Shomik Ghosh, Partner at Boldstart Ventures, joins the podcast for the second time to discuss his thesis on Kelly Partners (ASX: KPG / OTCQX: KPGHF), a specialist chartered accounting network established in 2006 to provide a better service to private clients, private businesses & their owners, and families.

For more information about Shomik Ghosh and Boldstart Ventures, please visit:https://boldstart.vc/

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[2:20] Who is Kelly Partners and why they are so interesting to Shomik

[5:31] What is Shomik seeing that the market is missing with Kelly Partners

[9:09] $KPG's secret sauce for rolling up accounting firms / incentive risks / back office secret sauce that $KPG can do that PE firm can't

[23:36] International expansion / is there enough growth runway of acquisitions

[30:27] Why not relist in US from Australia?

[37:10] Expanding into other areas outside accounting / AI tail risk

[46:49] Management

[52:13] Why are they so focused on McDonald's

[55:22] Final thoughts

[57:26] What does Shomik think would be the cause for the thesis breaking with Kelly Partners / how does Shomik look at fair value here

[1:02:24] Quick thoughts on Match Group

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Aaron Chan, Founder and Managing Partner at Recurve Capital LLC, joins the podcast to discuss his thesis on Carvana Co. (NYSE: CVNA), the leading e-commerce platform for buying and selling used cars.

For more information about Aaron Chan and Recurve Capital, please visit: https://recurvecap.com/

Carvana - Recurve’s Response to Hindenburg’s Short Attack (article): https://recurvecap.com/insights/carvana-recurves-response-to-hindenburgs-short-attack

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:20] What is Carvana and why are they so interesting to Aaron

[5:00] What is Aaron seeing with $CVNA thesis that that the market is missing; differentiated view on CVNA

[9:39] Why the volatility and addressing that fear; factors for the wild swings

[16:49] Competitive analysis - why is no one copying the $CVNA model

[22:44] How much of an advantage is the national level of $CVNA's exposure

[26:47] Brand building / advertising

[30:30] $CVNA economics

[37:09] Why are so many short sellers attracted to $CVNA

[52:18] What Aaron thinks would be the reason $CVNA thesis doesn't work 3-5 years from now; downside risks to thesis

[57:05] Can $CVNA profitably serve rural places and discussion on valuation

[1:03:50] Why isn't every used car dealer dead and final thoughts

Today's sponsor: Daloopa

Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.

Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.

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Yaron Naymark, Founder of 1 Main Capital, is back for the fifth time on the podcast to provide an update on his thesis for International Workplace Group plc (LSE: IWG), and how he overcomes the general investor skepticism associated with the company.

For more information about Yaron Naymark and 1 Main Capital, please visit: https://www.1maincapital.com/

Yaron's original YAVP appearance talking $IWG.L: https://www.youtube.com/watch?v=QmVjVOoG6Sc

Yaron's last YAVP appearance talking $IWG.L (June 2024): https://www.youtube.com/watch?v=FkZng2PSdxM

Chapters:

[0:00] Introduction + Episode sponsor: Daloopa

[1:31] Overview of $IWG.L and why it's interesting to Yaron

[10:36] Valuation

[13:42] Franchisees happiness levels with IWG / IWG's "secret sauce"; competitive advantage

[21:44] Funding is an obstacle? / RevPAR

[33:00] Overcoming general investor skepticism

[44:36] Recent transactions in the IWG (shared space) industry, and what that means for IWG valuation / why doesn't Regis own WeWork right now

[53:15] Valuation

[57:02] What the most likely reason Yaron thinks the thesis doesn't play out / final thoughts

Today's sponsor: Daloopa

Earnings season is hectic—there’s no way around it. But what if you could take back the time you spend on manual model updates? With Daloopa, you can.

Daloopa automates your audit and update process, instantly pulling accurate, fundamental data from filings and reports directly into your models. That means no more wasting hours on repetitive tasks. Instead, you can focus on analyzing trends, refining strategies, and staying ahead of the competition.

Stop letting manual work slow you down. Set up a free account today by visiting daloopa.com/YAV and see how Daloopa can transform your workflow.