. ~*~ --> *CLICK THIS LINK TO GET OUR NEW NEWSLETTER --> Sign Up Here Our first post will be breaking down Duolingo stock. Make sure you are signed up to get it! *~*~*~*~* Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — New Finance Newsletter (1:24) — Kris's Investment Style (4:32) — Portfolio Construction (13:46) — Case Study: Duolingo (31:18) — Investing Growth Assumptions (46:29) — DCFs, Valuation, and Growth Investing (1:01:13) — Tesla, Nvidia (1:15:22) — Conclusion -*-*-*-*-*-*-*-*-*-*- 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 companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Constellation Software Dying? Copart Giving up Market Share? Business Updates! | 04 Dec 2025 | 00:44:55 | |
In this Dialogue episode of The Synopsis, we discuss Constellation Software and Copart's latest quarterly earnings, as well as new risks that are emerging. Constellation Software 3Q25 Business Update Copart 1Q26 (Calendar 3Q25) Business Update **Check out a conversation with a former board of director of Prada on Luxury here (free). 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 -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in CPRT and CSU. Furthermore, accounts one or more contributors advise on may also have a position in CPRT and CSU. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Evolution 3Q25, Negative Revenue Growth, More Asia Issues | 24 Oct 2025 | 00:27:45 | |
In this Dialogue episode of The Synopsis, we discuss Evolution's 3Q25 earnings. Evolution 3Q25 Business Update This update quoted several expert call transcripts from Alpha Sense. You can get a free trial to read them for yourselve 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) — Evolution Intro (2:09) — High Level Overview (4:38) — Asia Developments (17:45) — Competitve Dynamics, Asia a Zero? (24:37) — Other Notables -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. What is the Cost of Equity? | 13 Mar 2024 | 00:26:33 | |
On this episode we talk about a memo of ours on what the cost of equity is, and how investors can practicially contextualize the question. The memo we draw on in this episode is called "How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity" and can be found here. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) How Much Money Should I Make for Risking my Capital? (1:32) The Munchausen Trilemma (3:48) Relative vs Absolute Investors (11:38) How "Absolute Investor" is a Misnomer (15:25) The Punch Card Idea and How it Relates to the Cost of Equity (26:24) Conclusion
-*-*-*-*-*-*-*-*-*-*- 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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. If the Model Doesn't Work, Don't Fix It: A Look at Traditional Apparel Retailers, Zara, and Shein | 08 Mar 2024 | 00:12:53 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "If the Model Doesn't Work, Don't Fix It: A Look at Traditonal Apparel Retailers, Zara, and Shein" Memo Link: https://www.speedwellmemos.com/p/if-the-model-doesnt-work-dont-fix -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (12:43) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Constellation Software Business History | 01 Mar 2024 | 00:10:27 | |
In this episode of The Synopsis we read an excerpt from our Constellation Software research report, covering their Business History. If you prefer to read instead of listening to this article, you can find access to it below. Article Link: Speedwell Memos - Constellation Software Business History -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:13) – Article Reading Starts (9:25) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Constellation Research Report Purchase a Speedwell Membership to gain access to all of Speedwell's Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Speedwell's free newsletter can be found here. -*-*-*-*-*-*-*-*-*-*- 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. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice.Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Constellation Software: The Business of Buying Software Businesses | 28 Feb 2024 | 01:29:39 | |
In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation discipline. We hope you enjoy! Company Description: A decentralized and acquisitive conglomerate of Vertical Market Software Companies based out of Canada. Purchase the full Constellation Software Report here. Purchase a Speedwell Membership to gain access to all Reports here. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (0:58) Constellation Software High-Level Business Description (5:01) Mark Leonard History and Constellation Software Background (10:31) Constellation Software IPO *~* Section 2: Vertical Market Software (13:25) What is VMS and Competitive Advantages (20:37) Financial Model Benefits *~* Section 3: Corporate Structure and Revenue Segments (23:32) Six Groups (33:54) Revenue Segments and Context (38:41) How SaaS Changes Things (44:29) Constellation Software Competitive Advantages *~* Section 4: Topicus and Lumine (52:05) Topicus (1:06:46) Lumine *~* Section 5: Capital Allocation, Valuation & Risks. (1:08:37) Capital Deployment and Hurdle Rates (1:17:29) ROIC (1:20:00) Risks (1:23:06) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase the full Constellation Software Report here. Purchase a Speedwell Membership to gain access to all Reports here.
