Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Int...
Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:19) How Brad Jacobs built multiple billion-dollar companies from scratch
(00:05:05) The structure QXO used to go public fast
(00:06:21) How Beacon Roofing was acquired despite a poison pill defence
(00:10:44) What Kodiak added to QXO's geography and product mix
(00:14:03) Why the TopBuild deal is a game-changer for margins
(00:25:52) How QXO plans to unlock synergies across its portfolio
(00:40:56) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook
(00:53:11) About the thickness of QXO's competitive moat
(01:03:08) The three biggest risks that could derail QXO's vision
(01:06:24) Valuation: What bull, base, and bear cases reveal about fair value
(01:14:08) Intrinsic value of QXO
(01:14:26) Whether Kyle and Shawn will add QXO to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
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Track The Intrinsic Value Portfolio.
Brad Jacob’s first book, How to Make A Few Billion Dollars.
Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars.
Listen to Brad Jacob’s interview with David Senra.
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