The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Kyle Grieve and Shawn O’Malley analyze American Tower, the global cell tower business that powers the wireless networks we rely on every day. They unpack how leasing tower space to carriers creates durable recurring revenue, why its stacked competitive advantages form one of the widest moats in the market, and how a steadily growing debt load complicates the picture.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:51) How American Tower powers the wireless networks we use
(00:06:21) How AMT creates recurring revenue
(00:08:09) Why adding additional tenants dramatically boosts profits per tower
(00:13:57) The three moats protecting American Tower from competitors
(00:32:13) Why the REIT structure forces heavy reliance on debt
(00:38:46) What American Tower's capital allocation reveals about management
(00:40:22) Whether the data center deal was worth it
(00:57:33) How carrier consolidation threatens even the widest moats
(01:01:30) Why a wonderful business isn't always a wonderful investment
(01:11:35) Intrinsic value of AMT
(01:13:52) Whether Kyle and Shawn will add AMT to the Intrinsic Value Portfolio

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

BOOKS AND RESOURCES

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Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠.

Brad Jacob’s first book, ⁠How to Make A Few Billion Dollars⁠.

Brad Jacob’s follow-up book, ⁠How to Make A Few More Billion Dollars⁠.

Listen to Brad Jacob’s ⁠interview with David Senra⁠.

Follow Kyle on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Follow Shawn on ⁠⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠.

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In today’s episode, Stig Brodersen is joined by Tobias Carlisle and Hari Ramachandra for a new round of stock pitches. Hari makes the case for Meta as a leading AI-powered advertising platform. Tobias breaks down Booking Holdings and whether its travel moat can withstand the rise of AI assistants. Stig analyzes Adobe, exploring the durability of its creative software ecosystem amid rapid technological change.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro(00:02:31) Why Hari is bullish on Meta (Ticker: META), highlighting its advertising dominance, network effects, and long-term monetization potential.(00:03:38) The bear case for Meta, including massive AI infrastructure spending, uncertain returns on capital, and execution risk around AI monetization.(00:14:27) Why Tobias is bullish on Booking Holdings (Ticker: BKNG), emphasizing its capital-light business model and robust travel ecosystem.(00:18:46) The bear case for Booking Holdings, including AI-driven loss of customer mindshare, and potential pressure on its role in the travel booking value chain.(00:27:43) Why Stig is bullish on Adobe, focusing on its switching costs and subscription-based revenue model (Ticker: NASDAQ: ADBE).(00:37:21) The bear case for Adobe, including AI-generated content and the increasing competition from tools like Canva and LLMs.

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

BOOKS AND RESOURCES

Join the exclusive ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Stig Brodersen’s Portfolio and Track Record. 

Our valuation model of Adobe.

Our valuation model of Meta.

Our valuation model of Booking Holding.com.

Check out the Mastermind Discussion Q1, 2026 | Video.

Check out the Mastermind Discussion Q4, 2025 | Video.

Check out the Mastermind Discussion Q3, 2025 | Video.

Check out the Mastermind Discussion Q2, 2025 | Video.

Check out the Mastermind Discussion Q1, 2025 | Video.

Tobias Carlisle's podcast, The Acquirers Podcast.

Tobias' ETF, ⁠ZIG⁠.

Tobias' ETF, ⁠Deep⁠.

Tweet to ⁠Tobias Carlisle⁠.

Hari's ⁠Blog⁠.

Tweet to ⁠Hari⁠.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:35) Why airlines are such a tough business to be in
(00:03:55) What Buffett and other superinvestors think
(00:16:47) Why Copa is different than other airlines
(00:35:58) How being the best-in-class business can change the investors’ outcome
(00:38:38) How Copa built its moat
(01:01:14) How Copa can defend its moat
(01:22:37) Valuation discussion of Copa
(01:24:36) Whether Copa is valued attractively
(01:27:30) Whether Shawn and Daniel add CPA to the Intrinsic Value Portfolio

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

BOOKS AND RESOURCES

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Check out the Value Investor Club ⁠⁠Article⁠⁠.

Read the ⁠Asymmetric Edge⁠ Substack Article.

Warren Buffett on the ⁠Airline Industry⁠ in his Annual Letters.

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Kyle Grieve discusses what bubbles are, why they form, and why they always feel different in real time. He’ll examine historical patterns through frameworks from Insana, Kindleberger, and Howard Marks, and explain how investors can protect themselves by focusing on intrinsic value over narratives rather than speculation.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:31) Why understanding bubbles is critical for long-term investor survival
(00:04:31) How “this time is different” fuels every historical bubble
(00:05:37) Why smart money, incentives, and career risk inflate bubbles
(00:07:21) How investors rationalize bubbles using new, useless KPIs
(00:08:56) The predictable emotional arc: skepticism, euphoria, panic, collapse
(00:10:04) Why price detaches from intrinsic value during bubbles
(00:12:28) Kindleberger’s five stages: displacement, boom, revulsion, discredit
(00:30:58) Lessons from tiny bubbles like plank roads and Beanie Babies
(00:53:01) How human nature, not technology, causes recurring bubbles
(01:08:44) How to protect portfolios from bubbles by focusing on value, not narratives

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

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Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.

IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:03) How Brad Jacobs built multiple billion-dollar companies from scratch
(00:05:49) The structure QXO used to go public fast
(00:07:05) How Beacon Roofing was acquired despite a poison pill defence
(00:11:26) What Kodiak added to QXO's geography and product mix
(00:14:43) Why the TopBuild deal is a game-changer for margins
(00:23:54) How QXO plans to unlock synergies across its portfolio
(00:43:27) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook
(00:59:00) The thickness of QXO's competitive moat
(01:08:51) The three biggest risks that could derail QXO's vision
(01:11:57) What bull, base, and bear cases reveal about fair value
(01:19:33) Intrinsic value of QXO
(01:20:13) Portfolio decision

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

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Brad Jacob’s first book, How to Make A Few Billion Dollars.

Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars.

Listen to Brad Jacob’s interview with David Senra.

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