TIP807: Portfolio Review: Analyzing Holdings and Watchlist Companies for 2026 w/ Daniel Mahncke, Shawn O'Malley, & Kyle Grieve

**SPEAKER_1** (0:00)
You're listening to TIP.

**Daniel Mahncke** (0:03)
Today, we will look at our portfolio. We will discuss our biggest positions, sell to companies, and add to one where we feel like the opportunity has become even better.

**Shawn O'Malley** (0:12)
We're also going to look at some of the watchlist companies that listeners have asked us the most for updates on, including Trade Desk and FICO, which have dropped enormously despite being some of the best businesses out there. So let's see what changed with them.

**SPEAKER_1** (0:30)
Since 2014, with more than 200 million downloads, we have interviewed the world's best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly, and sharing everything we learn with you. This show is not investment advice. It's intended for informational and entertainment purposes only.
All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your hosts, Shawn O'Malley, Kyle Grieve, and Daniel Mahncke.

**Shawn O'Malley** (1:17)
Today's episode will be a somewhat new format for many in our audience. And for anyone who doesn't know me, please allow me to introduce myself. My name is Shawn O'Malley, and I've been with The Investor's Podcast for four years now. But this is my first time stepping into our main podcast feed to be a host and not just a guest. And so anyways, over the last year, my colleague Daniel Mahncke and I have worked to publicly build a portfolio of long-term stock holdings that we refer to as the Intrinsic Value Portfolio. And so Daniel and I would deep dive into one company a week on our show, condensing about 40 hours of research into a 60-minute or so podcast for you to listen to on our show that was fittingly called the Intrinsic Value Podcast. And so at the end of each episode, we would then decide after doing our financial modeling and talking through the thesis, whether we would like to include the company in question in our portfolio or pass on investing in it. And so fortunately, we are still doing that, but now for a bigger audience. And so every Wednesday on this feed, we will deep dive into one company and decide whether it deserves a spot in our portfolio. And what has also changed is that it's not just Daniel and me anymore. We are proud and excited to announce that our friend and colleague, Kyle Grieve, has now joined us on this journey. And so of course, usual followers of this podcast feed will know Kyle very well. But we are excited to be working with him more directly and to give both him and you, the listener, an introduction into what we have done in the last year on the Intrinsic Value Podcast. We thought it would be a good idea to start with a portfolio review. And so of course, it's not going to be easy to summarize a year's worth of work and research and portfolio building into 90 minutes or maybe a little bit more, but we'll do our best.

**Daniel Mahncke** (3:10)
And more than ever, we need to prioritize what actually is important today. And I will mainly focus on the companies that Kyle told me he would be interested in, as well, of course, as some listeners feedback. And there's some companies that we discussed at length and then others that we have discussed way less. And those are usually the ones that I want to cover today and kind of give an update on how our thesis has changed, if thesis changed at all. But before we do that, I guess it makes sense to give some more context on how we actually set up the Intrinsic Value Portfolio and also what our philosophy has been doing so.
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. 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%. And all of these companies are long-term holdings for us as well. Well, at least as long-term as they can be when we only started this project about a year ago. But I can already spoil that we will decide today that we make some changes to our portfolio. We'll get to those changes over the course of this episode, of course. And for anyone who hasn't followed what Shawn and I have been up to on the Intrinsic Value Podcast, which is a show that we used to do separately, but we are now merging here into this feed, we will have links in the show notes so you can review all of the corresponding podcasts, newsletters and the financial models that we did for all of the companies that we discussed today. So generally, I highly recommend that you subscribe to the newsletter. Of course, it's free. And since there's a time lag between recording these episodes and then publishing them, the newsletter has all of the most recent updates if things change in the meantime. And we can also dive deeper into the valuation protection and the numbers and we can also make the valuation models downloadable for you. So I do think it's a great value add. And again, the link to the newsletter is in the show notes.