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TIVP026: The Intrinsic Value Portfolio: Mid-Year Review w/ Daniel Mahncke & Shawn O’Malley

TIVP026: The Intrinsic Value Portfolio: Mid-Year Review w/ Daniel Mahncke & Shawn O’Malley

Episode 634

Daniel and Shawn step back for a mid-year review of the Intrinsic Value Portfolio, revisiting each holding to test the strength of their original theses and weigh what’s changed. From ride-hailing to beauty retail, this episode covers the full lineup: why Uber’s cross-sell flywheel and Waymo partnership reinforce its moat; how Alphabet’s latest earnings measure up against the growing threat of AI-native search; and why Reddit may succeed where Snapchat struggled, turning engagement into monetisation.


You’ll hear updates on Q1 earnings, commentary on management execution, and discussions on whether current valuations still offer upside or warrant trimming. They re-evaluate Airbnb’s evolving strategy as it expands into services and experiences, break down Ulta Beauty’s standout results, and revisit early convictions in new names like Nubank. They also debate the long-term outlook for consumer brands like Nike. Along the way, they reflect on where they’ve been right, where they’ve been early, and how to think about sizing, patience, and risk-reward in a concentrated portfolio.


Prefer to watch? Click ⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠ to watch this episode on YouTube.


IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

03:14 - Why the Ulta Beauty position was being trimmed

17:47 - How Alphabet is holding up against AI competition

28:10 - Why Uber could benefit from autonomous vehicles

58:57 - How Airbnb overcomes regulatory hurdles and expands into experiences

1:06:17 - How Adobe used the AI revolution to strengthen its ecosystem

1:10:10 - Why Reddit might become more of a second Meta than a second Snapchat

1:20:46 - How Nike could overcome the recent headwinds

1:27:39 - Why initiating a position in Nubank is worth the risks


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


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