Articles Mentioned Speedwell's Memo: From Private to Public Markets: The Detrimental Impact of Investors' Expectations *~* 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. At the time of publishing, one or more contributors to the podcast had a position in Constellation Software. Furthermore, accounts one or more contributors advise on may also have a position in Constellation Software. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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| Article. If You Don't Know What Game You're Playing, You Already Lost | 23 Feb 2024 | 00:13:22 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is If You Don't Know What Game You're Playing, You Already Lost Article Link: https://www.speedwellmemos.com/p/if-you-dont-know-what-game-youre -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:17) –Memo Reading Starts (13:14) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. When Investors Drive the Narrative | 20 Feb 2024 | 00:28:43 | |
On this episode we talk about a recent memo on how investors can influence businesses and what is difference between being a public versus private company. The memo we draw on is called "From Private to Public Markets: The Detrimental Impact of Investors' Expectations" and can be found here. We recently found out we have a *duplicate Spotify feed* and will be *removing* it this week. Please follow this correct Spotify feed just called "The Synopsis" to keep getting our content! -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:21) Two Extremes of Investing (6:49) Reflexivity, Difference Between Analyst and Operator (19:36) Risk Embedded in Assumptions were Too High, Illustration (23:57) The Role of Narrative (28:24) Conclusion -*-*-*-*-*-*-*-*-*-*- 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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. From Public to Private Markets: The Detrimental Impact of Investors' Expectations | 16 Feb 2024 | 00:21:29 | |
*Important* If you listen on Spotify, make sure you follow us on this Spotify feed. We just became aware there was a duplicate feed, which we are disconnecting next week. In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is From Public to Private Markets: The Detrimental Impact of Investors' Expectations Article Link: https://www.speedwellmemos.com/p/from-private-to-public-markets-the -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:20) –Memo Reading Starts (20:52) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Interview. Mostly Borrowed Ideas on Google, Meta, and Investment Decision Quality | 14 Feb 2024 | 01:19:51 | |
On our very first interview we talk with Mostly Borrowed Ideas in a wide spanning interview on Meta, Google, Microsoft, and investment decision quality. Mostly Borrowed Ideas writes a deep-dive on a publically traded company every month. You can find more out about him and his writings here.
-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:37) Meta, Risks, Tiktok, ATT, Metaverse (26:22) Google, Sundar Pichai, Capital Allocation (33:52) Google Risks (46:59) What is a Great Business? (59:19) Owners versus Managers (1:08:45) Investment Process Improved through Writing (1:18:57) Conclusion
-*-*-*-*-*-*-*-*-*-*- Find out more about MBI at https://www.mbi-deepdives.com Buy Speedwell Meta Single Research Report 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 *-*-*- Mentioned Links *-*-*- 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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Meta, Etsy, and Snowballing Risk | 13 Feb 2024 | 00:34:45 | |
On this episode we talk about how investment risks could impact an investment thesis through the lens of Etsy and Meta. We provide a short "timeless" update on both companies as well. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Important Announcement (0:41) Intro (3:33) Etsy Value Prop, Issues, and Temu Read-through (16:41) Meta Risks and The One Thing Investors Needed To Be Sure Of (26:33) How to Gain Clarity with Meta Circa 2022 (34:20) Conclusion -*-*-*-*-*-*-*-*-*-*- Buy Meta Single Research Report Buy Etsy Single Research Report 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 *-*-*- Mentioned Links The Synopsis Meta Company Podcast (Apple, Spotify) The Synopsis Etsy Company Podcast (Apple, Spotify) *-*-*- 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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Etsy Business History | 09 Feb 2024 | 00:31:08 | |
In this episode of The Synopsis we read an excerpt from our 79 page Etsy Report, covering Etsy's Business History. If you prefer to read instead of listening to this article, you can find access to it below. Article Link: https://www.speedwellmemos.com/p/etsy-business-history
-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Important Announcement (0:45) – Intro (1:36) – Article Reading Starts (30:31) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to all of Speedwell's Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Speedwell's free newsletter can be found here. -*-*-*-*-*-*-*-*-*-*- 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. A New Mental Model: The Piton Network | 06 Feb 2024 | 00:45:26 | |
Charlie Munger talks about the Latticework of Mental Models and how having exposure to many different disciplines helps gain insight into problems. Key to connecting different disciplines though, is the metaphor. This week, on The Synopsis, we talk about our two Piton Network business philosophy pieces. The Piton Network is our attempt to create a metaphor that furthers investors and analysts understanding of business and strategy. Our first memo is The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space. You can read it here. Our second memo is Meta-Optimizations: Knowing When a Business is Operating from Strength or Weakness. You can read it here. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:00) What is a Piton (4:21) Decision Clusters, Southwest (11:03) Floor & Decor, Copy Cats, Lowes (17:53) Amazon vs Wal-Mart delivery (20:22) Jim McKelvey's Innovation Stack, Square vs Amazon (24:37) Pulling Out Pitons, Netflix (32:28) Ford vs Tesla, Complexity, Piton Network vs Value Network (43:35) Value of Metaphor -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to all of our in-depth research reports: https://speedwellresearch.com/subscribe/ Sign up for Speedwell's free newsletter: https://www.speedwellmemos.com Mentioned Links: Speedwell's First Consumer Hierarchy of Preferences Memo 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Meta-Optimizations: Knowing When a Business is Operating from Strength or Weakness | 02 Feb 2024 | 00:30:18 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Meta-Optimizations: Knowing When a Business is Operating From Strength or Weakness Article Link: https://www.speedwellmemos.com/p/meta-optimizations-knowing-when-a *Please note that this memo builds off a concept introduced early in The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space. If you want to listen to this memo first, click here for Apple and here for Spotify links. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:21) –Memo Reading Starts (29:58) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more. Speedwell Research's main website can be found here. Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Lessons We Can't Draw From Wish | 30 Jan 2024 | 00:38:08 | |
