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!
Ryan Sablan shares his asymmetric value investing framework, revealing how Charlie Munger's simple mathematical insight—that you only need one winner among three bets to achieve 33% returns—combined with rigorous balance sheet analysis and position sizing, can lead to market-beating performance without requiring a high win rate.
The hosts conduct a quarterly review of their concentrated 17-stock portfolio, announcing plans to sell two positions and add to one, while deep-diving into Exor's 60% discount to NAV as a Ferrari proxy and debating the future of their small TransDigm stake.
This episode analyzes Constellation Software's smaller spinoffs and copycats—including Topicus, Lumine Group, Signity, and Aiko Poland—as potential 'next 10-baggers' that replicate the vertical market software (VMS) acquisition playbook without facing the law of large numbers constraining their parent company.
Spotify is transitioning from a low-margin music utility to a diversified global audio platform, finally achieving operating leverage by layering podcasts, audiobooks, and targeted advertising atop its massive habitual user base despite intense competition from tech giants.
Kelly Partners Group (KPG) is an Australian serial acquirer consolidating fragmented accounting and tax firms through a unique "partner-owner-driver" model that incentivizes original owners to remain. After a 50% stock decline from early 2025 highs, the company—valued at roughly A$300 million with minimal share dilution and founder ownership near 50%—presents an early-stage opportunity analogous to Constellation Software but within essential, relationship-driven professional services.
Drew Cohen of Speedwell Research argues that Constellation Software's 50% drawdown due to AI fears is overblown, explaining that mission-critical vertical market software customers prioritize reliability and switching costs over marginal cost savings, making disruption by AI-generated alternatives unlikely despite the technology lowering barriers to entry.
Following an 80% post-IPO decline, Figma now trades at a $12 billion valuation—40% below Adobe’s blocked $20 billion acquisition offer—despite maintaining 45% annual revenue growth and establishing itself as the dominant collaborative design platform that defeated Adobe XD.
Duolingo trades at a surprisingly reasonable valuation of 20x free cash flow despite 30% growth, but investors are divided on whether its gamified learning model can overcome high user churn and limited fluency outcomes to capture a trillion-dollar education market.
Lyft trades at a $7 billion market cap but could be worth 3x or more to tech giants like Amazon or Alphabet, who would pay a premium for its 30% North American market share and Flex Drive fleet management capabilities to accelerate autonomous vehicle deployment.
Constellation Software (CSU) has experienced its largest drawdown ever, falling 50% amid AI disruption fears, creating a potential buying opportunity in a high-quality compounder often called the "Berkshire Hathaway of software." The company operates a decentralized model acquiring over 1,000 niche vertical market software businesses with a permanent capital mindset under founder Mark Leonard, who recently stepped down due to health concerns.
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.