The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O’Malley cover their first restaurant stock. Although one could argue it isn’t really a restaurant business at all. McDonald’s (NYSE: MCD) is the landlord behind $139 billion of yearly sales across roughly 46,000 restaurants. About 95% of those restaurants are run by franchisees, who paid McDonald’s around $10.4 billion in rent and $6 billion in royalties last year. That means about 91% of McDonald’s restaurant-level profit comes from collecting rent and royalties, not from selling burgers. 

Daniel and Shawn explain how Ray Kroc took over McDonald’s and came up with the real estate plans with his business partner Sonneborn. They also cover how Bill Ackman’s 2005 refranchising plan was rejected by management, then carried out a decade later by Steve Easterbrook, the CEO who was later fired and handed back $105 million. They look at why franchisees are currently pushing back, and what the roughly $8.5 billion of rent relief and remodel support announced at the September investor day means for shareholders. They also ask whether GLP-1 drugs can be a terminal risk for McDonald’s. In the end, they walk through the valuation model and decide whether the world’s most famous landlord is worth its price, and whether McDonald’s earns a spot in The Intrinsic Value Portfolio.



IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:00:31) About McDonald’s journey to a global franchise

(00:09:41) Why and how McDonald’s turned into a real estate company

(00:19:46) How McDonald’s actually makes money

(00:24:14) How the franchising business works

(00:25:07) Why McDonald’s wants to sell more restaurants

(00:44:23) How GLP-1 drugs change the business

(01:14:13) Valuation discussion

(01:16:49) What MCD’s stock is worth

(01:20:03) Whether MCD will be added to The Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠Apply for The Intrinsic Value Mastermind⁠⁠.

If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: ⁠⁠Apply for The Mastermind: Inner Circle⁠⁠.

Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠⁠⁠Submit Tool⁠⁠⁠.

McDonald’s Investor Day.

McDonald’s Investor Relations.

Check out Jeff Nippard – Peptides.

Check out our previous Intrinsic Value breakdowns Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.

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In today's episode, Kyle Grieve and Shawn O’Malley discuss whether Airbnb’s recent slowdown was a warning sign or just building the groundwork for its next growth phase. They explore how a company that owns no homes built one of travel’s strongest brands, and why AI agents could threaten or strengthen it. You’ll also learn how Brian Chesky’s founder-led approach and new growth levers are shaping the business’s future.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:10:11) Why Airbnb barely noticed when it shut off advertising

(00:15:46) What really caused Airbnb’s growth and cash flow slowdown

(00:27:09) How Airbnb is winning market share from competitors

(00:29:28) Why AI chatbots could become travel’s new gatekeepers

(00:31:19) The asset no competitor can buy, no matter their budget

(00:39:30) The hidden trade-off behind Airbnb’s Reserve Now, Pay Later

(00:51:17) Why Brian Chesky’s “founder mode” reshaped how Airbnb operates

(01:09:33) The fast-growing countries that could fuel Airbnb for decades

(01:13:11) How hotels became Airbnb’s backdoor customer acquisition channel

(01:17:46) Valuation discussion

(01:20:24) Intrinsic value of Airbnb

(01:22:19) Whether Kyle & Shawn will add to their Airbnb position in the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: ⁠Apply for The Intrinsic Value Mastermind⁠.

If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: ⁠Apply for The Mastermind: Inner Circle⁠.

Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Portfolio Review ⁠⁠Submit Tool⁠⁠.

Our original pitch on Airbnb.

Check out our previous Intrinsic Value breakdowns: Restoration Hardware, FICO, Copart.

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Shawn O’Malley and Daniel Mahncke revisit Shopify (NASDAQ: SHOP) fifteen months after Shawn pitched it, called it one of the best businesses they’d ever studied, and recommended passing on the stock at around $80 per share. Since then, the stock has nearly doubled, gross merchandise volume has grown more than 30% for five straight quarters, 2025 revenue rose 30% to over $11.5 billion, and Shopify paid off its convertible notes and launched its first-ever buyback program, now totaling $5 billion.

