The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O'Malley take a deep dive into Sea Limited — the largest Southeast Asian marketplace whose investment case now turns on two of the most debated questions in the stock today: whether Shopee's dominance across Southeast Asia can hold up against TikTok Shop without margins being structurally capped near current levels, and whether Sea's expansion into Brazil, head-to-head with Mercado Libre, is the next leg of the story or a costly distraction from the markets where the company already wins.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:02:36) How Sea Limited was founded
(00:06:39) Which business units belong to Sea Limited
(00:11:48) How a gaming business is funding Shopee and Monee
(00:16:54) How Monee compares to Mercado Libre's Mercado Pago
(00:42:32) Why Shopee has become the largest e-commerce company in SEA
(01:19:22) How Sea Limited’s moat looks like
(01:28:17) Why Sea Limited is so strong in Brazil
(01:34:22) Whether Shawn and Daniel add SE to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Norges Bank ⁠Interview with SE CEO⁠.

Jimmy’s Journal⁠'s ⁠Article on SEA⁠.

RS Capital ⁠Deep Dive on SEA⁠.

Hayden Capital ⁠Interview with Drew Cohen⁠.

Hayden Capital ⁠Shareholder Letter⁠.

Previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

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Kyle Grieve and Shawn O’Malley analyze Formula One Group, a business that commands nearly a billion global fans, generates billions in revenue from only 24 live events, and boasts free cash flow margins nearly any business would envy. They’ll trace the company’s growth history, untangle its complex capital structure, and assess its current debt situation. They’ll also cover F1’s competitive advantages, pricing power, incentives, and so much more!

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:01:55) How F1 generates billions of dollars from 24 live events
(00:03:22) Why most sports franchises fail to produce cash flow
(00:05:16) How Liberty got away from the tracking stock structure to simplify things
(00:16:19) How the Concorde agreements pose risk
(00:21:10 ) The debt structure Liberty built to help build sustainable cash flow
(00:38:04) Details of F1 Group’s other surprising racing league
(00:45:34) How Netflix’s streaming coverage of F1 helped grow the sport
(01:02:02) Why the business remains capital light
(01:11:30) How cross-promotions and synergies create exciting new growth levers

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Watch ⁠how F1 impacts local communities⁠ with its events.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Microsoft — the $3 trillion incumbent whose entire investment thesis now hinges on two of the most contested questions in technology: whether AI will reinforce or quietly dismantle the software franchises that built the company, and whether the OpenAI partnership is the strategic masterstroke it appeared to be in 2023, or a relationship that is slowly turning from asset into liability.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:01:27) About all major business units
(00:12:05) How LinkedIn’s business works
(00:18:24) How the cloud business keeps growing
(00:21:17) What the future plans for gaming are
(00:24:49) Why the Office products might be in danger
(00:50:52) How AI is challenging Microsoft’s software
(00:55:10) Who captures the most value from AI
(01:22:46) Whether Shawn and Daniel add MSFT to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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World Economic Forum Interview with CEO.

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Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you'll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:24 - Why OTC Markets operates as a hidden monopoly, most investors have never heard of
00:03:08 - The three business segments generating recurring revenue from market infrastructure
00:09:09 - How OTCM's pricing power compares to other monopolistic businesses
00:14:54 - Why 130 employees can manage the infrastructure for over 12,000 securities
00:19:41 - What keeps customers so loyal
00:23:02 - How regulatory relationships create barriers to entry
00:46:22 - The surprising reason declining subscriber counts might not be concerning
00:51:00 - The exceptional unit economics that make Corporate Services so profitable
00:54:29 - Why management's capital allocation approach is so different from that of typical CEOs
01:11:54 - Whether this hidden infrastructure gem deserves a spot in your portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Learn more about OTC Markets Group on their IR.

Listen to an interview with CEO, Cromwell Coulson.

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Shawn O'Malley and Daniel Mahncke explore CoStar Group (ticker: CSGP), the dominant provider of commercial real estate data and analytics, and assess whether the company's massive $5 billion bet on Homes.com can successfully crack the residential real estate market dominated by Zillow, or whether this ambitious expansion will destroy shareholder value.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:42) Why the company has delivered nearly 60 consecutive quarters of double-digit revenue growth
(00:09:17) How CoStar built a dominant, near-monopoly position in commercial real estate data and analytics
(00:18:30) How CoStar generates roughly 50% profit margins on its core B2B business
(00:44:12) What makes CoStar's data moat so durable and difficult for competitors to replicate
(00:48:12) How the company's acquisition-driven strategy has fueled decades of growth
(00:56:22) Why CoStar is investing $5 billion into Homes.com to take on Zillow and Realtor.com
00:58:21) Competitive landscape in the residential real estate marketplace
(01:08:41) Whether CoStar's massive residential bet will pay off or destroy shareholder value
(01:23:57) How Shawn and Daniel value CoStar and whether CSGP belongs in the portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

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Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

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Costar pitch on the ⁠Value Investors Club⁠.

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