TIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’Malley

TIP833: Perimeter Solutions (PRM): A Niche Monopoly, One Acquisition at a Time w/ Kyle Grieve & Shawn O’Malley

In today’s episode, Kyle Grieve and Shawn O’Malley analyze Perimeter Solutions, a niche industrial conglomerate built by Transdigm’s legendary founder Nick Howley using the same playbook that turned Transdigm into a multi-decade compounder. They break down how the company operates two very different segments, from wildfire retardants and airbase logistics to specialty chemicals and precision medical manufacturing equipment, each built around sticky, mission-critical customer relationships. They’ll also cover the company’s acquisition strategy, its unusual founder’s advisory fee, and the debt and litigation risks that complicate an otherwise compelling capital allocation story. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:19) Why the Transdigm playbook is worth cloning (00:05:02) How this management team built a public compounding machine (00:08:24) Why one segment profits directly from worsening wildfires (00:16:51) The chemical monopoly hiding inside a boring business (00:29:39) What makes these niche products nearly impossible to replace (00:39:05) How disciplined acquisitions have created so much shareholder value (00:45:16) The controversial fee structure investors aren’t big fans of (01:13:26) Valuation discussion of PRM (01:16:06) Intrinsic value of PRM (01:18:03) Whether Kyle and Shawn will add PRM to the Intrinsic Value Portfolio Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. 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TIP832: Fairfax Financial (FFO.TO): The Berkshire Of The North w/ Kyle Grieve & Shawn O'Malley

In today's episode, Kyle Grieve and Shawn O’Malley analyze Fairfax Financial, the insurance conglomerate that Prem Watsa built from a near-bankrupt trucking insurer into a compounding machine often compared to Berkshire Hathaway. They break down Fairfax's insurance and non-insurance segments, its use of float, and the capital allocation moves, from acquisitions to buybacks, that have driven decades of growth. The conversation also covers Fairfax's competitive advantages, key risks such as catastrophe exposure and succession, and whether the business remains an attractive opportunity today. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:05:30) Why Fairfax's history shorting backfired for years (00:08:41) How Fairfax structures its insurance and non-insurance businesses (00:15:10) How Fairfax treats its winning investments (00:19:03) What the combined ratio reveals about Fairfax’s underwriting abilities (00:28:52) Why Fairfax's culture keeps talented operators for decades (00:30:56) How Fairfax uses debt to fund acquisitions (00:37:54) Why Fairfax's buyback timing shows disciplined capital allocation (00:41:11) How Prem Watsa's pay stays modest despite success (00:46:56) What risks Fairfax has as it continues to scale (00:53:52) Valuation discussion of Fairfax (00:55:36) Intrinsic value of Fairfax (01:00:04) Whether Kyle and Shawn will add Fairfax 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]. * Read The Fairfax Way by David Thomas here [https://www.amazon.com/Fairfax-Way-Inside-Lasting-Success/dp/1037802195?crid=2UY0UNBMZHJ7U&dib=eyJ2IjoiMSJ9.Aj9Mol6l3yTNtU9SxSm-csh2YTixFDN9fyvJ8PuuhsA9DV9dyIrS-YiYVuOd627gy8bWLUpaJsL7409Bcn6pHXS8lU3cPXEmsT740lNA_pxQDMkHsuhD8X6Q8ydcYkw_E298Q_v0jZvifvGBrM3xqY_TzElJ6WMlUhDgRpyd6p8P3ooWvqR6d4pIOAkRJQ8OvzhrchaGIQpLMCItVDDFGvd7f8neHYaHpqWX3Ouzc74.bS7rDfGQQDgxrGhEXiQAwYxF4X6YGNPI3ETovJzToCI&dib_tag=se&keywords=fairfax+way&qid=1783980416&sprefix=fairfax+w%2Caps%2C317&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=8ca805d5cf75fbef208ed6f1d7d13048&language=en_US&ref_=as_li_ss_tl]. * Listen to Kyle's episode, where he covers the history of Fairfax Financial here [https://www.theinvestorspodcast.com/episodes/what-the-market-missed-prem-watsa-and-one-of-the-greatest-records-in-business-w-kyle-grieve/]. * Follow Kyle on Twitter [https://twitter.com/IrrationalMrkts] and LinkedIn [https://www.linkedin.com/in/kylegrievetip/]. * 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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TIP831: Pinduoduo (PDD): Is PDD the Best Buy in China? w/ Daniel Mahncke and Shawn O'Malley