This week on The Synopsis, we talk about a recent memo, "The Future of Ecommerce That Wasn't: An In-depth Look into What Went Wrong with Wish". In this conversation we talk about Wish and what lessons we cannot draw from their lack of success. We also talk about our LTV and financial analaysis, as well as what Wish's value prop was compared to other competitors. You can read the Full Memo here. You can become a full Speedwell Research Member here. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:11) Memo background (4:09) Wish Pitch and Value Prop (9:12) Putting Business Failure into Proper Context (16:10) Growth vs Maintenece Marketing (25:14) LTV Analysis and Buyer Churn (30:42) What Happened to Wish (32:26) Main Lessons (37:36) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to all of our in-depth research reports: https://speedwellresearch.com/subscribe/ Sign up for Speedwell's free newsletter: https://www.speedwellmemos.com Mentioned Links: Chinese Ecommerce GMV Accounting Piece: https://www.speedwellmemos.com/p/accounting-insights-alibaba-jd-and Interview with Peter Szulczewski: https://www.youtube.com/watch?v=s1LzKGJ0bNU 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. The Future of Ecommerce That Wasn't: An In-depth Look into What Went Wrong with Wish | 26 Jan 2024 | 00:30:00 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. There are several charts and excels in this memo that may be helpful to look at for more comprehensive understanding. This weeks article is The Future of Ecommerce That Wasn't: An In-depth Look into What Went Wrong with Wish Article Link: https://www.speedwellmemos.com/p/the-future-of-ecommerce-that-wasnt -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:04) - Housekeeping/ Upcoming (1:38) –Memo Reading Starts (29:46) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Evolution: Bringing the Casino Online | 24 Jan 2024 | 02:13:04 | |
In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company's inception experimenting with a single roulette wheel to a global business with 60%+ margins. Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world where it is the supplier, and Evolution is the largest supplier. We hope you enjoy! Company Description: B2B supplier in the online casino space specializing in the live casino vertical. Purchase the full Evolution Report here. Purchase a Speedwell Membership to gain access to all Reports here. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Section 1: History and Background (0:00) Intro (2:20) Evolution High-Level Business Description (5:01) Evolution History and Background *~* Section 2: TAM and Market Differences (35:32) TAM Overview (40:05) Grey and Black Markets (44:38) Aggregators (53:35) North America Regulation *~* Section 3: Business Model (1:00:59) How they Make Money (1:05:07) How Evolution Differentiates *~* Section 4: Competition (1:17:55) Competition Overview (1:22:33) Playtech (1:31:42) Vertical Integration (1:39:10) Pragmatic *~* Section 5: Capital Allocation, Valuation & Risks. (1:47:30) Capital Allocation and ROIC (1:51:35) Acquisitions and Slot Business (1:59:37) Risks (2:04:47) Valuation (2:06:39) Bull/ Bear Case -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's EVO Report here: https://speedwellresearch.com/2023/12/19/evolution/ Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/
Articles Mentioned Speedwell's Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that
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. At the time of publishing, one or more contributors to the podcast had a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Ten Lessons from Copart's 40 Years in Business: Learning from Willis Johnson and Jay Adair | 19 Jan 2024 | 00:20:47 | |
In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is 10 Lessons from Copart's 40 Years in Business: Learning from Willis Johnson and Jay Adair Article Link: https://speedwellsnippets.substack.com/p/10-lessons-from-coparts-40-years -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:55) – Memo Reading Starts (20:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's Copart Report Here: https://speedwellresearch.com/2023/05/22/copart-deep-dive/ Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Threats to Google's Search Dominance | 15 Jan 2024 | 00:36:01 | |
This week on The Synopsis, we talk about a recent memo, "Google Shut the Door on Competition, AI Swung it Back Open". We cover some old threats to Google's Search dominance and how AI catalyzes them. This show is in our Dialogue format, which you can expect more of in the coming future. We hope you enjoy! You can read the Full Memo Here. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:51) Memo background (3:10) Product Encroachment (9:12) Two Way Google Historically Competed (11:05) Form Function Changes (15:03) AI Threats and How AI is Changing Things (16:42) Facebook's Platform Shift (24:40) AI risks to Sponsored Link Business (28:06) Todd Combs, Charlie Munger, What Can Investors Assume? -*-*-*-*-*-*-*-*-*-*- Buy Speedwell Research's Meta Report: https://speedwellresearch.com/2023/01/17/meta-platforms-deep-dive/ Become a Speedwell Member here to gain access to all of our research reports: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ 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. At the time of this writing, one or more contributers to the podcast has a position in Google. Furthermore, accounts one or more contributors advise on may also have a position in Google. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Google Shut the Door on Competition, AI Swung it Back Open | 12 Jan 2024 | 00:28:36 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Google Shut the Door on Competition, AI Swung it Back Open Article Link: https://speedwellsnippets.substack.com/p/google-shut-the-door-on-competition -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:44) - Housekeeping/ Upcoming (1:51) –Memo Reading Starts (28:16) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Disclaimer At the time of this writing, one or more contributors to this report has a position in Google. Furthermore, accounts one or more contributors advise on may also have a position in Google. This may change without notice. Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Priced to Outperform Perfection: The Home Depot Circa 1999 | 09 Jan 2024 | 00:12:56 | |
In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Priced to Outperform Perfection: The Home Depot Circa 1999 Article Link: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:45) – Housekeeping (1:33) – Memo Reading Starts (14:40) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. The Risk Circle: Deciding What Risks Matter and When | 05 Jan 2024 | 00:15:14 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is The Risk Circle: Deciding What Risks Matter and When Article Link: https://speedwellsnippets.substack.com/p/the-risk-circle-deciding-what-risks -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:47) –Memo Reading Starts (14:55) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. APi Global: The B2B Service Giant Consolidator | 16 Oct 2025 | 01:42:29 | |
