On this podcast we talk to Gunjan Bhartia, Former VP of Strategy & Business at Coupang to explore Coupang's evolving strategy—from international expansion to business model evolution—and the hidden risks that may be overlooked by the market. This was orginally recorded as an AlphaSense webinar in January, and we thank AlphaSense for letting us release it on our podcast too.

Sign-Up for the Adobe AI Expert Call Here. We will have this conversation on May 5th, but you will be able to download a recording if you sign-up now and miss that time.

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Show Notes

(0:00) — Intro
(5:10) — South Korean E-Commerce Competitive Landscape
(9:25) — What Coupang's Market Share Could Be
(10:47) — Biggest Gaps in Selection on Coupang
(16:16) — Differences Between 1P vs 3P
(18:30) — Taiwan
(23:00) — Coupang vs Sea Limited in Taiwan
(28:32) — Can Coupang Expand Beyond Korea?
(35:40) — Coupang Eats Strategy
(40:04) — Coupang Pay Strategy
(42:27) — Advertising Runway
(46:08) — Coupang Pay Strategy
(50:04) — Why 1P is More Profitable Than 3P
(58:02) — Risks Facing Coupang

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ Also see Drew Cohen's disclaimers here: https://www.drewcohenmoney.com/disclaimers

In this insightful interview I spoke with Hedge Fund Manager of Hayden Capital, Fred Liu. We talked about his investment philosophy of "emerging compounders" and how he likes to concentrate in a few stocks. We also talk about a few of his investments including Sea Limited and AppLovin.

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Show Notes

(0:00) — Intro
(0:43) — Fred Liu's Investment Philosophy
(2:39) — Looking for Owner-Operators
(4:49) — Why Fred Liu Concentrates His Portfolio
(8:29) — Thoughts on Trimming Winners
(16:03) — Investing in Rational Capital Allocators
(19:15) — What Fred Liu Saw in Sea Limited and Shopee in 2018
(32:38) — Why Amazon Isn't Successful Globally & How Pinduoduo Took Over Alibaba
(44:49) — Why Fred Liu Exited Pinduoduo
(46:48) — Expectations With Sea Limited
(51:48) — Shopee's Strategy in Brazil Compared to Mercado Libre
(58:22) — AppLovin Investment Thesis
(1:05:07) — Expectations for AppLovin Going Forward
(1:09:15) — AppLovin's Risks
(1:11:49) — Where You Can Find Fred Liu

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AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/ Also see Drew Cohen's disclaimers here: https://www.drewcohenmoney.com/disclaimers

In this Dialogue episode of The Synopsis, we discuss private credit and take-aways from our Shift4, Chris Mayer and Bill Nygren interivews.

YouTube Video Links: Private Credit, Tax Implications of Selling Stock

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Show Notes

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For full access to all of our updates and in-depth research reports, become a Speedwell Member here.

Please reach out to info@speedwellresearch.com if you need help getting us to become an approved research vendor in order to expense it.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers

In this insightful interview I spoke with fund manager Chris Mayer. Chris is an investment fund manager and author of many books including "100 Baggers: Stocks that Return 100 to 1 and How to Find Them". In this interview we talk everything from investment philosophy and when to sell to specific stocks like Constellation Software and Copart. We hope you enjoy!

You can find a video version of this podcast on YouTube here

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Show Notes

(0:50) — Investment Philosophy
(1:45) — Concentration
(4:08) — Margin of Safety
(7:18) — Risk of Paying a Premium Multiple
(10:02) — Buy & Hold or Sell?
(17:33) — CSU Reinvestment Risk
(24:02) — What Stocks Excite Chris the Most
(28:26) — Is the Quality Sell-Off Justified?
(33:31) — AI Risks
(37:14) — Thoughts on Copart
(51:00) — Research Process
(1:02:44) — What Companies Will Be Impacted by AI
(1:08:52) — How Do You Have Confidence in a Buy/Sell Decision?
(1:13:05) — How Psychological Biases Affect Decision Making
(1:16:55) — The Risk of Copying Successful Investors
(1:22:03) — Why You Can Time the Market
(1:24:36) — The Investor's Odyssey

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Sign up for Speedwell's free newsletter and weekly memos here

AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this incredible interview I spoke with legendary investor Bill Nygren, who has beaten the market over a 25 year period by around 200bps. This is an extremely hard and rare feat. In our wide-spanning conversation Bill tells us about everything from his investment process and valuation framework to how to value a cyclical business, the importance of management, investing lessons from Netflix & Meta, as well as what a lot of value investors get wrong. We even had time to talk about his Salesforce and Airbnb postions a bit. We hope you enjoy!

You can find a video version of this podcast on YouTube here

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Show Notes

(0:51) — Bill Nygren's Investment Philosophy
(4:15) — Valuation Timeframe
(9:22) — Is There a Thing as Fair Value?
(12:19) — Investing in Banks
(17:30) — Why Haven't We Had a Normal Recession?
(18:43) — How to Value a Cyclical Business?
(23:24) — How Confident Can You Be on Your Downside?
(24:36) — Does the Quality of Management Matter?
(26:28) — How Important is ROIC?
(28:34) — Should an Investor Buy & Hold Forever?
(39:21) — The Role of Talking to Management in Your Investment Process
(41:54) — Research Process
(44:54) — How to Gain Confidence in Your Research
(49:08) — Investing Lessons From Meta & Netflix
(1:03:48) — Portfolio Analyst Relationship
(1:06:38) — Portfolio Diversification
(1:10:06) — Salesforce and the AI Risks
(1:13:64) — What to Do About Deferred Revenue in Software Stocks
(1:17:26) — Why Bill Owns Airbnb Over Booking Holdings

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AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here.

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this fantastic interview we spoke with the CEO of Shift4, Taylor Lauber, and CFO, Christopher Cruz. We covered everything from what sets Shift4 apart from competition to capital allocation and their latest acquistion of Global Blue.

You can find our Shift4 Research report here.

AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here.

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Show Notes

(0:00) — Shift4 Business Overview
(1:14) — Where Shift4 Fits in the Payment Value Chain
(3:17) — How Shift4 Differentiates Itself
(7:12) — Competitive Dynamics
(8:46) — Toast vs Shift4
(14:26) — ROIC and Capital Allocation
(24:46) — The Role of Gateway and Global Blue
(36:34) — Global Blue Competitive Dynamics
(44:06) — Organic Growth vs M&A
(59:39) — 2027 Free Cash Flow Target Still on the Table?
(1:04:22) — Can Shift4 be Recreated?

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this exceptional interview, we talk to Cofounder of Square (Block) Jim McKelvey on competing against Amazon. From his time at Square, he saw how they were able to outcompete Amazon and he wasn't sure how that was possible given their superior resources, merchant network, and large base of talented employees. After better understanding how that was possible, he wrote a book on his insights called "The Innovation Stack". In this interview we touch on some of his key learnings, as well as talk about why it is so hard to copy some businesses.

**Purchase Jim's Book, The Innovation Stack, Here

AlphaSense has a repository of over 200k expert call transcripts that are similar to this conversation. Sign-up for access here.

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Show Notes

(0:00) — Amazon vs Square
(13:22) — Why Amazon Quit Against Square
(24:58) — Southwest
(37:33) — Copying a Companies Innovation Stack
(40:53) — Advice to Build a Business

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in securities discuessed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we discuss Netflix stepping away from Warner Bros., Duolingo and underlying growth issues, plus Paypal and what makes a great manager.

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YouTube Video Links: Paypal, Netflix, Duolingo

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Show Notes

(0:00) — Intro, Netflix/Paramount Warner Bros. Deal
(17:17) — Duolingo Selloff
(30:08) — Duolingo Valuation
(36:20) — PayPal Overview
(42:48) — What Makes a Good Manager?
(52:41) — PayPal Valuation

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Disclaimer

Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/