In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is an exceprt from our Evolution Research Report. Memo Link: https://www.speedwellmemos.com/p/evolution-business-history Become a Speedwell Member or Purchase the Evolution Single Report Here -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:18) –Memo Reading Starts (13:40) – Closing Comments -*-*-*-*-*-*-*-*-*...
Apr 05, 2024•14 min•Ep. 36
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "The Investment Matching Principle: How the Risk/ Return Profile Connects to Diversification" Memo Link: https://www.speedwellmemos.com/p/the-investment-matching-principle -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:07) –Memo Reading Starts (13:05) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Sp...
Mar 29, 2024•13 min•Ep. 35
In this company episode on Coupang, Speedwell Research draws on their extensive research report to cover everything from Founder Bom Kim's early foray into commerce with a Groupon-like business to an epic restructuring of the company just weeks away from IPOing that left them on the path to become the leading South Korean ecommerce business. Learn about how the South Korean competitve enviroment developed differently, as well as how Coupang managed to dominant after a capital-intensive pivot. We...
Mar 26, 2024•2 hr 14 min•Ep. 34
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Balancing Risk and Return: The Simple Statistics of Investing" Memo Link: https://www.speedwellmemos.com/p/balancing-risk-and-return-the-simple -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:33) –Memo Reading Starts (9:23) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain a...
Mar 22, 2024•10 min•Ep. 33
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "Metaphor Malware: The Clumsy Thinking that is Crippling your Business Understanding" Memo Link: https://www.speedwellmemos.com/p/metaphor-malware-the-clumsy-thinking -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (10:00) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwe...
Mar 15, 2024•10 min•Ep. 32
On this episode we talk about a memo of ours on what the cost of equity is, and how investors can practicially contextualize the question. The memo we draw on in this episode is called "How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity" and can be found here . -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:45) How Much Money Should I Make for Risking my Capital? (1:32) The Munchausen Trilemma (3:48) Relative vs Absolute Investors (11:38) How "Absolute Investor" is a M...
Mar 13, 2024•27 min•Ep. 31
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks memo is "If the Model Doesn't Work, Don't Fix It: A Look at Traditonal Apparel Retailers, Zara, and Shein" Memo Link: https://www.speedwellmemos.com/p/if-the-model-doesnt-work-dont-fix -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:05) –Memo Reading Starts (12:43) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase...
Mar 08, 2024•13 min•Ep. 30
In this episode of The Synopsis we read an excerpt from our Constellation Software research report, covering their Business History. If you prefer to read instead of listening to this article, you can find access to it below. Article Link: Speedwell Memos - Constellation Software Business History -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:13) – Article Reading Starts (9:25) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Constellation Research Report Purchase a Speedwell Membership to ...
Mar 01, 2024•10 min•Ep. 29
In this company episode on Constellation Software, Speedwell Research draws on their extensive research report to cover everything from Mark Leonard's early insight into the quality of Vertical Market Software Businesses to their unique operating structure. Investors can learn not only about the software business, but also about how Constellation Software has created a conglomerate of hundreds of companies through an impressive multi-decade acquistion spree, all while keeping capital allocation ...
Feb 28, 2024•1 hr 30 min•Ep. 28
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is If You Don't Know What Game You're Playing, You Already Lost Article Link: https://www.speedwellmemos.com/p/if-you-dont-know-what-game-youre -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (1:17) –Memo Reading Starts (13:14) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain a...
Feb 23, 2024•13 min•Ep. 27
On this episode we talk about a recent memo on how investors can influence businesses and what is difference between being a public versus private company. The memo we draw on is called "From Private to Public Markets: The Detrimental Impact of Investors' Expectations" and can be found here . We recently found out we have a *duplicate Spotify feed* and will be *removing* it this week. Please follow this correct Spotify feed just called "The Synopsis" to keep getting our content! -*-*-*-*-*-*-*-*...
