MI322: Enduring Ventures w/ Sieva Kozinsky

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down Vital Farms, a company that sells pasture-raised eggs with a cult-like following. Vital Farms missed the memo that eggs are supposed to be a commodity and instead has brought the “premium egg” market mainstream. Shawn goes through how the company has scaled its business sustainably and ethically through a network of family farms, why the brand has such incredible customer loyalty, how they can continue growing, and why the stock may offer “egg-cellent” value to investors, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 07:20 - What makes the Vital Farms brand so special to consumers 15:15 - How Vital Farms built up a network of family farms from scratch 28:10 - How the company has leveraged its pricing power and customer loyalty to scale revenues dramatically 40:45 - What Vital Farms has done to fend off allegations of greenwashing  46:33 - What Vital Farms can do to keep expanding its business 51:57 - How to think about the company’s intrinsic value 52:15 - Why the stock appears undervalued relative to other fast-growing, pure-play consumer packaged goods companies 57:53 - Whether Shawn adds Vital Farms 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. Vital Farms pitch on the Value Investors Club forum. Learn more about Vital Farms. Check out tracing egg cartons with Vital Farms Matt O’Hayer’s interview with CNBC. Attend the 2025 Berkshire Hathaway shareholder meeting and meet-ups with The Investors Podcast Network 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: Netsuite TurboTax Public Airbnb Connect with Shawn: 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

9 Feb 1h 4min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down Alphabet — the parent company of Google, which is one of the most valuable companies in the world and probably an important part of your everyday life. Shawn explores how Google got its start, how Alphabet makes money from seemingly-free services like Gmail, Google Maps, and Google Earth, and what to make of how AI and regulatory threats could reshape Alphabet’s business model. Shawn paints a high-level picture of the most important things to understand about this incredible business and then goes through his process for valuing each individual business unit at Alphabet. You’ll learn how Alphabet’s different business units are structured, how they make money, and how Shawn assembles a “sum-of-the-parts valuation” for 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 05:39 - Which subsidiaries make up the Alphabet conglomerate 07:58 - What to make of Alphabet’s “Moonshot Bets” division 10:33 - How to factor in Waymo and other speculative technologies into the company’s valuation 23:58 - How AI is changing search  29:22 - In what ways Alphabet earns different forms of advertising revenue 31:33 - Why YouTube is arguably the most valuable streaming platform in the world 39:37 - Why regulatory concerns aren’t as much of a worry as you might think 45:42 - Mind-blowing stats about just how large and influential Alphabet is 48:16 - How to put together a sum-of-the-parts valuation for Alphabet *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. Aswath Damodaran on the Magnificent 7. Check out Alphabet pitch on the Value Investors Club. Adam Seessel's book, Where the Money Is: Value Investing in the Digital Age. Adam Seessel’s past appearances on the Millennial Investing podcast in: November 2023, September 2022, and June 2022. Adam Seessel on the We Study Billionaires podcast. Learn more about Alphabet’s Moonshot Bets. Attend the 2025 Berkshire Hathaway shareholder meeting and meet-ups with The Investors Podcast Network 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: TurboTax Public Airbnb Connect with Shawn: 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

2 Feb 1h 8min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down John Deere, a company as American as Levi’s blue jeans and apple pie. John Deere is a fascinating business because it has survived for nearly two hundred years and remained an industry leader for much of that time, continually building their world-famous green-and-yellow tractors. Deere is about much more than tractors, though, and you might be surprised to learn that its story is really about cutting-edge technology. Deere’s equipment is extremely sophisticated, and the company is working on autonomous tractors that may very well be the future of agriculture. After breaking down Deere’s business, Shawn shares his thoughts on the company’s valuation and his decision on whether to add it to The Intrinsic Value Portfolio he’s building each week on the show, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 01:56 - How John Deere was founded.  19:24 - Why farmers love John Deere so much. 24:24 - How the company has embraced cutting-edge technology. 33:04 - Where Deere stacks up against the competition. 41:58 - Why subscriptions are enabling Deere’s business to be less cyclical. 55:19 - How to value a cyclical company.  56:53 - What to make of Deere’s seemingly large amount of debt. 01:06:40 - Whether Shawn thinks the stock is attractively valued. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Leandro’s article on John Deere for Best Anchor Stocks. Leandro’s Twitter account. Value Investors Club pitch of John Deere. David Magee's The John Deere Way. Aswath Damodaran on valuing cyclical businesses. Attend the 2025 Berkshire Hathaway shareholder meeting and meet-ups with The Investors Podcast Network. 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: TurboTax Public Airbnb Connect with Shawn: 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

