We Study Billionaires

→ WHAT IT COVERS Daniel Mahncke and Shawn O'Malley analyze GE Aerospace as Chris Hohn's largest position at 30% of his $50 billion portfolio. The episode covers GE's century-long aviation history, its razor-and-blades engine business model, competitive positioning against Rolls Royce and Pratt & Whitney, Larry Culp's turnaround, and why the stock trades at 40x free cash flow. → KEY INSIGHTS - **Razor-and-blades engine economics:** GE sells jet engines at a loss or breakeven, then recovers 3.

→ WHAT IT COVERS Wealth manager Matt Ludmer, founder of Aligned Wealth and author of The Right Mountain, reframes wealth beyond net worth using a four-quadrant framework — work and financial abundance, mind-body awareness, heartfelt community connection, and whole-systems learning — arguing that fulfillment, not achievement, constitutes true wealth, and that neglecting any quadrant produces measurable pain and diminished life quality.

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley analyze Aritzia (ATZ.TO), a Canadian women's apparel brand expanding aggressively into the US market. With the stock down 31% despite 43% revenue growth last quarter, they examine whether the brand's competitive position, store economics, and US expansion runway justify a 33x earnings multiple. → KEY INSIGHTS - **US Expansion Runway:** Aritzia operates 76 US boutiques versus 67 Canadian locations, yet the US has nine times Canada's population.

→ WHAT IT COVERS Sir Michael Moritz, Sequoia Capital partner with an estimated $7B net worth, traces how his identity as a Jewish refugee's son in Cardiff, his Oxford tutorial training, and journalism career covering Bill Gates and Steve Jobs in the early 1980s shaped the investment temperament that produced early wins in Google, Nvidia, PayPal, Stripe, and Airbnb.

→ WHAT IT COVERS Daniel Mahncke and Shawn O'Malley revisit Hermès and LVMH after both stocks dropped significantly from prior coverage — Hermès down 35-50% from highs, LVMH posting seven consecutive quarters of negative organic growth in fashion and leather — analyzing whether current valuations finally justify entry into luxury equities. → KEY INSIGHTS - **Aspirational buyer risk:** Luxury brands generating roughly half their market value from aspirational buyers — those spending €1,500–€5,000...

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley compare HEICO and TransDigm across business model quality, competitive advantages, management incentives, debt levels, and valuation. HEICO trades at 30x EV/EBITDA versus TransDigm's 18x, with HEICO's estimated intrinsic value near $550 and TransDigm near $1,100—roughly where both trade today. → KEY INSIGHTS - **Aerospace aftermarket economics:** Both HEICO and TransDigm generate over 55% of revenue from aftermarket replacement parts on aircraft...

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley analyze Walmart's transformation from a discount brick-and-mortar retailer into a multi-revenue-stream business spanning e-commerce, advertising, marketplace, and membership services. They examine whether Walmart's current 38x trailing P/E ratio is justified, calculate an intrinsic value near $78, and conclude the stock is significantly overpriced despite the business being high quality.

→ WHAT IT COVERS David Fagan, a Canadian chartered professional accountant with over two decades of experience, presents his "Total Wealth Performance" framework, arguing that average investment returns can still build meaningful wealth when combined with disciplined saving, behavioral consistency, tax efficiency, and proper capital deployment timing — factors that collectively matter more than raw portfolio returns.

→ WHAT IT COVERS Daniel Mahncke and Shawn O'Malley revisit Meta nine months after their first episode, analyzing three converging developments: a $18B settlement with 29 states over teen mental health harms, Zuckerberg's escalating AI infrastructure bets with CapEx guidance rising to $130–145B in 2026 and potentially $200B in 2027, and Meta's third attempt to build a platform beyond advertising.

→ WHAT IT COVERS Rob Vinall, founder of RV Capital and manager of the Business Owner Fund, details his evolution across three investing phases over 20 years, achieving 15.5% annualized net returns since 2008. He covers concentrated portfolio construction, identifying founder-led businesses, the "owner return" valuation framework, China opportunity, and maintaining rational discipline in momentum-driven markets.