In this Company episode of The Synopsis we talk about APi Global, a high quality B2B service provider that specializes in fire safety and other important business service verticals. The company has been undergoing a transition by eschewing one-off construction projects and moving to more recurring and higher margin service revenue. In this episode we draw from our 61-page research report on APi Global to cover everything from their involvement with legendary investor Martin Franklin and the business transformation to the many types of services they offer and the large competition set they face. We hope you enjoy! **Learn more about our 61-page report here** For full access to all of our in-depth research reports, become a Speedwell Member here. If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com *~*~*~* -*-*-*-*-*-*-*-*-*-*- Show Notes ~Section 1: Business History~ (0:00) — Intro ~Section 2: Business Background~
~Section 3: Industry and Competition~
~Section 4: Capital Allocation, Risk, and Valuation~
-*-*-*-*-*-*-*-*-*-*- 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 companies discussed. At the time of recording contributors had a position in APG. Furthermore, accounts contributors advise on also may have a position in APG. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity | 29 Dec 2023 | 00:20:30 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity Article Link: https://speedwellsnippets.substack.com/p/how-pies-proofs-and-punch-cards-hold -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:46) –Memo Reading Starts (19:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency | 22 Dec 2023 | 00:17:33 | |
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency Article Link: https://speedwellsnippets.substack.com/p/understanding-modularity-how-apple -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:49) –Memo Reading Starts (16:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Floor & Decor: The Costco of Flooring | 20 Dec 2023 | 01:28:57 | |
In this podcast on Floor & Decor, Speedwell Research covers everything from its founding as a single store in Atlanta, Georgia to becoming the leading hard surface flooring specialty chain retailer. We draw on Speedwell Research's 57 page research report to teach not just about the flooring industry and Floor & Decor's interlocking business model, but also about competitive dynamics and how to think about store level unit economics. We hope you enjoy! (Please note that for the first few minutes of the recording, occasionally the sound quality declines. It improves thereafter.) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:51) Background (4:48) CEO Tom Taylor (6:21) Industry (15:26) Floor & Decor Model (24:33) TAM Breakdown and Commercial Business (28:35) Pro Business (33:15) Competitive Landscape and Main Competition (59:10) Four Wall Store Model, Mature Margins (1:11:49) Long-Term Store Target (1:24:45) What Can Go Wrong, Risks
-*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's FND Report here: https://speedwellresearch.com/2022/11/08/floor-decor-deep-dive/ Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/
Articles Mentioned Speedwell's Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that Speedwell's Memo on Home Depot's Valuation in 1999: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the Floor & Decor 2022 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2022-earnings-recap Floor & Decor 2H23 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2q2023
Business Breakdowns Floor & Decor Podcast: https://www.joincolossus.com/episodes/29086328/cohen-floor-decor-raising-the-floor?tab=transcript
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. At the time of publishing, one or more contributors to the podcast had a position in FND. Furthermore, accounts one or more contributors advise on may also have a position in FND. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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| Article. Walker & Dunlop Business History | 15 Dec 2023 | 00:23:23 | |
In this episode of The Synopsis we read an excerpt from our 63 page Walker & Dunlop Report. If you prefer to read instead of listening to this article, you can find access to it below. This weeks article is from the business history section of our Walker & Dunlop report.
-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (2:02) –Article Reading Starts (21:55) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Purchase Walker & Dunlop Single Report: https://speedwellresearch.com/subscribe/ Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space | 08 Dec 2023 | 00:19:41 | |
In this episode of The Synopsis we introduce a new episode format called, "Articles". As the name suggests, this episode will be a reading of a memo written by Speedwell Research. If you prefer to read instead of listening to the memos, you can find access to the article below. On this first Articles episode, we are reading our business philosophy piece introducing the concept of the Piton and the Piton Network. This weeks article is The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space. Article Link: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:47) –Memo Reading Starts (18:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/
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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Dream Finders Homes: A Better Business Model for the Homebuilding Industry | 27 Nov 2023 | 00:44:44 | |
In this episode of The Synopsis we cover capital-light homebuilder, Dream Finders Homes. We dovetail into the homebuilding industry, the macro supply/ demand environment, as well as detail Dream Finders Homes business model and how it differs from peer NVR. This podcast is informed by Speedwell Research's new short format reports, called "Exploratory Reports". We released the first Exploratory Report on Dream Finders Homes for free (link below). Dream Finders Homes Report Link: https://speedwellsnippets.substack.com/p/dream-finders-home-exploratory-report
-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) - Intro, What is an Exploratory Research Piece? (2:37) - Macro Backdrop, Housing Supply/ Demand Factors (10:51) - Homebuilding as a Business (13:57) - Dream Finders Homes History and Background (19:17) - ROIC, Financial Performance, (22:36) - Capital-light Model vs Traditional (27:14) - Original Capital-light Homebuilder, NVR and how NVR differs from DFH (34:08) - Competitive Factors, How do Homebuilders Differentiate? (37:18) - Risks and Concerns (42:36) - Closing Thoughts (44:33) - Conclusion
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Piece Introducing the The Value Capture Index: https://speedwellsnippets.substack.com/p/the-consumers-hierarchy-of-preferences-dc6
Speedwell's free newsletter: https://speedwellsnippets.substack.com/
More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy
Purchase a Speedwell Membership: https://speedwellresearch.com/subscribe/
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. At the time of publishing, no contributors to the podcast had a position in DFH. Furthermore, accounts one or more contributors advise on did not have a position in DFH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Etsy: Building an Internet Marketplace in the Shadows of eBay and Amazon | 23 Oct 2023 | 01:31:04 | |
In this episode of The Synopsis, we cover everything from Etsy's founding history and early strategic errors to how Josh Silverman quickly reaccelerated growth and improved profitability after several years of sagging performance. We dovetail into what makes the platform unique and how Etsy has been able to succeed where both eBay and Amazon failed. We draw on Speedwell's 79 page report to teach not just about Etsy, but also help investors learn about how great CEOs run a business.
