Montaka's Spotlight Series

Today’s Spotlight episode comes from Andy’s global stage presentation at the Wide-Moat Investing Summit.View the slides here: https://tinyurl.com/floor-decorThe focus? Floor & Decor – a U.S. retailer with undervalued potential. You’ll learn why flywheels matter, how cyclical lows create opportunity, and what makes this business a possible long-term compounder.Timestamps:00:00 – Intro & conference background00:23 – Why Floor & Decor?01:15 – Montaka’s investment framework02:08 – What makes a long-term winner04:05 – The power of flywheels05:41 – Why markets underestimate reliable growth06:56 – Floor & Decor business overview08:28 – Investment thesis pillars12:23 – U.S. housing market drivers16:28 – Pent-up demand for flooring20:14 – Flywheel dynamics explained23:17 – Store growth & market share25:27 – Revenue, margins & valuations31:14 – Why future margins could expand significantly#Investing, #Stocks, #Global, #MontakaGlobal, #ValueInvesting, #LongTermGrowth, #Compounders, #RetailStocks, #WideMoat, #CompetitiveAdvantage, #Montaka, #FloorAndDecor, #FlywheelEffect

What do you get when you mix AI, cloud infrastructure, and $100B in annual CapEx? A generational shift. In this episode, Andy and Amit explore why Microsoft, Google, and Amazon are growing faster than ever—and why this cloud boom still has miles to run. From legacy workload migration to generative AI token explosions, tune in for an investor’s view on the real backbone of the intelligence revolution.#cloudcomputing #generativeAI #hyperscalers #SpotlightSeries #MontakaDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