Daniel Mahncke and Shawn O'Malley take a deep dive into Pinduoduo (NASDAQ: PDD), the Chinese retail giant that has overtaken local competitors like Alibaba and JD.com [http://jd.com] and expanded internationally with Temu, which has become the most-downloaded e-commerce app in the world. They discuss how to think about the lack of disclosures and what the margin decline and growth deceleration mean for the business going forward. But also whether this presents an exceptional buying opportunity at a single-digit earnings multiple and about 60% of the company’s market capitalization in cash. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:10:59) How PDD became one of China’s leading marketplaces (00:19:17) What makes PDD’s business model stand out (00:22:58) How PDD compares to Chinese competition (00:31:56) What makes China’s e-commerce market different (00:33:24) What happened to margins and growth (00:47:13) How Temu revolutionized international e-commerce (01:19:31) Valuation discussion of PDD (01:24:59) Whether PDD is valued attractively (01:27:25) Whether Shawn and Daniel add PDD 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://Portfolio%20Review%20Submit%20Tool%20Kaspi%20CEO%20Presentation%20Interview%20with%20the%20CEO,%20Mikhail%20Mikheil%20%20Chris%20Paryse%20Pitch%20on%20Kaspi%20Business%20Breakdowns%20Episode%20on%20Kaspi%20Response%20to%20Culper’s%20Short%20Report]. * Value Investors Club Pitch on PDD [https://www.valueinvestorsclub.com/idea/PDD_HOLDINGS_INC/7838684615#description]. * Hayden Capital Investment Memo on PDD [https://www.exacta.fund/post/hayden-capital-pinduoduo-memo-1]. * Check out our previous Intrinsic Value breakdowns:⁠⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/transdigm-tdg-a-conglomerate-of-monopolies-w-daniel-mahncke-shawn-omalley/] ⁠Amazon⁠⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/amazon-amzn-is-it-prime-time-for-investors-w-daniel-mahncke-shawn-omalley/], ⁠Sea Limited⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/sea-limited-se-can-sea-limited-10x-again-tivp/], ⁠Mercado Libre⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/mercado-libre-more-than-just-the-amazon-of-latin-america-w-daniel-mahncke-shawn-omalley/], ⁠Shopify⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/shopify-shop-the-battle-for-the-future-of-e-commerce-w-shawn-omalley-daniel-mahncke/]. * 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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TIP830: SpaceX (SPCX): Is It Really Worth $2 Trillion Dollars? w/ Kyle Grieve & Shawn O'Malley

In today's episode, Kyle Grieve and Shawn O’Malley analyze SpaceX's blockbuster 2026 IPO, dissecting the company's three segments: Space, Connectivity, and AI. They’ll also look at its history, moats, capital allocation, debt, and incentive structure. They’ll stress-test SpaceX's aggressive $28.5 trillion total addressable market claim and walk through the key risks facing the business, from key-man dependence to regulatory exposure.  IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:06:56) How Elon Musk's early rocket failures almost sank SpaceX (00:08:36) How Space, Connectivity, and AI segments actually work (00:10:56) Why reusable rockets are reshaping launch economics (00:12:04) Whether the AI segment is worrisome (00:29:57) What's really driving Connectivity's improving margins (00:31:16) How to think about SpaceX's R&D and capital spending (00:38:45) Why SpaceX's debt picture is more nuanced than it looks (00:44:19) How Musk's pay package ties to Mars and market cap benchmarks (00:48:08) What risks could derail the SpaceX growth story (00:55:57) Why its claimed market opportunity may be overstated (01:01:36) Whether SpaceX's valuation can be justified by the numbers (01:05:16) Intrinsic Value of SpaceX (01:07:05) Whether Kyle and Shawn will add SpaceX 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/]. * Read Elon Musk by Walter Isaacson ⁠here [https://www.amazon.com/Elon-Musk-Walter-Isaacson/dp/139852753X?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.ErJ4P2lX4pbBPppmmzbJ0gWarHxXzBDcJj15xNkArJElV9qiij8-9u9xA_-mki1khoG6ziCssUT4212CQbEkMrgyV_sddDh7CV052etJ9VCbgTgIKpuwpzGgoZ2aDxnS12yCcvSRGHMXCIKTyZdDNqkr8CV6B5JkVHvcjayz_yFnBzswobU4rtHxrkaEmcJ7oeDS76yOZx6mzP6qvQrwsEbZ0NAQG-h-ZaFiyUM40Nk.aiwTNuBXp-uPrzW-ir6B5NnF1Hwov87P9gPdbRtD2VM&qid=1783793910&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=e36b486532de12a5832828b4cbf06a4f&language=en_US&ref_=as_li_ss_tl]⁠. * Read Elon Musk by Ashlee Vance ⁠here [https://www.amazon.com/Elon-Musk-SpaceX-Fantastic-Future/dp/006230125X?crid=29S8F3XMZRAP7&dib=eyJ2IjoiMSJ9.tMNkRDIJhaFa0arSVfnftyOuYhKoO07G1arm8XVy087JyOyMCsyVeWUrG4fBhs4eTRmwGj2g0ZDAWIM11iLuQjdbT2bvyfz5PDSvKEEwZUxvRTeOQPf0faIhOJl7aqERj7NRbiNq22l9jci41j4iFFplhZ6ZJ0OhTQoElumEAeHlbcJ1nU89vA6u_Yo1iX2GXZU7foCb-nXm1lmmtuGLL-7Cgn-gVU60q4Shv4LNvSk.R0Tj8Eo74rdpLLSxcDfUzW-1hL-jF4_1TsByonyeCNw&dib_tag=se&keywords=Elon+Musk+by+Ashlee+Vance&qid=1783793962&sprefix=elon+musk+by+ashlee+vance%2Caps%2C337&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=ada14f97775263f27d820b2a625d814a&language=en_US&ref_=as_li_ss_tl]. * Check out the SpaceX prospectus ⁠here⁠ [https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm]. * Follow Kyle on ⁠Twitter⁠ [https://twitter.com/IrrationalMrkts] and ⁠LinkedIn⁠ [https://www.linkedin.com/in/kylegrievetip/]. * 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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TIP829: Kaspi Stock ($KSPI): The Cheapest E-Commerce Monopoly in the World w/ Daniel Mahncke and Shawn O'Malley

