TIP817: Simple Investing Beats Complexity w/ David Fagan

TIP827: Auto1 Stock (AG1): Is This the Amazon for Cars? w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O'Malley take a deep dive into Auto1 Group (ETR: AG1), the Berlin-based used-car platform. They examine whether Auto1's instant-guaranteed-pricing model is a genuine consumer moat or a balance-sheet liability in disguise, what the economics actually look like in 2026 once you separate the merchant flywheel from the retail build-out, and the more uncomfortable side of the bull case. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:03:23) Why the traditional used-car market doesn’t work well (00:10:24) About the size of the used-car market (00:13:11) How Auto1’s business model works (00:16:38) Who Auto1’s founders are (00:26:15) How Auto1 buys and sells cars (00:37:27) How the unit economics work (01:03:12) Valuation discussion of AG1 (01:06:58) Whether Auto1 is valued attractively (01:08:58) Whether Shawn and Daniel add AG1 to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]. * Track ⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠ [https://docs.google.com/spreadsheets/d/1YqzCACTnf4X3v8lx3HMEG2rMs71RLNI2B3b7V2e3pKQ/edit?usp=sharing]. * Learn more about how to join us in NYC for our ⁠Intrinsic Value Conference⁠ [https://intrinsicvalueconference.com]. * Portfolio Review Submit Tool [https://tivc-portfolio-review.vercel.app/submit]. * Value Investors Club Pitch on Auto1 [https://www.valueinvestorsclub.com/idea/Auto1_Group_SE/1027651503]. * Business Breakdowns Episode on Auto1 [https://colossus.com/episode/auto1-eused-car-marketplace/]. * Auto1 Investor Relations [https://ir.auto1-group.com/]. * Check out our previous Intrinsic Value breakdowns: Copart [https://www.theinvestorspodcast.com/intrinsic-value-podcast/copart-cprt-the-100-bagger-junk-yard-w-daniel-mahncke-shawn-omalley/], Ferrari [https://www.theinvestorspodcast.com/intrinsic-value-podcast/ferrari-race-high-speed-compounder-w-shawn-omalley-daniel-mahncke/], ⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/transdigm-tdg-a-conglomerate-of-monopolies-w-daniel-mahncke-shawn-omalley/]Uber⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/uber-cash-burner-to-compounder-w-shawn-omalley-and-daniel-mahnke/], ⁠Grab [https://www.theinvestorspodcast.com/intrinsic-value-podcast/grab-holdings-grab-why-uber-surrendered-southeast-asia-tivp/], Lyft [https://www.theinvestorspodcast.com/intrinsic-value-podcast/lyft-inc-lyft-the-key-to-winning-the-av-wars-w-shawn-omalley-daniel-mahncke/], Exor NV [https://www.theinvestorspodcast.com/intrinsic-value-podcast/exor-nv-exo-too-good-to-be-true-w-shawn-omalley-daniel-mahncke/], Mercedes-Benz [https://www.theinvestorspodcast.com/intrinsic-value-podcast/mercedes-benz-mbg-can-benz-reinvent-the-car-w-daniel-mahncke-shawn-omalley/]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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RWH069: The Psychology of Investing w/ Emily Haisley

In today’s episode, William Green speaks with Emily Haisley, who heads the Behavioral Finance team at BlackRock, the world’s largest asset manager, with $14 trillion under management. Here, she explores the critical intersection of investing & psychology, explaining how she helps elite fund managers identify & counteract their behavioral biases, regulate their emotions, optimize their physiological state, avoid systematic mistakes, & take risks that align with their edge. This conversation offers powerful insights on how to win the inner game of investing. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:00:40) How Emily Haisley became head of Behavioral Finance at BlackRock (00:23:52) How her team helps fund managers recognize their behavioral biases (00:28:51) How to counteract a notoriously destructive bias, myopic loss aversion (00:39:56) Why disposition bias leads investors to hold losers & sell winners (00:44:31) Why it’s helpful to experience investment pain, not just learn about it (00:53:46) How investment teams can profit by “beating up” their decision makers (00:56:00) How the best investors benefit by subjugating their own ego (01:00:14) What practical steps Emily recommended to one elite investment team (01:17:48) Why she views “tainted altruism” as “the saddest bias” (01:25:27) What investors can do to manage stress & its impact on their decisions (01:29:35) How BlackRock uses AI to simulate decision making amid extreme volatility (01:35:32) Why she’s learned to embrace uncertainty, false starts, mistakes, & change (01:52:33) How 3 new year’s resolutions nudged Emily toward a happier life 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 [https://williamgreenwrites.com/masterclass/]. * Benjamin Graham’s book The Intelligent Investor [https://www.amazon.com/Intelligent-Investor-3rd-Ed/dp/0063356724?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.KlxwzEYN6nItyVP_hxVDHL8eAZ0t52Haq8bXV9AGyrc0XMrFshrGrvYW2ZZDAWjk_09Da_B2AlHeu0JgU3RuO885w0WmxeBgOtj_kR5461BSVFcOq4wT5EXrlJYOqRxTDpQn6D3-TRfNKpCRpJtOv5wKPFo1oofZghZ3Pf01w-YNbpqGWB2J9BKqGTvfrfUI8dIJpfP3GfFIvRBk2Kk6scLMoXn-0QuzZgVxo9gU76I.h2yBQ8vDn9WuachG_4_jCsZmp6ferPj5T4DW9eD_JQA&qid=1782420342&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=23afc9422f54636d0985dd01ca217de4&language=en_US&ref_=as_li_ss_tl]. * J. Krishnamurthi’s book On Right Livelihood [https://www.amazon.com/Right-Livelihood-J-Krishnamurti/dp/0062506099?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.P08m6fBZXMV_lqiMN3B8GM8KMdak_q4xdWL2HNRzz1RYGQ_yFNXlOU6Md0Vdu77IXAUn2joMoa9-6d23Bt7flHEOE87IVXNP687NOKXgY_kabkU9ek0LZ5YCcPQG02dyoSuxYiNB3Q-yI8j0Od9cd7mCS80SJyf2zVJULfkxdHwSPoimdvUagPZ2dml8u7_D4fFME9egy1oBBwMfCtslIK5rDorJF7Vzch_w5F6usXw.Qvm9x4lfBkJYEgNsV6-IgPdbjCxlm06I5yMDNZn5gjs&qid=1782420296&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=1efea7cd051c5e590f18e8a475fe0d59&language=en_US&ref_=as_li_ss_tl]. * William Green’s podcast interview with Annie Duke [https://www.theinvestorspodcast.com/richer-wiser-happier/betting-better-in-markets-life-w-annie-duke/]. * William’s book, ⁠Richer, Wiser, Happier⁠ [https://www.amazon.com/Richer-Wiser-Happier-Greatest-Investors/dp/1501164856?&linkCode=ll2&tag=tipnetwork-20&linkId=2309d2def265d01582d8a3d5acd3bb01&language=en_US&ref_=as_li_ss_tl]. * Follow William Green on ⁠⁠X⁠⁠ [https://twitter.com/williamgreen72]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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TIP826: American Tower (AMT): The Wide Moat Business Your Phone Can't Live Without w/ Kyle Grieve & Shawn O'Malley

Kyle Grieve and Shawn O’Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:51) How American Tower powers the wireless networks we use (00:06:21) How AMT creates recurring revenue (00:08:09) Why adding additional tenants dramatically boosts profits per tower (00:13:57) The three moats protecting American Tower from competitors (00:32:13) Why the REIT structure forces heavy reliance on debt (00:38:46) What American Tower's capital allocation reveals about management (00:40:22) Whether the data center deal was worth it (00:57:33) How carrier consolidation threatens even the widest moats (01:01:30) Why a wonderful business isn't always a wonderful investment (01:11:35) Intrinsic value of AMT (01:13:52) Whether Kyle and Shawn will add AMT to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]. * Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠ [https://docs.google.com/spreadsheets/d/1YqzCACTnf4X3v8lx3HMEG2rMs71RLNI2B3b7V2e3pKQ/edit?usp=sharing]. * Brad Jacob’s first book, ⁠How to Make