TIP664: The Nomad Investment Partnership Way: Quality In Business and Beyond w/ Kyle Grieve
28 September 2024 - 1 hour 2 minsOn today’s episode, Kyle Grieve discusses the investing philosophy and concepts from the Nomad Investment Partnership, how they created their fund structure to align themselves with partners, why they settled on inactivity, the powerful effects of businesses that share profits with customers rather than shareholder, how they ended up focusing on the scale economies shared business model, how they dealt with commitment bias, and a whole lot more!
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
04:17 - How Nomad Investment Partnership created their ground rules to succeed in the long term
05:37 - The rare and unconventional way that Nomad wanted to be evaluated by their partners
09:13 - Why i...
Series Episodes
TIP839: Domino's Pizza (DPZ): Is the Royalty Engine Still Running? w/ Kyle Grieve & Shawn O’Malley
In today's episode, Kyle Grieve and Shawn O’Malley analyze Domino's Pizza, the world’s biggest pizza franchisor built on a royalty-driven, asset-light business model. They walk through Domino's shift toward franchising and away from Company-owned stores, and what that means for the company's future revenue mix and cash generation. Along the way, they dig into whether Domino's royalty engine can keep running at the pace investors have come to expect. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:55) Reviewing the Domino's royalty engine thesis (00:15:26) Why Domino's has moved away from Company-owned stores (00:29:19) The role of royalties versus supply chain revenue in Domino's earnings (00:36:21) How Domino's utilizes a fortressing strategy and its effect on store growth (00:44:18) The competitive landscape in delivery, carryout, and aggregator platforms (00:46:29) How the franchise model keeps Domino's asset-light and cash-generative (00:55:47) Domino's capital allocation and approach to share buybacks (01:03:44) International franchising and Domino's global store growth (01:05:25) Risks facing Domino's from labor costs, competition, and changing consumer habits (01:13:19) Valuation discussion of Domino's (01:14:31) Intrinsic value of Domino's (01:15:52) Whether Kyle & Shawn will add Domino's to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Check out our previous Intrinsic Value breakdowns: Uber, Grab, Coupang. Buy yourself a copy of The Domino’s Story. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 15 mins
19 August Finished
TIP838: Google, Reddit, Amazon – Are Our Biggest Winners Still a Buy? w/ Daniel Mahncke & Shawn O’Malley
After looking at companies that tanked in recent months in the last episode, Daniel Mahncke and Shawn O’Malley now take a look at the best-performing stocks of the pitches of the last two years. Google, Amazon, and Reddit are companies that generated great returns for the Intrinsic Value Portfolio, but there were also companies on the watchlist that turned into multibaggers in the past year. Daniel and Shawn discuss the patterns of the stocks that gained most in value, what one can learn from that, and how they think about selling and holding positions that went up past their fair value estimate. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:51) About Google’s stock rise and valuation (00:15:32) How the massive capex changes the Mag7 (00:29:08) Why Amazon might be more attractive than Google (00:40:48) Why Daniel and Shawn decided to sell some Reddit (01:03:07) Why Remitly wasn’t added to the Portfolio (01:11:57) How TSMC, Dell, and Comfort Systems became multibaggers (01:24:09) What the future holds for the AI trade Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Pitch on Google. Pitch on Reddit. Pitch on Crocs. Pitch on Amazon. Pitch on Remitly. Pitch on TSMC. Pitch on Dell. Pitch on Comfort Systems. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 27 mins
15 August Finished
TIP837: Adobe, Lululemon, PayPal – Are our Biggest Losers a Buy Now? w/ Daniel Mahncke & Shawn O’Malley
Daniel Mahncke and Shawn O’Malley take a trip down memory lane and look back at the pitches of the last year and a half – especially the ones that didn’t work out as hoped. Many companies that were seen as best-in-class businesses not too long ago experienced massive drawdowns in the last year. Some of them were covered on this show, and others even made it into the portfolio. Daniel and Shawn discuss the patterns of the stocks that lost most in value, what one can learn from that, and how the market shift towards AI changed how they invest. The companies discussed today are Adobe, Lululemon, PayPal, Trade Desk, and CoStar. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:04:33) Why Lululemon had to leave the portfolio (00:20:11) What made us sell PayPal (00:36:08) About Adobe’s downfall and future outlook (00:58:40) Why Trade Desk never made it into the portfolio (01:06:53) Whether Daniel’s and Shawn’s conviction in CoStar is broken (01:16:37) What Daniel and Shawn learned from the companies above Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Pitch on Adobe. Pitch on Lululemon. Pitch on Paypal. Pitch on Trade Desk. Pitch on CoStar Group. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 18 mins
12 August Finished
RWH071: Risk, Ruin, Reinvention & Resilience w/ Victor Haghani