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley revisit Alphabet (GOOGL), their intrinsic value portfolio's second-largest position at 14% weighting, up 90% since purchase. They examine how AI has reshaped the search narrative, Google Cloud's explosive growth to a $500B backlog, Waymo's tripling valuation, and whether $200B in annual data center spending will generate adequate returns.

→ WHAT IT COVERS Ian Cassel, full-time private microcap investor since age 28, discusses his book Stock Picker, covering how he built and lives off a self-managed portfolio, why microcap investing requires different rules than large-cap strategies, mentor relationships, cash management mechanics, and his decision to launch Intelligent Fanatics Capital Management in 2019. → KEY INSIGHTS - **Microcap holding periods:** Most microcap positions should be sold within 36 months, even winners.

→ WHAT IT COVERS Daniel Mahncke and Shawn O'Malley revisit Copart (CPRT), a salvage vehicle marketplace operating in a US duopoly with IAA, after the stock fell roughly 30% from highs. They examine whether slowing revenue growth, a CEO transition back to Jay Adair, Progressive Insurance's volume shift to IAA, and declining insurance coverage rates justify buying shares again.

→ WHAT IT COVERS Hosts Daniel Mahncke and Shawn O'Malley revisit Uber as a portfolio holding, examining why the stock has gone sideways despite bookings compounding at 20% annually, free cash flow reaching $10B, and operating margins swinging 55 percentage points from -43% to +12% — while the market prices in existential risk from Waymo and autonomous vehicles.

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley analyze AppLovin (APP), a mobile advertising technology company trading at a mid-teens EV/EBITDA multiple after falling over 50% in 2026, despite compounding revenue at 55% annually. They examine AppLovin's two-sided ad marketplace, competitive moat, capital allocation history, AI disruption risk, and whether the stock warrants inclusion in their intrinsic value portfolio.

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley revisit Comfort Systems USA (FIX), a mechanical, electrical, and plumbing contractor Shawn passed on at $320/share that subsequently rose 5x to ~$1,800, driven by explosive AI data center spending. The episode examines whether the miss reflects a flawed process or an unforeseeable cyclical tailwind, and whether the stock remains attractive today.

→ WHAT IT COVERS Daniel Mahncke and Shawn O'Malley analyze Palantir's business model, competitive moat, and valuation across its four platforms — Gotham, Foundry, Apollo, and AIP. Revenue growth accelerated from 12% in 2023 to 90% year-over-year, net margins reached 60%, and the Rule of 40 score hit 155%, prompting a reassessment of whether the stock is as overpriced as it appears.

→ WHAT IT COVERS Stig Brodersen hosts a bull-bear debate on CATL, the world's largest battery maker with 40% EV battery market share and a $280 billion market cap. Manish Karira presents the bull case centered on AI data center energy storage and licensing revenue, while forensic accountant Ralph Summerford challenges the thesis with geopolitical, pricing, and cash flow risks.

→ WHAT IT COVERS Kyle Grieve and Shawn O'Malley analyze Domino's Pizza (DPZ), the world's largest pizza chain with 22,300+ stores across 90 markets. The episode examines its royalty-based franchise model, ~$4.8B debt load, 40% stock decline from all-time highs, Berkshire's full exit, and whether stalled same-store sales represent a temporary setback or permanent deterioration. → KEY INSIGHTS - **Franchise Royalty Economics:** Domino's collects 5.5% royalties on U.S.

→ WHAT IT COVERS Hosts Daniel Mahncke and Shawn O'Malley review their portfolio's biggest winners — Alphabet, Amazon, and Reddit — analyzing why each position succeeded, whether they remain buys at current prices, and what patterns from missed opportunities like TSMC, Dell, and Comfort Systems reveal about identifying future compounders. → KEY INSIGHTS - **Narrative vs.