Daniel Mahncke and Shawn O'Malley take a deep dive into Kaspi.kz (NASDAQ: KSPI), the Kazakhstani super-app that combines payments, e-commerce, and fintech into a single platform that most of the country uses every day. They unpack why its dominance at home has been so hard for competitors to challenge, and how a company this profitable ends up trading at only around seven times earnings. IN THIS EPISODE YOU’LL LEARN: (00:00:00) Intro (00:01:49) How Kaspi became Kazakhstan's No.1 superapp (00:16:56) What business units Kaspi operates (00:35:38) What role the fintech business plays (00:37:54) How the marketplace differs from Mercado Libre and Shopee (00:45:11) What the competitive environment in Kazakhstan looks like (00:52:30) What the Turkey expansion means for the business (01:23:43) Valuation discussion of Kaspi (01:27:11) Whether Kaspi is valued attractively (01:30:34) Whether Shawn and Daniel add KSPI 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://Portfolio%20Review%20Submit%20Tool%20Kaspi%20CEO%20Presentation%20Interview%20with%20the%20CEO,%20Mikhail%20Mikheil%20%20Chris%20Paryse%20Pitch%20on%20Kaspi%20Business%20Breakdowns%20Episode%20on%20Kaspi%20Response%20to%20Culper%E2%80%99s%20Short%20Report]. * Kaspi CEO Presentation [https://youtu.be/0EgUlGXeZow?si=DwoPhsQHqtpHaabR]. * Interview with the CEO, Mikhail Mikheil [https://youtu.be/bBp5ReOJjJk?si=Pc1Oy2e06FDp_OAg]. * Chris Paryse Pitch on Kaspi [https://stockpicking.substack.com/p/left-for-dead-e-commerce]. * Business Breakdowns Episode on Kaspi [https://youtu.be/wDtXE7lowH8?si=53YMvv5h4bvvPky2]. * Response to Culper’s Short Report [https://verygoodvalue.substack.com/p/deconstructing-culpers-short-report]. * Check out our previous Intrinsic Value breakdowns:⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/transdigm-tdg-a-conglomerate-of-monopolies-w-daniel-mahncke-shawn-omalley/] Amazon⁠⁠ [https://www.theinvestorspodcast.com/intrinsic-value-podcast/amazon-amzn-is-it-prime-time-for-investors-w-daniel-mahncke-shawn-omalley/], Sea Limited [https://www.theinvestorspodcast.com/intrinsic-value-podcast/sea-limited-se-can-sea-limited-10x-again-tivp/], Mercado Libre [https://www.theinvestorspodcast.com/intrinsic-value-podcast/mercado-libre-more-than-just-the-amazon-of-latin-america-w-daniel-mahncke-shawn-omalley/], Shopify [https://www.theinvestorspodcast.com/intrinsic-value-podcast/shopify-shop-the-battle-for-the-future-of-e-commerce-w-shawn-omalley-daniel-mahncke/]. * 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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