Since 2014, we have been guiding investors and business people of all levels on how to grow financially and personally. Our flagship show, We Study Billionaires, is the largest stock investing podcast in the world, with more than 185 million downloads. Our newest show, The Intrinsic Value Podcast, takes things one step further. Every week, we break down a fascinating business model, from Google to John Deere, teach you about the company’s competitive advantages and challenges, and then go through different valuation approaches to estimate its intrinsic value per share. We condense dozens of hours of investment research into a single episode, helping you get a little smarter about business and investing. And if we think the stock is attractively priced after having broken it down, we add it to our Intrinsic Value Portfolio of long-term stock holdings that we build out on the show over time. Embark on this journey into intrinsic-value investing with us!
Despite its removal from the 'Magnificent Seven' and a recent 30% stock decline, Netflix has solidified its dominance through ad-tier monetization, password crackdowns, and superior user retention, positioning it for sustained double-digit earnings growth.
Hermes commands a persistent 50x PE multiple and has delivered 21% annualized returns over the past decade by operating as "true luxury"—selling scarcity and status rather than products at scale, making it uniquely resilient to economic cycles despite appearing perpetually expensive.
Doximity operates a HIPAA-compliant professional network used by 80% of US physicians, combining high-margin pharmaceutical advertising (via a unique subscription model rather than auctions) with AI productivity tools that reduce doctor admin time by up to 13 hours weekly, creating a dominant 'walled garden' in healthcare tech with powerful network effects.
Despite Meta trading at a significant discount to tech peers (22x forward PE) and improving its core ad business with AI, the market is pricing in skepticism about $100B annual AI investments. The Reality Labs division has burned $70B with limited success in VR, and Meta faces steep competition from Google's Android XR ecosystem in the AR glasses race, raising questions about whether this massive capex will generate returns or simply dilute the core business.
Churchill Downs (CHDN) operates the iconic Kentucky Derby while generating consistent profits through a unique ecosystem of Historical Racing Machines and B2B gambling technology, delivering 17% annual returns over the past decade—a rare combination of trophy asset prestige and viable business economics.
Mercado Libre is the only public company to deliver 30%+ revenue growth for 27 consecutive quarters, yet trades at its lowest valuation ever despite expanding operating profits 30-fold over five years while the stock rose only 30%, creating a potential opportunity as Latin American e-commerce penetration sits at just 14%.
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.
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.
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.
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.
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.