The Intrinsic Value Podcast - The Investor’s Podcast Network

Shawn O'Malley and Daniel Mahncke explore Grab Holdings (ticker: GRAB).

In this episode, you'll learn how Grab was able to quickly grow across eight countries in Southeast Asia, and what local adaptations they made to outmaneuver Uber, which eventually ceded its entire market share to Grab.  

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:03:34) How Grab was able to outcompete Uber
(00:11:18) What unique advantages Grab has been able to take advantage of in Southeast Asia
(00:13:36) Why Grab’s lending business fits so naturally into its flywheel
(00:59:13) What are the biggest risks facing the company
(00:43:03) Why Grab’s profit margins are inflecting so dramatically, and where they could land
(01:04:12) What makes Southeast Asia such an appealing market to invest in long-term
(01:12:20) How to think about Grab’s intrinsic value and attractiveness as an investment
(01:15:13) Whether Shawn and Daniel decide to add Grab to the Intrinsic Value Portfolio

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



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Compound with Rene’s deep dive into Grab.

Listen to Shawn & Daniel’s podcast on Uber.

Read Shawn’s newsletter on Uber.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Wix.com — the Israeli website-building platform whose investment case now turns on two of the most debated questions in the stock today: whether the generative-AI wave that lets anyone spin up a site from a text prompt is the end of Wix or whether Wix is too sticky, and whether the Base 44 acquisition — Wix's bet on AI-powered app generation — is the next leg of the story or a distraction from the SMB infrastructure business the company already dominates.



IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro

(00:00:48) How Wix Was Founded

(00:23:46) Why Clients Keep Using Wix

(00:26:19) How Much of Wix Is Actually Vulnerable to AI

(00:35:32) Why Wix Is More Sticky Than It Seems

(00:37:01) Whether Vibecoding Is Likely to Disrupt Drag-and-Drop Website Building

(00:45:34) Why Base44 Could Change the Entire Investment Case

(01:01:25) How Wix Could Survive and Turn Into a Multibagger

(01:04:29) Valuation Discussion of Wix

(01:09:21) Whether Shawn and Daniel Add Wix to the Intrinsic Value Portfolio



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



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Future Investing ⁠Interview w/ Manuel Cunha⁠.

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Kyle Grieve and Shawn O’Malley analyze LIFCO, one of the world's leading industrial serial acquirers operating through three distinct divisions spanning dental supplies, demolition equipment, and niche systems solutions across Europe.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:00:57) The fascinating history of LIFCO
(00:07:13) How Carl Bennett built the DNA that still guides LIFCO's acquisition strategy today
(00:08:54) Fredrik Karlsson's legendary track record and why he bought more stock after being removed
(00:10:49) The three distinct business segments and how they drive growth independently
(00:16:48) LIFCO's rigorous eight-step acquisition process
(00:30:12) How LIFCO uses put/call options to align management incentives
(00:39:07) Why niche industrial markets create natural competitive advantages that larger competitors simply ignore
(00:44:11) The capital efficiency metrics that prove LIFCO's returns are sustainable and real
(01:04:06) What risks could derail the business
(01:09:14) Multiple valuation scenarios showing potential returns under bull, base, and bear cases
(01:11:47) Intrinsic value of Lifco
(01:18:03) Portfolio decision

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



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Learn more about process power in Kyle's ⁠interview with Hamilton Helmer⁠.

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In today's episode, Kyle Grieve and Shawn O’Malley analyze NVR, Inc., a homebuilder that has achieved incredible returns through disciplined capital allocation and aggressive share buybacks. They’ll explore NVR's differentiated business model, which helps minimize capital intensity and risk, and examine how this strategy has enabled superior returns on capital. They’ll navigate how to think of NVR through cycles and whether it’s a business that is simple to understand.



IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:30) How NVR became a legendary share cannibal in homebuilding
(00:05:05) The LPA model and how NVR de-risks traditional homebuilding
(00:10:16) Why homebuilders love leverage while NVR maintains a fortress balance sheet
(00:15:34) How the mortgage banking segment generates high margins
(00:21:41) The history of its margin rise and stabilization
(00:27:49) How counter-positioning creates competitive advantages
(00:52:58) How management is aligned through ROIC incentives and deep insider ownership
(01:06:15) About the cyclicality trap, homebuilders must deal with
(01:18:45) The three distinct valuation scenarios and what they reveal
(01:14:06) Intrinsic value of NVR
(01:26:15) Whether Kyle and Shawn will add NVR to the Intrinsic Value Portfolio

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



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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
(00:02:29) How Sea Limited was founded
(00:06:35) Which business units belong to Sea Limited
(00:10:37) How a gaming business is funding Shopee and Monee
(00:16:55) How Monee compared to Mercado Libre’s Mercado Pago
(00:40:22) Why Shopee has become the largest e-commerce company in SEA
(01:13:45) How Sea Limited’s moat looks like
(01:22:47) Why Sea Limited is so strong in Brazil
(01:28:58) Valuation discussion of SE
(01:30:53) Intrinsic value of SE
(01:31:37) 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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Track ⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠.

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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