The Intrinsic Value Podcast - The Investor’s Podcast Network

Daniel Mahncke and Shawn O’Malley break down Amazon (ticker: AMZN), one of the most transformative companies of the modern era — a business that started as an online bookstore and ended up reshaping global commerce, cloud computing, and digital infrastructure. From innovating retail logistics to building the backbone of the internet through AWS, Amazon has changed the way the world shops and interacts with technology — and it’s not slowing down. 

In this episode, you’ll learn how Amazon evolved from a retail disruptor into a multi-engine platform business, how AWS and advertising became its primary profit drivers, how the company is navigating massive AI investments and expanding into satellite internet with Project Kuiper, and whether the current valuation reflects the next leg of growth — plus plenty more along the way.



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



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro
03:20 - How Bezos built Amazon and its Culture
13:32 - How Amazon’s Flywheel works
18:46 - How Amazon built one of the largest Advertising businesses in the world
27:19 - What AWS is and what role it plays for Amazon
39:09 - The Dynamics of the e-commerce business and competition
43:44 - Whether Amazon Devices can turn into a success story after all
51:01 - What position Amazon is taking in AI
58:20 - What impact Kuiper could have on Amazon’s business
1:08:46 - How Amazon performed in times of tariffs and immense capex spend

1:27:56 - Whether Amazon is attractively valued at its current levels

1:29:29 - Whether Shawn & Daniel add AMZN to The Intrinsic Value Portfolio



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



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠⁠.

Sign Up for The Intrinsic Value Community.


The Investor’s Podcast on Amazon’s Story.


Quartr’s Overview of Amazon.

The Shareholder Letters of Jeff Bezos.


Clayton Christensen's The Innovator’s Dilemma.

Amazon CEO Andy Jassy Interview at the Harvard Business Review.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠Nintendo⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Airbnb⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠AutoZone⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Alphabet⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠Ulta⁠⁠⁠⁠⁠, ⁠⁠⁠⁠⁠John Deere⁠⁠⁠⁠⁠, and ⁠⁠⁠⁠⁠Madison Square Garden Sports⁠⁠⁠⁠⁠.

Check out the books mentioned in the podcast ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠.




NEW TO THE SHOW?


Follow our official social media accounts: ⁠⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Instagram⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Facebook⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠TikTok⁠⁠⁠⁠⁠.

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

Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠⁠.




SPONSORS

Support our free podcast by supporting our sponsors:

• CFI Education

• Airbnb


Connect with Shawn: ⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠

Connect with Daniel: ⁠⁠⁠⁠⁠Twitter⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠Email⁠⁠⁠⁠⁠



HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠⁠rating and review⁠⁠⁠⁠⁠ on ⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Shawn O’Malley and Daniel Mahncke break down Shopify (ticker: SHOP), a leading e-commerce platform company enabling e-commerce merchants across the world to seamlessly manage nearly every part of their business in one place. Shopify has been locked in a power struggle with Amazon, as the two present distinct visions for the future of e-commerce: Amazon tries to pull merchants to its marketplace and to conform with its standardized shopping experience, while Shopify empowers merchants to manage their own websites that go direct-to-consumer.

In this episode, you’ll learn how Shopify started humbly as a snowboard website, what makes Shopify such a killer app, how Shopify and Amazon compete but also have found ways to strategically co-exist, why Shopify may have multiple moats working to its advantage, and whether Shopify is attractively valued given its compelling growth prospects, plus so much more!



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



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

05:30 - Why the enterprise software market was ripe for disruption.

10:50 - Shopify’s origin story as a simple snowboard website in Canada.

14:47 - How Shopify’s value proposition differs from Amazon.

36:42 - Why Shopify abandoned its logistics business just one year after making a major acquisition.

42:42 - How Shopify has responded to Amazon encroaching on its turf.

01:01:38 - What to make of Shopify’s share split and ownership structure.

01:12:28 - Why Shopify’s growth story may only be just beginning.

01:16:32 - Whether Shawn & Daniel add SHOP to The Intrinsic Value Portfolio.

And much, much more!


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



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠⁠.

Business Breakdowns podcast on Shopify.

Quartr’s overview of Shopify.

Clayton Christensen's The Innovator’s Dilemma.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠Nintendo⁠⁠⁠⁠, ⁠⁠⁠⁠Airbnb⁠⁠⁠⁠, ⁠⁠⁠⁠AutoZone⁠⁠⁠⁠, ⁠⁠⁠⁠Alphabet⁠⁠⁠⁠, ⁠⁠⁠⁠Ulta⁠⁠⁠⁠, ⁠⁠⁠⁠John Deere⁠⁠⁠⁠, and ⁠⁠⁠⁠Madison Square Garden Sports⁠⁠⁠⁠.

Check out the books mentioned in the podcast ⁠⁠⁠⁠here⁠⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠.




NEW TO THE SHOW?


Follow our official social media accounts: ⁠⁠⁠⁠X (Twitter)⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Instagram⁠⁠⁠⁠ | ⁠⁠⁠⁠Facebook⁠⁠⁠⁠ | ⁠⁠⁠⁠TikTok⁠⁠⁠⁠.

