Speedwell Research's News Update and Weekly Recap
Consumer Hierarchy of Preferences, The Investment Matching Principle, Why Time is A Friend of a Great Business, MPP in Execution
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here.
This is a weekly recap, where we summarize recent content you may have missed.
Table of Contents:
Speedwell Releases & Upcoming
Spotlight
Coverage Updates
Sharing Links
1. Speedwell Releases & Upcoming.
Research.
In case you missed it, we’ve released several business updates this earnings season: Coupang, Airbnb, Meta, Evolution, Constellation Software, and CoStar Group.
The Synopsis Podcast.
We released an article episode on one of our first and most popular memos: The Consumer Hierarchy of Preferences: The Other Side of the Consumer Value Prop. Listen or read below!
Upcoming.
Podcast
Coming soon: our Airbnb Company Episode!
We are also working on a Dialogue episode on Copart and Constellation Software.
Research
We are now working on LVMH as our next in-depth research report!
Coverage
RH reports fiscal 1Q26 earnings next week
Become a Speedwell Member today to get access to all of our research updates and our in-depth research reports!
2. Spotlight.
Below are select quotes from our various writings and podcast.
Article. The Consumer Hierarchy of Preferences: The Other Side of the Consumer Value Prop
The Consumer’s Hierarchy of Preferences: “The consumer’s hierarchy of preferences is the idea that consumers have an internal weighing of desires, and once a desire is filled to a certain degree, addressing their next-order desire becomes more important.”
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Consumer Surplus: “Consumer surplus shows up in lower churn and higher customer lifetime value.”
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Read the full memo here: The Consumer’s Hierarchy of Preference: The Other Side of the Consumer Value Prop
The Investment Matching Principle: How the Risk/Return Profile Connects to Diversification
Payoffs Being Right > Odds of Being Right: “You want your payoffs to be higher than your chance of being correct. That is all investing is.”
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Read the full memo here: What is a Fair Investment Assumption?
Interview with Jeremy Kokemor of Right Tail Capital
Time is a Friend of a Great Business: “If it’s a great company that can continue to reinvest at higher rates of return, then let’s let that business and management team continue to create value for us as investors.”
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Minimum Viable Products versus Maximum Possible Products Memo
MPP Requires High Execution: “Maximum possible product’s, or MPPs, are not about idea validation to the entrepreneur, but rather to the masses. MPPs require very high execution because they are trying to convince people that they need something they previously didn’t know they did.”
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Read the full memo here: Minimum Viable Products versus Maximum Possible Products
3. Coverage Updates.
Etsy
Josh Silverman at the Bernstein's 41st Annual Strategic Decisions Conference
Etsy Consumer Preferences: “Most of the growth in e-commerce over the past couple of years has been everyday essentials at very low prices, that's really not our sweet spot. Etsy items are highly discretionary items and we're not always the lowest price. These are things made just for you or designed just for you, they may cost a little more, take a little longer, but they really are special.”
4. Sharing Links.
Check out Speedwell Research’s Drew Cohen’s YouTube Channel. It is focused on general investing and business content.
Other Links.
A Letter a Day: Jamie Harmon (link)
Counterpoint Global on AI Beneficiaries: Investing in Second-Order Effects (link)
Turtle Creek: Investment Edge-Stock Selection (link)
Invested Capital: Chris Hohn: The Monopolist Investor (link)
And a special thank you to Matthew Harbaugh for helping put this weekly recap together!
The Synopsis Podcast.
Follow our Podcast below. We have four episode formats: “company” episodes that breakdown in-depth each business we write a report on, “dialogue” episodes that cover various business and investing topics, “article” episodes where we read our weekly memos, and “interviews”.
Speedwell Research Reports.
Become a Speedwell Research Member to receive all of our in-depth research reports, shorter exploratory reports, updates, and Members Plus also receive Excels.
(Many members have gotten their memberships expensed. If you need us to talk with your compliance department to become an approved vendor, please reach out at info@speedwellresearch.com).