-*-*-*-*-*-*-*-*-*-*- Show Notes
(0:00) Intro (0:54) Founding History (3:01) Where the Name "Etsy" Comes From (6:45) Issues with Founder Robert Kalin (10:45) New CEO, The Chad Dickerson Era (14:02) Foolish Endeavors (19:48) Turning Around Etsy, Josh Silverman Appointed CEO (25:29) Identifying Where Etsy Can Improve, Initiatives to Improve the Buyer Experience (35:40) Etsy Advertising, A Fumble Recovered (41:16) How Etsy Makes Money (44:41) Covid Ecommerce Boom, 2021 Bull Market, Metric Distortions (51:09) Changing Buyer Behavior, Improving Frequency (59:21) International Opportunity (1:03:03) Capital Allocation, Acquisitions (1:12:07) ROIC (1:14:22) Competition, Take-Rates (1:26:56) Pre-Mortem
-*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full 79 page ETSY research report here: https://speedwellresearch.com/2023/09/28/etsy-deep-dive/
Speedwell's free newsletter: https://speedwellsnippets.substack.com/
More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy
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. At the time of publishing, one or more contributors to the podcast had a position in ETSY. Furthermore, accounts one or more contributors advise on may also have a position in ETSY. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. The Consumer's Hierarchy of Preferences—The Other Side of The Consumer Value Prop | 02 Oct 2023 | 00:40:23 | |
This week on The Synopsis, we introduce our Consumer's Hierarchy of Preferences framework in a new episode format. The Consumer's Hierarchy of Preferences is a helpful idea for investors and entrepreneurs to better understand the market, their products, and competitors' offerings. You can check out our original writing introducing the idea here. This show is the first of our "Dialogue" format, which will be episodes focused on business frameworks or other investing ideas. We will return with a Deep Dive on a specific company next time. We hope you enjoy! -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro, New Show Concept (1:37) Explaining the Consumer's Hierarchy of Preferences (7:26) Product Market Fit Through a Different Lens, Where the Jobs Framework Fits In (11:34) Chipotle versus Taco Bell Example (14:38) Etsy's Consumer's Hierarchy of Preferences (16:43) Cash Flow Durability, Consumer Surplus as Churn Mitigation (21:23) Brands, See's Candy, Fulfilling Psychological Needs (24:51) Real World Applications of the Framework, Chipotle Again, Retail Apparel Companies (29:17) More Examples, Amazon, Fine Dishware, Temu, Shein, Depop, Facebook Marketplace (32:50) Sustainability as a Potential Preference, Tesla, Patagonia, Allbirds (36:15) Summarizing Key Aspects of the Framework and When to Implement -*-*-*-*-*-*-*-*-*-*-
Become a Speedwell Member here to gain access to all of our research reports: https://speedwellresearch.com/subscribe/
Our first Consumer's Hierarchy of Preferences Piece: https://speedwellresearch.com/2022/11/18/the-consumers-hierarchy-of-preferences-the-other-side-of-the-consumer-value-prop/
Our second Consumer's Hierarchy of Preferences Piece: https://speedwellresearch.com/2023/02/04/the-consumers-hierarchy-of-preferences-two-ends-of-the-strategy-spectrum/
Speedwell's free newsletter: https://speedwellsnippets.substack.com/
More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy
Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback.
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Disclaimer Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Copart: Building a Deep Moat Business from Junkyards and Wrecked Cars | 05 Sep 2023 | 01:57:28 | |
In this podcast on Copart, Speedwell Research covers everything from Founder Willis Johnson's early business career to the industry dynamics, and how Copart became the global, salvage marketplace auction leader. Investors can learn a lot from Willis Johnson's early business intuition and movement from the lowest wrung of the salvage vehicle value chain as a liquidator to ultimately a critical service provider for insurance companies. We draw on Speedwell's 85 page report, released in May 2023, to teach not just about Copart's business, strategy, and formidable competitive advantages, but also to parse out cultural factors that distinguish truly great companies. We hope you enjoy! (Please note that about 1/3rd into the podcast, the sound quality periodically declines. It then improves towards the last 1/3rd of the podcast. We apologize for this and have identified the issue for future recordings.) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:19) Willis Johnson Background History and Early Career (9:19) BTS Auctions: The Beginnings of Copart (14:12) Changing the Business Model to Align Incentives (17:57) How Jay Adair was Introduced to Copart (18:40) Copart's Early Expansion (24:09) Experimenting with Internet Auctions in the 90's (29:43) CAT Events and Copart's Ethics (38:33) Industry Overview (50:23) IAA History, IPO, Private Buyout, Merging with KAR, Spin-off, and Ritchie Bros Acquisition (1:07:26) Copart vs IAA, Competitive and Cultural Differences, Market Share (1:24:06) Financials (1:27:12) Capital Allocation, Growth Assumptions (1:30:58) ROIC and variations compared to IAA (1:34:00) International, Details on How the German Market is Different, Barriers to International Growth (1:45:27) Other Business Initiatives (1:51:22) Growth Expectations and the Reverse DCF (1:53:40) Risks, Autonomous Vehicles -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full ~22,000 word CPRT report here: https://speedwellresearch.com/2023/05/22/copart-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy 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. At the time of publishing, one or more contributors to the podcast had a position in CPRT. Furthermore, accounts one or more contributors advise on may also have a position in CPRT. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. RH: From Near Bankruptcy to Multi-Billion Dollar Luxury Retailer | 07 Aug 2023 | 01:29:05 | |
