The Synopsis

• Interview. Right Tail Capital's Founder on Fund Management, Stock Selection, and 3 Quality Companies

  In this interview we talk to Right Tail Capital's Founder, Jeremy Kokemor. Jeremy has been in the investment world for almost 3 decades and started his own investment firm back in 2022. In this conversation, he shares his experience running an investment advisory firm, how he picks stocks, and talks about 3 of his past investments in quality businesses. We hope you enjoy!  *~*~*~*~*  Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to [email protected]  -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Right Tail Capital Investment Philosophy (1:58) — How the Business of Investing Interrupts Good Investing (9:21) — Absolute vs Relative Return, Stock Selection (19:43) — Biggest Position, NVR, Dream Finders Homes, and Home Builders (31:26) — Murphy USA, Gas Station Industry (49:24) — Ferguson, Plumbing and HVAC B2B Distributors, Floor & Decor Similarities (1:01:24) — When Research Changed an Investment Thesis, Why Not Call it Left Tail Capital?    -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *~*~*~*~*  Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

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  1:06:31
• Dialogue. Floor & Decor and Dream Finders Homes 4Q24, Founders vs Managers, SSS Controversy, Why ROE over ROIC

  On this Dialogue episode of The Synopsis, we  give an update on Dream Finders Homes and Floor & Decor. Check out our written business updates for $FND and $DFH below!  Dream Finders Homes 4Q24 Business Update  Floor & Decor 4Q24 Business Update ~Mentioned Memos~ Home Depot Memo: Priced to Outperform Perfection For full access to all of our updates and in-depth research reports, including our Dream Finders Homes Exploratory Report and our Floor & Decor Extensive Research Reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes Dream Finders Homes 4Q24 Business Update  *~* (0:00) — Where’s the Letter? (1:34) — High Level Overview (5:27) — Acquisition Model Similar to Constellation Software (9:20) — Rare Case where ROE makes more Sense, Riff on Bank Balance Sheets (12:57) — Operating Income, Tariffs, Non-homebuilder Acquisitions (20:04) — Valuation   Floor & Decor 4Q24 Business Update *~* (24:00) — Overview, Same Store Sales Controversy (33:45) — Founder Operators versus Professional Managers, Cabinet Selection Concerns, Store Roll Outs Slowing (42:00) — Tariffs, Spartan, Operating Leverage (49:12) — Valuation -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in FND and DFH. Furthermore, accounts one or more contributors advise on may also have a position in FND and DFH. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

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  51:43
• Company. Axon: Transforming the Failed TASER Product into a Law Enforcement Platform Titan

  On this Company episode of The Synopsis we draw on our 75-page research report on Axon Enterprises, a leading law enforcement technology provider, for a very in-depth break down of the company. Founder Rick Smith took a failed concept—the TASER—and not only created a succesful business around it, but made it become a mainstay of policing. Not content to just reinvent how policing worked in the field, Axon pushed into other critical areas of law enforcement like officer video, cloud-based data management, and vertical software. A 1,000x return since going public in 2001, Axon is one of the highest returning stocks of all time. But more interesting than the investment returns, is all of the lessons we can learn from Billionaire Founder Rick Smith.  Learn more about our 75-page research report here.  For full access to all of our in-depth research reports, become a Speedwell Member here.  If you need help getting Speedwell Research to become an approved research vendor, so you can expense your subscription, please email [email protected]  *~*~*~* Mentioned Speedwell Memos:  Minimum Viable Products versus Maximum Possible Products How Axon's Founder Built a $35bn Business: 10 Lessons from Rick Smith -*-*-*-*-*-*-*-*-*-*- Show Notes Part 1: Founding History and Background (0:00) Axon Overview (3:34) — Background of the Advent of the TASER (12:08)— Rick Smith Reinvents the TASER and the Founding of AirTaser (15:39) — AirTaser Early Struggles (23:20) — Taser International rename, Going Public (34:36) — Broadening their Mission and Product Lines, Introducing Axon (43:47) — R&D Fumbles, Importance of Knowing when to Iterate vs Innovate (51:11) — Axon Camera Business Frictions,  Gaining Adoption and Building a Competitive Moat (1:17:57) — Concluding History *~* Part 2: Financials, Industry, Competition, and Valuation (1:26:22) — Revenue Segments, Business Model (1:43:39) — Profitability and Mature Margins (1:47:45) — Industry and TAM, Pricing Power (1:57:59) — Competition (2:29:38) — Why Axon Wins (One Breath Take) (2:33:36) — ROIC, Mature Profitability, Free Cash Flow (2:40:51) — Valuation (2:44:07) — Risks (2:49:01) — Free Axon Resources from Speedwell -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to *all* of our in-depth research reports and more!   Sign up for Speedwell's free newsletter and weekly memos here *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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. At the time of recording contributors had a position in Perimeter Solutions. Furthermore, accounts contributors advise on also may have  a position in Perimeter Solutions. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

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  2:49:44
• Article. CoStar Group Business History

  In this episode of The Synopsis we read an excerpt from our extensive research report of CoStar Group! If you prefer to read instead of listen to the memo, you can find access to the article below. Subscribe to Drew Cohen's YouTube Channel Here CoStar Group Memo Link:  https://www.speedwellmemos.com/p/costar-business-history   *~* *Become a Speedwell Member or Purchase the CoStar Group Single Report Here* -*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) – YouTube Announcement and Episode Formats (2:33) –Memo Reading Starts (24:18) – Upcoming!  -*-*-*-*-*-*-*-*-*-*- Purchase a Speedwell Membership to gain access to Speedwell’s Extensive Research Reports, Models, Company Updates, and more.  Speedwell Research's main website can be found here.  Find Speedwell's free newsletter here. -*-*-*-*-*-*-*-*-*-*- Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback -*-*-*-*-*-*-*-*-*-*- 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. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

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  24:58
• Dialogue. Coupang & Perimeter Solutions 4Q24, LA Fires, Online Tire Installation, and Taiwan Ecommerce

  On this Dialogue episode of The Synopsis, we  give an update on Coupang and Perimeter Solutions. Check out our written business updates for $CPNG and $PRM below!  Coupang 4Q24 Business Update  Perimeter Solutions 4Q24 Business Update  For full access to all of our updates and in-depth research reports, including our Airbnb and Evolution Extensive Research Reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. -*-*-*-*-*-*-*-*-*-*-*-*-*-*- Show Notes (0:00) — Intro (1:02) — Coupang 4Q Update (27:35) — Perimeter Solutions 4Q Update   -*-*-*-*-*-*-*-*-*-*-*-*-*-*- For full access to all of our updates and in-depth research reports, become a Speedwell Member here. Please reach out to [email protected] if you need help getting us to become an approved research vendor in order to expense it. *-*-*- Follow Us: Twitter: @Speedwell_LLC Threads: @speedwell_research Email us at [email protected] for any questions, comments, or feedback. -*-*-*-*-*-*-*-*-*-*- 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. At the time of publication, one or more contributors to this report has a position in CPNG and PRM. Furthermore, accounts one or more contributors advise on may also have a position in CPNG and PRM. This may change without notice. Please see our full disclaimers here:  https://speedwellresearch.com/disclaimer/

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  44:12

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