The Synopsis

Airbnb's recent revenue growth slowdown, now at just 6%, reflects shifts in traveler behavior and economic uncertainty. The hosts delve into the impact of tariffs and political factors on the travel industry, shedding light on strategic adaptations. They also critique sell-side analyst questioning during earnings calls, pointing out communication pitfalls. Furthermore, Airbnb's transformation into a super app and the complexities of its valuation are explored, providing insights into its future prospects.

The discussion kicks off with a deep dive into reverse discounted cash flow analysis and the intricate assumptions that affect financial modeling. A seasoned investor shares unique philosophies on tech investing and the psychological dynamics of decision-making. CoStar's earnings reveal contrasting marketing strategies and the challenges of sustainable growth. Board changes and their influence on corporate governance take center stage, alongside an intriguing look at marketing strategies comparing them to military tactics. Lastly, regulatory impacts in the gaming industry are explored, emphasizing the balance between growth and compliance.

In this brilliant interview with Blue Box Asset Mangement's William de Gale we talk about everything from how to account for growth and financial modeling to his own clever and insightful mental models for tech investing. William deGale is the Lead Portfolio Manger of the Blue Box Global Technology Fund and, as of the end of March 2025, the fund has returned ~17% per annum since inception in 2018. *~*~*~*~* 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 info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Background (4:55) — Growth Expectations, Nvidia, Buying Optically Expensive Stocks (17:55) — Modeling and Reverse DCFs (21:28) — Riding the Tech Sector (25:19) — Why Tech and "Direct Connection" (34:43) — Disrupters vs Enablers (41:51) — GAAP adjustments and Mature Margin Frameworks? (53:15) — Circle of Competence in High Tech (57:51) — Champagne Glass Model of Tech Investing (1:08:13) — Position Sizing -*-*-*-*-*-*-*-*-*-*- 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 info@speedwellresearch.com 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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read an excerpt from our extensive research report of Airbnb! If you prefer to read instead of listen to the memo, you can find access to the article below. Read the Excerpt here: https://www.speedwellmemos.com/p/airbnb-business-history *~* *Become a Speedwell Member or Purchase the Airbnb Single Report Here* -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:40) –Memo Reading Starts (13:45) – Upcoming! -*-*-*-*-*-*-*-*-*-*- 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 info@speedwellresearch.com 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 discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. At the time of publication, one or more contributors to this report has a position in ABNB. Furthermore, accounts one or more contributors advise on may also have a position in ABNB. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

Simon Kold, author of "On the Hunt for Great Companies," dives into the world of quality investing. He discusses the importance of creating value over extracting it, using companies like Amazon and Dolby Labs as key examples. Kold explores how network effects shape competitive advantages and examines the unique business models of Ryanair and Southwest Airlines. He also shares insights on balancing customer loyalty with monetization strategies, delving into the complexities of valuing cash flows amid market cyclicality.

Dive into a discussion on the impact of tariffs and the ongoing trade war, with insights on how these economic forces affect businesses. Explore the financial challenges faced by a major company due to debt and market dynamics. Get a glimpse of a luxury guesthouse experience that reflects operational hurdles and opportunities in the current economy. Plus, hear about strategic expansion in the furniture retail sector, highlighting innovative store concepts and a confident growth trajectory despite turbulent times.

Drew Cohen, an Analyst at Speedwell Research, dives into the intricacies of investing and decision-making. He discusses the comparison between NVR and Dream Finder Homes, revealing the nuances of buying the best versus settling for the second-best. The conversation presents insights on the role of private equity in company valuations and the strategic buying approaches of firms like Constellation Software. Lastly, Drew emphasizes the art of intuitive decision-making in investing, highlighting the importance of clarity and instinct.

Dive into an engaging conversation with Drew Cohen as he shares his journey from short-term trading to a deep research philosophy. Discover how independent analysis shapes smart investing decisions and the importance of developing your own insights. Learn about the dynamics driving Meta's revenue and the impact of Apple's tracking changes. Plus, explore key investment characteristics and book recommendations for further enrichment. Tune in for a blend of strategies that promote logical thinking alongside emotional balance.

This discussion dives into CoStar's impressive 10% growth in Q4 2024, highlighting strategic sales specialization in real estate. The hosts debate the effectiveness of Super Bowl marketing for homes.com and assess Copart's remarkable 16% growth. They touch upon Copart's evolving relationships with insurance companies, operational innovations, and the challenges posed by modern vehicle complexities. Emphasizing the importance of direct customer feedback, they explore financial strategies and managerial focus, urging patience as industries adapt to change.

Jeremy Kokemor, Founder of Right Tail Capital and a seasoned investment expert, shares insights from his nearly three-decade career. He explains his philosophy of focusing on long-term investments in high-quality companies. Topics include strategic stock selection and the potential of the gas station industry, with a spotlight on Murphy USA's operational advantages. He delves into the home building sector, discussing NVR's innovative approach, and the significance of aligning with clients for mutual growth in investments.