The Synopsis

This discussion dives into Google's long-standing dominance in search and the emerging threats from social media and AI innovations. It highlights how AI is reshaping the competitive landscape and poses challenges to Google's traditional monetization strategies. The interplay between user privacy and new search technologies is also examined, especially with Apple's aspirations. Finally, the podcast considers historical shifts in advertising, the evolution of mobile ads, and the implications for the future of platforms like Google.

In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is Priced to Outperform Perfection: The Home Depot Circa 1999 Article Link: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:45) – Housekeeping (1:33) – Memo Reading Starts (14:40) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is The Risk Circle: Deciding What Risks Matter and When Article Link: https://speedwellsnippets.substack.com/p/the-risk-circle-deciding-what-risks  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:47) –Memo Reading Starts (14:55) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at info@speedwellresearch.com for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- Nothing in this podcast is investment advice nor should be construed as such. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity Article Link: https://speedwellsnippets.substack.com/p/how-pies-proofs-and-punch-cards-hold  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:46) –Memo Reading Starts (19:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/ 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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below.  This weeks article is Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency  Article Link: https://speedwellsnippets.substack.com/p/understanding-modularity-how-apple  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:49) –Memo Reading Starts (16:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/   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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this podcast on Floor & Decor, Speedwell Research covers everything from its founding as a single store in Atlanta, Georgia to becoming the leading hard surface flooring specialty chain retailer. We draw on Speedwell Research’s 57 page research report to teach not just about the flooring industry and Floor & Decor’s interlocking business model, but also about competitive dynamics and how to think about store level unit economics. We hope you enjoy!  (Please note that for the first few minutes of the recording, occasionally the sound quality declines. It improves thereafter.) -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (1:51) Background  (4:48) CEO Tom Taylor (6:21) Industry  (15:26) Floor & Decor Model  (24:33) TAM Breakdown and Commercial Business  (28:35) Pro Business (33:15) Competitive Landscape and Main Competition (59:10) Four Wall Store Model, Mature Margins (1:11:49) Long-Term Store Target   (1:24:45) What Can Go Wrong, Risks    -*-*-*-*-*-*-*-*-*-*-  Purchase Speedwell's FND Report here: https://speedwellresearch.com/2022/11/08/floor-decor-deep-dive/ Become a full Speedwell Research Member here: https://speedwellresearch.com/subscribe/    Articles Mentioned Speedwell’s Memo Introducing the Piton Idea: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that Speedwell’s Memo on Home Depot’s Valuation in 1999:  https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the   Floor & Decor 2022 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2022-earnings-recap Floor & Decor 2H23 Earnings Recap: https://speedwellsnippets.substack.com/p/floor-and-decor-2q2023     Business Breakdowns Floor & Decor Podcast: https://www.joincolossus.com/episodes/29086328/cohen-floor-decor-raising-the-floor?tab=transcript   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. At the time of publishing, one or more contributors to the podcast had a position in FND. Furthermore, accounts one or more contributors advise on may also have a position in FND. 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 63 page Walker & Dunlop Report. If you prefer to read instead of listening to this article, you can find access to it below.  This weeks article is from the business history section of our Walker & Dunlop report.    Article Link: https://open.substack.com/pub/speedwellsnippets/p/walker-and-dunlop-business-history?r=3jwcb&utm_campaign=post&utm_medium=web&showWelcome=true     -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (2:02) –Article Reading Starts (21:55) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Purchase Walker & Dunlop Single Report: https://speedwellresearch.com/subscribe/  Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/    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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

In this episode of The Synopsis we introduce a new episode format called, “Articles”. As the name suggests, this episode will be a reading of a memo written by Speedwell Research. If you prefer to read instead of listening to the memos, you can find access to the article below. On this first Articles episode, we are reading our business philosophy piece introducing the concept of the Piton and the Piton Network.  This weeks article is The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space.  Article Link: https://speedwellsnippets.substack.com/p/the-piton-network-decisions-that -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:47) –Memo Reading Starts (18:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://speedwellsnippets.substack.com/ More on Speedwell: https://speedwellsnippets.substack.com/p/speedwell-research-process-and-philosophy Gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more by purchasing a Speedwell Membership: https://speedwellresearch.com/subscribe/   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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

This episode of The Synopsis explores capital-light homebuilder, Dream Finders Homes, and its unique business model. They discuss the cyclical nature of the homebuilding industry, competition, and the company's financial performance. The hosts also touch on differentiation strategies and operational risks in the industry.

This podcast covers the founding history of Etsy, issues with the founder, turnaround under new CEO Josh Silverman, improving the buyer experience, how Etsy makes money, the impact of Covid-19 on ecommerce, international opportunities, capital allocation and acquisitions, competition with eBay and Amazon, and analyzing Etsy's growth and return on invested capital.