The Investor's Podcast

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Read it here: intrinsicvalue.beehiiv.com/p/mini-csu

Constellation Software proved the playbook works. The question is where the best returns come from now. Not the $40B parent, but its smaller offspring. Spinoffs and subsidiaries running the same strategy at a fraction of the scale. Today, we break down four of them.

Some investors believe that Topicus, Lumine, Sygnity, and Asseco Poland represent the best way to own the CSI model today, while others argue that the spinoffs lack the institutional depth and deal flow of the mother ship. Join Daniel and Shawn as they assess which of these mini-Constellations has the most compelling setup, which carries the most risk, and whether any of them deserve a spot in The Intrinsic Value Portfolio. Watch the full episode: youtu.be/sjCGdGh8tLs

Today on The Intrinsic Value Podcast, @MnkeDaniel and @Shawn_OMalley_ take a deep dive into four companies operating in the shadow of one of the greatest compounders of the last two decades — Constellation Software. From direct CSI spinoffs to spiritual descendants shaped by Mark Leonard’s inner circle, these are the businesses following the exact same vertical market software playbook, but at a fraction of the size and with decades of compounding runway still ahead of them. Listen to the episode: tinyurl.com/2cvwmt8s

Through profiling world-class fund managers, the book proves that disciplined execution, such as how you size, hold, and exit positions, ultimately matters more than stock selection itself. Watch the full episode: youtu.be/EypWd5o6Wjs

In today’s episode, Kyle Grieve (@IrrationalMrkts) discusses Stock Market Maestros, revealing that elite fund managers succeed not by picking winners the majority of the time, but by making dramatically more on their wins than they lose on their losses. Listen here: tinyurl.com/mptptz5m

Join Clay and Daniel as they break down the DNA of this wonderful business, where it may go from here, and if the recent drawdown in the stock is a compelling opportunity for value investors. Watch the full episode: youtu.be/ByfY-jhShVU

On today’s episode, @Clay_Finck is joined by @MnkeDaniel to break down Kinsale Capital. Kinsale is a specialty insurer that has quietly become one of the most exceptional businesses in the financial sector by dominating the Excess & Surplus insurance market and insuring the risks no one else will touch. Since its 2016 IPO, the stock has compounded at 37% annually. Listen here: tinyurl.com/mv7cvhnn

Dive in here: intrinsicvalue.beehiiv.com/p/spot

Everyone agrees Spotify is a great product. The question is whether it is a great business. For years, margins were capped by powerful content suppliers. Now, operating margins are finally starting to inflect upward. What changed?

Catch the latest episode of The Intrinsic Value Podcast, where @Shawn_OMalley_ and @MnkeDaniel explore Spotify (SPOT), its growth, margins, and competition with YouTube, Apple, and Amazon. Learn how Spotify was born out of a vision to outcompete piracy, why music streaming margins are structurally constrained by label royalties, how Spotify is diversifying into podcasts and audiobooks, plus so much more! Listen: tinyurl.com/2vhz6kty Watch: youtu.be/xvc7dZMhMxc

He explores economic concepts like scarcity, supply and demand, optimization, specialization, efficiency, competition, and bubbles, illustrating them with real-world examples. Then he shifts to art and how narrative shapes investor decisions. Watch: youtu.be/iWw_GCQm87g

Join Kyle Grieve (@IrrationalMrkts) on today's episode as he discusses key mental models from economics and art and how they apply to investing and decision-making. Listen: tinyurl.com/2enu7vaa

He explores case studies like Ross Perot, Edward Gilbert, Atlantic Acceptance, and Gerry Tsai to reveal how incentives, momentum, and fraud can distort markets. The episode ultimately emphasizes timeless investing lessons around valuation discipline, skepticism, and aligning incentives with long-term outcomes. Watch the full episode: youtu.be/ptW1CbiVkLk

In today’s episode, Kyle Grieve (@IrrationalMrkts) discusses the speculative boom of the 1960s “Go-Go Years” as presented in John Brooks’ book, highlighting the dangers of euphoria, leverage, and financial engineering. Listen here: tinyurl.com/ttdm5brp

Dive in here: intrinsicvalue.beehiiv.com/p/kpg

The next 50-bagger rarely looks obvious. Kelly Partners Group is a serial acquirer with a proven playbook, now down 50% from its highs. Sentiment has flipped. The model has not. The question is whether the market is missing something.

Today on The Intrinsic Value Podcast, @MnkeDaniel and @Shawn_OMalley_ take a deep dive into Kelly Partners — a fast-growing Australian chartered accounting network with over 25,000 SME clients and founder Brett Kelly’s relentless ambition to build Australia’s first global accounting firm. Join Daniel and Shawn as they assess whether Kelly Partners has a sustainable moat, an attractive valuation, and whether Kelly Partners therefore deserves a spot in The Intrinsic Value Portfolio. Watch the full episode: youtu.be/zii-PxspGg8

Kyle also shares personal investing experiences and frameworks that blend VC thinking with value investing principles to identify asymmetric opportunities and long-term compounders. Watch the full episode: youtu.be/vw_qkjs36f8

In today’s episode, Kyle Grieve (@IrrationalMrkts) discusses lessons from venture capital that long-term value investors can apply to improve decision-making. He explores concepts such as power laws, network effects, de-risking investments, and the importance of holding high-potential businesses. Listen here: tinyurl.com/bda8pdn2