The Intrinsic Value Podcast - The Investor’s Podcast Network

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

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.

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

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

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

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

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