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

Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠⁠TIP Finance⁠⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠⁠favorite Apps and Services⁠⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠⁠best business podcasts⁠⁠⁠⁠.




SPONSORS

Support our free podcast by supporting our ⁠sponsors⁠:



CFI Education



Airbnb





Connect with Shawn: ⁠⁠⁠⁠Twitter⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Email⁠⁠⁠⁠

Connect with Daniel: ⁠⁠⁠⁠Twitter⁠⁠⁠⁠ | ⁠⁠⁠⁠LinkedIn⁠⁠⁠⁠ | ⁠⁠⁠⁠Email⁠⁠⁠⁠



HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠⁠rating and review⁠⁠⁠⁠ on ⁠⁠⁠⁠Spotify⁠⁠⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Daniel Mahncke and Shawn O’Malley break down Visa (ticker: V), the global payments powerhouse that acts as the invisible engine behind billions of transactions every day. Visa doesn’t issue cards, lend money, or handle customer accounts — instead, it operates the network that connects banks, merchants, and consumers in over 200 countries.

Whether you’re tapping your card for a coffee, shopping online, or sending money abroad, there’s a good chance Visa is taking a small slice behind the scenes. Visa is to the global economy what highways are to cars — an essential infrastructure layer that makes modern commerce move.



In this episode, you’ll learn how Visa evolved from a consortium of banks to a dominant public company, how it defends its massive competitive moat, where growth will come from beyond traditional card payments, whether emerging technologies like account-to-account payments pose a real threat, how to think about Visa’s valuation, plus so much more!



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



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro
03:04 - How Visa’s business model works and how it earns money from transactions17:49 - Why every player in the payment process needs Visa26:54 - Visa’s origin story and how BofA’s BankAmericard changed banking forever55:36 - Where Visa’s growth will come from in the future47:50 -  What are Visa’s Value Added Services and New Flows57:44 - Why Visa’s Moat is so impenetrable1:01:31 - Who are Visa’s competitors and what are the overarching risks1:10:07 - Whether Visa is attractively valued at current levels1:19:10 - Whether Shawn & Daniel add V to The Intrinsic Value Portfolio



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



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠.

Visa’s latest Annual Report.

Book to understand Payments: The Pay Off.

The Acquired Podcast on Visa.

Visa Investor Day 2025 Presentation.

Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠Nintendo⁠⁠⁠, ⁠⁠⁠Airbnb⁠⁠⁠, ⁠⁠⁠AutoZone⁠⁠⁠, ⁠⁠⁠Alphabet⁠⁠⁠, ⁠⁠⁠Ulta⁠⁠⁠, ⁠⁠⁠John Deere⁠⁠⁠, and ⁠⁠⁠Madison Square Garden Sports⁠⁠⁠.

Check out the books mentioned in the podcast ⁠⁠⁠here⁠⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠Premium Feed⁠⁠⁠.




NEW TO THE SHOW?


Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠.

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

Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠TIP Finance⁠⁠⁠.

Enjoy exclusive perks from our ⁠⁠⁠favorite Apps and Services⁠⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠.




SPONSORS
Support our free podcast by supporting our sponsors:

• CFI Education
• ⁠Airbnb



Connect with Shawn: ⁠⁠⁠Twitter⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Email⁠⁠⁠

Connect with Daniel: ⁠⁠⁠Twitter⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Email⁠⁠⁠



HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ on ⁠⁠⁠Spotify⁠⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Shawn O’Malley and Daniel Mahncke break down Adobe (ticker: ADBE), a leading software company providing end-to-end solutions for creative professionals, from design and creation to marketing and performance measurement. Through apps like Photoshop and After Effects, Adobe offers an industry-leading suite of productivity tools for creatives, including freelancers designers, Hollywood design studios, and everyone inbetween. Excel is to the financial world as Adobe is to the creative world, you might say.

In this episode, you’ll learn how Adobe grew out of a garage and became tangled with Apple early on, how the company transitioned to a cloud-based subscription model, whether AI risks to Adobe’s business are overstated, how Adobe is implementing AI into its tool, whether Adobe is as attractively valued as it seems, plus so much more!



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



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

00:43 - Adobe’s origin story and how it was created out of a garage.

07:24 - What were Adobe’s first few popular products and how Apple elevated Adobe’s business.

16:02 - Why Adobe transitioned to a subscription-based business model in 2013.

19:36 - Why the market has soured on Adobe’s otherwise wonderfully profitable and growing business.

24:40 - How Adobe is responding to Canva, Figma, and disruptions from AI.

39:32 - What Adobe is doing to keep the next generation of designers using its products.

01:04:50 - The biggest risks to Adobe’s continued dominance.

01:07:41 - Whether Adobe is attractively valued at its current beaten down levels.

01:16:22 - Whether Shawn & Daniel add ADBE to The Intrinsic Value Portfolio.

And much, much more!



