The Intrinsic Value Podcast - The Investor’s Podcast Network

Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you'll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:24 - Why OTC Markets operates as a hidden monopoly, most investors have never heard of
00:03:08 - The three business segments generating recurring revenue from market infrastructure
00:09:09 - How OTCM's pricing power compares to other monopolistic businesses
00:14:54 - Why 130 employees can manage the infrastructure for over 12,000 securities
00:19:41 - What keeps customers so loyal
00:23:02 - How regulatory relationships create barriers to entry
00:46:22 - The surprising reason declining subscriber counts might not be concerning
00:51:00 - The exceptional unit economics that make Corporate Services so profitable
00:54:29 - Why management's capital allocation approach is so different from that of typical CEOs
01:11:54 - Whether this hidden infrastructure gem deserves a spot in your portfolio

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

BOOKS AND RESOURCES

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

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠⁠here⁠⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Track ⁠⁠The Intrinsic Value Portfolio⁠⁠.

Learn more about OTC Markets Group on their IR.

Listen to an interview with CEO, Cromwell Coulson.

Follow Kyle on ⁠⁠⁠⁠X⁠⁠⁠⁠ and ⁠⁠⁠⁠Linkedin⁠⁠⁠⁠.

Follow Shawn on ⁠⁠⁠X⁠⁠⁠ and ⁠⁠⁠Linkedin⁠⁠⁠.

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Shawn O'Malley and Daniel Mahncke explore CoStar Group (ticker: CSGP), the dominant provider of commercial real estate data and analytics, and assess whether the company's massive $5 billion bet on Homes.com can successfully crack the residential real estate market dominated by Zillow, or whether this ambitious expansion will destroy shareholder value.

IN THIS EPISODE YOU’LL LEARN:
00:00:00 - Intro
00:01:42 - Why the company has delivered nearly 60 consecutive quarters of double-digit revenue growth
00:09:17 - How CoStar built a dominant, near-monopoly position in commercial real estate data and analytics
00:18:30 - How CoStar generates roughly 50% profit margins on its core B2B business
00:44:12 - What makes CoStar's data moat so durable and difficult for competitors to replicate
00:48:12 - How the company's acquisition-driven strategy has fueled decades of growth
00:56:22 - Why CoStar is investing $5 billion into Homes.com to take on Zillow and Realtor.com
00:58:21 - Competitive landscape in the residential real estate marketplace
01:08:41 - Whether CoStar's massive residential bet will pay off or destroy shareholder value
01:23:57 - How Shawn and Daniel value CoStar and whether CSGP belongs in the portfolio

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

BOOKS AND RESOURCES

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

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠⁠here⁠⁠⁠.

Join the exclusive ⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

Track ⁠The Intrinsic Value Portfolio⁠.

Costar pitch on the ⁠Value Investors Club⁠.

Drew Cohen’s⁠ podcast on CoStar⁠.

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Follow Shawn on ⁠⁠X⁠⁠ and ⁠⁠Linkedin⁠⁠.

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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 - Intro00:04:38 - The key thesis behind Exor00:15:37 - The key thesis behind TransDigm and our thoughts on Copart00:29:45 - The key thesis behind Reddit00:40:28 - The key thesis behind Airbnb00:57:58 - The key thesis behind Universal Music Group01:06:04 - Our thoughts on Trade Desk01:20:04 - Our thoughts on FICO01:29:10 - Our thoughts on Nintendo

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

BOOKS AND RESOURCES

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

Learn how to join us in Omaha for the Berkshire meeting ⁠⁠here⁠⁠.

Join the exclusive ⁠⁠⁠TIP Mastermind Community⁠⁠⁠ to engage in meaningful stock investing discussions with Stig, Shawn, Kyle, Daniel, and the other community members.

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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Browse through all our episodes (complete with transcripts) ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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This week, Shawn and Daniel won't be releasing an episode as usual, but they will be back next Sunday with a new co-host joining them to help break down companies for The Intrinsic Value Portfolio. Plus, Shawn & Daniel are moving over to the main podcast feed for The Investor's Podcast.

You can still find all of their weekly stock breakdowns here on Sundays, but if you head over to The Investor's Podcast, you'll be able to access their episodes four days sooner!

The link to the new podcast feed, where you can access episodes from Shawn & Daniel earlier, is below.

https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP?si=e31f1a3933da46f4
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Daniel Mahncke and Shawn O'Malley take a deep dive into four companies operating in the shadow of one of the greatest compounders of the last two decades — Constellation Software. Some investors believe that Topicus, Lumine, Sygnity, and Asseco Poland represent the best way to own the CSI model today, while others argue that the spinoffs lack the institutional depth and deal flow of the mother ship. Join Daniel and Shawn as they assess which of these mini-Constellations has the most compelling setup, and whether any of them deserve a spot in the portfolio.

IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:01:12 - Why smaller VMS companies are interesting
00:09:23 - How the law of large numbers shifts CSU’s focus
00:11:04 - About Topicus and why it's the closest copy of CSU
00:14:57 - Why VMS is so attractive for acquirers
00:31:13 - Lumine and its focus on the media and communication vertical
00:44:16 - Sygnity and its new chapter
01:03:51 - Asseco Poland and why it might be a the next Topicus
01:11:40 - Whether Shawn and Daniel add a Mini Constellation to the portfolio

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Sign up for ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Learn how to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠join us⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Track ⁠⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠⁠.

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

Outsiders’ Corner Asseco Writeup.

Outsider’s Corner Asseco Writeup No.2.

Alankrit Capital Sygnity Writeup.

Seeking Winners Lumine Writeup.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠Transdigm⁠⁠⁠⁠, ⁠⁠⁠⁠Salesforce⁠⁠⁠⁠, ⁠⁠⁠⁠Berkshire Hathaway⁠⁠⁠⁠, ⁠⁠⁠⁠FICO⁠⁠⁠⁠, ⁠⁠⁠⁠PayPal,⁠⁠⁠⁠ ⁠⁠⁠⁠Uber⁠⁠⁠⁠, ⁠⁠⁠⁠Nike⁠⁠⁠⁠, ⁠⁠⁠⁠Amazon⁠⁠⁠⁠, ⁠⁠⁠⁠Airbnb⁠⁠⁠⁠, ⁠⁠⁠⁠Alphabet⁠⁠⁠⁠.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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