26 Jan 1h 4min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down what you might call a beautiful compounder. That is, Ulta Beauty, one of America’s largest retailers for cosmetics, skincare, and hair care products, with an impressive track record of generating returns on capital while benefiting from industry trends where beauty enthusiasts increasingly see beauty products as being key to their wellness and self-care routines. Shawn outlines what has worked well for Ulta, why its customers are so loyal, how it survived disruption from Amazon, his thoughts on the company’s valuation, and finally, his decision on whether to add the company to The Intrinsic Value Portfolio he’s building each week on the show, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:28 - How Mary Dillon made Ulta into an e-commerce giant. 11:27 - What customers love about Ulta. 13:35 - What makes the in-person experience at Ulta so special. 26:39 - How Ulta stacked up 44 million members in its loyalty program. 29:08 - How Ulta compares to Sephora and other competitors. 39:44 - Why Ulta has been able to generate such impressive returns on capital. 42:53 - What’s attractive about Ulta’s current valuation. 48:44 - Whether the company can continue growing. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for The Intrinsic Value Newsletter. ROIIC Formula: Intrinsic Value Compounding Rate = ROIC x Reinvestment Rate. John Huber on calculating the incremental return on invested capital. Berkshire Hathaway’s 1992 shareholder letter from Warren Buffett. Ulta’s 2024 Investor Day webcast. An interview with Ulta’s CEO , Dave Kimbell, on why Ulta is winning despite industry disruption. Attend the 2025 Berkshire Hathaway shareholder meeting and meet-ups with The Investors Podcast Network. 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: TurboTax Public Bluehost Airbnb Connect with Shawn: 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

19 Jan 1h 5min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) tells the story of Coupang, the “Amazon of South Korea.” Coupang’s Bom Kim is an impressive founder & CEO who has led the company to incredible growth, with almost half of South Korea’s population becoming active customers of Coupang. And Coupang’s overnight delivery actually puts Amazon to shame, while few companies create as much value for customers as Coupang does with its RocketWOW memberships, which are similar to Amazon’s Prime subscriptions. But how well does this all translate into value for Coupang’s shareholders? In today’s episode, you’ll learn the origin story behind Coupang, how its business model works, why its stock has flopped since IPOing in 2021, how Shawn thinks about its valuation, and whether he wants to add it to The Intrinsic Value Portfolio, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:51 - How Coupang captured the hearts — and wallets — of South Koreans 05:06 - Why Bom Kim founded Coupang  22:03 - What’s behind Coupang’s shift into luxury e-commerce 33:11 - Why Coupang is planning to expand more in Taiwan and what went wrong in Japan 38:40 - Which legendary investors have invested in Coupang 40:28 - How a negative cash conversion cycle supports Coupang’s free cash flows 42:34 - In what ways Temu and Alibaba are threatening Coupang 45:53 - How to think about Coupang’s intrinsic valuation 49:41 - Whether Shawn is adding Coupang to The Intrinsic Value Portfolio And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for The Intrinsic Value Newsletter. Coupang’s pitch on the Value Investors Club forum. Check out Miller Value Partners on Coupang. Quartr’s breakdown of the Coupang story. Coupang’s AI-powered fulfillment center. 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: TurboTax Airbnb Public Bluehost Connect with Shawn: 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

