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AI Victims or AI Winners? Software stocks keep falling while revenue still grows. So is AI destroying these businesses, or making them stronger? In this episode, we look at three very different companies: Klaviyo, HubSpot, and Adyen. Which ones are actually exposed to AI, which ones could benefit from it, and where the market may be overreacting. The core question is simple but important: if AI makes software easier to build, use, and replace, what happens to pricing power, retention, and valuation? We break down how each business makes money, why their pricing models matter, and why a falling share price does not automatically mean a better investment. Along the way, we explore whether AI could improve marketing workflows, reduce CRM seat counts, reshape payments, or shift more value away from software companies and toward their customers. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat. We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charlie Munger’s circle of competence to real-world investing decisions, exploring why honest uncertainty can be a better edge than false confidence. You’ll learn: Why ASML’s complexity can be a barrier to competitionHow to think about the circle of competenceWhy the “too hard pile” can still contain promising investmentsWhat a deep dive into LAM Research revealed about semiconductors, etching, deposition, and cleaningHow to focus on the one or two facts that matter mostThis episode is a reminder that understanding every detail is often impossible, and usually unnecessary. What matters is assessing whether a business has a durable edge, whether customers can realistically switch, and whether that advantage could last. If you invest in semiconductors, AI infrastructure, or businesses that feel too complex to analyze, this episode offers a framework for thinking through the challenge. Ask us a question Best Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

Why choose Grab when another ride-hailing app offers a cheaper fare? From a rainy evening in Vietnam to the economics behind your next ride, we explore Grab’s business model, network effects, and competition in Southeast Asia and what they mean for investors in Grab stock (NASDAQ: GRAB). A story about reliability, customer loyalty, and the questions worth asking before buying the shares. Interested in Grab Holdings? See our Grab deep dive. Main takeaway? A service can be valuable to customers without being an attractive investment. You need to understand what it costs to deliver that value and how much the business retains. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

Dino Polska (WSE: DNP) keeps opening supermarkets across Poland, but profit growth has slowed, and its shares have come under pressure. Has the investment thesis changed? Or has the market become too pessimistic? In this episode we revisit our original Dino Polska deep dive and compare our expectations with what happened. We cover the retailer’s business model, competition with Biedronka and Lidl, pressure on margins, and its approach to reinvesting for growth. We also revisit the valuation. Ask us a question Best Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

In this deep dive, we break down the global payments industry from the ground up, moving past the surface-level metrics to examine the hidden framework that powers every digital and physical transaction. We explore why payments are a battleground of intense competition, structural moats, and evolving technology, helping investors separate true compounding businesses from value traps. Chapter 1: The Four Party Model Chapter 2: Point of Sale Chapter 3: Digital Wallets Chapter 4: Payment Service Providers Chapter 5: Issuing and Acquiring Banks Chapter 6: Card Networks Chapter 7: Crypto and Stable Coins Chapter 8: Where the Growth Actually Is Chapter 9: Five CompaniesAsk us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

In this episode we'll get answers to some in-depth questions on Fairfax, often named the 'Canadian Berkshire Hathaway' due to its similar business model. Asheef Lalani, also known as BrownMarubozu, is a real Fairfax expert. He's been following the company closely for over six years and has been in close contact with some people working at the company. He'll help us uncover what makes Fairfax so special and why this might be an interesting investment. Asheef is a true Fairfax expert, and we highly recommend following him if you're interested in Fairfax. You can do so on X (Twitter) or on Substack. You can find the full in-depth dive analysis on Fairfax on our TDI-terminal or on Substack. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

What is the actual job of a CEO, and why do most leaders fail at the one thing that truly drives shareholder returns? In this episode, we break down the mechanics of capital allocation, look at the playbook used by history's greatest outsider CEOs, and examine why conventional business metrics often lead investors astray. Credits to William Thorndike and his excellent book: The Outsiders - Eight Unconventional CEOs and Their Radically Rational Blueprint for Success. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

What do long-term public equity investing and a decades-long marriage actually have in common? More than you might think. In this special episode of The Dutch Investors, Siem te Hennepe reflects on tying the knot with his wife, Ariane, after ten years together. To mark the occasion, co-founders Bouke, Luuk, and Mathjis handed over a unique wedding gift: ten fundamental rules bridging the worlds of market discipline and lifelong partnership. Enjoy. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

We are joined by René, the creator behind Compound with René, live from Mallorca. Vacation or not, investing is his passion, and he thinks about it daily.  We discuss the principles of finding quality companies, how artificial intelligence changes research, and the reality of navigating modern stock markets. You can find René's socials here: YoutubeXSubstackAsk us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

