TIP807: Portfolio Review: Analyzing Holdings and Watchlist Companies for 2026 w/ Daniel Mahncke, Shawn O'Malley, & Kyle Grieve
Key Takeaways
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Exor offers Ferrari exposure at deep discounts
“The crown jewel of everything they own in their portfolio is Ferrari. And Exor holds around 20% of Ferrari's total shares outstanding. And they actually have extra voting rights attached that gives them about 30% control over the governance of the company. So they are easily the largest shareholder in Ferrari.”
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Stellantis faces severe cyclical and operational headwinds
“Stilantis and CNH are two examples of that because they're both spinoffs or in some way derivative of that original fiat business. And CNH, which is basically an alternative competitor to John Deere, it's a very, very cyclical industry and it's currently in a down cycle. And then Stilantis is really not only in a historically bad industry for investors, which is automotive, but they've also struggled operationally too.”
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Alphabet and Airbnb anchor the core portfolio
“Alphabet has been one of our earliest additions to the portfolio. And it has been our biggest position ever since. So especially after it doubled for us when it got past the AI fears, I think it's currently close to 14% of the portfolio. And then the next biggest stocks are Airbnb at 11.5%, Uber at 10.5% and Adobe at close to 8%.”
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Holding companies trade below net asset value
“Holding company discounts are not at all unusual. You basically discount them because you are also forced to hold assets that you're not that excited about. And there's a lot more friction if you were to hold those companies yourself. And if Exor wants to sell a stake, for example, they first have to pay taxes. And it's also quite difficult just given the size of the positions that Exor actually holds.”
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Target portfolio size is fifteen to twenty names
“The general idea has been to run a portfolio with about 15 to 20 names. And that means that, in theory, every position would be about 5 to 6% of the portfolio. And there are obviously different levels of conviction and risk profiles depending on each stock. So, for example, Alphabet has been one of our earliest additions to the portfolio.”
Episode Description
Daniel Mahncke, Shawn O'Malley, and Kyle Grieve take a closer look at the Intrinsic Value Portfolio and some of the high-priority watchlist companies. The episode covers high-conviction portfolio holdings such as Airbnb, Universal Music Group, Reddit, and Exor, as well as watchlist companies like FICO, Trade Desk, and Nintendo. They also cover companies that might need to leave the portfolio today. Candidates are TransDigm and Copart. For each, the question is the same: what are the key points of the investment thesis, has the thesis held up, and does the current valuation still make sense? IN THIS EPISODE YOU’LL LEARN: 00:00:00 - Intro 00:05:10 - The key thesis behind Exor 00:16:16 - The key thesis behind TransDigm and our thoughts on Copart 00:33:05 - The key thesis behind Reddit 00:43:54 - The key thesis behind Airbnb 01:01:41 - The key thesis behind Universal Music Group 01:13:54 - Our thoughts on Trade Desk 01:27:42 - Our thoughts on FICO 01:36:40 - Our thoughts on Nintendo Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community. Learn how to join us in Omaha for the Berkshire meeting here. Join The Intrinsic Value Conference in Omaha this May 1, 2026! Podcasts: Exor, TransDigm, Copart, Reddit, Airbnb, Universal Music Group, Trade Desk, FICO. Newsletters: Exor, TransDigm, Copart, Reddit, Airbnb, Universal Music Group, Trade Desk, FICO. Follow Daniel on X and Linkedin. Follow Shawn on X and Linkedin. Follow Kyle on X and LinkedIn. Related books mentioned in the podcast. Ad-free episodes on our Premium Feed. NEW TO THE SHOW? Get smarter about valuing businesses through The Intrinsic Value Newsletter. Follow our official social media accounts: X | LinkedIn | Facebook. Try our 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: HardBlock Human Rights Foundation Plus500 Netsuite Shopify Vanta References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s 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