Shawn and Daniel grade their original analysis: what they got right about the business, what they got wrong about the numbers, and whether the decision-making process itself was flawed. They dig into how Shopify became central to agentic commerce through its Catalog of over a billion products, the Universal Commerce Protocol it co-developed with Google, and agentic storefronts inside ChatGPT, Gemini, and Copilot. They also cover Amazon blocking Meta’s Muse agent while Shopify partnered with it, the bear case that merchants will vibe-code their own stores, Sidekick’s rapid adoption, and whether a great business is worth owning at 112 times operating profits.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:00:57) How to grade an investment decision without falling for hindsight bias

(00:07:05) What Shawn and Daniel got right and wrong when they passed on Shopify in 2025

(00:13:55) How Shopify sustained more than 30% GMV growth for five straight quarters

(00:15:10) Why Shopify merchants captured nearly half of all new U.S. e-commerce dollars

(00:24:55) Valuation discussion of Shopify

(00:33:43) What agentic commerce is and how Shopify’s Catalog and Universal Commerce Protocol power it

(00:50:52) Why AI shopping may favor independent brands over Amazon and Etsy

(01:01:57) Why merchants are unlikely to vibe-code their way off Shopify

(01:10:38) What Ben Graham’s P/E matrix says Shopify is worth today

(01:13:52) Whether Shawn and Daniel will add Shopify to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: ⁠Apply for The Intrinsic Value Mastermind⁠.

If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: ⁠Apply for The Mastermind: Inner Circle⁠.

Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Our original podcast deep-dive on Shopify.

Shopify’s Q2 2026 results.

Shopify’s Spring ’26 Edition: Selling everything, everywhere, all at once.

Tobi Lütke on Uncapped with Jack Altman (#50).

Ben Thompson’s Stratechery interview with Michael Morton on e-commerce in the age of AI.

Shopify’s Tinker announcement and “Commerce at the speed of culture” data study.

Shopify at the Goldman Sachs Communacopia + Technology Conference (September 2026).

The Graham-Dodd P/E Matrix.

Our updated Shopify valuation model.

Check out our previous Intrinsic Value breakdowns: Amazon, Sea Limited, Mercado Libre, Coupang.

Portfolio Review ⁠⁠Submit Tool⁠⁠.

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References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Daniel Mahncke and Shawn O'Malley follow up last year's TransDigm pitch with the biggest monopoly in aviation: GE Aerospace (NYSE: GE), the engine maker behind nearly three out of every four commercial flights in the world. With roughly 50,000 commercial and 30,000 military engines in service, GE has the largest installed engine base worldwide. That’s the reason Chris Hohn bets about 30% of his $50+ billion portfolio on it.

Daniel and Shawn dig into the mechanism behind how GE sells its engines at roughly zero margin because every engine comes back as three and a half times its sale price in spare parts and shop visits over 25 to 30 years. They also cover the Cold War deal that put a GE engine core in a locked room in France, how Larry Culp turned a company Nelson Peltz was sure would file for Chapter 11 into three companies worth more than $600 billion, and whether Heico's copycat parts and the regulators now circling the engine aftermarket can dent the pricing. In the end, they walk through the valuation model and decide whether the best business in aviation is worth its price — and whether GE earns a spot in The Intrinsic Value Portfolio.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:03:40) About the history of aviation and GE

(00:14:22) Why engines became a political product

(00:23:26) What makes GE such a great compounder

(00:24:26) Why the aftermarket is so attractive

(00:25:46) Why GE is the pinnacle of aerospace

(00:52:21) How CEOs destroyed and turned around the business

(01:01:50) What GE’s stock is worth

(01:10:08) Whether GE will be added to The Intrinsic Value Portfolio



Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



BOOKS AND RESOURCES


If you are interested in a Community for investors to learn, share ideas, network, and join calls with experts: Apply for The Intrinsic Value Mastermind.

If you are interested in more personal meet-ups, meeting superinvestors, and discussing investing and things that go beyond: Apply for The Mastermind: Inner Circle.

Track ⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Check out Rijinkberg Investing.

Culp Capital Group Interview.

⁠Investing Breakdown’s Episode.

Check out our previous Intrinsic Value breakdowns Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.

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In today's episode, Kyle Grieve and Shawn O’Malley discuss Aritzia, the everyday luxury fashion brand that has become one of retail's most impressive compounders. They explore how a small boutique in the corner of a department store grew into a brand with exceptional store-based economics, a spotless balance sheet, and a huge untapped opportunity across America. With the stock falling even as the business posts some of its best growth ever, they debate whether this is a rare chance to own a durable compounder or a hot brand nearing its peak.

IN THIS EPISODE YOU’LL LEARN:

(00:00:00) Intro

(00:01:41) What Lululemon's struggles reveal about investing in retail brands

(00:09:41) Why Aritzia's stores outsell most of their mall neighbours

(00:14:20) How Aritzia turned a tariff headache into rising margins

(00:20:20) Why some fashion brands fade while others keep compounding

(00:24:04) The one competitive advantage behind Aritzia's decades of growth

(00:47:28) Why management turned down cheap money when everyone else borrowed

(00:57:31) The biggest risk that could end Aritzia's run

(01:14:37) Valuation discussion on Aritzia

(01:19:08) Intrinsic value of Aritzia

(01:19:51) Whether Kyle & Shawn will add Aritzia to the Intrinsic Value Portfolio

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.



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