The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

Daniel Mahncke, Shawn O'Malley, and Kyle Grieve take a closer look at the Intrinsic Value Portfolio and some of the high-priority watchlist companies. The episode covers high-conviction portfolio holdings such as Airbnb, Universal Music Group, Reddit, and Exor, as well as watchlist companies like FICO, Trade Desk, and Nintendo. They also cover companies that might need to leave the portfolio today. Candidates are TransDigm and Copart.

For each, the question is the same: what are the key points of the investment thesis, has the thesis held up, and does the current valuation still make sense?

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:05:10 - The key thesis behind Exor
00:16:16 - The key thesis behind TransDigm and our thoughts on Copart
00:33:05 - The key thesis behind Reddit
00:43:54 - The key thesis behind Airbnb
01:01:41 - The key thesis behind Universal Music Group
01:13:54 - Our thoughts on Trade Desk
01:27:42 - Our thoughts on FICO
01:36:40 - Our thoughts on Nintendo

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

BOOKS AND RESOURCES

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Join The Intrinsic Value Conference in Omaha this May 1, 2026!

Podcasts: Exor, TransDigm, Copart, Reddit, Airbnb, Universal Music Group, Trade Desk, FICO.

Newsletters: Exor, TransDigm, Copart, Reddit, Airbnb, Universal Music Group, Trade Desk, FICO.

Follow Daniel on X and Linkedin.

Follow Shawn on X and Linkedin.

Follow Kyle on ⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠.

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In this episode, William Green talks with Matthew McLennan, who oversees about $130 billion at First Eagle Investments. Matt is head of the firm’s Global Value team & a portfolio manager of its Global Value, Global Equity, International Value, International Equity & US Value strategies. Here, he explores how to build resilient wealth by patiently holding a “non-uniform” portfolio of scarce assets that should endure & prosper even in difficult conditions. This episode provides a time-tested survival strategy for investors looking to navigate this period of extreme uncertainty.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro00:02:14 - Why Matthew McLennan thinks investors should prepare for turmoil.00:17:43 - How to construct a resilient portfolio by thinking like a gardener.00:19:38 - Why Matt loves businesses with scarce assets in mundane industries.00:23:02 - Why survival is the key to investment success.00:23:33 - How cash & gold provide a ballast in the event of unexpected storms.00:26:28 - Why he’s wary of a highly concentrated investment strategy.00:51:07 - How patience has become a powerful edge in a hyperactive world.00:57:17 - How to build long-term success by focusing on process, not rewards.01:05:28 - How to think better by harnessing our right-brain capabilities.01:23:05 - Why “what’s hot today” is likely to produce terrible investment returns.01:25:10 - How studying wine & playing backgammon help him as an investor.01:29:04 - Why he favors a team-based approach, instead of being a lone wolf.

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

BOOKS AND RESOURCES

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Inquire about William Green’s ⁠⁠⁠⁠⁠⁠⁠Richer, Wiser, Happier Masterclass⁠⁠⁠⁠⁠⁠⁠.

Thucydides’ book, History of the Peloponnesian War.

Daniel Yergin’s book, The Prize.

John Cochrane’s book, The Fiscal Theory of the Price Level.

Peter Matthiessen’s book, The Snow Leopard.

Iain McGilchrist’s book, The Matter with Things.

David Galenson’s book, Old Masters and Young Geniuses.

Charles de Montesquieu’s book, The Spirit of the Laws.

Stephen Wolfram’s book, A New Kind of Science.

Winston Churchill’s book, My Early Life.

William Green’s book, Richer, Wiser, Happier.

Follow William Green on X.

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Kyle Grieve is joined by co-host Daniel Mahncke to discuss Wise PLC, a London-listed FinTech company that enables cheap and fast cross-border payments by matching local flows rather than moving money internationally through costly SWIFT networks.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:04:45 - The clever mechanism Wise uses to move money without actually crossing borders
00:09:14 - Why two Estonians at a London party ended up disrupting global banking
00:13:44 - How Wise earns revenue from four streams
00:21:44 - Which of Wise's three competitor industries is the most threatening and why
00:26:04 - How fast payments have become at Wise
00:42:12 - Why deliberately lowering your own prices can be a sign of business strength
01:08:12 - The flywheel that makes Wise harder to beat, the larger it grows
01:10:35 - What to make of the CEO controversy
01:23:51 - How Wise's capital allocation stacks up against Buffett's ultimate litmus test
01:30:26 - What the numbers suggest investors could earn holding Wise

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

BOOKS AND RESOURCES

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Kyle and Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!

Read about cross-border payments 101.

Read more on Wise, featured in Wall Street’s Blind Spots.

Listen to a conversation with Wise’s CEO, Kristo Käärmann.

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Kyle 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. 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.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:43 - The five investor archetypes and why behavior determines investing success
00:06:37 - How three key metrics identify truly skilled investors from lucky ones
00:09:36 - Why a 49% hit rate can still massively outperform the market
00:10:01 - How the best investors make 1.87x more on winners than losers
00:11:06 - Why riding winners longer matters more than finding the next great idea
00:12:59 - How different selling strategies suit different investing styles and timeframes
00:18:20 - Why losers consume disproportionate mental energy relative to portfolio weight
00:32:28 - How small position sizes allow larger losses without destroying overall returns
00:53:04 - Why changing your thesis to fit reality is a major red flag
01:07:40 - Why execution and position sizing matter as much as stock selection

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

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On today's episode, Clay is joined by Daniel Mahncke 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.

Clay and Daniel break down the DNA of this wonderful business, and if the recent drawdown in the stock is a compelling opportunity for value investors.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:03:32 - An overview of the insurance industry and how Kinsale fits into the bigger picture
00:17:32 - The durable competitive advantages that Kinsale has built
00:20:19 - The advantages of keeping underwriting in-house in the Excess & Surplus market
00:35:04 - What is driving Kinsale’s incredibly low combined ratio
00:39:29 - Why it’s focus on the E&S market and smaller accounts is a moat in itself
01:07:25 - Kinsale’s valuation and primary risks to monitor for investors

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

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Related Episode: TIP780: Top Stocks for 2026 w/ Shawn O'Malley, Daniel Mahncke, & Clay Finck.

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