What do Costco, Spotify, and a flooring retailer have in common? They all harness a rare business superpower: the flywheel effect. Join Andy and Lachie as they reveal how patient capital, psychological discipline, and customer obsession create unstoppable companies—and how you can spot them early.Key Topics:00:01:46 The 3 sources of investing advantage (informational, analytical, psychological)00:09:17 How Amazon and Costco use “scale economics shared”00:12:08 Spotify’s 8:1 robustness ratio—better than Costco?#ScaleEconomics #FlywheelEffect #ValueInvesting #BusinessStrategy #MontakaGlobal #Investing101 #MoneyMatters #GlobalEquitiesDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Join Andy, Amit, and Lachlan as they unpack key takeaways from the prestigious Bernstein Strategic Decisions Conference in New York. From AI-driven transformations in the restaurant industry to the evolving landscape of private credit and enterprise software, this episode offers exclusive insights into the trends shaping global markets.🍔 How AI is revolutionizing restaurant operations (Yum! Brands vs. Restaurant Brands International)💡 ServiceNow’s expansion beyond IT budgets into real estate & labor optimization💰 The state of private credit—stability at the top, risks in the long tail📈 Why institutional investors are consolidating with top-tier asset managersTune in for expert analysis on what these trends mean for investors.Key Timestamps & Topics Covered:00:00:00 - 00:01:20 | Introduction & Conference OverviewFormat of the Bernstein Conference (fireside chats with top CEOs).Why it’s a must-attend for investors.00:01:20 - 00:08:55 | AI in Restaurants: Yum! Brands vs. Rival StrategiesHow Yum! leverages centralized AI (e.g., Byte by Yum) for supply chain, staffing, and loyalty.Contrast with Restaurant Brands International’s decentralized approach.00:09:29 - 00:13:57 | ServiceNow’s Expansion Beyond IT BudgetsUsing AI to cut corporate real estate costs (e.g., a 25% footprint reduction case study).Why labor and real estate budgets are now fair game for software spend.00:14:57 - 00:20:03 | Private Credit: Stability at the Top, Fragmentation BelowDefault rates remain low for institutional players (KKR, Blackstone).Risks in smaller, subscale private credit funds.00:20:24 - Close | The Institutional Shift to Premium Asset ManagersNYC Pension Fund’s consolidation from 74 managers to 45.Why firms like KKR and Blackstone are winning.#Investing #AI #PrivateCredit #AssetManagement #BernsteinConference #ServiceNow #RestaurantTech #KKR #BlackstoneDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of Montaka’s Spotlight Series, Andy sits down with Amit Nath to explore the seismic shift AI agents are bringing to the global workforce. From redefining productivity to unlocking $3.7 trillion in annual labor savings, they break down how businesses like Salesforce, ServiceNow, and Google are leading the charge—and why this is just the beginning.Key Timestamps & Topics Covered:00:01:14 – What’s an AI agent? How it differs from ChatGPT.00:05:13 – Real-world use cases: Salesforce, OpenTable, and Google’s AI-generated code.00:11:59 – The $3.7 trillion global labor opportunity (and who captures it).00:15:24 – Why data-rich platforms (like ServiceNow) have a moat.00:22:21 – The shift from "seat-based" to value-based pricing in AI.00:25:02 – Will AI create societal disruption? The upside for businesses.#AIAgents #FutureOfWork #Productivity #Investing #AIRevolution #TechTrends #MontakaInsights #Technology #Insights #AndrewMacken #AmitNath #MontakaGlobalDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of the Spotlight Series, Andy and Lachy unpack Amazon’s hidden flywheel: its robotics revolution. From 5-story fulfillment centers the size of 55 football fields to AI-powered sorting and packing, they explore:How thousands of robots are replacing human roles—safely, efficiently, and at scale.Why lower "cost to serve" (25% savings!) translates to faster, cheaper deliveries for customers.The self-reinforcing loop of AI, data, and automation—creating a flywheel within a flywheel.Long-term implications: autonomous trucks, drones, and last-mile robots that could redefine retail.A must-listen for investors, tech enthusiasts, and anyone curious about the future of e-commerce.#Amazon #Robotics #AI #SupplyChain #Innovation #Logistics #Flywheel #Investing #TechTrends #FutureOfWorkDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this episode of the Montaka Spotlight Podcast, Chris and Andy dive into the complexities of market valuations, focusing on why some of the world’s most advantaged companies may appear overvalued at first glance but are actually reasonably priced when you dig deeper. They discuss three key distortions—R&D spending, capital intensity, and cyclicality—that impact valuation multiples and explain why businesses like Meta, Amazon, and Blackstone are still compelling investments despite their seemingly high P/E ratios.#InvestingInsights #MarketValuations #R&DSpending #CapitalIntensity #Cyclicality #StockMarket #Montaka #DeepSeek #Meta #Amazon #BlackstoneDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Unravel the impact of DeepSeek, a relatively unknown Chinese AI lab, which recently released a high-performance AI model at a fraction of the cost of leading models like OpenAI's. Deepseek's AI model, which is open-source and available for commercial use, has caused a stir in the tech world, leading to a $1 trillion wipeout in US tech stocks. Join Andy Macken and Amit Nath as they explore the implications of this breakthrough, including its potential to disrupt the AI value chain, accelerate cloud adoption, and benefit application-layer companies like Salesforce and Microsoft.#DeepSeek #AI #ArtificialIntelligence #TechDisruption #OpenSource #CloudComputing #Salesforce #Microsoft #Montaka #Podcast #AIRevolution #TechMarkets #InnovationDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Spotify has proven that even in a competitive landscape dominated by giants like Apple, it can thrive and grow exponentially. In this final Spotlight Series podcast of 2024, Senior Research Analyst Lachlan Mackay joins host Andy, to break down the core reasons behind Spotify's impressive stock performance and rapid profitability. From the power of the ad-supported funnel and minimal churn to aggressive cost controls and groundbreaking partnerships with music labels, Spotify is reaping the rewards of strategic investments and operational efficiency. But the company isn't done yet—Lachlan shares what’s next for Spotify, including further pricing power, new features, and expanded content offerings. This episode offers listeners an in-depth understanding of why Spotify continues to smash expectations and what’s on the horizon for the streaming giant.Key timestamps:00:00:03 - 00:00:17Introduction to the episode00:01:00 - 00:02:03Overview of Spotify's Growth 00:02:26 - 00:03:06Ad-Supported Funnel: Lachlan discusses how Spotify's ad-supported tier serves as a gateway to premium growth, driving user engagement and improving retention.00:04:15 - 00:04:53Comparison with Apple Music 00:05:24 - 00:06:28Price Hikes and Minimal Churn00:06:53 - 00:07:33Bundling and Gross Margin Improvements00:08:59 - 00:09:42Leverage Over Music Labels: The shift in bargaining power between Spotify and the music industry, as Spotify now has more influence due to its large user base and data insights.00:11:06 - 00:11:40Aggressive Cost Controls00:12:55 - 00:14:42Free Cash Flow and Profitability00:15:13 - 00:16:48Future Growth Prospects: Lachlan discusses Spotify's potential for continued growth, focusing on expanding its user base, adding new content (audiobooks, video), and improving personalization.#Podcast #StockTip #Equities #BuyHoldSell #Global #Listed #SpotifyGrowth #BusinessSuccess #Streaming #StockMarket #SpotifySuccess #MusicIndustry #TechPodcast #GrowthStrategy #FinancialPerformanceDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Elite triathlete Sam Musgrove shares his remarkable journey from rugby to completing the Ironman World Championships. Learn about mental toughness, strategic goal-setting, and how the disciplines of endurance sports parallel success in business and life.💪 How do you tackle a 3.8km swim, 180km bike ride, and a full marathon?"It's like any project - break it into manageable chunks"Discover how Sam Musgrove transformed from a 105kg rugby player to placing 5th globally in his age group at the Ironman World Championships in Kona, Hawaii.Key Episode Timestamps00:03 - Introduction and background01:16 - Sam's transition from rugby to triathlon09:46 - Race nutrition and fourth discipline14:20 - Detailed breakdown of Kona race experience24:58 - Mental strategies during tough moments31:02 - Insights on personal achievement#IronmanTriathlon #MentalToughness #HighPerformance #LeadershipDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