Feb 20, 2024•29 min•Ep. 26
*Important* If you listen on Spotify, make sure you follow us on this Spotify feed . We just became aware there was a duplicate feed, which we are disconnecting next week. In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is From Public to Private Markets: The Detrimental Impact of Investors' Expectations Article Link: https://www.speedwellmemos.com/p/from-p...
Feb 16, 2024•21 min•Ep. 25
On our very first interview we talk with Mostly Borrowed Ideas in a wide spanning interview on Meta, Google, Microsoft, and investment decision quality. Mostly Borrowed Ideas writes a deep-dive on a publically traded company every month. You can find more out about him and his writings here . -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (2:37) Meta, Risks, Tiktok, ATT, Metaverse (26:22) Google, Sundar Pichai, Capital Allocation (33:52) Google Risks (46:59) What is a Great Business? (59:19) Owne...
Feb 14, 2024•1 hr 20 min•Ep. 24
On this episode we talk about how investment risks could impact an investment thesis through the lens of Etsy and Meta. We provide a short "timeless" update on both companies as well. -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Important Announcement (0:41) Intro (3:33) Etsy Value Prop, Issues, and Temu Read-through (16:41) Meta Risks and The One Thing Investors Needed To Be Sure Of (26:33) How to Gain Clarity with Meta Circa 2022 (34:20) Conclusion -*-*-*-*-*-*-*-*-*-*- Buy Meta Single Research Rep...
Feb 13, 2024•35 min•Ep. 23
In this episode of The Synopsis we read an excerpt from our 79 page Etsy Report, covering Etsy's Business History. If you prefer to read instead of listening to this article, you can find access to it below. Article Link: https://www.speedwellmemos.com/p/etsy-business-history -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Important Announcement (0:45) – Intro (1:36) – Article Reading Starts (30:31) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Purchase Etsy Research Report Purchase a Speedwell Membership ...
Feb 09, 2024•31 min•Ep. 22
Charlie Munger talks about the Latticework of Mental Models and how having exposure to many different disciplines helps gain insight into problems. Key to connecting different disciplines though, is the metaphor. This week, on The Synopsis, we talk about our two Piton Network business philosophy pieces. The Piton Network is our attempt to create a metaphor that furthers investors and analysts understanding of business and strategy. Our first memo is The Piton Network: Decisions that Simultaneous...
Feb 06, 2024•45 min•Ep. 21
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Meta-Optimizations: Knowing When a Business is Operating From Strength or Weakness Article Link: https://www.speedwellmemos.com/p/meta-optimizations-knowing-when-a *Please note that this memo builds off a concept introduced early in The Piton Network: Decisions that Simultaneously Support and Limit the Fut...
Feb 02, 2024•30 min•Ep. 20
This week on The Synopsis, we talk about a recent memo, "The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish". In this conversation we talk about Wish and what lessons we cannot draw from their lack of success. We also talk about our LTV and financial analaysis, as well as what Wish's value prop was compared to other competitors. You can read the Full Memo here . You can become a full Speedwell Research Member here . -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro ...
Jan 30, 2024•38 min•Ep. 19
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. There are several charts and excels in this memo that may be helpful to look at for more comprehensive understanding. This weeks article is The Future of Ecommerce That Wasn’t: An In-depth Look into What Went Wrong with Wish Article Link: https://www.speedwellmemos.com/p/the-future-of-ecommerce-that-wasnt -*-*-*-*-*-*-*-*-*-*- ...
Jan 26, 2024•30 min•Ep. 18
In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company's inception experimenting with a single roulette wheel to a global business with 60%+ margins. Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world ...
Jan 24, 2024•2 hr 13 min•Ep. 17
In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is 10 Lessons from Copart's 40 Years in Business: Learning from Willis Johnson and Jay Adair Article Link: https://speedwellsnippets.substack.com/p/10-lessons-from-coparts-40-years -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:55) – Memo Reading Starts (20:30) – Closing Comments -*-*-*-*-*-*-*-*-...
Jan 19, 2024•21 min•Ep. 16
This week on The Synopsis, we talk about a recent memo, "Google Shut the Door on Competition, AI Swung it Back Open". We cover some old threats to Google's Search dominance and how AI catalyzes them. This show is in our Dialogue format, which you can expect more of in the coming future. We hope you enjoy! You can read the Full Memo Here . -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) Intro (0:51) Memo background (3:10) Product Encroachment (9:12) Two Way Google Historically Competed (11:05) Form Funct...
Jan 15, 2024•36 min•Ep. 15
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Google Shut the Door on Competition, AI Swung it Back Open Article Link: https://speedwellsnippets.substack.com/p/google-shut-the-door-on-competition -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:44) - Housekeeping/ Upcoming (1:51) –Memo Reading Starts (28:16) – Closing Comments -*-*-*-*-*-*-*-*-*-*- ...
Jan 12, 2024•29 min•Ep. 14
In this episode of The Synopsis we read a Speedwell Research memo from our backlog. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Priced to Outperform Perfection: The Home Depot Circa 1999 Article Link: https://speedwellsnippets.substack.com/p/priced-to-outperform-perfection-the -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:45) – Housekeeping (1:33) – Memo Reading Starts (14:40) – Closing Comments -*-*-*-*-*-*-*-*-*-*- G...
Jan 09, 2024•13 min•Ep. 13
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is The Risk Circle: Deciding What Risks Matter and When Article Link: https://speedwellsnippets.substack.com/p/the-risk-circle-deciding-what-risks -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:47) –Memo Reading Starts (14:55) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's free newsletter: https://s...
Jan 05, 2024•15 min•Ep. 12
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is How Pies, Proofs, and Punch Cards Hold Key Insights into the Cost of Equity Article Link: https://speedwellsnippets.substack.com/p/how-pies-proofs-and-punch-cards-hold -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:46) –Memo Reading Starts (19:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwell's fr...
Dec 29, 2023•21 min•Ep. 11
In this episode of The Synopsis we read our weekly Speedwell Research memo. If you prefer to read instead of listen to the memo, you can find access to the article below. This weeks article is Understanding Modularity: How Apple, Bloomberg, and Amazon Kept Strategic Coherency Article Link: https://speedwellsnippets.substack.com/p/understanding-modularity-how-apple -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (0:49) –Memo Reading Starts (16:56) – Closing Comments -*-*-*-*-*-*-*-*-*-*- Speedwel...
Dec 22, 2023•18 min•Ep. 10
In this podcast on Floor & Decor, Speedwell Research covers everything from its founding as a single store in Atlanta, Georgia to becoming the leading hard surface flooring specialty chain retailer. We draw on Speedwell Research’s 57 page research report to teach not just about the flooring industry and Floor & Decor’s interlocking business model, but also about competitive dynamics and how to think about store level unit economics. We hope you enjoy! (Please note that for the first few ...
Dec 20, 2023•1 hr 29 min•Ep. 9
In this episode of The Synopsis we read an excerpt from our 63 page Walker & Dunlop Report. If you prefer to read instead of listening to this article, you can find access to it below. This weeks article is from the business history section of our Walker & Dunlop report. Article Link: https://open.substack.com/pub/speedwellsnippets/p/walker-and-dunlop-business-history?r=3jwcb&utm_campaign=post&utm_medium=web&showWelcome=true -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – Intro (2:...
Dec 15, 2023•23 min•Ep. 8
In this episode of The Synopsis we introduce a new episode format called, “Articles”. As the name suggests, this episode will be a reading of a memo written by Speedwell Research. If you prefer to read instead of listening to the memos, you can find access to the article below. On this first Articles episode, we are reading our business philosophy piece introducing the concept of the Piton and the Piton Network. This weeks article is The Piton Network: Decisions that Simultaneously Support and L...
Dec 08, 2023•20 min•Ep. 7
