The Synopsis

Explore the trials and triumphs of Dream Finders Homes amid rising interest rates and strategic acquisitions. Discover why return on equity (ROE) is a hot topic compared to return on invested capital (ROIC) in today's market. Delve into the controversy around same-store sales at Floor & Decor, and hear about their innovative shift toward commercial flooring. Learn how tariffs impact supplier dependence while the companies adjust their operations for resilience. Get insights on the balance of aggressive and cautious strategies in a challenging housing environment.

On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company. Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith. Learn more about our 75-page research report here. For full access to all of our in-depth research reports, become a Speedwell Member here. If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email info@speedwellresearch.com *~*~*~* Mentioned Speedwell Memos: Minimum Viable Products versus Maximum Possible Products How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith -*-*-*-*-*-*-*-*-*-*- Show Notes Part 1: Founding History and Background (0:00) Axon Overview (3:34) — Background of the Advent of the TASER (12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser (15:39) — AirTaser Early Struggles (23:20) — Taser International rename, Going Public (34:36) — Broadening their Mission and Product Lines, Introducing Axon (43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate (51:11) — Axon Camera Business Frictions, Gaining Adoption and Building a Competitive Moat (1:17:57) — Concluding History *~* Part 2: Financials, Industry, Competition, and Valuation (1:26:22) — Revenue Segments, Business Model (1:43:39) — Profitability and Mature Margins (1:47:45) — Industry and TAM, Pricing Power (1:57:59) — Competition (2:29:38) — Why Axon Wins (One Breath Take) (2:33:36) — ROIC, Mature Profitability, Free Cash Flow (2:40:51) — Valuation (2:44:07) — Risks (2:49:01) — Free Axon Resources from Speedwell -*-*-*-*-*-*-*-*-*-*- 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. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have a position in Perimeter Solutions. This may change without notice. 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 CoStar Group! If you prefer to read instead of listen to the memo, you can find access to the article below. Subscribe to Drew Cohen's YouTube Channel Here CoStar Group Memo Link: https://www.speedwellmemos.com/p/costar-business-history *~* *Become a Speedwell Member or Purchase the CoStar Group Single Report Here* -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – YouTube Announcement and Episode Formats (2:33) –Memo Reading Starts (24:18) – 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. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

Delve into Coupang's phenomenal growth as it sees a 21% revenue jump, transforming the e-commerce landscape in South Korea. Discover its strategic moves into Taiwan and innovative customer services. Meanwhile, learn how Perimeter Solutions navigated challenges during the LA wildfires and the stock market's unpredictable reactions. Insights on earnings growth reveal a surprising revenue rise despite stock declines, highlighting operational efficiency and future acquisition potential.

In this engaging conversation, Jacob Jaber, co-founder of Philz Coffee and investor at Humble Lion Holdings, shares his journey from a bodega counter to a thriving chain with over 75 locations. He discusses the importance of personalized customer experiences and the challenges of scaling a business. Jacob delves into the art of selecting locations, maintaining brand identity, and how running a coffee empire has influenced his investment strategies. He emphasizes the value of community and authenticity in competing against larger competitors, illustrating business lessons that extend beyond the coffee industry.

In this engaging discussion, Todd Haushalter, a leading force in iGaming and known for his innovative strategies at Evolution, delves into the future of gaming and regulatory challenges. He shares insights on navigating competition and capitalizing on emerging market opportunities. The conversation shifts to Airbnb's ambitious plans to evolve into a super app, examining key strategies for boosting user engagement and unique offerings. This episode offers a rich blend of industry foresight and transformative ideas.

Todd Haushalter, Chief Product Officer at Evolution and a powerhouse in live casino gaming, shares his insights on innovation and market leadership. He discusses the importance of player-centric design, highlighting how his team balances quick launches with quality. Todd talks about using AI to enhance player engagement and the challenges of game localization across cultures. He also teases an exciting roadmap of new games and emphasizes the need for continuous innovation to stay ahead of the competition in the evolving gaming landscape.

Explore why creating value trumps fierce competition in business. Learn how companies like Costco and Etsy prioritize understanding consumer preferences to unlock success. Discover the differences between Minimum Viable Products and Minimum Perfect Products, and how these concepts shape crucial business decisions. Delve into the evolution of design-driven brands like Apple and the complex market landscape faced by giants like Amazon. This insightful discussion highlights the importance of innovation and self-improvement in today's marketplace.

Matt Reustle, a former credit and equity analyst at Goldman Sachs and CEO of Colossus, shares his insights on the investment world. He discusses the common misunderstandings surrounding sell-side research and why many investors struggle during management meetings. Matt reveals key takeaways from over 200 business breakdowns, emphasizing the importance of effective analysis and genuine relationships with management. He also explores what distinguishes great analysts, consumer surplus in successful businesses, and the relationship between a company’s quality and its longevity.

In this engaging discussion, Barry Schwartz and Ernest Wong, co-founders of Baskin Wealth Management, share insights on long-term investing in high-quality businesses. They delve into the challenges of quality investing in the energy sector and how terminal valuations can impact high multiple stocks. Comparing Costco and Transdigm, they highlight effective business strategies and consumer goodwill. Additionally, they reflect on investment mistakes, stressing the importance of fundamentals and emotional control in navigating today's complex market.