TIVP044: Salesforce (CRM): Agentforce or AI-Native? w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
What provides Salesforce's moat and how durable is it?
Shawn and Daniel discuss high switching costs, low churn, multi-cloud ARR multipliers, and SMB vulnerability to simpler rivals.
Daniel Mahncke and Shawn O’Malley dive into Salesforce — the company that practically invented modern enterprise software and is now trying to reinvent it again through AI. From its origins as the pioneer of the Software-as-a-Service model in the late 1990s, Salesforce has grown into the world’s #1 CRM provider, powering customer relationships for over 90% of the Fortune 500.
IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro 00:02:43 - What exactly Salesforce does? 00:03:49 - How Salesforce dominates the CRM market and revolutionizes AI Agents 00:10:23 - Who Founder and CEO Marc Benioff is and how he thinks 00:44:06 - How the management and executives are compensated and incentivized 00:47:08 - Where Salesforce’s moat comes from and whether it’s sustainable 00:53:29 - Where Salesforce invests its money 01:01:24 - Whether Salesforce is fairly valued 01:08:16 - Whether Shawn & Daniel add CRM to The Intrinsic Value Portfolio And much, much more!
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
BOOKS AND RESOURCES
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- Dreamforce Conference 2024.
- Dreamforce Main Keynote 2025.
- Marc Benioff Interview at Lenny’s Podcast.
- VIC Article on Salesforce.
- Explore our previous Intrinsic Value breakdowns: Paypal, Uber, Nike, Reddit, Amazon, Airbnb, TSMC, Alphabet, Ulta, LVMH, and Madison Square Garden Sports.
- Related books mentioned in the podcast.
- Ad-free episodes on our Premium Feed.
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