A Few Billion Dollars⁠ [https://www.amazon.com/How-Make-Few-Billion-Dollars/dp/B0CHTQP25T?crid=256D76OBZ7FZK&dib=eyJ2IjoiMSJ9.TIKz3DuGEsHiOREravGk5895qXMFD774qZ61NViqBiufd3n96kuWOx5h-gJU8pHIsfMgH4YKxkCuEcLir5TkIRaW8au5AUXZ6uQuntAX2YzmtJ1aZjwyEFY_gBe2kuSh9ZM-xW-9-LKMpeFo0aiWHCZla3QLM8-tqUs6usXmvYb8chuZDRXFF0pD3IM9bDFJmo8XD2ZpnNTzzm59XzitVb9I0x9bCk-XzJFz02nbh0I.LvJzVvPpPSZcaStI7FXfZm-UoImLbMh1ga7qXzaGcuk&dib_tag=se&keywords=how+to+make+a+few+billion+dollars&qid=1780506242&sprefix=how+to+make+a+few+billion+dollar%2Caps%2C295&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=809b5c2c6c24c041cc8d28890120acd0&language=en_US&ref_=as_li_ss_tl]. * Brad Jacob’s follow-up book, ⁠How to Make A Few More Billion Dollars⁠ [https://www.amazon.com/s?k=how+to+make+a+few+billion+dollars&crid=256D76OBZ7FZK&sprefix=how+to+make+a+few+billion+dollar%2Caps%2C295&linkCode=ll2&tag=tipnetwork-20&linkId=98adcbeab91280ee8020a08629200224&language=en_US&ref_=as_li_ss_tl]. * Listen to Brad Jacob’s ⁠interview with David Senra⁠ [https://www.youtube.com/watch?v=3WXZg4_xcGs]. * Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠ [https://x.com/IrrationalMrkts]⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/in/kylegrievetip/]. * Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ [https://x.com/Shawn_OMalley_] and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/in/shawn-omalley/]. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra

In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Meta as a leading AI-powered advertising platform. Tobias breaks down Booking Holdings and whether its travel moat can withstand the rise of AI assistants. Stig analyzes Adobe, exploring the durability of its creative software ecosystem amid rapid technological change. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:02:31) Why Hari is bullish on Meta (Ticker: META), highlighting its advertising dominance, network effects, and long-term monetization potential. (00:03:38) The bear case for Meta, including massive AI infrastructure spending, uncertain returns on capital, and execution risk around AI monetization. (00:14:27) Why Tobias is bullish on Booking Holdings (Ticker: BKNG), emphasizing its capital-light business model and robust travel ecosystem. (00:18:46) The bear case for Booking Holdings, including AI-driven loss of customer mindshare, and potential pressure on its role in the travel booking value chain. (00:27:43) Why Stig is bullish on Adobe, focusing on its switching costs and subscription-based revenue model (Ticker: NASDAQ: ADBE). (00:37:21) The bear case for Adobe, including AI-generated content and the increasing competition from tools like Canva and LLMs. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES * Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.theinvestorspodcast.com/mastermind/]. * Stig Brodersen’s Portfolio and Track Record [https://www.theinvestorspodcast.com/articles/stig-brodersen-track-record-portfolio/].  * Our valuation model of Adobe [https://www.theinvestorspodcast.com/wp-content/uploads/2026/06/Adobe-valuation.xlsx]. * Our valuation model of Meta [https://www.theinvestorspodcast.com/wp-content/uploads/2026/06/Meta-Valuation.xlsx]. * Our valuation model of Booking Holding.com [https://www.theinvestorspodcast.com/wp-content/uploads/2026/06/Booking-Valuation-BKNG.xlsx]. * Check out the Mastermind Discussion Q1, 2026 [https://open.spotify.com/episode/4YuSrM03AnSKlXPhxFHnnq?si=a83e36b6a76e42af] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2026-berkshire-moodys-bellring-brands/]. * Check out the Mastermind Discussion Q4, 2025 [https://open.spotify.com/episode/6GqwXIiUvbByySiABKzcyP?si=243a4a70649043c9] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-discussion-q4-2025-sanofi-remitly-crocs/]. * Check out the Mastermind Discussion Q3, 2025 [https://open.spotify.com/episode/0G9aVbQ87IFx8OKVJCd3vo?si=ae5b5876b9c748ed] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-q3-2025-uber-bath-body-works-merck/]. * Check out the Mastermind Discussion Q2, 2025 [https://open.spotify.com/episode/4B8NRDNshQRmwOb2jEyuB3?si=61ef923978de4628] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-q2-2025-microsoft-block-devon-energy-adyen/]. * Check out the Mastermind Discussion Q1, 2025 [https://open.spotify.com/episode/2XY2Bz0Wn6tsKe6s57EnB5?si=ba5b56b8c52d4a0b] | Video [https://www.theinvestorspodcast.com/episodes/mastermind-q1-2025-lifco-verisign-ulta-beauty/]. * Tobias Carlisle's podcast, The Acquirers Podcast [https://acquirersmultiple.com/podcast/]. * Tobias' ETF, ⁠ZIG⁠ [https://www.acquirersfund.com/]. * Tobias' ETF, ⁠Deep⁠ [https://www.etf.com/DEEP]. * Tweet to ⁠Tobias Carlisle⁠ [https://x.com/Greenbackd]. * Hari's ⁠Blog⁠ [https://bitsbusiness.com]. * Tweet to ⁠Hari⁠ [https://twitter.com/harirama]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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TIP824: Copa Holdings (CPA): Is Buffett Right About Airline Stocks? w/ Daniel Mahncke & Shawn O’Malley

Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:35) Why airlines are such a tough business to be in (00:03:55) What Buffett and other superinvestors think (00:16:47) Why Copa is different than other airlines (00:35:58) How being the best-in-class business can change the investors’ outcome (00:38:38) How Copa built its moat (01:01:14) How Copa can defend its moat (01:22:37) Valuation discussion of Copa (01:24:36) Whether Copa is valued attractively (01:27:30) Whether Shawn and Daniel add CPA 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 [https://www.theinvestorspodcast.com/mastermind/]. * Track ⁠The Intrinsic Value Portfolio [https://docs.google.com/spreadsheets/d/1YqzCACTnf4X3v8lx3HMEG2rMs71RLNI2B3b7V2e3pKQ/edit?usp=sharing]. * Try out our Portfolio Review ⁠⁠Submit Tool⁠⁠ [https://tivc-portfolio-review.vercel.app/submit]. * Check out the Value Investor Club ⁠⁠Article⁠⁠ [https://www.valueinvestorsclub.com/idea/COPA_HOLDINGS_SA/1563638045#description]. * Read the ⁠Asymmetric Edge⁠ [https://asymmetricedge.substack.com/p/copa-holdings-cpa-a-high-quality?utm_source=substack&utm_medium=email&utm_content=share] Substack Article. * Warren Buffett on the ⁠Airline Industry⁠ [https://som.yale.edu/sites/default/files/2021-12/Module8-Readng.pdf] in his Annual Letters. * Check out our previous Intrinsic Value breakdowns: ⁠⁠Transdigm⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/transdigm-tdg-a-conglomerate-of-monopolies-w-daniel-mahncke-shawn-omalley/], ⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/salesforce-crm-agentforce-or-ai-native-w-daniel-mahncke-shawn-omalley/]Berkshire Hathaway⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/berkshire-hathaway-brk-b-from-buffett-to-abel-w-daniel-mahncke-shawn-omalley/], ⁠⁠FICO⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/fair-isaac-corporation-fico-scoring-the-worlds-biggest-credit-scorer-w-shawn-omalley-daniel-mahncke/]. * Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ [https://x.com/Shawn_OMalley_] and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/in/shawn-omalley/]. * Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠ [https://x.com/MnkeDaniel]⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠ [https://www.linkedin.com/in/daniel-mahncke-50b7312b0/]. * Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network] mentioned in the podcast. * Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ [https://premium.theinvestorspodcast.com/]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. 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