While doing a deep dive into The Walt Disney Company, we stumbled upon something unexpected: Disney characters have been dispensing timeless financial wisdom for decades. In this episode, we break down seven classic Disney lines and explore what they can teach us about market psychology, risk management, and the power of long-term compounding. It'll be a magical, somewhat nostalgic episode. 🌟 Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

The TDI-Terminal now comes with a monthly plan! Give it a try for just $19! Every year, millions of acres of forest burn across North America, threatening thousands of homes and costing billions of dollars in damage. The biggest challenge in stopping a megafire isn't a lack of brave firefighters or aircraft but that water alone evaporates almost instantly in extreme heat. Traditionally, when a wildfire breaks out, firefighting crews rely on dropping water or short-term suppressants directly on the flames. But in scorching temperatures and high winds, water dries up before it can slow down the fire's edge. By the time ground crews arrive or wind conditions shift, the flames have already jumped the line, leaving communities defenseless. Perimeter Solutions built the answer to that challenge. Through its flagship chemical retardant, PHOS-CHEK, Perimeter provides a long-term fire retardant that alters the flammability of forest fuels even after the water completely evaporates. Dropped from specialized air tankers, it lays down an impenetrable red barrier ahead of the flames, buying critical time for ground crews to contain the inferno. Paired with a massive, integrated network of over 150 airbase locations and specialized mixing equipment, Perimeter doesn't just sell the chemical—they ensure that when a fire strikes, the retardant is mixed, loaded, and in the air with zero room for failure. Want more of Joep? ➡️ LinkedIn➡️ Tresor Capital🎧 Deep dive on TransMedics with JoepAsk us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

Most investors chase after what’s visible—the numbers on the chart, the market share, the growth rate. But what if what truly matters is hidden? Secrets that even the wealthiest can’t buy, no matter how deep their pockets. Rare, uncopyable qualities that create impenetrable moats around the business castles of tomorrow. In part two of our deep dive into competitive advantages, we leave the easily measurable financial metrics behind to explore the four most elusive, bulletproof structures in the business world. These are the invisible forces that deep pockets cannot replicate, concluding with the single most powerful strategy that most analysts miss entirely. Enjoyed the episode? Please leave us a 5-star review and help spread the word! Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

In this episode, Niklas and Bouke dive deep into Shift4's four segments. While the underlying business has performed remarkably well, Shift4's share price has declined by over 50%. What's going on here? Shift4 is a fintech company operating in the payments space. It provides end-to-end payment processing solutions, combining software, hardware, and payment gateway services into one platform. The company serves merchants in industries such as restaurants, hospitality, retail, and entertainment, enabling them to accept transactions both in-store and online.  To read our 30-page analysis on Shift4, become a TDI Member. To follow more of Niklas's work, click here. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

🎁 Special Announcement: To celebrate Siem's upcoming wedding on July 1st, we are giving away 30 days of full, unrestricted access to the TDI Terminal completely free. No credit card required! Head over to thedutchinvestors.com to claim your access. If you want to drop us a wedding gift, please leave a 5-star review on your favorite podcast app! Every investor has heard the word moat, but how do you separate a genuine corporate stronghold from a company that just had a few lucky quarters? In part one of this special two-part series, we break down four traditional competitive advantages that leave a clear, visible trail right in the financial statements. These are the structural frameworks that allow elite companies to widen their market share, slash unit costs, and lock out the competition. Ask us a question Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.

There are roughly 100,000 people on organ transplant waiting lists in the United States right now. About 20 of them die every single day. Not because there aren't enough willing donors but because of how we transport and preserve organs. Traditionally, when a donor organ becomes available, it gets put on ice in a cooler and rushed to the recipient hospital. Ice. Like your groceries. And the problem is that this method called static cold storage gives surgeons very little time. A donated heart, for example, starts deteriorating about 4 hours after retrieval. If you can't get it to the patient in time, it's unusable. Organs from donors far away often get rejected simply because the logistics are too difficult. TransMedics built the solution to that.  Ask us a question Best Financial Data ProviderSave 15% on Fiscal AI. Financials, segments, and KPIs.Best Portfolio TrackerSave 15% on PDT. Track your portfolio automatically, 24/7.Disclaimer: This post contains affiliate links. If you make a purchase, I may receive a commission at no extra cost to you.Support the show Research better with the TDI Terminal Fundamental research, live financials, KPIs, valuation tools, portfolios and the TDI community.  ➡️ Explore the TDI Terminal.com  ________________________________________________________ You can also find us on: X/Twitter - Substack  ________________________________________________________  Disclaimer: This podcast is for informational and educational purposes only and should not be considered financial advice. We may own shares in companies discussed. Always do your own research.