The Synopsis
Speedwell Research, LLC
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Article. Evolution Business History
The Synopsis
04/05/24 • 14 min
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
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Show Notes
(0:00) – Intro
(1:18) –Memo Reading Starts
(13:40) – Closing Comments
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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.
Speedwell Research's main website can be found here.
Find Speedwell's free newsletter here.
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Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
10/18/24 • 14 min
In this episode of The Synopsis we read our latest 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 "Minimum Viable Products versus Maximum Possible Products "
Memo Link: www.SpeedwellMemos.com/mvps-versus-mpps
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Show Notes
(0:00) – Housekeeping
(1:06) –Memo Reading Starts
(13:24) – Closing Comments
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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.
Speedwell Research's main website can be found here.
Find Speedwell's free newsletter here.
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Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
07/31/24 • 61 min
On this Company episode of The Synopsis we cover Porsche AG. Porsche is a brand that has tried to become "luxury at scale" with over 300k units produced annually versus undisputed luxury car brands who produce closer to ~10k. While their strategy might have diluted their brand, they still enjoy superior positioning compared to most premium car manufacturs like BMW and Mercedes-Benz.
Listen to this episiode to learn not just about Porsche's history and business model, but also about the car industry and different car manufacturer's strategies.
Access the Free Portion of our Porsche AG Exploratory Report Here
For full access to all of our in-depth research reports, become a Speedwell Member here.
Memos Referenced in the Episode: Value Capture Index Introduction
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Show Notes
(0:00) Intro
(1:17) Why Research Porsche?
(3:22) Porsche History
(15:14) Crises in Porsche's History
(18:23) Corporate Structure
(24:32) - The Automotive Industry
(29:39) - Industry Production Figures and Company Financial Profiles
(32:21) Value Capture Index and Competitior Business Models
(45:08) ROIC and Earnings Improvements
(51:02) Risks and Closing Comments
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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!
Sign up for Speedwell's free newsletter and weekly memos here
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Follow Us:
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback.
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of recording no contributor had a position in Porsche AG. Furthermore, accounts contributors advise on also did not currently have a position in Porsche AG. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Dialogue. The Business of SuperApps
The Synopsis
05/15/24 • 46 min
On this episode we talk about Grab, WeChat, Meituan, X, and all things about SuperApps. Our conversation builds off of a recent memo on SuperApps, which you can read here: WeChat, Meituan, and Grab: What is a SuperApp and Why You Will Fail Building One
**Please note we had issues with the orginal sound recording and had to use AI tools to adjust the sound volume, however it adversely impacted the sound quality. We apologize for this and will try to avoid this happening in the future.**
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Show Notes
(0:00) Intro
(0:51) SuperApps Intro, Cross Selling, Sea Limited's Free Fire
(8:54) What a SuperApp Aims to Do
(13:59) WeChat History and What Was Different About It
(20:41) Why no Mini-programs or SuperApps in the U.S.?
(23:28) Meituan's and Grab's SuperApp; Twitter/X's Ambitions
(41:03) The Physical World's "SuperApps", Sears, E-Commerce Grocery
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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!
Sign up for Speedwell's free newsletter and weekly memos here
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Follow Us:
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback.
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
10/22/24 • 71 min
In this investment focused interview, we talk with Twitter's Sidecar Investor on partnering with great managers, position sizing, sourcing ideas, "stable assumptions", and when to not trust an operator, among much more!
Find out more about Sidecar Investor here and follow him on Twitter @sidecarcap
The Mentioned Memo on Home Depot can be found here.
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Get access to all of Speedwell Research's in-depth Research Reports here.
If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]
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Show Notes
(0:00) Intro
(3:57) — Early Examples of Partnering with Great Managers
(9:05) — Importance of Managers vs. Moats
(15:13) — Owner Operator Companies Upside and Potential Downfall
(17:52) — How Much Can You Trust a Manager
(26:47) — Diversification vs Resiliency
(30:19) — Lessons in Investing, Valuation, and When to Sell
(35:19) — Position Sizing and Holding
(40:21) — Macro Role, Capital Intensity, and Moats
(51:45) — Sourcing Ideas
(58:26) — Gaining and Losing Confidence in Management Teams
(1:03:38) — Assumptions, Conservatism versus Accuracy
(1:08:40) — Learnings and What Businesses Should People Study More
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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!
Sign up for Speedwell's free newsletter and weekly memos here
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Follow Us:
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback.
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Dialogue. A New Mental Model: The Piton Network
The Synopsis
02/06/24 • 45 min
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 Simultaneously Support and Limit the Future Decision Space. You can read it here.
Our second memo is Meta-Optimizations: Knowing When a Business is Operating from Strength or Weakness. You can read it here.
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Show Notes
(0:00) Intro
(1:00) What is a Piton
(4:21) Decision Clusters, Southwest
(11:03) Floor & Decor, Copy Cats, Lowes
(17:53) Amazon vs Wal-Mart delivery
(20:22) Jim McKelvey's Innovation Stack, Square vs Amazon
(24:37) Pulling Out Pitons, Netflix
(32:28) Ford vs Tesla, Complexity, Piton Network vs Value Network
(43:35) Value of Metaphor
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Become a Speedwell Member here to gain access to all of our in-depth research reports: https://speedwellresearch.com/subscribe/
Sign up for Speedwell's free newsletter: https://www.speedwellmemos.com
Mentioned Links:
Speedwell's First Consumer Hierarchy of Preferences Memo
Follow Us:
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback.
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Company. Evolution: Bringing the Casino Online
The Synopsis
01/24/24 • 133 min
In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company's inception experimenting with a single roulette wheel to a global business with 60%+ margins. Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world where it is the supplier, and Evolution is the largest supplier. We hope you enjoy!
