Shawn and Daniel break down The Trade Desk (ticker: TTD), a pure-play bet on the future of digital advertising, focusing specifically on supporting ad buyers who want to get the most value per impression across the so-called “Open Internet.” The Trade Desk has compounded its stock at 43% a year since its IPO almost a decade ago, and in that same period, it has grown revenues at an incredible rate of 50% a year.
Learn about where TTD fits into the programmatic advertising ecosystem, why the company has fewer conflicts of interest than its competitors, how The Trade Desk is positioned to take advantage of antitrust regulatory enforcement against Google, what they’re trying to do to replace 3rd-party cookies tracking, plus so much more!
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IN THIS EPISODE, YOU’LL LEARN
00:00 - Intro
04:38 - What is TTD’s niche in programmatic digital advertising
11:58 - Who are the major players in the digital advertising landscape
12:16 - How advertising across the internet has evolved over time
31:36 - What is the “Open Internet” and how it differs from “Walled Gardens”
36:42 - Why TTD has built its own alternative to 3rd‑party cookies
45:22 - What needs to happen to realize TTD’s vision for the future of programmatic advertising
01:05:27 - Why regulators are taking action against Google’s ad management unit, and how TTD could benefit from that
01:16:38 - Whether Shawn & Daniel add TTD to The Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter.
- Sign Up for The Intrinsic Value Community.
- Advertisers shift retail media spending beyond Amazon.
- The digital advertising ecosystem, explained.
- Check out Modernizing advertising with Trade Desk CEO Jeff Green.
- Read Zero to One by Peter Thiel.
- Explore our previous Intrinsic Value breakdowns: Moncler, Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, and Madison Square Garden Sports.
- Check out the books mentioned in the podcast here.
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