We Study Billionaires (TIP)

We Study Billionaires (TIP)

Exor NV, the Agnelli family’s century-old holding company, trades at a 60% discount to its net asset value, effectively allowing investors to buy shares of Ferrari—its crown jewel holding—at roughly half price while receiving stakes in Stellantis, Philips, and luxury brands essentially for free, though the eclectic portfolio mix and capital allocation concerns create legitimate risks.

We Study Billionaires (TIP)

Chapters Group is a German serial acquirer with a $1 billion market cap backed by elite investors including Danaher founder Mitch Rales and 'The Outsiders' author William Thorndike, aiming to replicate Constellation Software's 100-bagger potential by consolidating Europe's fragmented niche software companies using a decentralized, founder-friendly holding company model.

We Study Billionaires (TIP)

Despite reaching nearly 1 billion monthly users and capturing 75% of the 13-34 demographic across 25 countries, Snapchat has destroyed shareholder value since its IPO through a toxic combination of zero-vote share structures, relentless unprofitability, and misguided strategic pivots, trading at one-third of its IPO price while insiders extracted nearly as much wealth as the company has lost.

We Study Billionaires (TIP)

The Intrinsic Value portfolio achieved 9% returns in its first year despite carrying 25% cash, with Google and Reddit as standout winners, while the hosts discuss holding winners long-term and evaluating new positions like Copart and Ferrari through holding company Exor.

We Study Billionaires (TIP)

DoorDash has evolved from a cash-burning startup to a profitable market leader by leveraging smartphone logistics and suburban market penetration, now positioning itself as the 'FedEx of local commerce' with expansion beyond restaurants into groceries and retail despite inherent structural challenges in the delivery business model.