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Shawn O'Malley and Daniel Mahnke break down Smith & Wesson (ticker: SWBI), an iconic firearms manufacturer with 170+ years of history. Smith & Wesson is no compounder, though. It's an okay business, at best, but Shawn and Daniel want to determine whether this often-overlooked stock is cheaply priced. In this episode, you'll learn how Smith & Wesson has navigated the volatile sales cycle in firearms, what factors can drive the biggest swings in firearms sales, whether Smith & Wesson's juicy dividend is sustainable, the biggest political and legal risks facing this company, what famous investor owns the stock, how Smith & Wesson shares can help an investor hedge societal disruptions, and whether Smith & Wesson is attractively valued on a normalized earnings basis plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:47 - The historic origins behind this company that predates the Civil War. 06:12 - Why “Sin” stocks can offer attractive returns from discounted valuations. 10:54 - What drives Smith & Wesson's business. 23:17 - How the company navigates a range of factors that can impact it, from regulation to litigation, that are largely beyond its control. 35:17 - How the company's relocation of its headquarters has added to its financial stress. 46:11 - The biggest challenges of investing in a “mean reversion” bet like Smith & Wesson. 01:01:15 - Whether Shawn & Daniel add SWBI to The Intrinsic Value Portfolio. 01:05:38 - Why Smith & Wesson may be a hedge against societal disruptions. 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. Sign Up for The Intrinsic Value Community. 2022 Value Investors' Club Pitch of Smith & Wesson. Link to Smith & Wesson's 2024 annual filing. Chit Chat Stocks' coverage of Smith & Wesson 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: 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
Jingles! Auto Zone, O'Reilly Auto Parts and Now Advance Hair! Tim's Santa Tattoo and Belly Chain // No Kings Day Protests. Chilling details emerge in Minnesota shootings as Vance Boelter faces federal charges: 'Stuff of nightmares'. The suspect in the shooting of 2 Minnesota lawmakers had a 'hit list' of 45 officials. // Conway new song “Conwayborough Fair” thanks Eric Lisardo. Within the past few minutes President Trump warned the citizens of Tehran to “immediately evacuate” on both his personal and White House social media accounts. The Israeli military has also warned residents to leave the Iranian capital. Although it is now early morning in Tehran, before the sun set thousands of cars were seen streaming out of the city. // Earlier today Israel struck an Iranian state-owned television station during what appeared to be a live broadcast shutting off communications to large parts of the country. Israel also claims it now controls the skies over Iran following a series of attacks that claimed the lives of four senior Iranian intelligence officials. // Wake Up Call Asronaut Nick Hague on at 6am with Amy King #VanceBoelter #MNLawmakers #NoKingsDay #Tehran #Trump
Almost a year to the day that that same Autozone was looted after a street takeoverSee omnystudio.com/listener for privacy information.
Daniel Mahncke and Shawn O'Malley turn their focus to Taiwan Semiconductor Manufacturing Company (ticker: TSM) — the quiet engine powering nearly every device we touch and the global AI boom. Pioneering the pure-play foundry model, TSMC went from a government-backed experiment in the late 1980s to controlling more than 90 % of the world's leading-edge chip production, fabricating Apple's A- and M-series processors, Nvidia's AI GPUs, and virtually every 3nm part on the planet. In this episode, you'll learn how Morris Chang's radical bet rewired the semiconductor industry, why extreme scale and EUV mastery give TSMC a moat rival chipmakers can't cross, how its Arizona and Japan fabs fit into a strategy shaped by China-Taiwan tension, and how wafer volumes, node mix, and multi-billion-dollar capex translate into free-cash-flow and ROIIC. Daniel and Shawn also debate the right way to price the ever-present geopolitical “wipe-out” tail risk, and ask whether today's market price offers a margin of safety on what could be the most important company in the world. Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 07:39 - How TSMC evolved from a government-backed project to a trillion-dollar company 07:45 - How the semiconductor industry works 16:10 - Where TSMC's dominance comes from 31:27 - What moat protects TSMC's business 39:54 - What the competitive landscape looks like 43:55 - Where future growth is coming from 49:45 - How geopolitical risk is impacting TSMC 1:03:25 - Whether TSMC is attractively valued at its current levels 1:09:18 - Whether Shawn & Daniel add TSM 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. Sign Up for The Intrinsic Value Community. Interview with TSMC Founder Morris Chang Quartr's Overview of TSMC NZS Semiconductor Whitepaper 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: • 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 Nubank (ticker: NU), a leading fintech company providing credit card, banking, and insurance services to millions across Latin America, with nearly 60% of Brazil's adult population using one of the company's products. Nubank's success is a true David vs.Goliath story, overcoming a powerful banking oligopoly in Brazil to provide more accessible and lower-fee digital banking services to the masses, who had long been neglected by traditional banks. In this episode, you'll learn how Nubank grew to become one of Latin America's largest companies with over 100 million users in just over a decade, how being a digital-first bank has given them huge operating cost advantages, why Nubank's unit economics are so attractive, what key metrics to focus on when evaluating a banking business, and whether Nubank is attractively valued given its incredible 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 13:42 - Nubank's inspiring David vs. Goliath origin story. 19:17 - How Nubank's first credit card product spread like wildfire. 23:20 - Why the customer experience with Nubank is fundamentally different than with competitors. 25:00 - What makes David Velez such a special founder and CEO. 29:30 - How Nubank has used its low-cost moat to compound the advantages of its business structure and built customer loyalty by sharing those rewards with customers. 41:17 - Why Nubank's growth story may only be just starting. 01:20:14 - Whether Shawn & Daniel add NU 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. Sign Up for The Intrinsic Value Community. Nubank: Business Breakdowns Podcast. Is Nubank Disrupting Traditional Banking? Substack Article. Article on Nubank's late payments jumping. Aswath Damodaran's resources on equity & country risk premiums. Nubank's CEO on the Crucible Moments Podcast. Long-form investment thesis on NU. 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: 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
Stephen Grootes speaks to Dion De Graaff, CEO of AutoZone, about the company’s remarkable turnaround after emerging from business rescue. In other interviews, Matthew Pearce, renowned sports broadcaster and facilitator, talks about his career in rugby commentary and business development. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.
Stephen Grootes speaks to Dion De Graaff, CEO of AutoZone, about the company’s remarkable turnaround after emerging from business rescue. AutoZone, a major player in South Africa’s independent aftermarket (IAM) sector and a proud member of TEPA (Tyre, Equipment, Parts Association), is charting a bold new path under fresh ownership and revitalised leadership. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.
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
Southwest Airlines ends free checked bag perk, Las Vegas man identified as victim in AutoZone shooting, Jennifer Lopez reveals Strip residency starting on New Year's Eve and more on 7@7.
Minutes after the opening bell, the SPX retreated from premarket highs which started from a delay on EU tariffs. Kevin Green points out VIX becoming reelevated as a clear signal behind the reversal. He later turns to PDD Holdings' (PDD) massive sell-off and AutoZone's (AZO) mixed picture after earnings. Kevin also highlights an upgrade to hold from underperform on Southwest Airlines (LUV).======== Schwab Network ========Empowering every investor and trader, every market day.Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – / schwabnetwork Follow us on Facebook – / schwabnetwork Follow us on LinkedIn - / schwab-network About Schwab Network - https://schwabnetwork.com/about
The EU set to focus on critical sectors in a bid to avoid US tariffs, according to Bloomberg sources.Stocks in the green and generally at session highs; NQ +1.7%.USD attempts to atone for recent losses, JPY weighed on by a pullback in domestic yields.Bonds bid and yields slump on MOF sources, Gilts outperform on this & reports that the UK will be shifting to shorter-term borrowing in order to lower its interest bill.Crude uneventful ahead of OPEC+ whilst precious and base metals slip.Looking ahead, US Durable Goods & Consumer Confidence, NBH Policy Announcement, Supply from the US, Earnings from AutoZone.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
Zuerst Bremsen und dann Vollgas geben. Nachdem die Wall Street am Freitag unter der Androhung von 50% Zöllen auf den Import von Waren aus der EU ausgebremst wurde, sorgt die Verschiebung dieser Zölle auf den 9. Juli nun für eine starke Gegenbewegung. Ursula von der Leyen hat Donald Trump in einem Gespräch am Sonntag versichert, dass die Handelsgespräche fortan eine erhöhte Priorität bekommen und beschleunigt fortgesetzt werden. Man wolle den USA und der EU beidseitig schmerzhafte Zölle ersparen. Was der Wall Street ebenfalls hilft sind Spekulationen, dass Japan plant die Ausgabe sehr langlaufender Staatsanleihen zu reduzieren. Dadurch soll ein weiterer Anstieg dieser Renditen vermieden werden. Der Aufwärtsdruck auf langlaufende Staatsanleihen könnte dadurch auch in den USA reduziert werden. Was Ergebnisse betrifft, sieht das Bild heute müde aus. AutoZone und PDD enttäuschen beide teils deutlich. Ein Podcast - featured by Handelsblatt. +++Erhalte einen exklusiven 15% Rabatt auf Saily eSIM Datentarife! Lade die Saily-App herunter und benutze den Code wallstreet beim Bezahlen: https://saily.com/wallstreet +++ +++EXKLUSIVER NordVPN Deal ➼ https://nordvpn.com/Wallstreet Jetzt risikofrei testen mit einer 30-Tage-Geld-zurück-Garantie!+++ +++ Alle Rabattcodes und Infos zu unseren Werbepartnern findet ihr hier: https://linktr.ee/wallstreet_podcast +++ Der Podcast wird vermarktet durch die Ad Alliance. Die allgemeinen Datenschutzrichtlinien der Ad Alliance finden Sie unter https://datenschutz.ad-alliance.de/podcast.html Die Ad Alliance verarbeitet im Zusammenhang mit dem Angebot die Podcasts-Daten. Wenn Sie der automatischen Übermittlung der Daten widersprechen wollen, klicken Sie hier: https://datenschutz.ad-alliance.de/podcast.html
Zuerst Bremsen und dann Vollgas geben. Nachdem die Wall Street am Freitag unter der Androhung von 50% Zöllen auf den Import von Waren aus der EU ausgebremst wurde, sorgt die Verschiebung dieser Zölle auf den 9. Juli nun für eine starke Gegenbewegung. Ursula von der Leyen hat Donald Trump in einem Gespräch am Sonntag versichert, dass die Handelsgespräche fortan eine erhöhte Priorität bekommen und beschleunigt fortgesetzt werden. Man wolle den USA und der EU beidseitig schmerzhafte Zölle ersparen. Was der Wall Street ebenfalls hilft sind Spekulationen, dass Japan plant die Ausgabe sehr langlaufender Staatsanleihen zu reduzieren. Dadurch soll ein weiterer Anstieg dieser Renditen vermieden werden. Der Aufwärtsdruck auf langlaufende Staatsanleihen könnte dadurch auch in den USA reduziert werden. Was Ergebnisse betrifft, sieht das Bild heute müde aus. AutoZone und PDD enttäuschen beide teils deutlich. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • X: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram
Sztuczna inteligencja staje się głównym bohaterem raportu Międzynarodowej Organizacji Pracy, który ostrzega, że generatywne AI najbardziej zagraża dobrze opłacanym pracownikom biurowym w Europie i USA. Tymczasem Estonia zostaje uznana za lidera innowacyjnej edukacji w UE, dzięki wykorzystaniu nowych technologii i narzędzi AI w szkołach. W Polsce rząd szykuje się na maraton legislacyjny z deregulacjami i zmianami w szkolnictwie wyższym, a Najwyższa Izba Kontroli ogłasza raport o Funduszu Sprawiedliwości – temat, który może rozgrzać emocje w końcówce kampanii wyborczej. Na rynkach uwaga skupia się na wynikach PGE, która prognozuje rekordowe zyski, a inwestorzy przyglądają się też AutoZone i Temu w kontekście amerykańskich ceł. W „Pulsie Biznesu” przeczytacie również o ambicjach Neuki poza hurtowym rynkiem leków i o nowym podejściu do elektromobilności z polskimi dostawczakami AMP. A na deser – o tym, dlaczego carsharing w Polsce wciąż nie działa tak, jak powinien.
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
(00:00-23:12) Brad Thompson joins the show from the parking lot of Auto Zone. The pitching as of late. Not a swing and miss staff but doing what works pitching to contact. Navigating a winnable division. Still don't know exactly who this team is. Moves as the trade deadline approaches and how that will affect the team's relationship with the fans. The Wilson Contreras transition to first base. The historically bad Colorado Rockies.(23:21-37:52) What up, VS2? Doug dissin' Argo. It's a soft onboarding. Grinding it out with the three year old on the putting green. Jackson needs a lesson. The Goose is Loose. Stopping the cart to take in The Goose. Choosing the underwear. Tim's a data guy, Jackson's a feel guy. Twisted femurs. Mt. Rushmore of things Jackson is good at.(38:01-47:02) Quite a situation during the commercial break. Behind the smut. Doug's birthday dinner. Bring me a slab of fish. Dorf on Golf. Jackson's down on Speed 2. Good sequels.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail, and Transportation. But he no longer works for McKinsey, HP, Exxon, AutoZone, or GM. Now he works for you! And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be his honor if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-beating-the-market
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail, and Transportation. But he no longer works for McKinsey, HP, Exxon, AutoZone, or GM. Now he works for you! And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be his honor if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-beating-the-market
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail, and Transportation. But he no longer works for McKinsey, HP, Exxon, AutoZone or GM. Now he works for you!And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be his honor if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-managing-market-risk
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail, and Transportation. But he no longer works for McKinsey, HP, Exxon, AutoZone or GM. Now he works for you!And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be his honor if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-managing-market-risk
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
Scott Wapner and the Investment Committee debate the rebound in stocks as the S&P 500 heads for its longest winning streak in 20 years. The experts detail their latest portfolio moves. CNBC Senior Markets Commentator Michael Santoli joins from Omaha with a special Midday Word ahead of Berkshire Hathaway's annual shareholder meeting. Calls of the Day include AutoZone, Roblox, Eli Lilly, Johnson & Johnson, and Quanta Services. NBC Sports host Mike Tirico is live in Churchill Downs ahead of the 151st Kentucky Derby. The Setup is on Ferrari, Zoetis, Elanco Animal Health.Investment Committee Disclosures
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail and Transportation.But he no longer works for McKinsey, HP, Exxon, AutoZone or GM. Now he works for you!And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be an honor, if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-investing-in-individual-equities
John is a Stanford guy, but not Wall Street. He has spent his entire career in the real world solving the biggest problems facing the largest companies.Problems like how to win, grow sales, and improve the stock price. He has driven value across diverse industries: Consulting, Technology, Industrial, Retail and Transportation.But he no longer works for McKinsey, HP, Exxon, AutoZone or GM. Now he works for you!And he applies that problem-solving, creativity, and corporate background to decide how to best invest your assets. It would be an honor, if people would consider him a money manager.On a personal note, he is married with 3 children. He is the 7th of 9 children in an extended family where everyone still gets along. They were raised by faithful parents who taught strong values, including that they are all part of a greater family of brothers and sisters. He served a 2-year full-time mission in the Netherlands & Belgium to help share that message.Learn more: http://www.stellar-assets.com/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-john-wright-cfa-chief-investment-officer-of-stellar-assets-discussing-investing-in-individual-equities
Shawn O'Malley and Daniel Mahnke break down Comfort Systems (ticker: FIX), a specialty contracting company providing installation and maintenance services for the electrical, HVAC, and plumbing needs of schools, hospitals, apartment buildings, restaurants, data centers, manufacturing facilities, and a range of other customers. Comfort Systems is something of a serial acquirer, snapping up regional contracting companies at attractive prices and plugging them into a broader holding company structure, where management at the top can handle capital allocation across each of the subsidiaries. In this episode, you'll learn how Comfort Systems has scaled across the country and diversified its operations, how the business has used the serial acquirer playbook to compound its intrinsic value for shareholders, why the company is benefiting from major tailwinds related to AI and manufacturing onshoring in the U.S., plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 09:59 - Why Comfort Systems has benefited from a manufacturing boom in the U.S. 10:54 - How Comfort Systems is tied to the AI boom 14:40 - What the company looks for in acquisition targets 20:32 - How Comfort Systems increases its intrinsic value by supporting its subsidiary contracting businesses 35:28 - Why mechanical contracting is such a localized business 40:45 - Whether Comfort Systems can continue to compound returns going forward 1:00:13 - How to calculate returns on incremental invested capital and why it matters for shareholders 1:02:41 - What is Comfort Systems' intrinsic value per share 1:06:44 - Whether Shawn & Daniel add FIX 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. Check out the Yahoo Finance Article on FIX. Fix's latest 10K filing. CEO Brian Lane's 2022 interview on the Compounders Podcast. John Huber on calculating returns on incremental capital. Chris Mayer's book: 100 Baggers. 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
The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier
Shoot us a Text.Episode #1027: Lithia leans into affordability while breaking records despite tariffs. Carvana boosts its reconditioning game in Colorado. And Chipotle turns up the charm, teaching 3,800 teams to smile their way to better hospitality.Show Notes with links:While tariffs loom over the auto industry, Lithia Motors is leaning into its diversified strategy and breaking financial records. CEO Bryan DeBoer says the dealership giant is uniquely positioned to ride out the storm.Roughly 45% of Lithia's inventory isn't impacted by current tariffs, providing a significant buffer.The company posted a record $9.2 billion in Q1 revenue (up 7.2%) and $211.2 million in net income (up 28%).Lithia's emphasis on affordability, including older used vehicles, has strengthened its market position.With parts prices rising, DeBoer stressed the importance of matching pricing with competitors like Jiffy Lube and AutoZone, while offering both OEM and aftermarket parts.“With tariffs, we sit quite nicely,” said DeBoer, calling Lithia “probably the most diversified and least impacted” of the major retailers.Carvana is expanding its operational footprint in a big way, bringing inspection and reconditioning (IRC) services to its Colorado Springs ADESA auction site—marking its eighth national Megasite.The new Megasite in Fountain, CO spans 50 acres. It supports both retail recon and wholesale auction needs and will create 100 new jobs.With added IRC capacity, Carvana can offer more inventory and speed up delivery times for local buyers.This move enhances Carvana's recon and fulfillment network, bringing vehicles to market more efficiently.“This integration will bring a wider selection of vehicles with quick shipping times to local retail customers, and provide a more robust offering for local wholesale customers,” said Brian Boyd, SVP of Inventory.A customer study revealed Chipotle lacked friendliness and cleanliness, especially during peak hours so CEO Scott Boatwright has announced a new hospitality push including smiling staff, cleaner dining areas, and better on-site issue recovery.Every employee is now coached to greet customers with a smile at the tortilla station and end transactions with a heartfelt thank you, reinforcing a culture of warmth without slowing operations.Staff across all 3,800+ restaurants have been trained on “exceptional hospitality” standards.Despite a dip in transactions, Q1 sales were up 6.4% to $2.9 billion—driven by new locations.“The fact is, smiles down the line don't slow us down,” said Boatwright.Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.Get the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/
Shawn O'Malley and Daniel Mahnke break down Uber (ticker: UBER), a ubiquitous tech giant that has changed how the world travels. Uber became profitable annually for the first time in 2023, and as its user growth accelerates, the company appears to be achieving modest economies of scale, making it an increasingly attractive business. In this episode, you'll learn how Uber has scaled across the world and invested in competitors in areas it couldn't win, why Uber isn't as negatively exposed to autonomous vehicles as you might think, and why Bill Ackman invested in the company, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN Uber's playbook for global growth. Why Uber has invested in so many competitors. How Uber can actually benefit from autonomous vehicles. What it has taken for Uber to finally turn profitable. How regulatory risks are affecting the company. Why Bill Ackman invested billions in Uber. Why international growth is more profitable than U.S. growth for Uber. What is Uber's intrinsic value per share. Whether Shawn & Daniel add UBER 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. Bloomberg's reporting on how Uber bypasses minimum wage restrictions. Uber's Q4 supplemental charts presentation. The New York Times' coverage of driver lockouts. Check out our previous Intrinsic Value breakdowns: 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 TurboTax 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
Aktien hören ist gut. Aktien kaufen ist besser. Bei unserem Partner Scalable Capital geht's unbegrenzt per Trading-Flatrate oder regelmäßig per Sparplan. Alle weiteren Infos gibt's hier: scalable.capital/oaws. Aktien + Whatsapp = Hier anmelden. Lieber als Newsletter? Geht auch. Das Buch zum Podcast? Jetzt lesen. JPMorgan mag die Volatilität. BlackRock fehlt der Flow. Schott Pharma & ByteDance haben krasse Zahlen. Novartis hat krasses US-Investment, Meta hat krassen Aufsichtsrat und Trump macht krassen Zoll-Turnaround. Apple ist happy. Die Reichen werden immer reicher? Wenn alle gleich sind, ist alles besser? Das sind die großen Fragen der ETF-Welt: Equal Weight oder nicht? Bei uns gibt's Pro und Contra. Meister der Aktienrückkäufe. Potenzieller Zollprofiteur. Günstiger als viele Konkurrenten. Wir präsentieren: AutoZone (WKN: 881531). Diesen Podcast vom 14.04.2025, 3:00 Uhr stellt dir die Podstars GmbH (Noah Leidinger) zur Verfügung.
Daniel Mahncke and Shawn O'Malley break down Nike (ticker: NKE), the global leader in athletic footwear and apparel. With a legacy built on innovation, iconic athlete endorsements, and a brand that resonates across generations, Nike has long been a dominant force in the sportswear industry. But after years of consistent success, the company is now navigating through one of its toughest stretches in decades, facing slowing sales, margin pressure, and growing competition from younger, more trendy brands. In this episode, you'll learn why Nike's once-flawless growth story has recently hit turbulence, how its shift toward direct-to-consumer impacted its wholesale relationships, what the brand is doing to win back market share and reignite innovation, why CEO Elliott Hill is refocusing the company on core sports categories, and whether this could be the reset Nike needs to stage a long-term comeback — plus a whole lot more. Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 01:48 - How Nike went from a small retail store to the biggest brand in sportswear. 12:13 - How Nike's business is structured. 21:46 - Why Nike's management decisions caused today's challenges. 25:46 - How the new competitive landscape looks. 31:55 - Whether Nike still has a moat. 37:47 - Why Nike lost the edge on innovation. 38:55 - What Nike's new CEO is doing to turn the ship around. 46:11 - How do Nike's most recent results look. 50:39 - How to think about Nike's intrinsic value. 57:08 - Whether Shawn & Daniel add NKE 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. The World Cup 2014 Nike Commercial. Nike: From Humble Beginnings to Global Domination — We Study Billionaires podcast. Daniel Mahncke's last Pitch on Moncler. Phil Knight's Shoe Dog. Check out our previous Intrinsic Value breakdowns: 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 TurboTax 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
The Fourth of July is for apple pie, parades, and drunken fools losing finger tips from fireworks. Unless this is Dateline, in which case it's for murder, casino surveillance footage, bag of wieners boyfriends, AutoZone gas cans, astronaut diapers, graphic text messages about your dad and his new girlfriend's sex life, secret wiretaps, and SO. MUCH. MORE. Dateline's latest episode, DEADLY OBSESSION has Andrea Canning reporting on the tragic death of a happy couple with a very unhappy main suspect. And there is nothing to get puff (er coat)ed up about with this episode! K & K are sure who committed this crime! Official Description NBCU: A Kansas couple is found dead by their parents before a family fish fry in 2002; a years-long search for evidence and three criminal trials over two decades reveal strained dynamics within one victim's family. Andrea Canning reports. We have the best sponsors! And it helps us if you check them out! Tell them we sent you! Start your hair growth journey with Nutrafol! For a limited time, Nutrafol is offering our listeners ten dollars off your first month's subscription and free shipping when you go to nutrafol.com and enter the promo code DATEDATELINE. Find out why over 4,500 healthcare professionals and stylists recommend Nutrafol for healthier hair! Get your house sparkling and bubbling clean with Bubbly! Head to BubblyCleaning.com/DATEDATELINE to get your first 3 hours of cleaning for only $19! A clean house is self care! Check out 3 Day Blinds for gorgeous blinds that also give you privacy from your those nosy neighbors! Get quality window treatments that fit your budget at 3DayBlinds.com/DATEDATELINE for their buy one get one 50% off deal on custom blinds, shades. shutters, and drapery! We've been praising Thrive for YEARS, and you will too if you give them a try (and you'll be doing some good with your purchase! New customers can get the Liquid Lash Extensions Mascara and a mini-sized Brilliant Eye Brightener at a special set price with free shipping available at thrivecausemetics.com/DATEDATELINE. Or save more with 20% off your first order at thrivecausemetics.com/DATEDATELINE! To advertise on this podcast please email: ad-sales@libsyn.com Or go to: https://advertising.libsyn.com/ADatewithDateline Learn more about your ad choices. Visit podcastchoices.com/adchoices
Troy Lamb from the Utah Department of Workforce Services talks about new job openings at The Family Place, Autozone, Nucor Steel and Blue Raven Solar.
In today's episode, Shawn O'Malley and Daniel Mahnke break down Reddit (ticker: RDDT), an emerging social media giant. Reddit became profitable for the first time in 2024, and as its user growth accelerates, the company appears to be achieving economies of scale, making it a very promising business. In this episode, you'll learn why Reddit is such a unique social media platform, how it cultivates community and authenticity, why the company is surprisingly tied to the hype around AI, what Reddit can do to further improve its business quality, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:12 - Why people come to Reddit and why the platform might be very durable. 04:04 - Why Reddit is such a unique social media platform. 30:15 - How the company is tapping into AI models' demand for data to earn licensing fees. 35:12 - What Reddit is doing to revamp its advertising business. 36:28 - What underpins the symbiotic relationship between Google and Reddit. 51:12 - How Reddit uses language translation to make its content accessible to anyone worldwide. 51:35 - How Reddit can grow internationally. 1:14:50 - What is Reddit's intrinsic value per share. 1:19:36 - Whether Shawn & Daniel add RDDT 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. Join The Investors Podcast's subreddit. The Quartr blog's coverage of Reddit's business model and IPO. Reddit management's Q4 earnings AMA. Reddit CEO's interview with the WSJ. Check out our previous Intrinsic Value breakdowns: 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 TurboTax 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
Business leadership expert Doug Lipp takes center stage in this episode as we explore his fascinating journey from Sacramento to Tokyo Disneyland and beyond. Doug's unexpected passion for Japanese culture, ignited in high school, not only shaped his education but led to pivotal moments in his career, like his internship and subsequent role with Disney in Japan. Our shared memories of a unique trip to Japan, coupled with Doug's linguistic prowess and cultural insights, set the stage for a rich discussion on cross-cultural communication and leadership. The conversation uncovers the strategic triumphs and challenges of Tokyo Disneyland, from its opening in 1983 to its innovative responses to weather and cultural dynamics. We explore Doug's career trajectory within Disney, reflecting on his impactful role at Disney University and the broader challenges of maintaining operational excellence and cultural cohesiveness across the brand's global presence. Doug's anecdotes about Disney's foundational leadership principles and customer service philosophy provide invaluable lessons on human interaction's enduring importance, even in a tech-driven world. Transitioning from Disney's corporate world to founding the Intercultural Relations Institute, Doug shares insights into the complexities of cross-cultural leadership and the importance of maintaining simple yet powerful messages within organizations. The episode concludes with a focus on Doug's significant contributions through his books and YouTube channel, encouraging listeners to explore his work further. His journey is a testament to the power of passion and insight in shaping successful leadership and cultural understanding, offering listeners a blend of inspiration and practical wisdom. To learn more about Doug Lipp, his company and the Intercultural Relations Institute, simply click on the link to his website. https://www.douglipp.com/ For more information on what we provide at Captrust visit www.captrust.com. You can contact me, Kelly Brothers, through the show at: bisifipodcast@gmail.com To reach me at Captrust visit www.captrust.com/locations/sacramento-ca/ CHAPTER SUMMARIES (00:00) Doug Lipp Doug Lipp shares his journey from Sacramento to Japan, sparked by a high school class and leading to a career at Disney. (13:27) Tokyo Disney Opening and Leadership Transition Tokyo Disneyland's success, challenges, strategic location, and post-WWII cultural dynamics are discussed in relation to my career trajectory at Disney. (18:38) Disney University and Leadership Challenges Disney University's role in maintaining culture and training employees, challenges faced by Disney, and personal journey from Disney to consulting. (25:18) Disney Leadership and Cultural Challenges Transitioning from Disney to Intercultural Relations Institute, leadership training, Walt Disney's approachability and authority, and employee engagement. (35:48) Customer Service and Leadership Evolution Leadership and customer service require a balance of technology and personal engagement, as seen in Disney and AutoZone's success. (46:14) Doug Lipp's Books and YouTube Channel Doug Lipp, a distinguished business leader and author, shares valuable insights on leadership and his extensive work in the Sacramento area.
In today's episode, Daniel Mahncke and Shawn O'Malley break down Moncler (ticker: MONC), an emerging leader in luxury outerwear. Known for its iconic down jackets, high-profile collaborations, and strategic expansion into new markets, Moncler has established itself as a powerhouse in the luxury fashion industry. As the company focuses on strengthening its direct-to-consumer model and expanding the luxury streetwear brand Stone Island, it's positioning itself for more stable and profitable growth while maintaining its exclusive brand image. In this episode, you'll learn why Moncler stands out in the luxury fashion world, how it has built a strong brand identity rooted in both heritage and innovation, why its shift toward direct sales is so important for long-term profitability, what role collaborations and limited collections play in driving demand, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 02:44 - How Moncler evolved from a French, niche skiwear brand into an Italian luxury brand. 13:10 - What makes a luxury brand successful. 26:51 - Why Direct-to-Consumer is so important for luxury brands. 34:59 - How Remo Ruffini transforms niche, local brands into global luxury brands. 49:28 - What role does Stone Island play? 49:28 - How does Moncler think about further acquisitions? 52:54 - Where does future growth come from? 01:10:52 - What are the risks in a Moncler investment? 01:26:37 - Whether Shawn & Daniel add MONC 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. What Moncler and Canada Goose are really chasing: watch the video. Moncler x Pharrell Williams Art of Terrain Experience. Daniel Mahncke's last Pitch on Nintendo. “The Luxury Strategy” book. Check out our previous Intrinsic Value breakdowns: 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: Shopify CFI Education TurboTax 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
In today's episode, Shawn O'Malley and Daniel Mahnke break down Hershey (ticker: HSY), a company about so much more than chocolate. From Hershey's Kisses to Reese's, Skinny Pop, and Dot's Pretzels, Hershey's is home to a number of iconic brands and is turning into an increasingly diversified snacking company. In this episode, you'll learn how Hershey's was founded, why chocolate brands are hard to scale internationally, why Hershey's is diversifying into salty snacks, what Hershey's is doing about a global cocoa shortage, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 04:41 - Hershey's unique origin story 16:09 - How the company is responding to global cocoa shortages 22:19 - Why Hershey is unlikely to be acquired and its plans for growth 23:36 - The origins of Hershey's unconventional ownership structure 29:27 - Why Hershey's isn't as popular outside North America 39:53 - What made Hershey's diversify into salty snacks 42:45 - Why the stock has been so beaten up over the last 18 months 35:12 - How Hershey's stacks up against competitors 1:00:20 - What is Hershey's intrinsic value per share 1:07:44 - Whether Shawn & Daniel add HSY 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. Hershey's 2023 pitch on the Value Investors Club Forum. Check out Poor Charlie's Almanack. The History of Hershey. Hershey's annual financial reports. Check out our previous Intrinsic Value breakdowns: 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: Shopify CFI Education TurboTax 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
Keywords: Targeted terms like “best auto parts stores,” “Jeep parts,” “Rock Auto deals,” and “EV mandate 2035” boost visibility for DIY Jeepers and industry news seekers Gear up for the latest Jeep Talk Show roundtable! Tony and the crew—Jacob, Rich, Greg, Steve-O, Garrett, Larry, and Mike—dive into the best auto parts stores for Jeepers. From Napa's grungy reliability to O'Reilly's convenience, AutoZone's warranty wins, and Rock Auto's online deals, we spill the tea on where to score quality parts. Rich drops pro tips on building Jeeps, while Greg explains how online stores slash prices (no overhead, baby!). Struggling with alternators or bearings? We've got you covered—Larry's $715 O'Reilly's shock and boutique options like Premier Powerwelder steal the show! Plus, Greg's DC lobbying scoop: the 2035 EV mandate could kill ICE businesses, threatening Michigan's aftermarket empire ($357B last year!). Join our Discord for 24/7 Jeep chat—jeeptalkshow.com/contact. Subscribe for more Jeep Talk Show gold since 2010—4K subs and counting!
Javier Etcheverry, analista y trader profesional, repasa la cotización de Telefónica, Autozone, Volkswagen, Adobe, Microsoft, ACS, Meta o Airbus
Canada said it will impose retaliatory tariffs on US imports from Tuesday. China announced additional tariffs of up to 15% on some US goods from March 10th.European bourses hit as the region reacts to the latest Trump tariffs; US futures modestly lower.USD remains on the backfoot, EUR digests defence spending pledges, havens firmer.Bonds bolstered by growth concerns and tariff updates despite pressure from block trades & EU spending.Crude pressured continuing Monday's bearish bias, XAU shines on tariff updates & growth concerns.Looking ahead, US RCM/TIPP Economic Optimism, US President Trump's State of Union Address, Speakers including RBA's Hauser & Fed's Williams. Earnings from Target, Best Buy, AutoZone & CrowdStrike.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk
En una jornada marcada por la imposición de aranceles a China, Canadá y México en Estados Unidos, ponemos la lupa sobre la cotización de Target y Autozone tras resultados. Con Julián Coca, gestor del fondo Alinea Global.
In this episode of Add To Cart, we dive into the high-performance world of Speedmaster with CEO Jason Kencevski. From its humble beginnings as a family-run business in Sydney to a powerhouse shipping to over 200 countries, Speedmaster has mastered automation, marketplaces, and omnichannel retail. Jason reveals how they seamlessly integrate with marketplaces like eBay, AutoZone and Amazon, while running a fully automated warehouse that processes over five million orders a year. He also explains why bricks-and-mortar still has a place, and how setting and forgetting the right systems can make or break an e-commerce brandThis episode was brought to you by: Shopify KlaviyoAbout your guest:Jason is a visionary entrepreneur and second-generation innovator, known for transforming Speedmaster into a global leader in the aftermarket automotive industry. Starting his career as a promising soccer player, Jason faced adversity when injuries cut his playing career short, but this challenge fueled his entrepreneurial spirit. He revolutionised Speedmaster by expanding its online presence and establishing a reputation for operational excellence, earning recognition across industries. With a focus on innovation and a commitment to his core values, Jason is working to ensure Speedmaster evolves into a legacy brand recognised for quality and pioneering achievements.About your host:Nathan Bush is the host of the Add To Cart podcast and a leading ecommerce transformation consultant. He has led eCommerce for businesses with revenue $100m+ and has been recognised as one of Australia's Top 50 People in eCommerce four years in a row. You can contact Nathan on LinkedIn, Twitter or via email.Please contact us if you: Want to come on board as an Add To Cart sponsor Are interested in joining Add To Cart as a co-host Have any feedback or suggestions on how to make Add To Cart betterEmail hello@addtocart.com.au We look forward to hearing from you! Hosted on Acast. See acast.com/privacy for more information.
On this episode we sample and debate the merits of The Botanist's Islay Rested Gin while chatting about Kyle figuring out we've been doing a podcast this entire time, Nick's feet pics, looking for this gin for 6 months, a 3 inch 3 ring binder, smells like ribbon candy, mixing up a G&T, Tuk Tuk, we're both cured of malaria, looking for things that challenge your palate, what the bitter people are hoping, maturing to the bitter, engaging in the bitter allows you to appreciate the sweet, canned olives, red jars of pickled eggs, the obstacle is the way, the fruitcake brick, and the distilled essence of Auto Zone. Support Us On Patreon: https://www.patreon.com/DrepandStone We'd love to hear from you! https://linktr.ee/DrepandStone Don't forget to subscribe! Music by @joakimkarudmusic Episode #282
In today's episode, Shawn O'Malley (@Shawn_OMalley_) breaks down AutoZone, ticker: AZO, a 100-bagger stock that continues to wow investors with its massive share repurchases after already buying back more than 90% of its total shares outstanding in the past two decades. AutoZone is a seemingly mundane auto parts retailer, a common store you've probably driven past or visited dozens of times, but its returns on capital are anything but average. Shawn goes through the company's surprising origin story, how it scaled nationwide and internationally with a simple business model, why the business is so profitable and why it has been able to fend off Amazon so well, and whether this quality stock is attractively valued today, plus so much more! Prefer to watch? Click here to watch this episode on YouTube. IN THIS EPISODE, YOU'LL LEARN 00:00 - Intro 05:51 - How AutoZone was born out of a family grocery chain. 11:30 - How AutoZone leverages “mega hubs” to keep an inventory of over 100,000 SKUs. 13:45 - Why AutoZone is able to boost its free cash flows with negative working capital. 13:45 - How is AutoZone able to repurchase so much of its stock? 28:37 - What has made the company so resistant to e-commerce and pressures from Amazon? 35:58 - Why AutoZone's customers are price insensitive and value service quality more than anything. 53:40 - Where AutoZone is expanding internationally and how that affects the business's growth prospects. 59:59 - How to think about the company's intrinsic value and how expected returns fluctuate based on your purchase price per share. 01:05:05 - Whether Shawn adds AutoZone to The Intrinsic Value Portfolio. And much, much more! *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members. Get smarter about valuing businesses in just a few minutes each week through our newsletter, The Intrinsic Value Newsletter. Value Investors Club post on AZO. Quartr's deep dive into AZO. CNBC on how AutoZone has fended off Amazon. Attend the 2025 Berkshire Hathaway shareholder meeting and meet-ups with The Investors Podcast Network 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: Netsuite TurboTax Public Airbnb Connect with Shawn: 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
Join us as we hear the inspiring story of Danny Villarreal, a PCA member and Craftsman Painter Collective member, who shares his journey from humble beginnings to successful business owner. Discover how Danny's dedication to the trade, combined with a commitment to education and community, has transformed his life. Learn about the challenges he faced in the early years, the importance of mentorship and networking, and the valuable resources available to aspiring entrepreneurs. Get motivated to build your own dream life with Danny's insights and advice. Find More Episodes on PCA Overdrive: https://www.pcaoverdrive.org/painted-show PCA Overdrive is free for members. Not a member? Download the app on the Apple Store or Google Play and enjoy a 7 day free trial! Become a member: https://www.pcapainted.org/membership-resources/
¡Emprendeduros! En este episodio Rodrigo nos da una actualización de mercado donde habla de la situación del Mercado, los numeros de inflacion, las decisiones de los bancos centrales y los nuevos estimulos de China. Nos da los reportes de ingresos de Oracle, Toll Brothers, Autozone, GameStop, Adobe y Macy's. Después habla de la nueva derrota de TikTok, las fusiones y adquisiciones y la nueva frontera tecnologica. Finalmente nos da el crypto update donde habla de las liquidaciones y de Microstrategy entrando al Nasdaq 100. Para mas información sobre el fondo visita: https://www.emprendedurosventures.com/ Para conocer mas de LIV visita: https://www.liv.place/ Que es LIV: https://youtu.be/9EE23vOuiwA Póngase en contacto con LIV: roberto@liv.place o investors@liv.place Compra tu Mezcal Aleron para estas Fiestas con 15% de descuento en https://www.mezcalaleron.com/ ¡Síguenos en Instagram! Alejandro: https://www.instagram.com/salomondrin Rodrigo: https://www.instagram.com/rodnavarro Emprendeduros: https://www.instagram.com/losemprendeduros
AutoZone (AZO) is hitting all-time highs despite an earnings miss. Seth Basham and Kevin Roberts discuss the results. Seth calls the quarter “ho-hum” but expects business to pick up in 2025; he likes Advanced Auto Parts (AAP) as well. Kevin thinks the average age of cars will continue to climb, spurring demand for AutoZone's parts, though he says how tariffs will impact the industry is unknown. ======== Schwab Network ======== Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribe Download the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185 Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7 Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watch Watch on Vizio - https://www.vizio.com/en/watchfreeplus-explore Watch on DistroTV - https://www.distro.tv/live/schwab-network/ Follow us on X – https://twitter.com/schwabnetwork Follow us on Facebook – https://www.facebook.com/schwabnetwork Follow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about
The Automotive Troublemaker w/ Paul J Daly and Kyle Mountsier
Shoot us a Text.As we enter a new week, we're considering how the average age of cars is affecting parts and service. Plus Colorado is now the most EV state in the US, topping California, and a new study is showing that bad customer service is costing retail stores billions.Show Notes with links:Despite a record number of aging vehicles on the road, the auto repair and parts industry is facing challenges as economic pressures affect consumer spending habits.The average passenger car is now 13.6 years old, up from 8.4 years three decades ago, creating a high demand for maintenance.Inflation, higher interest rates, and supply chain issues have led consumers to defer maintenance or opt for cheaper, off-brand parts.Companies like Monro, Genuine Parts, and Valvoline have reported significant drops in sales, citing cautious consumer spending.Carfax data shows 30% of vehicles are overdue for tire rotations, while 19% are late for oil changes, despite the high return on maintenance investment.Executives from AutoZone and O'Reilly Automotive predict a bounce-back as deferred repairs eventually become unavoidable.Colorado has dethroned California, emerging as the nation's leader in EV sales, with a stunning 25.3% of new vehicle sales being electric in Q3 of 2024. Here's what's driving the surge:Residents enjoy up to $12,500 in combined state and federal EV tax credits.Over 5,500 public charging ports are operational, with $5M allocated for 576 additional ports in 2024.82% of EVs sold in the state are fully electric, signaling robust consumer demand.Governor Jared Polis champions EVs as key to achieving net-zero emissions by 2050, urging residents to act before state tax credits decrease in 2025 from $5000 to $3500.Will Toor, Colorado Energy Office Director, states, “Our commitment to making electric vehicles affordable and reliable is paying off.”Retailers are losing an estimated $262 billion annually due to inadequate in-store experiences, according to a study by Forsta.Nearly half of negative customer reviews are tied to issues like mismanaged checkouts and unhelpful staff, leading to frustration and lost sales.The study revealed that 74% of US adults will abandon a store without making a purchase after a bad experience.While online sales on Black Friday saw a 14.6% increase, in-store sales grew just 0.7%, with foot traffic dropping by 3.2%.Forsta CEO Kyle Ferguson emphasized the importance of in-store experiences, stating that poor service erodes trust and loyalty. He pointed to Walmart's use of AI-powered tools to improve customer interactions as a model for others to follow, urging retailers to prioritize in-store environments during peak retail periods.Hosts: Paul J Daly and Kyle MountsierGet the Daily Push Back email at https://www.asotu.com/ JOIN the conversation on LinkedIn at: https://www.linkedin.com/company/asotu/ Read our most recent email at: https://www.asotu.com/media/push-back-email
Lara and Carey are back behind the paywall for a regular ol' bonus episode. They discuss the spectacular November vibes in California, the Autozone fire in Hollywood this weekend and LA's love affair with a casual plume of smoke. Lara reveals her shocking breakup with Splenda and Carey considers eventually quitting smoking (again). They also discuss Guru Jagat in depth, Argento movies, a Canadian family falling victim to an Eras Tour ticket scam, Extreme Couponing and stockpiling in suburbia, jelly bean shame, Dune Prophecy and more. TICKETS TO OUR CHICAGO AND NYC CHRISTMAS SHOWS HERE! Learn more about your ad choices. Visit megaphone.fm/adchoices
Pide tu Mezcal Alerón a domicilio en: Estados Unidos - https://mezcalaleronusa.com/ Mexico - https://www.mezcalaleron.com/ ¡Emprendeduros! En este episodio Rodrigo y Alejandro nos dan una actualización de mercado donde hablan del estatus del mercado, los estímulos de China, la producción industrial, los números de consumo y la posible huelga en los puertos. Nos dan los reportes de ingreso de AutoZone, KB Homes, Micron Technology y CarMax. Después hablan del nuevo Intel, el resurgimiento de la energía nuclear, la gran demanda de Intel y de la reactivación de las fusiones y adquisiciones. Finalmente nos dan el análisis de crypto donde hablan de la estafa de la semana. ¡Síguenos en Instagram! Alejandro: https://www.instagram.com/salomondrin Rodrigo: https://www.instagram.com/rodnavarro Emprendeduros: https://www.instagram.com/losemprendeduros
You do not have the right to repair your own belongings because of intellectual property rights granted to corporations by Congress in 1998. In this episode, listen to the debate happening in Congress about if and how they should grant customers the right to repair and get a status update on the multiple efforts under way in the current Congress, including one with a good chance of becoming law. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Recommended Congressional Dish Episodes McDonald's Ice Cream Machines Andy Greenberg. December 14, 2023. Wired. Joseph Fawbush. March 29, 2022. FindLaw. John Deere Luke Hogg. January 8, 2024. Reason. Internet of Things Updates and Maintenance Márk Szabó. August 27, 2024. WeLiveSecurity. Massachusetts Auto Repair Law Massachusetts Office of the Attorney General. DoD's Revolving Door OpenSecrets. OpenSecrets. Karl Evers-Hillstrom and Reid Champlin. June 18, 2019. OpenSecrets. OpenSecrets. Salary.com. Military Right to Repair Issues Kyle Mizokami. February 11, 2020. Popular Mechanics. Max Finkel. February 8, 2020. Jalopnik. Elle Ekman. November 20, 2019. The New York Times. Lucas Kunce and Elle Ekman. September 15, 2019. Technological Protection Measures (TPMs) Jennifer Zerkee. November 8, 2023. Simon Fraser University. Cyber Risks Sam Curry et al. January 3, 2023. samcurry.net. Apple Lawsuit Brandon Vigliarolo. December 18, 2023. The Register. NDAA Sec. 828 Jason Koebler. August 28, 2024. 404 Media. AdvaMed et al. July 30, 2024. DocumentCloud via 404 Media. Laws Bills Sec. 828 : REQUIREMENT FOR CONTRACTORS TO PROVIDE REASONABLE ACCESS TO REPAIR MATERIALS. Fair Repair Act Audio Sources May 16, 2024 Senate Armed Services Committee Witnesses: Carlos Del Toro, Secretary of the Navy Clip Sen. Elizabeth Warren: So the Navy acquires everything from night vision goggles to aircraft carriers through contracts with big defense contractors, but the contractors often place restrictions on these deals that prevent service members from maintaining or repairing the equipment, or even let them write a training manual without going back through the contractor. Now the contractors say that since they own the intellectual property and the technical data underlying the equipment, only they have the right to repair that equipment. These right to repair restrictions usually translate into much higher costs for DOD, which has no choice but to shovel money out to big contractors whenever DOD needs to have something fixed. So take the Navy's littoral combat ship, General Dynamics and Lockheed Martin considered much of the data and equipment on the ship to be proprietary, so the Navy had to delay missions and spend millions of dollars on travel costs, just so that contractor affiliated repairmen could fly in, rather than doing this ourselves. Secretary Del Toro, when a sailor isn't allowed to repair part of their ship at sea, and a marine isn't allowed to access technical data to fix a generator on a base abroad. One solution is for the Navy to buy the intellectual property from the contractors. So can you say a little bit about what the benefits are of the Navy having technical rights for the equipment that it has purchased. Sec. Carlos Del Toro: The benefits are enormous, Senator, and we've actually had tremendous success, I'd say, in the last year and a half to two years, through the taxpayer advocacy program that we initiated when I came in. There have been three examples, one, gaining the intellectual property rights for the new ACV class of ships that will replace the AAVs. The F-35 negotiations really proved themselves out in a significant way as well, too. And lastly, the 20 F-18s that the Congress authorized in ‘22 and ‘23, we were able to make significant gains in terms of the government finally getting the intellectual property rights that were necessary for us to be able to properly sustain those moving forward. Sen. Elizabeth Warren: So I am very, very glad to hear this. I like the taxpayer advocacy project and how you're training contract officers to secure technical equipment that the Navy buys, but I think you should have the support of Congress on this. Senator Braun and I have introduced the Stop price gouging the military act to give DoD more tools to get cost and pricing data so that you will be in a better position to negotiate better deals with contractors. There's also more that we can do to ensure that the Navy and the rest of the services have the rights they need to bolster readiness. So let me ask you, Secretary Del Toro, would having a stronger focus on right to repair issues during the acquisition process, like prioritizing contract bids that give DoD fair access to repair materials, and ensuring that contract officers are looking into buying technical rights early on, would that help the Navy save costs and boost readiness at the same time? Sec. Carlos Del Toro: Very much. Senator, in fact, one of the things that we have prioritized since I came in as Secretary of the Navy, given my acquisition background, is actually those negotiations need to happen as early as possible before that we even as we develop the acquisition strategy for that contract to go out to bid, and by doing so, we will reap tremendous returns. July 18, 2023 House Judiciary Committee Witnesses: Aaron Perzanowski, Thomas W. Lacchia Professor of Law, University of Michigan Law School , Legal Fellow, Hudson Institute's Forum for Intellectual Property Kyle Wiens, Co-founder and CEO, iFixit Paul Roberts, Founder, SecuRepairs.org; Founder and Editor-in-Chief, the Security Ledger Scott Benavidez, Chairman, Automotive Service Association; Owner, Mr. B's Paint & Body Shop Clips 41:25 Scott Benavidez: My name is Scott Benavidez. I'm the Chairman of the Automotive Service Association's Board of Directors. I am also a second generation shop owner from Albuquerque, New Mexico, Mr. B's Paint and Body Shop. Scott Benavidez: We do have concerns when some insurers insist on repairs that are simply cheaper and quicker, without regard to quality and safety. Repairers understand better than anyone the threat of replacement crash parts or lesser quality. We can and should have a competitive marketplace that doesn't compromise quality or safety, deciding to only cover the cheapest option without understanding implications for quality leaves collision shops and their customers in a tough position. Very few consumers have the knowledge about these types of crash parts used on their vehicles as numerous crash parts in the marketplace, such as OEM (original equipment manufactured) parts, certified aftermarket parts, aftermarket parts, reconditioned crash parts, and recycled crash parts. Repairers can make recommendations, but their customers are unlikely to hear if the insurance won't cover them. 46:45 Paul Roberts: My name is Paul Roberts, and I'm the founder of Secure Repairs. We're an organization of more than 350 cyber security and information technology professionals who support the right to repair. 46:55 Paul Roberts: I'm speaking to you today on behalf of our members to make clear that the fair access to repair materials sought by right to repair laws does not increase cyber risk, and in fact, it can contribute to a healthier and more secure ecosystem of smart and connected devices. Paul Roberts: Proposed right to repair legislation considered by this Congress, such as the Repair Act, or last session, the Fair Repair Act, simply asks manufacturers that already provide repair information and tools to their authorized repair providers to also provide them at a fair and reasonable price to the owners of the devices and to third parties that they may wish to hire to do their work. 47:35 Paul Roberts: By definition, the information covered by right to repair laws is not sensitive or protected, as evidenced by the fact that the manufacturers already distribute it widely to hundreds, thousands, or even tens of thousands of workers for their authorized repair providers. This could be everyone from mechanics working at auto dealerships to the folks staffing the Geek Squad at Best Buy. 48:00 Paul Roberts: Also, we have yet to find any evidence that the types of information covered by right to repair laws like schematic diagrams, service manuals, diagnostic software and replacement parts act as a portal to cyber attacks. The vast majority of attacks on internet connected devices - from broadband routers to home appliances to automobiles - today exploit weaknesses in the embedded software produced and distributed by the manufacturers, or alternatively, weak device configurations so they're deployed on the internet in ways that make them vulnerable to attack. These security weaknesses are an epidemic. A recent study of the security of Internet of Things devices, by the company Phosphorus Labs, or a cybersecurity company, found that 68% of Internet of Things devices contained high risk or critical software vulnerabilities. As an example, I'd like to call attention to the work of a group of independent researchers recently led by Sam Curry, who published a report, and you can Google this, "Web Hackers vs. the Auto Industry" in January 2023. That group disclosed wide ranging and exploitable flaws in vehicle telematics systems from 16 different auto manufacturers. At a leading GPS supplier to major automakers, the researchers claimed to obtain full access to a company-wide administration panel that gave them the ability to send arbitrary commands to an estimated 15.5 million vehicles, including vehicles used by first responders, police, fire and so on. Hacks like this take place without any access to repair materials, nor is there any evidence that providing access to repair software will open the doors to new attacks. 50:05 Paul Roberts: For the last 25 years, Section 1201 of the Digital Millennium Copyright Act has given manufacturers an incentive to deploy software locks widely and to limit access to security researchers. That's kind of a model what we call in cybersecurity, security through obscurity. In other words, by keeping the workings of something secret, you're making it secure. But in fact, that doesn't work, because cyber criminals are very resourceful and they're very determined, and they don't really care what the law says. 50:35 Paul Roberts: Section 1201 has also enabled what one researcher has described as dark patterns in the design and manufacture of hardware that includes everything from locking out customers from access to administrative interfaces, administrative features of the products that they own, as well as practices like part pairing, which Kyle will talk to you more about, in which manufacturers couple replaceable components like screens and sensors and cameras to specific device hardware. Such schemes make manufacturers and their authorized repair providers gatekeepers for repairs, and effectively bar competition from the owners of the devices as well as independent repair providers. 54:45 Kyle Wiens: You think about what is local? What is American? Main Street you have a post office and a repair shop. And unfortunately, we've seen the whittling down of Main Street as the TV repair shops went away when the manufacturers cut off access to schematics, as the camera repair shops went away when Nikon and Canon decided to stop selling them parts. We've seen this systematically across the economy. In the enterprise space, you have Oracle and IBM saying that you can't get security updates to critical cyber infrastructure unless you buy a service contract with them, so they're tying long term service contracts with the security updates that are necessary to keep this infrastructure secure. 56:45 Kyle Wiens: Over the last decade plus, I've been working on Section 1201, trying to get exemptions for the ability to repair products. The challenge that we've had in the section 1201 process every triennial I go back and we ask for permission to be able to fix our own things is that the exemptions we've gotten really only apply to individual consumers. They aren't something that I could use to make a tool to provide to one of you to fix yourself. So in order for someone to take advantage of a 1201 exemption that we have, they have to be a cybersecurity researcher and able to whittle their own tools and use it themselves, and that just doesn't scale. 57:45 Devlin Hartline: My name is Devlin Hartline, and I'm a legal fellow at the Hudson Institute's forum for intellectual property. 57:50 Devlin Hartline: I'd like to start with a question posed by the title of this hearing, is there a right to repair? And the answer is clearly no. A right is a legally enforceable claim against another, but the courts have not recognized that manufacturers have the duty to help consumers make repairs. Instead, the courts have said that while we have the ability to repair our things, we also have the duty not to infringe the IP rights in the process. So it is in fact, the manufacturers who have the relevant rights, not consumers. 58:30 Devlin Hartline: Right to repair supporters want lawmakers to force manufacturers to make the tools, parts, and know-how needed to facilitate repairs available to consumers and independent repair shops. And the assumption here is that anything standing in the way of repair opportunities must necessarily harm the public good, but these tools, parts and know-how, are often protected by IP rights such as copyrights and design patents. And we protect copyrighted works and patented inventions because, as the Constitution recognizes, this promotes the public good. We reward creators and innovators as an incentive for them to bring these things to the marketplace and the public benefits from the introduction of new products and services that increase competition. Thus, the right to repair movement isn't based on a pre-existing right. It's instead asking lawmakers to create a new right at the expense of the existing rights of IP owners. 1:00:45 Devlin Hartline: IP owners are merely exercising their federally protected IP rights, and this is not actionable anti-competitive conduct. It is instead how the IP system is supposed to work. We grant IP owners exclusive rights so they can exclude others, and this, in turn, promotes the investments to create and to commercialize these creative innovations in the marketplace, and that promotes the public good. Aaron Perzanowski: My name is Aaron Perzanowski. I am a professor of law at the University of Michigan, and for the last 15 years, my academic research has focused on the intersection of personal and intellectual property rights in the digital economy. During that time, the right to repair has emerged as a central challenge to the notion that we as consumers control the devices that we buy. Instead consumers, farmers, small businesses, all find that manufacturers exert post-sale control over these devices, often in ways that frustrate repair. Aaron Perzanowski: Repair is as old as humanity. Our Paleolithic ancestors repaired hand axes and other primitive tools, and as our technologies have grown more complex, from the Bronze Age through the Renaissance, to the high tech devices that we all have in our pockets here today, repair has always kept pace. But today, manufacturers are employing a range of strategies that restrict repair, from their hardware and software design choices to clamp downs on secondary markets, and we also troublingly see attempts to leverage IP rights as tools to restrict repair. These efforts are a major departure from the historical treatment of repair under the law, the right to repair is not only consistent with nearly two centuries of IP law in the United States, it reflects half a millennium of common law property doctrine that rejects post-sale restrictions on personal property as early as the 15th century. English property law recognized that once a property owner sells an item, efforts to restrain how the new owner of that item can use it are inconsistent with the essential nature of private property and obnoxious to public policy. As the Supreme Court has repeatedly recognized, IP laws' respect for the property interests of purchasers of copyrighted and patented goods was profoundly shaped by this common law tradition. In 1850, the Supreme Court recognized that the repair of a patented machine reflected "no more than the exercise of that right of care, which everyone may use to give duration to that which he owns." A century later, the Court held that the repair of a convertible car roof was justified as an exercise of "the lawful right of the property owner to repair his property." And just a few years ago, the court reaffirmed the rejection of post-sale restrictions under patent law in Impression Products vs. Lexmark, a case about refurbishing printer ink cartridges. Copyright law, not surprisingly, has had fewer occasions to consider repair restrictions. But as early as 1901, the Seventh Circuit recognized "a right of repair or renewal under US copyright law." When a publisher sued to prevent a used book dealer from repairing and replacing damaged components of books, the court said that "the right of ownership in the book carries with it and includes the right to maintain the book as nearly as possible in its original condition." A century after that, Congress itself acknowledged repair as a right that owners enjoy, regardless of copyright restrictions, when it enacted section 117 C of the Copyright Act. That provision was designed to undo a Ninth Circuit decision that allowed copyright holders to prevent third party repairs of computers. Section 117 C explicitly permits owners of machines to make copies of computer programs in the course of maintenance or repair. And finally, the US Copyright Office over the last decade has repeatedly concluded that diagnosis, repair, and maintenance activities are non-infringing when it comes to vehicles, consumer devices, and medical equipment. So the right to repair is firmly rooted in basic principles of US IP law. Aaron Perzanowski: Section 1201 of the DMCA makes it practically impossible for consumers to exercise their lawful right to repair a wide range of devices, from tractors to home electronics, even though the copyright office says those activities are not infringing, and the weakening of standards for design patents allow firms to choke off the supply of replacement parts needed to repair vehicles, home appliances, and other devices. Aaron Perzanowski: One way to think about a right is as an affirmative power to force someone else to engage in some behavior, and in some cases, that is what we're talking about. We're talking about imposing, especially on the state level, regulations that impose requirements on manufacturers. I think that's true of the Repair Act on the federal level as well. But, I think part of what we also need to keep in mind is that sometimes what you need to effectuate a right is to eliminate barriers that stand in the way of that right. So we can think about this, I think, helpfully in the context of tools that enable people to engage in repair. The state level solution has been to require manufacturers to give their own tools to repair shops, sometimes compensated under fair and reasonable terms. The other solution would be to change section 1201 to say, let's allow independent repair shops to make their own tools. I think both of those solutions have some value to them. I also think it's really important to keep in mind that when we're talking about IP rights, there are always multiple sets of interests at stake, and one of the key balances that IP law has always tried to strike is the balance between the limited statutory exclusive rights that the Patent and Copyright Acts create and the personal property rights of consumers who own these devices. And so I think a balancing is absolutely necessary and appropriate. 1:15:20 Aaron Perzanowski: I think the best solution for Section 1201 is embodied in a piece of legislation that Representatives Jones and Spartz introduced in the last Congress, which would create a permanent exception to Section 1201 for repair that would apply not only to the act of circumvention, but would also apply to the creation and distribution of tools that are useful for repair purposes that does not open the door to broad, unrestrained, creation of circumvention tools, but tools that are that are targeted to the repair market. 1:16:40 Devlin Hartline: He cited a case about where you can repair a cover on a book. That's very different than recreating the book, every single word in it, right? So there's a difference between repairing something and then crossing the line into violating the exclusive rights of IP owners in the patented product or the copyrighted book. And so the things that repair supporters are asking for is that, if somebody has a design patent that covers an auto body part, well, they have the right to exclude other people from making that part, but repair supporters say they shouldn't have that exclusive right, because, you know, we could increase competition if we just took away their design patent and now other people could make that part, and so that's competition. But that's not the type of competition that IP law and competition law seek to support. That's like saying, if we just let the Pirate Bay copy and distribute all of the Disney blockbuster movies, then that's competition, and prices would go down. But that's not the way that we do it, right? So competition means other people come up with new products and new services, and so that's what we should be trying to support. 1:26:45 Rep. Jerrold Nadler (D-NY): Repair advocates argue that section 1201, prevents non-infringing circumvention of access controls for purposes. But Congress contemplated this use when it passed the DMCA in 1998, allowing for a triennial exemption process. Is the exemption process working as intended? And if not, are there actions Congress can take to expand exemptions or make them easier to acquire? Devlin Hartline: What's important about the triennial rulemaking is that the proponent of an exemption has to come forward with evidence and demonstrate that there's actually a problem and it relates to a certain class of works, and then they can get a temporary exemption for three years. And so it is true that the Librarian of Congress, the last few rulemakings, has said that because using a copyrighted work in a way for repair, maintenance, etc, is Fair Use that they grant these exemptions. But these exemptions are quite narrow. They do not allow the trafficking of the computer programs that can crack the TPMs. And so it's very narrowly done. And the concern is that if you were to create a permanent exemption that opens things all the way up with access controls, copy controls and trafficking thereof, is now you're getting to the point of why we even have these TPMs under 1201 in the first place, and that's because they guard against piracy. And so the concern is that you're opening the piracy floodgates. You make these devices less secure, and then content owners are going to be less likely to want to put their content on these devices. Rep. Ben Cline (R-VA): How does section 1201 of the DMCA impact the ability of consumers and independent repair shops to modify or repair devices that have proprietary software and data in the consumer electronics industry? Aaron Perzanowski: Thank you so much for the question. As we've been talking about the copyright office in 2015, 2018, 2021, and they're in the process for the current rulemaking, has determined that engaging in circumvention, the removal or bypassing of these digital locks for purposes of repair, is perfectly lawful behavior, but there is a major practical mismatch here between the legal rights that consumers enjoy under federal law today and their practical ability to exercise those rights. And that's because, as Devlin was just describing, the section 1201 rulemaking does not extend to the creation or distribution of tools, right? So I have the right under federal law, to remove the technological lock, say, on my video game console, if I want to swap out a broken disk drive. How do I do that? I'd like to think of myself as a pretty technologically sophisticated person. I don't have the first clue about how to do that. I need a person who can write that code, make that code available to consumers so that I can. All I'm trying to do is swap out a broken disk drive on my video game. But you would argue that code is proprietary, correct? So I'm talking here about a third party making their own code that is simply allowing me to engage in activity that the Copyright Office has repeatedly said is non-infringing. Rep. Ben Cline (R-VA): So you want to give them a map. Is that, essentially, what you're saying? Aaron Perzanowski: Absolutely, yes, I do. Rep. Ben Cline (R-VA): Do trade secrets play a role in the right to repair debate? Aaron Perzanowski: There are occasions where trade secrets are important. I don't think in the context that we're talking about here with section 1201, that we're typically running into trade secret issues. The state-level bills that have been introduced do typically address trade secrets and often have carve outs there. And I think that's something worth considering in this debate. But I think it's important to keep in mind that just because we have some hypothetical worry about some unknown bad actor taking a tool that I use to fix my video game console -- Rep. Ben Cline (R-VA): It's not unknown. The Chinese do it all the time. Aaron Perzanowski: I don't think the Chinese are particularly worried about whether or not I can fix my video game console, and in fact, I think that point is important, but the bad actors already have these tools. All we're trying to do is get very targeted tools in the hands of law abiding citizens who just want to repair the stuff they buy for their kids for Christmas, right? If the Chinese are going to hack the PlayStation, they've already done it. 1:32:25 Aaron Perzanowski: So the 1201 process is what established the legality of circumvention for repair purposes. But when Congress created that rulemaking authority, it only extends to the act of circumvention, the actual removal. Congress did not give the [Copyright] Office or the Librarian [of Congress] the authority to grant exemptions to the trafficking provisions, and that's where I think legislative intervention is really important. 1:39:00 Kyle Wiens: One of the challenges was section 1201. It doesn't just ban repair tools, it also bans the distribution of cybersecurity tools. And so we've seen security researchers....Apple sued a company that made a security research tool under 1201 and that tool has markedly made the world more secure. It's very popular amongst government security researchers. So I think that's kind of the sweet spot is, allow some third party inspection. It'll make the product better. 1:41:25 Kyle Wiens: These ice cream machines are made by Taylor, and there is an incredibly complex, baroque set of touchscreens you have to go through. And then there's a service password you have to be able to get past in order to access the settings that really allow you to do what you want. And so, in an ideal world, you'd have an entrepreneur who would come along and make a tool to make it easier for McDonald's, maybe they could have an app on their phone that they could use to configure and help them diagnose and repair the machine. Unfortunately, the company who made that tool is struggling legally because of all these challenges across the board. If we had innovation outside of the manufacturers and to be able to develop new tools for fixing ice cream machines or anything else, you have a whole flowering ecosystem of repair tools right now. It doesn't exist. The US is like this black hole where innovation is banned in software repair. There's all kinds of opportunities I could see, I had a farmer ask me for help fixing his John Deere tractor, and I had to say, I can't do that particular repair because it's illegal. I'd love to build a cool app for helping him diagnose and fix his tractor and get back back in the field faster. We don't have that marketplace right now. It's like farmers have been forced to, like, use cracked Ukrainian versions of John Deere diagnostic software, right? Rep. Russell Fry (R-SC): So it's not just ice cream machines. I led off with that, but it's farmers, it's farm equipment, it's iPhones, it's somebody's Xbox, right? I mean, these are all things.... in your experience, what are the challenges that these customers and stakeholders face when they're trying to repair their own devices? What are some things that they face? Kyle Wiens: It's absolutely infuriating. So my friend, farmer in San Luis Obispo, Dave grows all kinds of amazing products. He has a $300,000 John Deere tractor, came to me and said, Hey, there's a bad sensor. It's going to take a week to get that sensor sent out from Indiana, and I need to use the tractor in that time. Will you help me bypass the sensor? I could hypothetically modify the software in the tractor to do that. Practically, I didn't have the legal ability, and so he had to go and rent an expensive tractor for the week. This is impacting people's lives every single day. 1:43:50 Rep. Russell Fry (R-SC): So, to pivot a little bit, what role do you see from a federal side, from legislation, and what specific measures do you think might be included in such legislation? Kyle Wiens: So we've seen the solutions being approached from two angles. At the state level, you have states saying John Deere and other manufacturers, if you have a dealership that has fancy tools, sell those tools to consumers and to independent shops, allow that competition. At the federal level, what we can do is enable a competitive marketplace for those tools. So rather than compelling John Deere to sell the tool, we can say, hey, it's legal for someone, an entrepreneur, to make a competing tool. And you have this in the car market. You can take your car down the AutoZone, you can buy a scan tool, plug it into your car, and it'll decode some of the error messages. Those tools exist on the auto market because we have a standard diagnostic interface on cars that you can access without circumventing a TPM. We don't have that for any other products. So another farmer in my town, he showed me how if he has a transmission go out on a truck, he can fix that. But if he has a transmission go out on his John Deere tractor, he can't. He can physically install the transmission, but he can't program it to make it work. I'd love to be able to make a software tool to enable him to replace his transmission. Aaron Perzanowski: So I think if we see passage of the SMART Act, we can anticipate significant reductions in the expenses associated with auto collision repairs. Estimates are that design patents on collision parts are responsible for about $1.5 billion in additional expenditures. We see price premiums on OEM parts over third party parts often reaching into like the 40% range, right? So these are pretty significant cost savings associated with that. Part of this problem, I think, does relate back to the kind of unique structure of this market. Most consumers are not paying out of pocket for collision repairs. Those costs are being covered by their auto insurance provider, and so the consumer doesn't see that the - I'm pulling this from memory, so don't hold me to this figure - but the side view mirror of a Ford Fiesta costing $1,500, that's not something that the consumer is confronted with, right? So this goes back to the question of notice. Do consumers know when they buy that vehicle that the repairs are going to be that expensive? I think in most cases, they don't. And so I think the SMART Act is a very targeted solution to this problem. I do think it's important to note that the design patent issue for replacement parts is not limited to the automotive industry. I think it's the most, I think that's the area where the problem is most pressing. But home appliances, consumer electronics, we see companies getting design patents on replacement water filters for refrigerators so that they can charge three times as much when the little light comes on on your fridge to tell you that your water might not be as clean as you want it to be. So I think we have to think about that problem across a range of industries, but the automotive industry, I think, is absolutely the right place to start. Paul Roberts: I mean, one point I would just make is that with the Internet of Things, right, we are facing a crisis in the very near future as manufacturers of everything from home appliances to personal electronics to equipment, as those products age and those manufacturers walk away from their responsibility to maintain them. So we're no longer supporting the software. We're no longer issuing security updates. Who will step in to maintain those devices? Keep them secure, keep them operating right? The manufacturers walked away. Do we just get rid of them? No, because the equipment still works perfectly. We're going to need a market-based response to that. We're going to need small businesses to step up and say, hey, I'll keep that Samsung dishwasher working for another 20 years. That's a huge economic opportunity for this country, but we cannot do it in the existing system because of the types of restrictions that we're talking about. And so this is really about enabling a secure future in which, when you buy a dishwasher with a 20 year lifespan, or 25 year lifespan, it's going to last that 25 years, not the five to six years that the manufacturer has decided, you know, that's how long we want to support the software for. Paul Roberts: My understanding is the use of design patents has increased dramatically, even exponentially, in the last 10 to 15 years. If you go back to the 90s or 80s, you know, parts makers, automakers were not applying these types of patents to replaceable parts like bumpers and rear view mirrors. Somebody had a business decision that, if you can do so, then we can capture more of that aftermarket by outlawing identical aftermarket replacements that has a huge downstream impact on car owners and on insurers and on all of us. 2:10:15 Paul Roberts: Both of the things that we're really proposing or talking about here, which would be changes to Section 1201 of the DMCA as well as passage of robust right to repair laws, would empower a market-based response to keeping the internet of things working, secure and functioning. DMCA 1201 reforms by making it clear that you can circumvent software locks for the purpose of repair and maintenance and upkeep, right? So that would take the threat of the federal crime away from small business owners as well as security researchers who are interested in, you know, plumbing that software for purposes of maintenance, upkeep and repair. And on the right to repair by making the tools available to maintain and upkeep products - diagnostic software, schematic diagrams, service manuals - available. Once again, you'll be empowering small business owners to set up repair shops and say, I'm going to keep your smart appliance running for its full 25 or 30 year lifespan, and I'm going to support my family doing that locally, and not be basically choked out of business by a company that says, Well, you don't have the right to access this product. From a cybersecurity perspective, that is really important, because one thing we don't want is a population of millions or tens of millions of out of date, unsupported, unpatched, insecure internet connected home appliances, webcams, home routers out there available to nation state actors, cyber criminal groups, to compromise and use for their own purposes. And that's something we already see, particularly around broadband routers and other types of devices, and it's a real threat going forward that I think this type of these types of changes would support. Aaron Perzanowski In a lot of instances, this conversation, and we've touched on this earlier, focuses on cost savings, right? And cost savings are an important consideration, right? Farmers aren't thrilled that they have to pay a technician from the John Deere dealer to drive maybe hours to get to their farm and connect their laptop and, you know, download these payload files to enable their equipment to work. But in the agricultural space, the thing I hear most often in the conversations I have with farmers is and Kyle touched on this a bit earlier, is a real concern about the time sensitivity of their work. If your tractor is out of commission for a week or two in the wrong part of the season, that is going to have disastrous effects, right, not only on that farm's economic outlook, but collectively, it can have an impact like, not to be hyperbolic here, but on our national food supply, and so I think it's really important that farmers have flexibility in terms of where and how they execute repairs, so that they can get their equipment back up and running. If my laptop breaks and I can't get it fixed for a week or two, I'm annoyed there will be emails that go unanswered, but like the world will continue to spin. That is not the case in the agricultural space where we, I think, have to be much more concerned. Rep. Darrell Issa (R-CA): If I remove from my BMW, at least during certain models, I remove the radio, unplug it, and then plug it back in, simply because I was fiddling around with the dash, I now have to go back to the dealer to reinstall it. Similarly, the transmission example. I've got two John Deere tractors. One's got a busted engine, the other's got a busted transmission. Currently, they will prohibit you from moving the transmission from one to the other. From a standpoint of intellectual property, where, in God's green earth or the Constitution, are any of those designed to be rights that belong to the manufacturer, rather than rights that belong to the owners of those two John Deere tractors? Devlin Hartline: So those are a bunch of different situations, and so I think there would be underlying facts that differ with each right. So we started on the iPhone, and I was going to point out that iPhone will actually give you the tool to synchronize it. In those other situations, I don't know the business justification for it. How is that an IP problem? Right? So if that's locked up with the TPM, and you have to bypass the TPM, well then that's a violation of 1201, so that's how they can that's how they can lock -- Rep. Darrell Issa (R-CA): So what you're saying is that Congress has created impediments to the right to repair. Mr. Roberts, would you say that is correct? That, in fact, the right to repair, were Congress never to have done anything since, you know, George and Thomas were our presidents, so to speak, knowing those two presidents, we'd be able to do things we're not able to do because they're now prohibited by acts of Congress. Paul Roberts: Yes, and we certainly know going back to the 50s, 60s, 70s, there was a much more you know....First of all, companies would ship products with service and repair manuals with detailed schematic diagrams with the understanding that owners would want to replace and service them. And what I would say is, yes, absolutely. I doubt very much. And I know we had members who were here in 1998 authoring the DMCA. I think if you had said to them, in 25 years time, this law will be used to prevent somebody with a broken dishwasher from getting that serviced by their local repair shop or by for fixing it themselves, this law will prevent them from doing that, I doubt very much they would have said, yeah, that's pretty much what we want. Rep. Darrell Issa (R-CA): Well, I will tell you that the I was the chairman of what is now the Consumer Electronics Association in 1998 and we did predict a lot of these items were going to be expanded beyond the scope of the original. Paul Roberts: Right now this is not an urgent issue, because most of the cars out there are older vehicles. As we move forward, as telematic systems evolve, as automakers continue their trend of moving more and more information to telematic systems, this is going to become a bigger problem. I'll point out another problem, which is the Massachusetts law is contingent on data transfers of diagnostic and repair information via the OBD or onboard diagnostic two port under the dashboard. That's only there because of federal Clean Air law. Electronic vehicles don't have that port because they don't have emissions, and so in the very near future, as we shift to electronic vehicles, that data access port will no longer be there. It will all be telematics data, and so the utility of the Massachusetts law is going to decline over time, going forward. And again, I you know, when you start talking about right to repair, you become like this crazy person who talks about right to repair every time it comes up. But one thing I try and stress to people when I talk to them about auto repair is, if you live in Michigan or California and you have taken your vehicle to the local independent repair shop, you have only done that because the voters in Massachusetts passed a ballot measure over a decade ago and then updated it in November 2020. That is the very thin thread that our right to use independent auto repair hangs by in this country. That's not the way it's supposed to be. This is something that affects vehicle owners, hundreds of millions of them in all 50 states. And it's a type of thing that the federal government needs to address with federal legislation. It should not hang by this very thin thread. 2:30:20 Rep. Hank Johnson (D-GA): Are software updates new creations, and thus copyrightable? Devlin Hartline: Software updates, yeah, they're computer programs, and so Congress said explicitly in 1980, but it was understood before then, that computer programs are literary works and they're protected, just like any other copyrighted work. Rep. Hank Johnson (D-GA): Thank you, Professor Perzanowski, do you disagree? Aaron Perzanowski: I don't disagree at all that software updates are protectable subject matter under the Copyright Act. But what I think is important to keep in mind right is the Copyright Act and copyrights exclusive rights, and all of the exceptions and limitations to copyrights exclusive rights are created by Congress, and so if you think those rights are interfering with other important issues and concerns, then I think Congress clearly has the power to make changes to the copyright law in order to best serve what you ultimately determine to be in the public interest. 2:35:30 Aaron Perzanowski: Access to firmware and other code is really essential to the functioning and repair of lots of devices. I think there's some important differences between the standard essential patent context and kind of what we're talking about here in that in the standard essential patent context, we're relying on standard setting bodies to identify technologies and to require companies to license their patents under fair, reasonable and non-discriminatory terms. We don't quite have that infrastructure in place in the copyright context, but what we do have are compulsory licenses that exist within the Copyright Act already, one of which you were alluding to earlier, the mechanical license for musical works. We also have compulsory licenses for retransmissions of satellite and broadcast content that essentially say the copyright owner is entitled to compensation of some form, but they're not entitled to prevent people from using or accessing that underlying work, and I think that could be a useful framework here for getting owners of devices access to the firmware that they need. Music by Editing Production Assistance
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