The Intrinsic Value Podcast - The Investor’s Podcast Network

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
(00:00:44) How American Tower powers the wireless networks we use
(00:05:52) How AMT creates recurring revenue
(00:07:04) Why adding additional tenants dramatically boosts profits per tower
(00:12:56) The three moats protecting American Tower from competitors
(00:30:22) Why the REIT structure forces heavy reliance on debt
(00:36:56) What American Tower's capital allocation reveals about management
(00:38:36) Whether the data center deal was worth it
(00:52:19) How carrier consolidation threatens even the widest moats
(00:56:22) Why a wonderful business isn't always a wonderful investment
(01:06:48) Intrinsic value of AMT
(01:09:04) 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.

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Track ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠.

Brad Jacob’s first book, ⁠⁠How to Make A Few Billion Dollars⁠⁠.

Brad Jacob’s follow-up book, ⁠⁠How to Make A Few More Billion Dollars⁠⁠.

Listen to Brad Jacob’s ⁠⁠interview with David Senra⁠⁠.

Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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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.

Some investors believe Copa is a structural exception the market consistently underprices because it's lumped in with the broader sector, with a Panama hub at the geographic center of the hemisphere that lets it serve 85 destinations using nothing but single-aisle 737s, a sub-6¢ ex-fuel cost base only Ryanair, Wizz Air, and a couple of others can match, a 99.8% completion rate that turns the "missed flight" tax hammering other carriers into one of Copa's structural cost advantages, and a 38-year CEO who has refused to expand into Europe or chase growth at any price.

Join Daniel Mahncke and Shawn O'Malley as they work through whether Copa's hub-and-spoke economics are genuinely uncopiable or just holding off the gravity that has eventually captured nearly every other airline, examine what Copa's structural advantages actually look like in 2026 versus the "all airlines destroy capital" narrative the market still anchors to, and assess whether Copa Holdings deserves a spot in The Intrinsic Value Portfolio.



IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:00:47) Why airlines are such a tough business to be in

(00:02:49) What Buffett and other superinvestors think

(00:16:05) Why Copa is different than other airlines

(00:30:41) How being the best-in-class business can change the investors’ outcome

(00:36:37) How Copa built its moat

(00:55:35) How Copa can defend its moat

(01:17:25) Valuation discussion of Copa

(01:19:47) Whether Copa is valued attractively

(01:22:31) 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.

Track ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠.

Try out our Portfolio Review ⁠Submit Tool⁠.

Check out the Value Investor Club ⁠Article⁠.

Read the Asymmetric Edge Substack Article.

Warren Buffett on the Airline Industry in his Annual Letters.

Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠⁠⁠.

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Check out our previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.


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Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:19) How Brad Jacobs built multiple billion-dollar companies from scratch
(00:05:05) The structure QXO used to go public fast
(00:06:21) How Beacon Roofing was acquired despite a poison pill defence
(00:10:44) What Kodiak added to QXO's geography and product mix
(00:14:03) Why the TopBuild deal is a game-changer for margins
(00:25:52) How QXO plans to unlock synergies across its portfolio
(00:40:56) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook
(00:53:11) About the thickness of QXO's competitive moat
(01:03:08) The three biggest risks that could derail QXO's vision
(01:06:24) Valuation: What bull, base, and bear cases reveal about fair value
(01:14:08) Intrinsic value of QXO
(01:14:26) Whether Kyle and Shawn will add QXO 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.

Brad Jacob’s first book, ⁠How to Make A Few Billion Dollars⁠.

Brad Jacob’s follow-up book, ⁠How to Make A Few More Billion Dollars⁠.

Listen to Brad Jacob’s ⁠interview with David Senra⁠.

Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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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.



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Mastermind for investors to learn, share ideas, network, and join calls with experts: Apply to join!


Track ⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠.

Compound with Rene’s deep dive into Grab.

Listen to Shawn & Daniel’s podcast on Uber.

Read Shawn’s newsletter on Uber.

Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠.

Follow Daniel on ⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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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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Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠Submit Tool⁠.

Value Investor Club ⁠Article⁠.

Chit Chat Stocks w/ ⁠Manuel Cunha⁠.

Future Investing ⁠Interview w/ Manuel Cunha⁠.

Rene Sellman ⁠Substack Article⁠.

Manuel Cunha ⁠Substack Article⁠.

Previous Intrinsic Value breakdowns: ⁠Figma⁠, ⁠Microsoft⁠, ⁠Salesforce⁠, ⁠Adobe⁠.

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