The Intrinsic Value Podcast - The Investor’s Podcast Network

Shawn O'Malley and Kyle Grieve explore Intuit (ticker: INTU).

In this episode, you'll learn what narratives have underpinned the company’s more than 60% selloff, as Intuit claims the undesirable title of “worst performer in the S&P 500” this year. But is this a bargain price for a high-quality SaaS business, or a value trap? That’s the key question that Shawn & Kyle discuss, plus so much more!

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:03:08) How Intuit’s accounting software became so popular
(00:11:54) What makes QuickBooks such a great business
(00:19:58) Why Intuit is the worst performing stock in the S&P 500 this year
(00:23:10) How to think about Intuit as either a value trap or bargain
(00:36:57) Whether Intuit’s TurboTax business is resistant to AI disruptions
(01:11:21) Valuation discussion of Intuit
(01:13:13) How to model Intuit’s intrinsic value
(01:14:22) Whether Shawn & Kyle add Intuit 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.

Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠⁠⁠Submit Tool⁠⁠⁠.

See Shawn’s financial model for Intuit.

The Finance Corner: "Deep Dive Into Intuit".

Business Breakdowns Podcast — Intuit (2022).

Intuit’s 2025 Investor Day Presentation.

Intuit’s 2026 latest Investor Day Presentation.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠Wix, Microsoft, Kelly Partners Group.

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Daniel Mahncke and Shawn O'Malley take a deep dive into DLocal (NASDAQ: DLO), the first Uruguayan unicorn and the emerging markets payment provider for companies like Amazon, Uber, Spotify, Netflix, and many more. DLocal is trading at attractive multiples while growing payment volumes at over 70% and printing cash due to high operating leverage and a high-margin business model. That cash is given back to shareholders in the form of dividends and buybacks.

Daniel and Shawn discuss whether the high customer concentration and the declining take rate justify the cheap valuation or whether the market is not understanding the full potential of this emerging market jewel. In the end, Daniel values the business and decides whether DLO deserves a spot in The Intrinsic Value Portfolio.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro
(00:02:04) How DLO became the leading player in emerging markets
(00:06:16) What makes DLO’s business model stand out
(00:14:20) What two megatrends DLO benefits from
(00:26:41) Whether there is a race to the bottom with take rates
(00:50:37) How DLO compares to Western competition
(00:56:58) How DLocal distributes cash to shareholders
(01:13:26) Valuation discussion of DLO
(01:16:05) Whether DLO is valued attractively
(01:17:44) Whether Shawn and Daniel add DLO 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.

Learn more about how to join us in NYC for our ⁠⁠⁠⁠⁠Intrinsic Value Conference⁠⁠⁠⁠⁠.

Portfolio Review ⁠⁠Submit Tool⁠⁠.

Value Investors Club ⁠⁠Pitch on DLO⁠⁠.

Interview with the CEO, Pedro Arnt.

DLocal Investor Relations Podcast.

Founder and CEO Interview by Stratechery.

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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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
(00:00:34) Why the Transdigm playbook is worth cloning
(00:04:20) How this management team built a public compounding machine
(00:07:42) Why one segment profits directly from worsening wildfires
(00:16:05) The chemical monopoly hiding inside a boring business
(00:27:27) What makes these niche products nearly impossible to replace
(00:37:14) How disciplined acquisitions have created so much shareholder value
(00:43:19) The controversial fee structure investors aren’t big fans of
(01:07:07) Valuation discussion of PRM
(01:09:54) Intrinsic value of PRM
(01:11:43) 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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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
(00:04:52) Why Fairfax's history shorting backfired for years
(00:07:48) How Fairfax structures its insurance and non-insurance businesses
(00:14:20) How Fairfax treats its winning investments
(00:18:46) What the combined ratio reveals about Fairfax’s underwriting abilities
(00:31:36) Why Fairfax's culture keeps talented operators for decades
(00:33:16) How Fairfax uses debt to fund acquisitions
(00:38:28) Why Fairfax's buyback timing shows disciplined capital allocation
(00:43:09) How Prem Watsa's pay stays modest despite success
(00:49:35) What risks Fairfax has as it continues to scale
(00:56:19) Valuation discussion of Fairfax
(00:57:56) Intrinsic value of Fairfax
(01:02:29) 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.

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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 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.

Daniel and Shawn also discuss how the Chinese e-commerce market compares to international equivalents and what those differences mean for the profitability of the e-commerce model in general. In the end, Daniel values the business and decides whether PDD deserves a spot in The Intrinsic Value Portfolio.



IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:10:55) How PDD became one of China’s leading marketplaces

(00:19:21) What makes PDD’s business model stand out

(00:23:06) How PDD compares to Chinese competition

(00:31:10) What makes China’s e-commerce market different

(00:32:26) What happened to margins and growth

(00:47:51) How Temu revolutionized international e-commerce

(01:15:22) Valuation discussion of PDD

(01:20:52) Whether PDD is valued attractively

(01:23:21) Whether Shawn and Daniel add PDD to the Intrinsic Value Portfolio



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



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Portfolio Review ⁠Submit Tool⁠.

Value Investors Club ⁠Pitch on PDD⁠.

Hayden Capital Investment ⁠Memo on PDD⁠.

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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