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



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠The Intrinsic Value Newsletter⁠⁠.

From Quartr’s Insights blog: Adobe: Equipping the Architects of Digital Expression.

Adobe’s Investor Day Summit.

Value Investor’s Club pitch for Adobe.

Never Sell podcast on Adobe.

Check out our previous Intrinsic Value breakdowns: ⁠⁠Nintendo⁠⁠, ⁠⁠Airbnb⁠⁠, ⁠⁠AutoZone⁠⁠, ⁠⁠Alphabet⁠⁠, ⁠⁠Ulta⁠⁠, ⁠⁠John Deere⁠⁠, and ⁠⁠Madison Square Garden Sports⁠⁠.

Check out the books mentioned in the podcast ⁠⁠here⁠⁠.

Enjoy ad-free episodes when you subscribe to our ⁠⁠Premium Feed⁠⁠.




NEW TO THE SHOW?


Follow our official social media accounts: ⁠⁠X (Twitter)⁠⁠ | ⁠⁠LinkedIn⁠⁠ | ⁠⁠Instagram⁠⁠ | ⁠⁠Facebook⁠⁠ | ⁠⁠TikTok⁠⁠.

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

Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠TIP Finance⁠⁠.

Enjoy exclusive perks from our ⁠⁠favorite Apps and Services⁠⁠.

Learn how to better start, manage, and grow your business with the ⁠⁠best business podcasts⁠⁠.




SPONSORS

Support our free podcast by supporting our ⁠⁠sponsors⁠⁠:⁠⁠



CFI Education



Airbnb





Connect with Shawn: ⁠⁠Twitter⁠⁠ | ⁠⁠LinkedIn⁠⁠ | ⁠⁠Email⁠⁠

Connect with Daniel: ⁠⁠Twitter⁠⁠ | ⁠⁠LinkedIn⁠⁠ | ⁠⁠Email⁠⁠



HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠rating and review⁠⁠ on ⁠⁠Spotify⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Daniel Mahncke and Shawn O’Malley break down Mercedes-Benz (ticker: MBG), one of the world’s most iconic automakers known for luxury, engineering, and performance. From the invention of the automobile to perfecting the engineering craft, Mercedes has shaped the way the world moves — and it wants to continue to do so, now with a stronger focus on EVs and in-car technology.



In this episode, you’ll learn how Mercedes grew out of the industrial revolution and invented the modern car, how its legacy and brand power influence the company’s strategy today, how it's navigating the shift to electrification and digital software, whether Chinese EV competition is an existential threat, how Mercedes plans to monetize its own operating system, and whether the stock’s high dividend yield and low valuation make it a hidden gem — plus plenty more along the way.



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



IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro

11:40 - Mercedes’ origin story and how it built the first automobile

18:21 - How Mercedes dominated motorsports

24:53 - How Mercedes makes money and what business segments they have

31:22 - Why Mercedes’ EQ lineup has failed

32:40 - What Mercedes has changed for the new EVs

37:06 - How the industry and competitive landscape have changed

43:31 - What role China plays and how Mercedes is performing in China

58:38 - Whether Mercedes is attractively valued at its current beaten-down levels

59:35 - How Mercedes performed recently and what KPIs matter most

1:01:02 - Whether Shawn & Daniel add MBG to The Intrinsic Value Portfolio

And much, much more!



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



BOOKS AND RESOURCES


Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠The Intrinsic Value Newsletter⁠.

Mercedes’ latest Annual Report.

CEO Ola Källenius 2022 interview on the Decoder Podcast.

Value Investor’s Club Pitch on Mercedes.

Check out our previous Intrinsic Value breakdowns: ⁠Nintendo⁠, ⁠Airbnb⁠, ⁠AutoZone⁠, ⁠Alphabet⁠, ⁠Ulta⁠, ⁠John Deere⁠, and ⁠Madison Square Garden Sports⁠.

Check out the books mentioned in the podcast ⁠here⁠.

Enjoy ad-free episodes when you subscribe to our ⁠Premium Feed⁠.




NEW TO THE SHOW?


Follow our official social media accounts: ⁠X (Twitter)⁠ | ⁠LinkedIn⁠ | ⁠Instagram⁠ | ⁠Facebook⁠ | ⁠TikTok⁠.

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

Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠TIP Finance⁠.

Enjoy exclusive perks from our ⁠favorite Apps and Services⁠.

Learn how to better start, manage, and grow your business with the ⁠best business podcasts⁠.




SPONSORS

Support our free podcast by supporting our ⁠sponsors⁠:


⁠CFI Education⁠

⁠Airbnb⁠


Connect with Shawn: ⁠Twitter⁠ | ⁠LinkedIn⁠ | ⁠Email⁠

Connect with Daniel: ⁠Twitter⁠ | ⁠LinkedIn⁠ | ⁠Email⁠



HELP US OUT!

Help us reach new listeners by leaving us a ⁠rating and review⁠ on ⁠Spotify⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 
Learn more about your ad choices. Visit megaphone.fm/adchoices
Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm