The Intrinsic Value Podcast - The Investor’s Podcast Network

Shawn O’Malley and Daniel Mahncke break down Doximity (ticker: DOCS), known as “the LinkedIn for doctors,” with a suite of productivity apps supporting physicians’ workflows, too. Incredibly, 80% of physicians in the U.S. are on Doximity, giving them fertile real estate to monetize those eyeballs with high-margin advertising opportunities for pharma companies.


IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro

00:00:22 - Why Doximity is so uniquely positioned to capitalize on pharmaceutical marketing

00:01:42 - How much of the U.S. health care system is still plagued by bureaucratic admin work, and the opportunity that creates for Doximity

00:03:40 - What makes Doximity’s ecosystem so useful for physicians at all stages of their career

00:10:32 - Why Doximity uses subscription-based advertising options

00:25:26 - How the company protects doctors’ privacy and saves them hours a week doing admin tasks with HIPAA-compliant generative AI tools

00:26:01 - How Doximity uses productivity tools to complement its social networking service

00:44:22 - The risks and moats of having a business so concentrated on one industry

00:56:17 - How to think about modeling DOCS’ intrinsic value

01:02:36 - Whether Shawn and Daniel add DOCS to their Intrinsic Value Portfolio



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



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠


Sign up for ⁠⁠⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠⁠⁠


Shawn & Daniel use ⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠ for every company they research — use their ⁠⁠⁠⁠referral link⁠⁠⁠⁠ to get started with a 15% discount!

Learn how to ⁠⁠⁠⁠join us⁠⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Check out Doximity Pitch on Value Investors Club.

Doximity’s 2023 Shareholder Presentation.

Doximity’s Investor Relations Page.

Business Breakdowns’ podcast on Doximity.

Listen to Doximity’s Investor Day.

Explore our previous Intrinsic Value breakdowns: Transdigm, Salesforce, Berkshire Hathaway, FICO, PayPal, Uber, Nike, Amazon, Airbnb, Alphabet.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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

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

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References to any third-party products, services, or advertisers do not constitute endorsements, and The Investors Podcast Network is not responsible for any claims made by them.
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Daniel Mahncke and Shawn O’Malley take a deep dive into Meta — the world’s most powerful attention engine, spanning Facebook, Instagram, WhatsApp, and Messenger, and still driven primarily by advertising. They break down how Meta’s “Family of Apps” keeps compounding through better AI-driven content discovery and ad targeting, while new surfaces like Reels, Threads, and WhatsApp monetization expand inventory and improve the long-term revenue mix.


IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:04:02 - How much money the Metaverse failure cost
00:06:19 - How AR glasses could replace smartphones
00:23:48 - Why Reality Labs will likely yield average returns at best
00:29:50 - What AI efforts Meta is implementing
00:32:10 - Why Meta’s AI projects are not as bad as investors think
00:35:37 - How the ad engine works
00:41:31 - How WhatsApp and AI content could benefit Meta
00:57:06 - Whether Shawn and Daniel add Meta to the portfolio



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



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠


Sign up for ⁠⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠⁠


Shawn & Daniel use ⁠⁠⁠Fiscal.ai⁠⁠⁠ for every company they research — use their ⁠⁠⁠referral link⁠⁠⁠ to get started with a 15% discount!

Learn how to ⁠⁠⁠join us⁠⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Interview with Mark Zuckerberg.

Google Glasses Article and Demo.

MBI Deep Dives Work on Meta.

News, Articles, and Updates: 9to5Google.

Clay’s Meta Pitch in our WSB Episode.

Explore our previous Intrinsic Value breakdowns: ⁠⁠Uber⁠⁠, ⁠⁠Nike⁠⁠, ⁠⁠Reddit⁠⁠, ⁠⁠Nintendo⁠⁠, ⁠⁠Airbnb⁠⁠, ⁠⁠AutoZone⁠⁠, ⁠⁠Alphabet,⁠⁠ ⁠⁠Ulta,⁠⁠ ⁠⁠John Deere,⁠⁠ ⁠⁠Madison Square Garden Sports⁠⁠.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.




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

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References to any third-party products, services, or advertisers do not constitute endorsements, and The Investors Podcast Network is not responsible for any claims made by them.
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Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

Shawn O’Malley and Daniel Mahncke break down Churchill Downs, Inc. (ticker: CHDN), a gaming company that is uniquely tied to the world of horse racing.



IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro
00:02:48 - What makes the Kentucky Derby such a cherished event and a masterclass on luxury hospitality
00:05:30 - Why Churchill Downs is so much more than just a gambling company
00:07:54 - What to make of the surge in historical racing machines that are powering the company’s growth
00:17:22 - Why Churchill Downs gave up on mobile-app-based casino gaming
00:34:16 - How the company has used its relationships and lobbying powers to protect its business and even lower its taxes
00:38:18 - The risks and moats of entrenched gambling businesses
00:40:43 - What the future of horse racing looks like
00:45:09 - Why Churchill Downs is such an asset-heavy business
00:57:27 - How to think about modeling CHDN’s intrinsic value
01:01:21 - Whether Shawn and Daniel add CHDN to their Intrinsic Value Portfolio



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



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠


Sign up for ⁠⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠⁠


Shawn & Daniel use ⁠⁠Fiscal.ai⁠⁠ for every company they research — use their ⁠⁠referral link⁠⁠ to get started with a 15% discount!

