The Synopsis

In this episode of The Synopsis, Alex capitualtes and let's us talk about AI and software again. We cover a lot of key SaaS risks and speculate on the AI Frontier companies business models. 
You can become a Speedwell Research member here and get access to the "AI risk to Software report, as well as over two dozen company deep dives: https://speedwellresearch.com/subscribe/ 

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Drew Cohen Capital
Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/ 
Speedwell Research
For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/ 
Fiscal.AI
Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/ 

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Show Notes
(0:00)  — Will AI Replace Software?
(13:45)  — Model vs Harness
(21:40)  — Will AI Models Be Commoditized?
(31:50)  — One Superior Model Risk
(35:40)  — In-House Software Development Risk 
(44:48)  — AI Startup Risk
(49:58)  — AI Agent Risk
(56:43)  — Which Companies are Safe?

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Podcast background: 
In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.
Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.
Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel  @DrewCohenMoney  . You can learn more about him here: https://www.drewcohencapital.com/ 
Alex is an unpaid host. 
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This podcast is also available on Spotify, Apple, and anywhere else you get your podcasts. 
Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li
Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398 
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here:  https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers 
#investing #stockmarket #finance

In this episode of The Synopsis, Alex stays awake for the full episode and we talk about several of Drew's business frameworks such as the Consumer's Hierarchy of Preferences, The Piton Network, and MVPs vs MPPs. We use as examples businesses including Apple, Amazon, Walmart, McDonald's, Costco, Floor & Decor, and more!
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Drew Cohen Capital
Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/
Speedwell Research
For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/
Fiscal.AI
Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/
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Show Notes: 
(0:00)  — How New Frameworks Allow You to See New Things
(4:28)  — Jobs to Be Done Framework
(9:12)  — Consumer Hierarchy of Preferences
(18:45)  — Amazon vs Etsy
(30:07)  — MVP vs MPP
(33:11)  — Building Consumer Surplus
(40:32)  — Piton Network
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Podcast background:
In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.
Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.
Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel  ⁨@DrewCohenMoney⁩  . You can learn more about him here: https://www.drewcohencapital.com/
Alex is an unpaid host.
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This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.
YouTube: https://www.youtube.com/@TheSynopsisPod 
Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li 
Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398
 
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here:  https://speedwellresearch.com/disclaimer/ https://www.drewcohencapital.com/disclaimers

In this episode of The Synopsis, Alex had the best moment of his life when he got Drew to agree with him on a point. We talk about what an agentic AI world means for Meta, Apple, Google, and other internet businesses.
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Drew Cohen Capital
Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/
Speedwell Research
For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/
Fiscal.AI
Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/
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Show Notes: 
(0:00)  — Thoughts on Muse
(22:19)  — How AI Agents Affect Airbnb & Booking
(37:24)  — Google Search vs AI Agents
(47:46)  — Is Apple Really Behind in the AI Race?
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Podcast background:
In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.
Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.
Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel  ⁨@DrewCohenMoney⁩  . You can learn more about him here: https://www.drewcohencapital.com/
Alex is an unpaid host.
~*~*~*~*~
This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.
YouTube: https://www.youtube.com/@TheSynopsisPod 
Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li 
Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398
 
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here:  https://speedwellresearch.com/disclaimer/ https://www.drewcohencapital.com/disclaimers

In this episode of The Synopsis, we talk to Mostly Borrowed Ideas on how Meta's Muse signifies the beginning of a potentially very disruptive AI transition that leaves many businesses worse off. We touch on Airbnb, Booking, Uber, DoorDash, and Amazon, among others. Mostly Borrowed Ideas, or MBI, was one of the earliest stock analysts to write his thoughts publicly. He has over 150k followers on X and tens of thousands investors regularly read his stock commentary.
 
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Drew Cohen Capital
Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/
Speedwell Research
For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/
Fiscal.AI
Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/
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Show Notes: 
(0:00)  — Why MBI Changed His Opinion on Airbnb
(12:33)  — Airbnb Advantages Over AI Agents
(23:24)  — How AI Agents Affect Direct Traffic for OTAs
(31:52)  — Does Agentic AI Shift the Airbnb Thesis?
(42:59)  — Airbnb vs Booking in Agentic AI
(52:34)  — The Rise of Proactive Commerce
(55:08)  — Do Hotels Really Need Booking Now? 
(59:14)  — Rebuttal to AI Breaking Booking
(1:07:42)  — How AI Agents Affect Uber & DoorDash
(1:20:42)  — How AI Agents Affect E-Commerce 
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Podcast background:
In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.
Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.
Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel  ⁨@DrewCohenMoney⁩  . You can learn more about him here: https://www.drewcohencapital.com/
Alex is an unpaid host.
~*~*~*~*~
This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.
YouTube: https://www.youtube.com/@TheSynopsisPod 
Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li 
Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398
 
-*-*-*-*-*-*-*-*-*-*-
Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here:  https://speedwellresearch.com/disclaimer/ https://www.drewcohencapital.com/disclaimers

In this episode of The Synopsis, Alex bemoans the video launch because he has to pay attention to Drew talk, and we go deep on The Trade Desk and Copart.
You can watch an in-depth deep dive on both stocks here:
The Trade Desk: https://www.youtube.com/watch?v=A0vV_w1nfNk 
Copart: https://www.youtube.com/watch?v=Ar8QlzMhcfs
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Drew Cohen Capital
Learn more about advisory services offered through Davidson Kahn Capital Management here: https://www.drewcohencapital.com/
Speedwell Research
For full access to Speedwell Research's in-depth reports and stock updates, become a member here: https://speedwellresearch.com/subscribe/
Fiscal.AI
Free trial and *15% off* of a Fiscal.AI subscription through this link here: https://fiscal.ai/drewcohen/
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Show Notes: 
(0:00)  — The Synopsis Podcast Overview
(3:38)  — The Trade Desk Business Overview
(12:47)  — Why the Market Shifted on The Trade Desk
(24:40)  — The Trade Desk Opportunity
(31:41)  — Copart Update
(55:56)  — Market vs Management Narrative
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Podcast background:
In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter.
Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Start listening today to become a better analyst, investor and business-person.
Drew Cohen is an investment manager and financial advisor at Davidson Kahn Capital Management. He also is the founder of Speedwell Research, an equity research business which produces in-depth research reports for hedge funds and asset managers. He also has his own YouTube channel  ⁨@DrewCohenMoney⁩  . You can learn more about him here: https://www.drewcohencapital.com/
Alex is an unpaid host.
~*~*~*~*~
This podcast is also available on YouTube, Spotify, Apple, and anywhere else you get your podcasts.
YouTube: https://www.youtube.com/@TheSynopsisPod 
Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li 
Apple: https://podcasts.apple.com/us/podcast/the-synopsis/id1699073398
 
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Disclaimer
Nothing in this podcast is investment advice nor should be construed as such. Contributors to the podcast may own securities discussed. Furthermore, accounts contributors advise on may also have positions in companies discussed. This may change without notice. Please see Speedwell's and Drew Cohen Money's full disclaimers here:  https://speedwellresearch.com/disclaimer/ https://www.drewcohenmoney.com/disclaimers