Company Description: B2B supplier in the online casino space specializing in the live casino vertical.
Purchase the full Evolution Report here.
Purchase a Speedwell Membership to gain access to all Reports here.
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Show Notes
Section 1: History and Background
(0:00) Intro
(2:20) Evolution High-Level Business Description
(5:01) Evolution History and Background
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Section 2: TAM and Market Differences
(35:32) TAM Overview
(40:05) Grey and Black Markets
(44:38) Aggregators
(53:35) North America Regulation
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Section 3: Business Model
(1:00:59) How they Make Money
(1:05:07) How Evolution Differentiates
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Section 4: Competition
(1:17:55) Competition Overview
(1:22:33) Playtech
(1:31:42) Vertical Integration
(1:39:10) Pragmatic
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Section 5: Capital Allocation, Valuation & Risks.
(1:47:30) Capital Allocation and ROIC
(1:51:35) Acquisitions and Slot Business
(1:59:37) Risks
(2:04:47) Valuation
(2:06:39) Bull/ Bear Case
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Purchase Speedwell's EVO Report here: https://speedwellresearch.com/2023/12/19/evolution/
Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/
Articles Mentioned
Speedwell’s Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in Evolution. Furthermore, accounts one or more contributors advise on may also have a position in Evolution. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
Company. Floor & Decor: The Costco of Flooring
The Synopsis
12/20/23 • 88 min
In this podcast on Floor & Decor, Speedwell Research covers everything from its founding as a single store in Atlanta, Georgia to becoming the leading hard surface flooring specialty chain retailer. We draw on Speedwell Research’s 57 page research report to teach not just about the flooring industry and Floor & Decor’s interlocking business model, but also about competitive dynamics and how to think about store level unit economics. We hope you enjoy!
(Please note that for the first few minutes of the recording, occasionally the sound quality declines. It improves thereafter.)
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Show Notes
(0:00) Intro
(1:51) Background
(4:48) CEO Tom Taylor
(6:21) Industry
(15:26) Floor & Decor Model
(24:33) TAM Breakdown and Commercial Business
(28:35) Pro Business
(33:15) Competitive Landscape and Main Competition
(59:10) Four Wall Store Model, Mature Margins
(1:11:49) Long-Term Store Target
(1:24:45) What Can Go Wrong, Risks
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Purchase Speedwell's FND Report here: https://speedwellresearch.com/2022/11/08/floor-decor-deep-dive/
Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/
Articles Mentioned
Speedwell’s Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that
Speedwell’s Memo on Home Depot’s Valuation in 1999: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the
Floor & Decor 2022 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2022-earnings-recap
Floor & Decor 2H23 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2q2023
Business Breakdowns Floor & Decor Podcast: https://www.joincolossus.com/episodes/29086328/cohen-floor-decor-raising-the-floor?tab=transcript
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. At the time of publishing, one or more contributors to the podcast had a position in FND. Furthermore, accounts one or more contributors advise on may also have a position in FND. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
03/22/24 • 9 min
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
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Show Notes
(0:00) – Intro
(1:33) –Memo Reading Starts
(9:23) – Closing Comments
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Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.
Speedwell Research's main website can be found here.
Find Speedwell's free newsletter here.
-*-*-*-*-*-*-*-*-*-*-
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback
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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 discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
08/15/24 • 56 min
On this episode we talk about 2Q24 earnings for Floor & Decor ($FND) and Evolution ($EVO). For both companies we have longer, in-depth podcast episodes which you can listen to below. These are evergreen and give a lot of more details on each companies' history, business, industry, and competitve dynamics.
Listen to the Floor & Decor Company Podcast Episode here: Apple, Spotify
Listen to the Evolution Company Podcast Episode here: Apple, Spotify
For full access to all of our in-depth research reports, become a Speedwell Member here. You can also buy indiviudal reports here.
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Show Notes
(0:00) Intro
Evolution Update
(1:09) Evolution Discussion Starts
(5:24) Biggest Payout Ever
(10:16) Capital Allocation, Galaxy Gaming Acquistion
(19:02) Georgia Strike
(24:32) Unregulated Markets and KYC
(27:43) Wrapping Up Evolution Commentary
Floor & Decor Update
(29:52) Floor & Decor Overview
(30:23) LL Flooring Background and Bankruptcy
(33:10) Macro Impacts
(37:14) Inventory Levels, Gross Margins
(40:04) The "Philosophical" Question on Growth and when to Get Concerned
(48:03) Spartan Acquistion and Pro Business
(51:15) Cash Balances, Bad Guidance, Peers Struggling, Closing Comments
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Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!
Sign up for Speedwell's free newsletter and weekly memos here
*-*-*-
Follow Us:
Twitter: @Speedwell_LLC
Threads: @speedwell_research
Email us at [email protected] for any questions, comments, or feedback.
-*-*-*-*-*-*-*-*-*-*-
Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discusessed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/
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FAQ
How many episodes does The Synopsis have?
The Synopsis currently has 63 episodes available.
What topics does The Synopsis cover?
The podcast is about Investing, Podcasts and Business.
What is the most popular episode on The Synopsis?
The episode title 'Article. Metaphor Malware: The Clumsy Thinking that is Crippling your Business Understanding' is the most popular.
What is the average episode length on The Synopsis?
The average episode length on The Synopsis is 47 minutes.
How often are episodes of The Synopsis released?
Episodes of The Synopsis are typically released every 5 days, 23 hours.
When was the first episode of The Synopsis?
The first episode of The Synopsis was released on Jul 24, 2023.
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