Learn how to ⁠⁠join us⁠⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

2023 Value Investors Club pitch for CHDN.

2025 Value Investors Club pitch for CHDN.

Churchill Downs’ investor relations page.

Explore our previous Intrinsic Value breakdowns: ⁠Uber⁠, ⁠Nike⁠, ⁠Reddit⁠, ⁠Nintendo⁠, ⁠Airbnb⁠, ⁠AutoZone⁠, ⁠Alphabet,⁠ ⁠Ulta,⁠ ⁠John Deere,⁠ ⁠Madison Square Garden Sports⁠.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.




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

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

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




References to any third-party products, services, or advertisers do not constitute endorsements, and The Investors Podcast Network is not responsible for any claims made by them.
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 take a deep dive into Mercado Libre, the dominant e-commerce and fintech platform in Latin America. What started as an eBay-like marketplace has evolved into a fully integrated ecosystem spanning online retail, logistics, digital payments, lending, and advertising, with leading positions across Brazil, Mexico, and Argentina.



IN THIS EPISODE, YOU’LL LEARN:
00:00:00 - Intro

00:10:28 - About Mercado Libre’s founding story

00:12:05 - How it won the e-commerce market

00:14:14 - How and why it built its logistics network

00:38:45 - What competitors are the biggest risk

00:46:51 - What flywheel is powering the business

01:00:50 - Why Mercado Pago is such a powerful business

01:07:59 - About Mercado Libre’s management and capital allocation

01:18:29 - Whether Shawn and Daniel add MELI to the portfolio



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



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠


Sign up for ⁠⁠⁠The Intrinsic Value Newsletter.⁠⁠⁠


Shawn & Daniel use ⁠Fiscal.ai⁠ for every company they research — use their ⁠referral link⁠ to get started with a 15% discount!

Learn how to ⁠join us⁠ in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Listen to Management Podcasts.

Read the Potential Multibagger Article on Mercado Libre.

Tune in to the Business Breakdown Episode on Mercado Libre.

Read the Substack Article on Mercado Libre.

Check out the McKinsey Report on Payments in Latin America.

Explore our previous Intrinsic Value breakdowns: Uber, Nike, Reddit, Nintendo, Airbnb, AutoZone, Alphabet, Ulta, John Deere, Madison Square Garden Sports.

Related ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠books⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ mentioned in the podcast.

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Shawn O’Malley and Daniel Mahncke break down Exor NV (ticker: EXO), a unique holding company that has acted as a vehicle for the family wealth of Fiat’s founder, but now poses a compelling arbitrage opportunity, with Exor’s stock trading at nearly a 60% discount to its net asset value.



IN THIS EPISODE, YOU’LL LEARN:
00:00:00 – Intro

00:04:55 – How Ferrari became Exor’s largest investment

00:06:16 – Whether Exor actually offers discounted exposure to companies like Ferrari, Stellantis, and CNH

00:16:48 – What markets Exor is focusing on most now

00:19:45 – Why Exor trades at such a discount to its NAV

00:42:02 – Why Exor trimmed part of its Ferrari stake

00:45:01 – Why Exor is unlikely to be forced to realize its NAV by outsiders

00:51:03 – Why Exor reclassified itself from an industrial conglomerate to an investment company

01:00:11 – How to think about modeling EXO’s intrinsic value

01:09:24 – Whether Shawn and Daniel add EXO to their Intrinsic Value Portfolio



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



BOOKS AND RESOURCES


The Investors Podcast Network is excited to debut a new community known as The Intrinsic Value Community for investors to learn, share ideas, network, and join calls with experts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sign up for the waitlist(!)⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠


Sign up for ⁠⁠The Intrinsic Value Newsletter.⁠⁠


Shawn & Daniel use Fiscal.ai for every company they research — use their referral link to get started with a 15% discount!

Learn how to join us in Omaha for the 2026 Berkshire Hathaway shareholder meeting.

Check out the Interview with Exor’s CEO, John Elkann.

Check out the 2020 Value Investors Club pitch on Exor.

Read the 2011 book on the Agnelli family history.

Explore our previous Intrinsic Value breakdowns: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Transdigm⁠⁠, ⁠⁠Salesforce,⁠⁠ ⁠⁠Berkshire Hathaway,⁠⁠ ⁠⁠FICO⁠⁠, ⁠⁠PayPal⁠⁠, ⁠⁠Uber,⁠⁠ ⁠⁠Nike,⁠⁠ ⁠⁠Amazon⁠⁠, ⁠⁠Airbnb,⁠⁠ ⁠⁠Alphabet.⁠⁠


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