12 Jan 55min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) breaks down Madison Square Garden Sports Corp., ticker: MSGS, which is the holding company that owns the NBA’s New York Knicks and NHL’s New York Rangers. MSGS is one of the few publicly-traded equities that allows retail investors to directly own professional sports teams, and few franchises are of a higher profile than the Knicks and Rangers. Shawn covers the business model of professional sports teams, why sports franchises are trophy assets for billionaires, the driving factor behind the rapid appreciation in the value of professional sports teams, why investors in MSGS are effectively getting ownership in the Knicks and Rangers at a 50% discount, estimates for the intrinsic value per share of MSGS, plus so much more!  Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 02:59 - How MSGS gives retail investors a chance to own two of the most valuable sports franchises in the world 04:02 - Why purchase prices for sports teams have appreciated so dramatically in recent years 16:06 - How to think about MSGS’s valuation and its discount to NAV 20:55 - How league structure affects the Knicks and Rangers differently 27:19 - What is the biggest cost for sports teams 29:57 - Why the business of pro sports teams isn’t as good as you’d think 30:17 - How a tax break incentivizes billionaires to buy sports teams 32:24 - The bear case against investing in MSGS  33:28 - Shawn’s estimate of MSGS’s intrinsic value and decision on whether to add it to The Intrinsic Value Portfolio And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Sign up for The Intrinsic Value Newsletter. $MSGS pitch on the Value Investor’s Club forum. Follow Vince Pagano on social media.  Check out Aswath Damodaran on sports franchises. 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: TurboTax Airbnb Public Bluehost Connect with Shawn: 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

5 Jan 51min

The Intrinsic Value Podcast by The Investor’s Podcast Network is hosted by Shawn O’Malley. This podcast is inspired by 10 years of interviews with the world’s best investors here at The Investor’s Podcast Network. Shawn applies those lessons while breaking down and valuing a different business every week. From outlining how companies make money to understanding their competitive advantages, competitors, growth opportunities, and, of course, estimating their intrinsic value, this podcast will help you think smarter about business and investing. Tune in each week and start growing your knowledge and wealth today! Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

1 Jan 1min

In today’s episode, Shawn O’Malley (@Shawn_OMalley_) chats with Clay Finck and Kyle Grieve of our We Study Billionaires podcast. Shawn reflects with Clay and Kyle on some of their favorite moments as Millennial Investing hosts in the past, from chatting with William Green to discussing whether we are in an “Everything Bubble” and how passive investing has affected markets. You’ll learn how Clay has evolved as an investor since joining The Investor's Podcast Network, how Kyle built out his stock portfolio and the challenges of doing so publicly, what has resonated with them the most from studying legendary investors, and updates on our new show — The Intrinsic Value Podcast — plus so much more!  Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU’LL LEARN 00:00 - Intro 00:29 - What to expect from our new show, The Intrinsic Value Podcast 03:10 - How Clay has evolved since joining The Investor's Podcast 13:00 - Whether markets are in an “Everything Bubble” and how to manage anxiety as an investor 17:08 - How Kyle built out his portfolio of individual stocks 37:31 - What it means to have skin in the game as a public personality and investor 45:03 - How passive investing has changed financial markets  49:38 - Why Clay and Kyle both choose to be active investors  58:53 - What surprised William Green most about legend investors from his interactions with them 1:02:40 - What has resonated with Clay and Kyle the most from studying legend investors And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Listen to Clay Finck and Kyle Grieve on We Study Billionaires or watch them on YouTube. Listen to MI131 with William Green and Clay Finck | Youtube Video. Listen to MI167 with Eric Balchunas and Clay Finck | Youtube Video. Listen to MI197 with Scott Nations and Clay Finck | Youtube Video. Listen to MI345 with Brian Stoffel and Kyle Grieve | Youtube Video. Check out William Green’s book Richer, Wiser, Happier. Meet up with us at the 2025 Berkshire Hathaway shareholder’s meeting in Omaha. 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. Check out our Millennial Investing Starter Packs. Browse through all our episodes (complete with transcripts) here. Try Kyle's favorite tool for picking stock winners and managing our portfolios: TIP Finance. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: Airbnb Connect with Shawn: Twitter | LinkedIn | Email Connect with Clay: Twitter | LinkedIn | Email Connect with Kyle: 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!  Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

30 Des 20241h 19min