The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O'Malley take a deep dive into Microsoft — the $3 trillion incumbent whose entire investment thesis now hinges on two of the most contested questions in technology: whether AI will reinforce or quietly dismantle the software franchises that built the company, and whether the OpenAI partnership is the strategic masterstroke it appeared to be in 2023, or a relationship that is slowly turning from asset into liability.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:27 - About all major business units
00:12:05 - How LinkedIn’s business works
00:18:24 - How the cloud business keeps growing
00:21:17 - What the future plans for gaming are
00:24:49 - Why the Office products might be in danger
00:50:52 - How AI is challenging Microsoft’s software
00:55:10 - Who captures the most value from AI
01:22:46 - Whether Shawn and Daniel add MSFT to the Intrinsic Value Portfolio

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

BOOKS AND RESOURCES

Join the exclusive ⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Microsoft Investor Relations.

World Economic Forum Interview with CEO.

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Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you'll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:24 - Why OTC Markets operates as a hidden monopoly, most investors have never heard of
00:03:08 - The three business segments generating recurring revenue from market infrastructure
00:09:09 - How OTCM's pricing power compares to other monopolistic businesses
00:14:54 - Why 130 employees can manage the infrastructure for over 12,000 securities
00:19:41 - What keeps customers so loyal
00:23:02 - How regulatory relationships create barriers to entry
00:46:22 - The surprising reason declining subscriber counts might not be concerning
00:51:00 - The exceptional unit economics that make Corporate Services so profitable
00:54:29 - Why management's capital allocation approach is so different from that of typical CEOs
01:11:54 - Whether this hidden infrastructure gem deserves a spot in your portfolio

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

BOOKS AND RESOURCES

Join ⁠⁠⁠The Intrinsic Value Conference⁠⁠⁠ in Omaha this May 1, 2026!

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠here⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Track ⁠⁠The Intrinsic Value Portfolio⁠⁠.

Learn more about OTC Markets Group on their IR.

Listen to an interview with CEO, Cromwell Coulson.

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Shawn O'Malley and Daniel Mahncke explore CoStar Group (ticker: CSGP), the dominant provider of commercial real estate data and analytics, and assess whether the company's massive $5 billion bet on Homes.com can successfully crack the residential real estate market dominated by Zillow, or whether this ambitious expansion will destroy shareholder value.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:42 - Why the company has delivered nearly 60 consecutive quarters of double-digit revenue growth
00:09:17 - How CoStar built a dominant, near-monopoly position in commercial real estate data and analytics
00:18:30 - How CoStar generates roughly 50% profit margins on its core B2B business
00:44:12 - What makes CoStar's data moat so durable and difficult for competitors to replicate
00:48:12 - How the company's acquisition-driven strategy has fueled decades of growth
00:56:22 - Why CoStar is investing $5 billion into Homes.com to take on Zillow and Realtor.com
00:58:21 - Competitive landscape in the residential real estate marketplace
01:08:41 - Whether CoStar's massive residential bet will pay off or destroy shareholder value
01:23:57 - How Shawn and Daniel value CoStar and whether CSGP belongs in the portfolio

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

BOOKS AND RESOURCES

Join ⁠⁠The Intrinsic Value Conference⁠⁠ in Omaha this May 1, 2026!

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠here⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Track ⁠The Intrinsic Value Portfolio⁠.

Costar pitch on the ⁠Value Investors Club⁠.

Drew Cohen’s⁠ podcast on CoStar⁠.

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Follow Shawn on ⁠⁠X⁠⁠ and ⁠⁠Linkedin⁠⁠.

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Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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Daniel Mahncke, Shawn O'Malley, and Kyle Grieve take a closer look at the Intrinsic Value Portfolio and some of the high-priority watchlist companies.

The episode covers high-conviction portfolio holdings such as Airbnb, Universal Music Group, Reddit, and Exor, as well as watchlist companies like FICO, Trade Desk, and Nintendo. They also cover companies that might need to leave the portfolio today. Candidates are TransDigm and Copart.

For each, the question is the same: What are the key points of the investment thesis, has the thesis held up, and does the current valuation still make sense?

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro00:04:38 - The key thesis behind Exor00:15:37 - The key thesis behind TransDigm and our thoughts on Copart00:29:45 - The key thesis behind Reddit00:40:28 - The key thesis behind Airbnb00:57:58 - The key thesis behind Universal Music Group01:06:04 - Our thoughts on Trade Desk01:20:04 - Our thoughts on FICO01:29:10 - Our thoughts on Nintendo

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

BOOKS AND RESOURCES

Join ⁠The Intrinsic Value Conference⁠ in Omaha this May 1, 2026!

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠here⁠⁠.

Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Podcasts: ⁠Exor⁠, ⁠TransDigm⁠, ⁠Copart⁠, ⁠Reddit⁠, ⁠Airbnb⁠, ⁠Universal Music Group⁠, ⁠Trade Desk⁠, ⁠FICO⁠.

Newsletters: ⁠Exor⁠, ⁠TransDigm⁠, ⁠Copart⁠, ⁠Reddit⁠, ⁠Airbnb⁠, ⁠Universal Music Group⁠, ⁠Trade Desk⁠, ⁠FICO.⁠

Follow Daniel on ⁠X⁠ and ⁠Linkedin⁠.

Follow Shawn on ⁠X⁠ and ⁠Linkedin⁠.

Follow Kyle on ⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠⁠.

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This week, Shawn and Daniel won't be releasing an episode as usual, but they will be back next Sunday with a new co-host joining them to help break down companies for The Intrinsic Value Portfolio. Plus, Shawn & Daniel are moving over to the main podcast feed for The Investor's Podcast.

You can still find all of their weekly stock breakdowns here on Sundays, but if you head over to The Investor's Podcast, you'll be able to access their episodes four days sooner!

The link to the new podcast feed, where you can access episodes from Shawn & Daniel earlier, is below.

https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e31f1a3933da46f4
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