The Intrinsic Value Podcast - The Investor’s Podcast Network

Shawn O’Malley and Daniel Mahnke break down Comfort Systems (ticker: FIX), a specialty contracting company providing installation and maintenance services for the electrical, HVAC, and plumbing needs of schools, hospitals, apartment buildings, restaurants, data centers, manufacturing facilities, and a range of other customers. Comfort Systems is something of a serial acquirer, snapping up regional contracting companies at attractive prices and plugging them into a broader holding company structure, where management at the top can handle capital allocation across each of the subsidiaries.



In this episode, you’ll learn how Comfort Systems has scaled across the country and diversified its operations, how the business has used the serial acquirer playbook to compound its intrinsic value for shareholders, why the company is benefiting from major tailwinds related to AI and manufacturing onshoring in the U.S., plus so much more!



Prefer to watch? Click here to watch this episode on YouTube.



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

09:59 - Why Comfort Systems has benefited from a manufacturing boom in the U.S.

10:54 - How Comfort Systems is tied to the AI boom

14:40 - What the company looks for in acquisition targets

20:32 - How Comfort Systems increases its intrinsic value by supporting its subsidiary contracting businesses

35:28 - Why mechanical contracting is such a localized business

40:45 - Whether Comfort Systems can continue to compound returns going forward

1:00:13 - How to calculate returns on incremental invested capital and why it matters for shareholders

1:02:41 - What is Comfort Systems’ intrinsic value per share

1:06:44 - Whether Shawn & Daniel add FIX to The Intrinsic Value Portfolio

And much, much more!



*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.

Check out the Yahoo Finance Article on FIX.

Fix’s latest 10K filing.

CEO Brian Lane’s 2022 interview on the Compounders Podcast.

John Huber on calculating returns on incremental capital.

Chris Mayer’s book: 100 Baggers.

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

Check out the books mentioned in the podcast here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.




NEW TO THE SHOW?


Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Browse through all our episodes (complete with transcripts) here.

Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.

Enjoy exclusive perks from our favorite Apps and Services.

Learn how to better start, manage, and grow your business with the best business podcasts.




SPONSORS

Support our free podcast by supporting our sponsors:


CFI Education

Airbnb




Connect with Shawn: Twitter | LinkedIn | Email

Connect with Daniel: Twitter | LinkedIn | Email



HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Shawn O’Malley and Daniel Mahncke break down Uber (ticker: UBER), a ubiquitous tech giant that has changed how the world travels. Uber became profitable annually for the first time in 2023, and as its user growth accelerates, the company appears to be achieving modest economies of scale, making it an increasingly attractive business.

In this episode, you’ll learn how Uber has scaled across the world and invested in competitors in areas it couldn’t win, why Uber isn’t as negatively exposed to autonomous vehicles as you might think, and why Bill Ackman invested in the company, plus so much more!

Prefer to watch? Click here to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
06:55 - What it has taken for Uber to finally turn profitable.
09:25 - How regulatory risks are affecting the company.
12:37 - Uber’s playbook for global growth.
15:52 - Why international growth is more profitable than U.S. growth for Uber.
25:20 - Why Uber has invested in so many competitors.
50:52 - How Uber can actually benefit from autonomous vehicles.
56:47 - Why Bill Ackman invested billions in Uber.
01:03:30 - What is Uber’s intrinsic value per share.
01:15:09 - Whether Shawn & Daniel add UBER to The Intrinsic Value Portfolio.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.

Bloomberg’s reporting on how Uber bypasses minimum wage restrictions.

Uber’s Q4 supplemental charts presentation.

The New York Times’ coverage of driver lockouts.

Check out our previous Intrinsic Value breakdowns: AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

Check out the books mentioned in the podcast here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Browse through all our episodes (complete with transcripts) here.

Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.

Enjoy exclusive perks from our favorite Apps and Services.

Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

CFI Education

TurboTax

Airbnb


Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn | Email

HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Daniel Mahncke and Shawn O’Malley break down Nike (ticker: NKE), the global leader in athletic footwear and apparel. With a legacy built on innovation, iconic athlete endorsements, and a brand that resonates across generations, Nike has long been a dominant force in the sportswear industry. But after years of consistent success, the company is now navigating through one of its toughest stretches in decades, facing slowing sales, margin pressure, and growing competition from younger, more trendy brands.

In this episode, you’ll learn why Nike’s once-flawless growth story has recently hit turbulence, how its shift toward direct-to-consumer impacted its wholesale relationships, what the brand is doing to win back market share and reignite innovation, why CEO Elliott Hill is refocusing the company on core sports categories, and whether this could be the reset Nike needs to stage a long-term comeback — plus a whole lot more.