We added one new 'compounder' investment to Montaka's portfolio during the quarter: Floor & Decor (FND), a US-based big box specialty retailer of hard-surface flooring. In this month's podcast, Andy and Chris explain why we believe FND is primed for long-term earnings growth and, yet remains underappreciated by the market today.#global #equities #Stockpicking #MontakaGlobal #FloornDecor #FNDDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In today’s fast-paced digital world, businesses must constantly innovate and adapt to stay ahead. One company that has mastered this art is Amazon. By leveraging a series of interconnected "flywheels," Amazon has created a self-reinforcing cycle of growth and competitive advantage. In this article, we’ll explore five key flywheels that have propelled Amazon to the forefront of global commerce and technology.1. E-commerce FlywheelAmazon's journey began with e-commerce, and this remains one of its most powerful engines. The e-commerce flywheel is driven by a relentless focus on customer experience, characterized by wide selection, low prices, and unmatched convenience. This focus draws in more customers, which in turn attracts more sellers, leading to increased selection and lower costs. These benefits cycle back, enhancing the customer experience further and perpetuating the flywheel.2. Cloud Computing Flywheel: Amazon Web Services (AWS)Born out of Amazon’s own needs, AWS has transformed the way businesses access computing power. The cloud computing flywheel operates by spreading fixed costs across a vast customer base, allowing Amazon to continually lower prices and improve services. As AWS grows, it attracts more customers, who benefit from reduced costs and enhanced services, reinforcing AWS's dominance in the cloud computing market.3. Fulfillment and Distribution FlywheelAmazon’s fulfillment and distribution flywheel is tightly linked to its e-commerce operations. By continuously optimizing its logistics network, Amazon can offer faster delivery at lower costs. This efficiency not only improves customer satisfaction but also attracts more third-party sellers to the platform, further boosting the flywheel’s momentum.4. Amazon Prime FlywheelAmazon Prime is more than just a subscription service; it’s a flywheel that fuels multiple aspects of Amazon's business. For a modest annual fee, Prime members receive free shipping, access to streaming services, exclusive deals, and more. These benefits drive higher spending from members, who shop more frequently and engage more deeply with Amazon’s ecosystem. The revenue generated from Prime memberships allows Amazon to continuously add more services, further enhancing the value of Prime.5. Digital Advertising FlywheelAmazon’s digital advertising business leverages its vast customer data to offer targeted ads across its platform. The digital advertising flywheel works by using Amazon’s first-party data to help advertisers reach customers more effectively, driving higher sales and increasing ad spend. As more advertisers join the platform, Amazon’s data insights become even richer, further enhancing the effectiveness of its advertising solutions.**In Conclusion**Amazon’s success is no accident. It’s the result of carefully engineered flywheels that reinforce each other, creating a cycle of growth that’s hard for competitors to break. As these flywheels continue to spin, Amazon’s competitive advantages will only strengthen, ensuring its position as a leader in global commerce and technology for years to come.🌍💡 #Amazon #Flywheels #Innovation #Ecommerce #AWS #MontakaGlobal #Investing #StockpickDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Join our investment team - Andy, Chris, Amit and Lachie- as they dive into the recent stock price declines. Are these drops a sign of trouble, or is there more to the story? They also discuss the impressive quarterly results of KKR and Spotify. Despite the market turbulence, these companies are showing strong fundamentals, presenting exciting investment opportunities! 💼✨Tune in now to learn more! 🎧 #Podcast #Investing #StockMarket #FinanceInsights #Global #Stocks #stockpicking #Buy #Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Discover the secrets behind compounders - businesses that harness sustainable growth and competitive advantages to achieve remarkable long-term returns. In this episode, we revisit our most popular discussion diving deep into what makes a compounder, why they are crucial for investors, and how they fit into Montaka's portfolio strategy. Tune in to learn how identifying and investing in these growth engines can drive extraordinary outcomes for your investments.#Investing #Compounders #LongTermGrowth #Finance #InvestmentStrategy #Podcast #SustainableGrowth #FinancialSuccess #Montaka #SpotlightSeriesDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Join Andy and Chris in as they discuss the increasing concentration of tech companies in the stock market. They analyze historical data, noting that the top ten stocks in the S&P 500 now account for 33% of its total value, a significant rise from historical levels. Is this concentration a cause for concern, or is it simply a reflection of the evolving economic landscape? Tune in to find out why we believe it's more of an opportunity than a threat, especially with AI supercharging the trend. Key points covered in this podcast include the growing economic contribution of technology, the strategic advantages of large tech companies, and the role of AI in further entrenching their market position. This trend towards greater concentration is likely to continue, driven by the unique characteristics and strategic decisions of these tech behemoths.#SpotlightSeriesPodcast #TechGiants #StockMarketAnalysis #AIRevolution #InvestmentTrends #MarketConcentration #MegaCapTech #TechEconomy #DigitalExpansion #FinancialInsights #MarketTrends #PodcastEpisode #InvestmentOpportunities #TechTalk #BusinessPodcast #Economy2024Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

