In this Dialogue episode of The Synopsis, we give an update on Perimeter Solutions and Dream Finders Homes after 1Q25 earnings. Check out our written business updates for $DFH and $PRM below!

Dream Finders Homes 1Q25 Business Recap

Perimeter Solutions 1Q25 Business Recap

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Show Notes

(0:00) — Intro

(1:09) — Perimeter Solutions 1Q25 Recap

(25:41) — Dream Finders Homes 1Q25 Recap

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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 DFH and PRM. Furthermore, accounts one or more contributors advise on may also have a position in DFH and PRM. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Meta and Coupang after 1Q25 earnings. We also make some comments post Airbnb new summer announcement. Check out our written business updates for $META and $CPNG below!

Meta 1Q25 Update

Coupang 1Q25 Update

Meta Company Deep Dive Podcast Episode (Apple, Spotify)

Coupang Company Deep Dive Podcast Episode (Apple, Spotify)

Last Memo Published: The Invisible Competitor

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Show Notes

(0:00) — Airbnb Comments post Announcement

(1:53) — Meta 1Q25 Update

(24:03) — Growth Vectors

(29:26) — Coupang 1Q25 Update

(42:37) — Forex Considerations with Investing

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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 CPNG and META. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and META. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

In this Dialogue episode of The Synopsis, we give an update on Airbnb after 1Q25 earnings. Check out our written business updates for $ABNB below!

Airbnb 1Q25 Business Update

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Show Notes

(0:00) Intro

(1:49) — Airbnb High Level Update

(6:40) — Diatribe on Sell-Side Analyst Q&A

(9:00) — Airbnb Growth Slowdown and Macro

(22:30) — Airbnb’s New Businesses

(29:30) — Valuation, Mature Margin Defense

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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. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

On this Dialogue episode of The Synopsis, we give an update on CoStar Group and Evolution after 1Q25 earnings. Check out our written business updates for $CSGP and $EVO below!

CoStar Group 1Q25 Business Update

Evolution 1Q25 Business Update

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Show Notes

(0:00) Intro

(1:05) — William deGale Interview Comments

(6:50) — CoStar Update, Growth vs S&M

(25:11) — Importance of BoD, Capital Allocation Committee

(33:23) — Evolution Update, Revenue Growth Deceleration

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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 CSGP and EVO. Furthermore, accounts one or more contributors advise on may also have a position in CSGP and EVO. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/

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.

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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

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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

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*Become a Speedwell Member or Purchase the Airbnb Single Report Here*

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Show Notes

(0:00) – Intro

(0:40) –Memo Reading Starts

(13:45) – Upcoming!

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Speedwell Research's main website can be found here.

Find Speedwell's free newsletter here.

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Threads: @speedwell_research

Email us at info@speedwellresearch.com for any questions, comments, or feedback

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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/

In this interview we talk to Simon Kold, author of On the Hunt for Great Companies. We talk about creating value versus extracting it, network effects, as well as specific businesses like Dolby Atmos and Ryanair. We hope you enjoy!

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~Speedwell Mentioned Memos~

The Piton Network: Decisions that Simultaneously Support and Limit the Future Decision Space

What is a Fair Investment Assumption?

What is a Great Business?

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Show Notes

(0:00) — Why Look for Great Companies

(4:27) — Becoming a Great Company, Amazon

(10:00) — Dolby Atmos

(19:21) — Value Extraction

(33:48) — Valuation Framework

(45:43) — Airline’s a Great Businesses?

(54:18) — Epistemology

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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/

On this Dialogue episode of The Synopsis, we talk about the the potential impact of tarifs and the trade war, in addition to a RH 4Q24 Business Update.

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Show Notes

(0:00) — Macro, Trade War, and Tarrifs

(10:24) — RH 2024 Overview

(16:19) — Worst Case Downside Scenario, Tariffs, Debt

(28:40) — Large Stock Repurchase

(33:22) — Upside and Why RH is Special

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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 RH. Furthermore, accounts one or more contributors advise on may also have a position in RH. This may change without notice. Please see our full disclaimers here: https://speedwellresearch.com/disclaimer/