The Synopsis

• Interview. Investment Management in Practice with Baskin Wealth Management

  In this interview, we talked with Barry Schwartz and Ernest Wong from Baskin Wealth Management on their investing philosophy and we cover a great variety of businesses. We discuss if you can quality invest in the energy sector, high multiple stock valuations, Costco vs Transdigm, how to rebase expectations, and differences in management of a fund versus seperately managed accounts, as well as much more! We hope you enjoy!  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (0:51) —  Baskin Wealth Management and Investing in Great Companies (4:38) — Fund Structure versus Separately Managed Accounts (SMAs)  (12:12) — Where to Base Expecations?  (21:57) — Can you Quality Invest in Energy? (32:31) — How to Deal with Terminal Value, High Multiple Stocks  (39:08) — High ROIC companies with limited reinvestment runway (42:58) — Can you Overextract Consumer Surplus? Transdigm vs Costco (52:02) — Portfolio Allocation (55:17) — Mistakes and When Quality isn’t Quality, Paypal circa 2021  (1:06:19) — What Makes a Terrible Investor? (1:11:49) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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/

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  1:12:16
• Interview. Spotify Case Study and Learning from Lululemon's Sentiment Shift with MBI

  In this company focused interview, we talk with Abdullah Al-Rezwan, known on Twitter as Mostly Borrowed Ideas. We focus on just two companies: Spotify and Lululemon. In our Spotify segment we cover what an investor would have thought in 2021 about Spotify without the ex post facto analysis and walk through developments in the audio company up to current day. Our Lululemon discussion is centered around the recent shift in market sentiment on the business and how valid the adverse risks are.  You can find more about MBI and become a member to his research service here.  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro Spotify Case Study (3:29) — Spotify Background and Original Investment Thesis (14:38) — Comparisons to Netflix  (21:41) — Spotify Advantages and Industry Dynamics (30:42) — Summarizing the Spotify Thesis (46:12) — What an investor could have seen in 2021 (53:32) — Pricing Discrimination and Pricing Power (57:45) — Clarifying the Bull Case (1:01:03) — Spotify Progress in 2023 (1:11:32) — Tech Risk Exposure   Studying the Lululemon Drawdown and Sentiment Shift (1:19:24) — Shifting to Lululemon (1:22:54) — Bear critiques are cliche (1:26:33) — Why is the Business so Successful?  (1:34:00) — Lululemon Bear Case and Rebuttal (1:45:17) — Alo and Lulu Consumer Preferences (1:47:14) — Risk and Making a Decision on Lulu (1:56:45) — Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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/

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  1:57:57
• Article. Axon Business History

  In this episode of The Synopsis we read an excerpt from our extensive research report of Axon! If you prefer to read instead of listen to the memo, you can find access to the article below. Memo Link:  https://www.speedwellmemos.com/p/axon-business-history  Become a Speedwell Member or Purchase the Axon Single Report Here -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:25) –Memo Reading Starts (24:30) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- 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/

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  25:08
• Interview. Dollar Tree, Dating Apps, & Dynamics of Video Streaming Competition with The Science of Hitting Research

  In this company focused interview, we talk with The Science of Hitting's Alex Morris on the Dollar Tree, Netflix, Disney, Match Group, Airbnb, and Spotify, in addition to touching on thoughts around when to exit a postion and how to stay open to new information. The Science of Hitting Research (or TSOH for short) is an investment research service that provides subscribers in-depth analysis on public equities. Learn more about it here.  You can purchase Alex's new book, Buffett and Munger Unscripted, which curates decades of Berkshire Hathaway Annual Meeting wisdom here. *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro  (0:44) The Science of Hitting Research (5:01) Confidence in a Circle of Competence vs Consumer Fickleness (8:21) Dollar Tree: Does macro impacts mean the consumer value prop is weak? (32:17) SVOD, 21st Century Fox, and a Netflix Case Study (40:57) Why couldn’t Disney beat Netflix? (47:16) When stock valuations drive business operations (53:43) How to think about valuation and when to sell (1:06:44) Match Group and the Dating Industry (1:20:11) Airbnb thoughts and Brian Chesky's Moonshot (1:32:46) Mistakes, Spotify (1:39:40) Good News, Page 379 is Free, and I Don’t Know (1:41:43) Conclusion -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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/

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  1:42:17
• Dialogue. End of the Year Mailbag: Investing Myths, Mistakes, Evolution, and Etsy

  On this Dialogue episode of The Synopsis, we took notes on all of our listener questions and answered different ones instead. In this wide ranging discussion we talk about lessons from the most boring business we covered, investing myths, our research process, and, yes, our listeners' questions too. Enjoy!  For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:00) — 2025 Reports to Come (6:05) — Most Interesting Things about the Most Boring Company we Covered (8:22) — Intel, Pitons, Windows, and Etsy (12:35) — Business Most Worried About (24:13) — Investing Myths, LVMH, Risks (37:13) — The Research Process (48:41) — Evolution News on UK Gambling Commission (57:48) — Don’t Miss This, Podcast Growth Stats -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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/

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  1:00:01

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