In this episode, William Green speaks with Victor Haghani, founder & CIO of Elm Wealth & author of The Missing Billionaires: A Guide to Making Better Financial Decisions. Victor’s journey is among the most remarkable & instructive in modern investment history. As one of the founders of Long-Term Capital Management, he experienced dazzling success & devastating failure. Today, he oversees billions of dollars using a low-cost, diversified, index-driven strategy that reflects hard-won lessons about resilience, humility, simplicity & risk management. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro(00:04:17) How Victor Haghani’s tumultuous family history shaped him.(00:14:02) What he learned as a star trader on Salomon’s famed arbitrage desk.(00:22:56) How he honed his skills by playing high-stakes games of Liar’s Poker.(00:30:35) How Long-Term Capital Management hit the jackpot—for a while.(00:46:04) How Russia’s default in 1998 sparked a cascading disaster.(00:49:18) Why he defends the fund’s enormous appetite for leverage & risk.(00:52:20) What he views as the real lessons of the fund’s collapse.(00:58:21) How the concept of expected utility can improve our financial decisions.(01:11:09) Why he fell out of love with exotica like private equity & hedge funds.(01:13:22) What troubles him about the traditional, static approach to indexing.(01:18:52) Why he favors a “dynamic asset allocation” based on risks & rewards.(01:27:21) How his firm’s current allocations reflect a wary view of US equities.(01:40:45) What he’s learned about overcoming adversity & finding happiness. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Inquire about William Green’s Richer, Wiser, Happier Masterclass. Victor Haghani’s investment firm, Elm Wealth. Victor Haghani & James White’s book “The Missing Billionaires.” Michael Lewis’ book, “Liar’s Poker.” Roger Lowenstein’s book, “When Genius Failed.” Daniel Gilbert’s book, “Stumbling on Happiness.” Viktor Frankl’s book, “Man’s Search for Meaning.” William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. Follow William Green on X. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 59 mins
8 August Finished
TIP836: Exor NV (EXO): The Massive Discount Continues To Widen w/ Kyle Grieve & Shawn O’Malley
In today’s episode, Kyle Grieve and Shawn O’Malley analyze Exor, the Dutch holding company controlled by Italy’s Agnelli family and best known for its long-standing stake in Ferrari. They walk through Exor’s ownership of Ferrari, and what they like about Lingotto, Exor’s investing management company. Along the way, they dig into what could cause the current valuation gap to close or widen. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:08) Revisiting the Exor and Ferrari thesis (00:05:06) How Exor’s stock reacted since the original purchase (00:09:16) Why Ferrari’s stock has fallen despite strong operating results (00:16:07) The market’s reaction to Ferrari’s new Luce model (00:22:26) How Ferrari’s other new releases are doing (00:45:04) Ferrari’s capital allocation, working capital, and margin trends (00:54:05) How Ferrari’s racing program supports its brand and marketing (00:57:18) Risks facing Ferrari from changing driving habits and tariffs (01:13:22) Expanding on Lingotto, Exor’s growing asset management business (01:17:44) Evaluating Lingotto’s performance, fees, and top holdings Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. Check out our previous Intrinsic Value breakdowns: Exor, Ferrari, Formula One Group. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Plaud Plus500 Netsuite Scribe References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 23 mins
5 August Finished
TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve
Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU). In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst performer in the S&P 500” this year. But is this a bargain price for a high-quality SaaS business, or a value trap? That’s the key question that Shawn & Kyle discuss, plus so much more! IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:48) How Intuit’s accounting software became so popular (00:12:49) What makes QuickBooks such a great business (00:20:54) Why Intuit is the worst performing stock in the S&P 500 this year (00:24:05) How to think about Intuit as either a value trap or bargain (00:38:45) Whether Intuit’s TurboTax business is resistant to AI disruptions (01:17:02) Valuation discussion of Intuit (01:18:55) How to model Intuit’s intrinsic value (01:20:04) Whether Shawn & Kyle add Intuit to The Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive The Intrinsic Value Mastermind Community. Track The Intrinsic Value Portfolio. Learn more about how to join us in NYC for our Intrinsic Value Conference. Portfolio Review Submit Tool. See Shawn’s financial model for Intuit. The Finance Corner: "Deep Dive Into Intuit". Business Breakdowns Podcast — Intuit (2022). Intuit’s 2025 Investor Day Presentation. Intuit’s 2026 latest Investor Day Presentation. Check out our previous Intrinsic Value breakdowns: Wix, Microsoft, Kelly Partners Group. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Check out The Investor’s Podcast Starter Packs. Follow our official social media accounts: X | LinkedIn | Facebook. Try our tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Plus500 Netsuite Shopify Plaud References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them. Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm
1 hour 18 mins
1 August Finished
