Interview. Palantir, DLocal & the Psychology of Investing with Babylon Capital

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Sep 3, 2026

Dimitri Nakla, an investment manager at Babylon Capital, discusses quality businesses, long-term compounding, and investor psychology. He explains how he identified Palantir early, when high multiples can make sense, and lessons from costly mistakes. The conversation also explores Netflix, DLocal, drawdowns, circle of competence, and building portfolios that match your temperament.

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INSIGHT

Four Traits Of A Quality Compounder

Quality combines high ROIC, clean balance sheets, linear cash flow, and strong incremental margins.
High-ROIC growth compounds; low-ROIC growth merely creates activity, while clean balance sheets enable buybacks and acquisitions during downturns.

ANECDOTE

Palantir Demonstrated Its Moat For Free

Dimitri Nakla identified Palantir through its unique ontology platform and the enthusiasm of highly capable software engineers.
Palantir offered large companies free workshops using non-proprietary data, letting customers experience the product’s value before buying.

INSIGHT

High Multiples Can Shrink Quickly

A high multiple can become reasonable when near-term earnings growth rapidly compresses the valuation.
Dimitri Nakla underwrote two years of hypergrowth, then only needed 20–30% annual growth in years three through five.

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In this episode of The Synopsis we interview Dimitry of Babylon Capital on a variety of investing topics from portfolio concentration to how he identified Palantir early.

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Show Notes

(0:00) — Dimitry's Investment Philosophy (8:14) — What is a Quality Business? (10:36) — Dimitry's Palantir Investment Thesis (22:45) — How Do You Gain Confidence in High Growth Assumptions? (26:00) — A High Multiple Isn't Always Bad (32:31) — 2 Investment Mistakes (40:26) — Circle of Competence (44:51) — The Importance of Understanding Your Psychology (51:52) — Study History (53:31) — Drawdowns and Destination Analysis (1:02:12) — Dimitry's Thesis on Netflix (1:07:22) — Dimitry's Thesis on DLocal (1:13:42) — How Dimitry Thinks About Portfolio Construction (1:23:12) — Where to Find Dimitry

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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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here: https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers