The Intrinsic Value Podcast - The Investor’s Podcast Network TIVP067: Portfolio Review: Thoughts on Airbnb, Reddit, Adobe, and co. w/ Daniel Mahncke, Shawn O'Malley, & Kyle Grieve
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Apr 19, 2026 
Kyle Grieve, podcast host and researcher from We Study Billionaires, joins to review portfolio ideas. They dissect companies like Airbnb, Reddit, Exor, Universal Music Group, TransDigm, Copart, Trade Desk, FICO, and Nintendo. Short takes cover valuation, thesis durability, buybacks, monetization paths, and which names might be kept or cut.
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Run A Focused 15–20 Stock Portfolio
- Build a concentrated portfolio of 15–20 high-conviction names, sizing most positions around 5–6% but letting a few convictions naturally become larger.
- Use watchlists for smaller ideas and upgrade only when conviction increases to simplify tracking.
Exor Offers Deep NAV Discount With Ferrari Leverage
- Exor trades at a ~60% discount to its net asset value, offering Ferrari exposure plus optional upside from other assets.
- Exor's NAV gap can close via mean reversion or aggressive buybacks, and CEO John Elkann's capital discipline matters.
TransDigm Is A Conglomerate Of Certified Monopolies
- TransDigm operates as a conglomerate of certified aerospace monopolies where certified part replacements drive recurring aftermarket profits.
- Aftermarket makes ~30% revenue but ~75% of adjusted EBITDA, enabling 6–8% annual price increases and very high margins.