On this episode we talk about Meta, Evolution, and their 1Q24 results. Check out our full company episodes on Meta and Evolution below if you haven't already!  Meta Company Episode: Apple, Spotify Evolution Company Episode: Apple, Spotify A written update on Meta's 1Q24 results can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:06) Evolution Business Update (16:06) Meta Business Update  (48:37) Conclusion   -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is a business update on Meta.  Memo Link:  https://www.speedwellmemos.com/p/meta-1q24-business-update Purchase our Meta Research Report here. Become a full Speedwell Member and gain access to the updated reverse DCF and Meta Report here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:04) –Memo...

On this episode we talk about RH and provide an update with their business. Check out our full company episode on RH if you haven't already! (Links below) RH Company Episode: Apple, Spotify A Written Update on RH from 1H23 can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:01) Announcement (2:05) RH Business Update  (30:44) Conclusion     -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   ...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification"  Memo Link:  https://www.speedwellmemos.com/p/wechat-meituan-and-grab-superapp  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:07) –Memo Reading Starts (14:43) – Closing Comments -*-*-*-*-*-*-*-*-*-*- ...

On this episode we talk about two Speedwell Memos. The first memo is titled "Priced to Outperform Perfection: The Home Depot Circa 1999" and covers how to think about valuation and what is priced into a stock.  The second memo is If the Model Doesn't Work, Don't Fix It: A Look at Traditional Apparel Retailers, Zara, and Shein and covers the business operations of three different retail models.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) First Memo on What was Priced into Home...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is an exceprt from our Evolution Research Report.  Memo Link:  https://www.speedwellmemos.com/p/evolution-business-history  Become a Speedwell Member or Purchase the Evolution Single Report Here -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:18) –Memo Reading Starts (13:40) – Closing Comments ...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification"  Memo Link:  https://www.speedwellmemos.com/p/the-investment-matching-principle  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:07) –Memo Reading Starts (13:05) – Closing Comments ...

In this company episode on Coupang, Speedwell Research draws on their extensive research report to cover everything from Founder Bom Kim's early foray into commerce with a Groupon-like business to an epic restructuring of the company just weeks away from IPOing that left them on the path to become the leading South Korean ecommerce business. Learn about how the South Korean competitve enviroment developed differently, as well as how Coupang managed to dominant after a capital-intensive pivot....

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Balancing Risk and Return: The Simple Statistics of Investing"  Memo Link:  https://www.speedwellmemos.com/p/balancing-risk-and-return-the-simple  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:33) –Memo Reading Starts (9:23) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Metaphor Malware: The Clumsy Thinking that is Crippling your Business Understanding" Memo Link:  https://www.speedwellmemos.com/p/metaphor-malware-the-clumsy-thinking  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (10:00) – Closing Comments -*-*-*-*-*-*-*-*-*-*- ...

On this episode we talk about a memo of ours on what the cost of equity is, and how investors can practicially contextualize the question. The memo we draw on in this episode is called "How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity" and can be found here.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) How Much Money Should I Make for Risking my Capital?  (1:32) The Munchausen Trilemma (3:48) Relative vs Absolute Investors  (11:38) How "Absolute...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "If the Model Doesn't Work, Don't Fix It: A Look at Traditonal Apparel Retailers, Zara, and Shein" Memo Link:  https://www.speedwellmemos.com/p/if-the-model-doesnt-work-dont-fix -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (12:43) – Closing Comments ...

In this episode of The Synopsis we read an excerpt from our Constellation Software research report, covering their Business History. If you prefer to read instead of listening to this article, you can find access to it below.   Article Link: Speedwell Memos - Constellation Software Business History  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro  (1:13) – Article Reading Starts (9:25) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Constellation Research...

In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is If You Don't Know What Game You're Playing, You Already Lost Article Link:  https://www.speedwellmemos.com/p/if-you-dont-know-what-game-youre -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:17) –Memo Reading Starts (13:14) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell...

On this episode we talk about a recent memo on how investors can influence businesses and what is difference between being a public versus private company. The memo we draw on is called "From Private to Public Markets: The Detrimental Impact of Investors' Expectations" and can be found here.   We recently found out we have a *duplicate Spotify feed* and will be *removing* it this week. Please follow this correct Spotify feed  just called "The Synopsis" to keep getting our content!   ...

*Important* If you listen on Spotify, make sure you follow us on this Spotify feed. We just became aware there was a duplicate feed, which we are disconnecting next week.  In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is From Public to Private Markets: The Detrimental Impact of Investors' Expectations Article Link:...

On our very first interview we talk with Mostly Borrowed Ideas in a wide spanning interview on Meta, Google, Microsoft, and investment decision quality. Mostly Borrowed Ideas writes a deep-dive on a publically traded company every month. You can find more out about him and his writings here.    -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:37) Meta, Risks, Tiktok, ATT, Metaverse (26:22) Google, Sundar Pichai, Capital Allocation (33:52) Google Risks (46:59) What is a Great...

On this episode we talk about how investment risks could impact an investment thesis through the lens of Etsy and Meta. We provide a short "timeless" update on both companies as well.  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Important Announcement (0:41) Intro (3:33) Etsy Value Prop, Issues, and Temu Read-through  (16:41) Meta Risks and The One Thing Investors Needed To Be Sure Of  (26:33) How to Gain Clarity with Meta Circa 2022  (34:20) Conclusion -*-*-*-*-*-*-*-*-*-*- Buy Meta...

In this episode of The Synopsis we read an excerpt from our 79 page Etsy Report, covering Etsy's Business History. If you prefer to read instead of listening to this article, you can find access to it below.   Article Link: https://www.speedwellmemos.com/p/etsy-business-history    -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Important Announcement (0:45) – Intro  (1:36) – Article Reading Starts (30:31) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Etsy Research...

Charlie Munger talks about the Latticework of Mental Models and how having exposure to many different disciplines helps gain insight into problems. Key to connecting different disciplines though, is the metaphor.  This week, on The Synopsis, we talk about our two Piton Network business philosophy pieces. The Piton Network is our attempt to create a metaphor that furthers investors and analysts understanding of business and strategy.  Our first memo is The Piton Network: Decisions that...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Meta-Optimizations: Knowing When a Business is Operating From Strength or Weakness Article Link:  https://www.speedwellmemos.com/p/meta-optimizations-knowing-when-a  *Please note that this memo builds off a concept introduced early in The Piton Network: Decisions that Simultaneously Support and...

This week on The Synopsis, we talk about a recent memo, "The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish". In this conversation we talk about Wish and what lessons we cannot draw from their lack of success. We also talk about our LTV and financial analaysis, as well as what Wish's value prop was compared to other competitors.  You can read the Full Memo here.  You can become a full Speedwell Research Member here.  -*-*-*-*-*-*-*-*-*-*- Show Notes ...

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. There are several charts and excels in this memo that may be helpful to look at for more comprehensive understanding.  This weeks article is The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish Article Link: https://www.speedwellmemos.com/p/the-future-of-ecommerce-that-wasnt  ...