In this podcast on RH, Speedwell Research covers everything from Restoration Hardware's beginnings as just a catalog in a personal living room to massive multi-story Galleries with restaurants that generate >$10mn. Investors can learn much from the early business failings, as well as the incredible turnaround and business transformation Gary Friedman led. We draw on Speedwell's 86 page research report, released in March 2023, to teach you not just about RH, but also about novel customer acquisition strategies, the dangers of promotions, how to build a coherent consumer value prop, and show how changing a business's strategy requires reworking every element of the company. Enjoy! -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:31) Early Founding History, Novel Customer Acquisition Strategy (5:48) First IPO in 1998 (8:23) Restoration Hardware Model Starts to Break (9:29) Gary Friedman Background and Takeover of Restoration Hardware (14:43) Initial Business Changes Friedman Makes (18:32) Second IPO in 2012, Starting to Envision a Luxury Retailer (24:27) Ascent of Luxury Mountain, The Mega Gallery Strategy (26:43) Solving a Key Business Shortcoming, The King Midas Problem, What Meituan has in Common with RH (32:26) Source Book Strategy and When Mailing a 540 Page Catalog Makes Sense (35:12) Growing Pain Period, Reworking Key Elements of the Business (45:13) RH Membership and the Problems with Promotions (52:07) What Job RH Does, The Consumer's Hierarchy of Preference (54:35) The Value Capture Index and How to Assess Retailer's Pricing Strategies, Competition, Disadvantages of Ecommerce (1:06:03) ROIC and Margins, Reverse DCF, Revenue Build (1:14:50) RH Brand Extensions, Private Jets and Yacht, Guesthouse (1:20:45) Acquisitions, Waterworks, Apple vs LVMH Model (1:26:05) What Could the Business Look Like in 10 Years? (1:27:46) Pre-Mortem -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full ~21,000 word RH report here: https://speedwellresearch.com/2023/03/22/rh-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ Free Piece on The Value Capture Index: https://speedwellsnippets.substack.com/p/the-consumers-hierarchy-of-preferences-dc6 More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy 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. At the time of publishing, one or more contributors to the podcast had a position in RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Meta Platforms: From Dorm Room to Global Dominance | 24 Jul 2023 | 01:56:47 | |
In this inaugural podcast, Speedwell Research goes into details on their ~170 page, January 2023 report on Meta Platforms ($META). We cover a list of questions including 1) how resilient are social networks and why did Friendster and MySpace disapear? 2) how does ad tech work and did Apple's policies permanently impair Meta? 3) what "job" does Facebook and Instagram do? 4) is the metaverse a dealbreaker for investors? 5) and much more. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (3:09) History: Six Degrees, Friendster, MySpace, and early Facebook (28:32) Jobs to Be Done: What consumer needs does Facebook serve and the degradation of the network (44:57) Meta's ability to spin up new apps, failed apps, Threads, how sticky are network effects, Tencent's QQ (59:04) Monetization formula, advertising history, and primer on the digital ad ecosystem (1:19:25) Apple Privacy Changes, ATT, IDFA, Return on Ad Spend, auction dynamics (1:38:48) Can Meta recover from their data loss? Inverting the question with the reverse DCF to see implied growth. (1:43:47) WhatsApp, IRR Math (1:47:23) Metaverse Spend, Financial Returns, Strategy (1:53:36) Year of Efficiency -*-*-*-*-*-*-*-*-*-*- Purchase Speedwell's full ~47,000 word Meta report here: https://speedwellresearch.com/2023/01/17/meta-platforms-deep-dive/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy 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. At the time of publishing, one or more contributors to the podcast had a postion in Meta. Furthermore, accounts one or more contributors advise on may also have a position in Meta. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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| Dialogue. Meta's Vibe and What ChatGPT's Instant Checkout Means for the Future of the Internet | 09 Oct 2025 | 00:44:15 | |
In this Dialogue episode of The Synopsis, we talk about Meta's new Vibes product and read into what OpenAI's introduction of instant checkout can mean for the future of the internet. *Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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 (2:30) — Meta Vibes (5:30) — Entertainment Minutes and New Consumer Touchpoint: (17:40) — OpenAI Marketplace (21:25) — Modularity (25:35) — OpenAI superapp? (41:30) — John Malone Analogy (43:00) — Casey's Release Announcement -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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/ | |||
| Interview. Constellation Software Head of M&A in the Volaris Group on Copy Cats, Style Drift, and Organic Growth. | 25 Sep 2025 | 01:08:02 | |
In this rare interview, we talked to Rohan Noronha a head of M&A at Constellation Software in the Volaris Group. A special thanks to AlphaSense for putting this together. *AlphaSense is hosting their AlphaSummit October 6-8 in Brooklyn, New York. Register and get a discount 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) — Intro -*-*-*-*-*-*-*-*-*-*- 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 own $CSU. Furthermore, accounts contributors advise on may also have positions in $CSU. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. RH Update, Can Furniture be Luxury?, and the OpenAI/ Oracle Deal | 18 Sep 2025 | 00:44:05 | |
In this Dialogue episode of The Synopsis, we provide an update for RH and talk about the recent OpenAI/ Oracle Deal. You can find a link to the RH update here. *Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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 (2:00) — RH high-level update: (7:00) — RH Paris (9:03) — Tariffs & Furniture Investigation (13:17) — Discounting, Horizontal and Vertical Inventory, Luxury Diatribe (24:57) — RH Debt Load & Valuation (30:59) — Oracle-OpenAI Deal -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Perimeter, CSU, and Copart Update + Nvidia GPU Risks and Fed Rate History | 12 Sep 2025 | 00:57:10 | |