In this insightful podcast, we unravel the secrets behind LVMH's remarkable success in the luxury goods market. From their iconic brands like Louis Vuitton and Christian Dior to their strategic pricing power and relentless focus on nurturing brand heritage, we explore the factors that have propelled LVMH to the forefront of the industry. Chris and Andy delve into LVMH's ability to captivate the ultra-high-net-worth clientele and their positioning for sustained growth amidst an ever-expanding global affluent population. Discover the timeless appeal that has made LVMH a true luxury powerhouse.#LVMH #LuxuryPowerhouse #LouisVuitton #ChristianDior #BrandHeritage #PricingPower #UltraHighNetWorth #AffluenceRising #LuxuryGrowth #TimelessAppeal #HNIsDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Andy and Chris step through our recent essay titled: 4 simple steps to unearth great investment opportunities. They show how great investment opportunities can stem from identifying (i) structural transformations, (ii) the related supply chains, (iii) the competitively protected players, and (iv) those with valuation upside. (Apologies for the handful of audio gremlins in the recording this month).#InvestmentOpportunities #StructuralTransformations #DurableAdvantages #ValueInvesting #LongTermCompounding #AlternativeAssets #AI #CleanEnergy #DigitalMarketing #SupplyChains #UndervaluedDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Unlock the hidden strengths of @Blackstone, the alternative asset powerhouse. In this insightful episode, @MontakaGlobal's Andy and Chris reveal 6 underappreciated advantages fueling Blackstone's massive upside potential.While Blackstone is a well-known name, many investors may be underestimating its true strengths and competitive advantages. This insightful episode unpacks the key reasons why Blackstone represents a compelling investment opportunity, from its diverse asset platform and ability to raise capital across insurance, private wealth, to its cutting-edge data analytics capabilities. Andy and Chris also address common valuation misconceptions, highlighting Blackstone's capital-light business model and sustainable earnings growth potential.Highlights of the episode:Blackstone's diversification beyond private equity into credit, real estate, and other alternative assets (2:21)Ability to raise capital from massive insurance, private wealth, and pension fund markets (6:07)Proprietary data advantages from scale, 230 private companies, 12,000+ real estate assets (11:35)Prescient pivot away from office real estate, now just 2% exposure (14:49)Valuation misunderstood - sustainable performance fees, reliable earnings growth (17:03)Capital-light business model enabling high-growth reinvestment (23:03)Blackstone as a long-term holding and one of Montaka's largest positions (26:02)#Blackstone #Montaka #Amacken #CDemasi #BX #AlternativeAssets #PrivateEquity #DataAnalytics #RealEstate #CompetitiveAdvantages #ValuationOpportunity #InvestmentAnalysisDisclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

Tune in to this month's Spotlight Series podcast as Amit and Andy delve into ServiceNow's enduring potential, exploring how its innovative offerings, paired with generative AI, are revolutionizing productivity for enterprise clients and paving the way for a promising future. #Montaka #Global #Equities #research #Stockpick #Long #NOW #ServiceNow #NYSE Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.

We circle back to three of our most popular podcasts from the last year or so, and fish out a couple of highlights that we think are really important to underscore as we enter 2024. Hope you enjoy listening!#Montaka #TBT #Highlights #2023 #SpotlightSeries #Podcast Disclaimer: Issued by Montaka Global Pty Ltd ABN 62 604 878 533, AFSL 516942. This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and requirements and seek professional financial advice before making any financial decisions.