Prefer to watch? Click here to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
01:48 - How Nike went from a small retail store to the biggest brand in sportswear.
12:13 - How Nike’s business is structured.
21:46 - Why Nike’s management decisions caused today’s challenges.
25:46 - How the new competitive landscape looks.
31:55 - Whether Nike still has a moat.
37:47 - Why Nike lost the edge on innovation.
38:55 - What Nike’s new CEO is doing to turn the ship around.
46:11 - How do Nike’s most recent results look.
50:39 - How to think about Nike’s intrinsic value.
57:08 - Whether Shawn & Daniel add NKE to The Intrinsic Value Portfolio.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.

The World Cup 2014 Nike Commercial.

Nike: From Humble Beginnings to Global Domination — We Study Billionaires podcast.

Daniel Mahncke’s last Pitch on Moncler.

Phil Knight's Shoe Dog.

Check out our previous Intrinsic Value breakdowns: AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

Check out the books mentioned in the podcast here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Browse through all our episodes (complete with transcripts) here.

Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.

Enjoy exclusive perks from our favorite Apps and Services.

Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

CFI Education

TurboTax

Airbnb


Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn | Email

HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Shawn O’Malley and Daniel Mahnke break down Reddit (ticker: RDDT), an emerging social media giant. Reddit became profitable for the first time in 2024, and as its user growth accelerates, the company appears to be achieving economies of scale, making it a very promising business.
In this episode, you’ll learn why Reddit is such a unique social media platform, how it cultivates community and authenticity, why the company is surprisingly tied to the hype around AI, what Reddit can do to further improve its business quality, plus so much more!

Prefer to watch? Click here to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:12 - Why people come to Reddit and why the platform might be very durable.
04:04 - Why Reddit is such a unique social media platform.
30:15 - How the company is tapping into AI models’ demand for data to earn licensing fees.
35:12 - What Reddit is doing to revamp its advertising business.
36:28 - What underpins the symbiotic relationship between Google and Reddit.
51:12 - How Reddit uses language translation to make its content accessible to anyone worldwide.
51:35 - How Reddit can grow internationally.
1:14:50 - What is Reddit’s intrinsic value per share.
1:19:36 - Whether Shawn & Daniel add RDDT to The Intrinsic Value Portfolio.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.

Join The Investors Podcast’s subreddit.

The Quartr blog’s coverage of Reddit’s business model and IPO.

Reddit management’s Q4 earnings AMA.

Reddit CEO’s interview with the WSJ.

Check out our previous Intrinsic Value breakdowns: AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

Check out the books mentioned in the podcast here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Browse through all our episodes (complete with transcripts) here.

Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.

Enjoy exclusive perks from our favorite Apps and Services.

Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

CFI Education

TurboTax

Airbnb


Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn | Email

HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

In today’s episode, Daniel Mahncke and Shawn O’Malley break down Moncler (ticker: MONC), an emerging leader in luxury outerwear. Known for its iconic down jackets, high-profile collaborations, and strategic expansion into new markets, Moncler has established itself as a powerhouse in the luxury fashion industry. As the company focuses on strengthening its direct-to-consumer model and expanding the luxury streetwear brand Stone Island, it’s positioning itself for more stable and profitable growth while maintaining its exclusive brand image.

In this episode, you’ll learn why Moncler stands out in the luxury fashion world, how it has built a strong brand identity rooted in both heritage and innovation, why its shift toward direct sales is so important for long-term profitability, what role collaborations and limited collections play in driving demand, plus so much more!

Prefer to watch? Click here to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
02:44 - How Moncler evolved from a French, niche skiwear brand into an Italian luxury brand.
13:10 - What makes a luxury brand successful.
26:51 - Why Direct-to-Consumer is so important for luxury brands.
34:59 - How Remo Ruffini transforms niche, local brands into global luxury brands.
49:28 - What role does Stone Island play?
49:28 - How does Moncler think about further acquisitions?
52:54 - Where does future growth come from?
01:10:52 - What are the risks in a Moncler investment?
01:26:37 - Whether Shawn & Daniel add MONC to The Intrinsic Value Portfolio.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.

What Moncler and Canada Goose are really chasing: watch the video.

Moncler x Pharrell Williams Art of Terrain Experience.

Daniel Mahncke’s last Pitch on Nintendo.

“The Luxury Strategy” book.

Check out our previous Intrinsic Value breakdowns: AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.

Check out the books mentioned in the podcast here.

Enjoy ad-free episodes when you subscribe to our Premium Feed.


NEW TO THE SHOW?

Follow our official social media accounts: X (Twitter) | LinkedIn | Instagram | Facebook | TikTok.

Browse through all our episodes (complete with transcripts) here.

Try Shawn's favorite tool for picking stock winners and managing our portfolios: TIP Finance.

Enjoy exclusive perks from our favorite Apps and Services.

Learn how to better start, manage, and grow your business with the best business podcasts.


SPONSORS
Support our free podcast by supporting our sponsors:

Shopify

CFI Education

TurboTax

Airbnb


Connect with Shawn: Twitter | LinkedIn | Email
Connect with Daniel: Twitter | LinkedIn | Email

HELP US OUT!
Help us reach new listeners by leaving us a rating and review on Spotify! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm