We Study Billionaires - The Investor’s Podcast Network TIP780: Top Stocks for 2026 w/ Shawn O'Malley, Daniel Mahncke, & Clay Finck
85 snips
Jan 2, 2026 
Shawn O'Malley, co-host of the Intrinsic Value Podcast, discusses why he's bullish on Exor N.V., offering proxy exposure to Ferrari, and detailing its significant NAV discount. Daniel Mahncke shares insights on MercadoLibre, highlighting its dominance in Latin American e-commerce and fintech, along with its impressive growth and unique logistics strategy. They also touch on Clay Finck's pitch for Meta, examining its advertising strengths and AI advancements, while addressing concerns about capital expenditures and growth sustainability.
AI Snips
Chapters
Transcript
Episode notes
Why Holdco Discounts Persist
- Large discounts to NAV exist because investors dislike complexity, friction costs, and concentrated voting control.
- Even after haircuts for taxes and transaction costs, a 60% discount to NAV looks hard to justify.
Read Buybacks As Capital Allocation Signal
- Watch share count changes and buybacks as proof of shareholder-friendly allocation in holding companies.
- Prefer pragmatic repurchase methods like reverse Dutch auctions to maximize value per euro spent.
Value Holding Companies By NAV Scenarios
- Model returns using NAV compounding and discount compression, not short-term earnings per share.
- Even a pessimistic NAV growth and modest discount narrowing can still yield double-digit IRRs from current prices.