In this Dialogue episode of The Synopsis, we provide an update for Perimeter Solutions, Constellation Software, and Copart. Plus a risk to Nvidia's dominance and a bit of history on fed rate cuts vs battling inflation. *Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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, Book Rec. (2:41) — Perimeter Solutions Overview (11:15) — IMS acquisitions and capital allocation (23:09) — Constellation Software Recap (29:50) — Copart Recap (39:03) — Nvidia GPU Risk (44:25) — Fed Rate History -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in PRM, CSU, and CPRT. Furthermore, accounts one or more contributors advise on may also have a position in PRM, CSU, and CPRT. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Axon & Coupang Update, Outperforming Expectations, Drones, New Markets, Taiwan & Cloud | 03 Sep 2025 | 00:57:41 | |
In this Dialogue episode of The Synopsis, we provide an update for Axon and Coupang after their 2Q25 results. You can find free versions of these updates below. *Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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 (2:05) — Axon high-level business update (10:40) — Dedrone (17:10) — Axon FCF conversion (21:15) — AI survey, international, and valuation (28:00) — Coupang high level update (36:10) — Coupang AlphaSense Interview commentary (45:00) — Coupang Cloud (49:15) — Taiwan and other markets (55:16) — Coupang 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. At the time of publication, one or more contributors to this report has a position in CPNG and AXON. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and AXON. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. AppFolio 2Q25, Incorporating AI, Expert Call Competitor Analysis | 28 Aug 2025 | 00:27:22 | |
In this Dialogue episode of The Synopsis, Drew has a "dialogue" of one as he reviews 2Q25 earnings from AppFolio. You can find free versions of these updates below. *Expert Call Transcripts* If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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 (0:52) — AppFolio Background (2:29) — High Level Update (8:57) — AppFolio AI vs. competitors, Cushman & Wakefield Expert Call Interview (20:50) — AppFolio Stack Marketplace (23:59) — Valuation, G&A, and Mature Margins -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in APPF. Furthermore, accounts one or more contributors advise on may also have a position in APPF. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Interview. $600mn Fund Manager on Great Businesses, Portfolio Construction, and Investing in India | 21 Aug 2025 | 00:59:40 | |
This informative interview is with Ramneek Kundra, the Chief Investment Officer of DSP Pension Funds. In it we talk about investment philopsophy, portfolio construction and investing in the Indian stock market. You can learn more about DSP Pension Funds 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) — Investment Philosophy (12:44) — A Great Business Ramneek Recently Found (19:50) — Portfolio Construction (24:27) — How to Treat the Market (40:54) — Investing In Indian Stocks (54:00) — Importance of Corporate Access -*-*-*-*-*-*-*-*-*-*- 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 companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Meta and Floor & Decor Update, Calculating ROIC on AI spend, New Mature Store Unit Economics Revealed | 08 Aug 2025 | 00:32:16 | |
In this Dialogue episode of The Synopsis, Drew has a "dialogue" of one as he reviews 2Q25 earnings from Floor & Decor and Meta. You can find free versions of these updates below. Floor & Decor 2Q25 Business Update **If you want to get a free trial to access >200k AlphaSense expert call transcripts, use this link here. ~*~ 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 (1:24) — Floor & Decor 2Q25 Update (16:07) — Meta 2Q25 Update -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in META and FND. Furthermore, accounts one or more contributors advise on may also have a position in META and FND. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates | 04 Aug 2025 | 00:11:37 | |
In this new episode format we give a very short briefing on financial news of the week. This draws on our new weekly newsletter called "The Investor's Briefing". If you wish to read it, you can find it here. ~*~ 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. ~*~ You can get a free trial to AlphaSense through this link here and read 200k+ Expert Call Interviews. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — 100th Episode, New Product Announcement (2:29 ) — The Investor's Briefing #1 -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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/ | |||
| Dialogue. The Invisible Competitor, PC Market, McDonald's Salads, and Reframing Disruption | 30 Jul 2025 | 00:46:53 | |
In this Dialogue episode we talk about a Speedwell Memo: The Invisible Competitor: When Creating Value is Better than Fighting for It. Read the full memo here. *Sign-up* for our Exclusive Constellation Software interview with a Head of M&A from the Volaris Group here! ~*~ 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 (1:27 ) — CSU Head of M&A Interview Announcement (3:18) — Memo Overview (8:58) — PC Competition (21:24) — Reframing Disruption (27:05) — Good Business Can Become Irrelevant (37:55) — When to Copy Competition -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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/ | |||
| Dialogue. Evolution 2Q25 Business Update, Black Markets, UK Investigation, Asia Cyber Attacks | 22 Jul 2025 | 00:42:42 | |
In this Dialogue episode of The Synopsis, we discuss Evolution's 2Q25 earnings. We also give an overview of regulated vs unregulated markets and different complexities of regulation and solving the Asia Cyber attacks.. Evolution 2Q25 Business Update This update quoted several expert call transcripts from Alpha Sense. You can get a free trial to read them for yourselve 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) — High Level Earnings Review (19:31) — Overview of Market Regulation (23:17) — UK Investigation and EU Ring-Fencing (29:19) — Asia Market Regulation and Cyber Attacks -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Interview. Precision Medicine Fund Manager on Portfolio Construction, Risk, and "Developers" vs "Enablers" | 08 Jul 2025 | 01:15:59 | |
In this insightful interview with Blue Box Asset Mangement's Porfolio Manager Mark Dainty we talk about precision medicine and life sciences, his investment strategy, and how he constructs a portfolio of "developers" vs "enablers". We also talk about 3 stocks in the fund. We hope you enjoy listening! *~*~*~*~* 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) — What is Precision Medicine and Life Sciences (11:15) — Small Markets, but Higher Prices (22:24) — Why Precision Medicine is like Dating Apps (27:56) — Investment Strategy and Portfolio Construction (47:20) — Two Stocks: Natera ($NTRA) and Guardant Health ($GH) (54:24) — Risk of the Unknown? (1:02:55) — Revolutions Medicines ($RVMD) (1:11:10) — Financial Modeling -*-*-*-*-*-*-*-*-*-*- 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 companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Dialogue. Constellation Software & Copart Updates, AGM, Losing Market Share, Negative Insurance Volumes | 26 Jun 2025 | 00:36:02 | |
In this Dialogue episode of The Synopsis, we give an update on Constellation Software and Copart after 1Q25 earnings (or fiscal 3Q25 for Copart) . Check out our written business updates for $CPRT and $CSU below! Constellation Software Business Recap 1Q25 Copart Business Update Fiscal 3Q25 (Calendar 1Q25) ~*~ 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 (1:55) — Constellation Software Recap (17:15) — Copart Update -*-*-*-*-*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in CPRT and CSU. Furthermore, accounts one or more contributors advise on may also have a position in CPRT and CSU. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Company. Airbnb: Becoming a Verb | 20 Jun 2025 | 03:44:11 | |
In this Company episode of The Synopsis we draw on our 108-page research report on Airbnb; the company that pioneered the sharing economy and become a Silicon Valley poster child for what a succesful start-up can become. Having started as a means to pay rent, Airbnb quickly turned into one of the world's largest accommodations provider. In a matter of just a decade, Airbnb was able to host more guests than Hilton could in 100 years. However, despite their large impact in how tens of millions of people traveled and millions more monetized their unused properties, they struggled for years to turn a profit. That is until founder Brian Chesky decided to do something drastic and reshape the business—in the midst of Covid no less. In the matter of just a few years he took the business from losing $4bn a year to generating $3bn annually in free cash flow. With Airbnb having a firm grasp on the Alternative Accommodations segment, they are preparing to enter into new businesses and new verticals. Tune in for all of this and more! Learn more about our 108-page report here. For full access to all of our in-depth research reports, become a Speedwell Member here. If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com *~*~*~* Mentioned Speedwell Memos: Minimum Viable Products versus Maximum Possible Products Introducing the Piton Network Concept -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Airbnb Intro Section 1: Business History (5:33) — From RISD to SF (19:05) — Cereal Boxes, Y Combinator (34:12) — Early Airbnb Experience, Competitors, International (43:10) — First Disaster (47:21) — Toshi Hotels, Regulation (52:50) — Covid, Pulling the IPO (1:01:50) — IPO *~*~* Section 2: Industry and TAM (1:05:27) — Business, How do they Make Money? (1:18:13) — Experiences (1:22:31) — Margins and Cost Structure (1:25:26) — TAM Discussion (1:39:21) — Categories of Competition *~*~* Section 3: Competitors and Competitive Differentiation (1:42:16) — Booking Competition (1:52:21) — Merchant vs Agent Business Model, OTAs (2:02:17) — Booking's Alternative Accommodation Push, Booking vs Airbnb (2:12:25) — Expedia, VRBO (2:25:47) — Other Competitors (2:30:47) — Comparing all Competitors, Network Effects, Differentiation (2:45:26) — Competitive Advantages (2:54:28) — Airbnb Negatives *~*~* Section 4: Other Bets, Capital Allocation, Valuation (2:58:33) — New Services, Super App (3:13:25) — ROIC and Free Cash Flow (3:20:04) — Capital Allocation, Stock Awards (3:27:44) — Growth Drivers (3:35:42) — Valuation (3:37:11) — Risks and Conclusion -*-*-*-*-*-*-*-*-*-*- 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 companies discussed. At the time of recording contributors had a position in Airbnb. Furthermore, accounts contributors advise on also may have a position in Airbnb. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||
| Article. Two Ends of the Strategy Spectrum: The Consumer's Hierarchy of Preferences | 13 Jun 2025 | 00:19:47 | |
In this episode of The Synopsis we read our latest Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Consumer's Hierarchy of Preferences: Two Ends of the Strategy Spectrum" Memo Link: Two Ends of the Strategy Spectrum 3rd Memo in the Series: Assessing Retail Strategies with The Inventory Value Capture Index
-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – A Bit About this Memo (3:49) –Memo Reading Starts (15:39) – Explaining Some Key Ideas from the Memo -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell's Extensive Research Reports, Models, Company Updates, and more. Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it. Speedwell Research's main website can be found here. Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ | |||