The Business Brew

Evan Vanderveer of Vanshap Capital joins The Brew to discuss investing in businesses built around a deep commitment to their customers. His approach combines on-the-ground research, a focus on founder-led cultures, and the willingness to hold a concentrated portfolio through uncertainty. We explore how that philosophy translates into investment decisions—and how to distinguish an exceptional business from an exceptional investment. The central tension is how to balance conviction in management and long-term growth with discipline around valuation, risk, and evidence that challenges the thesis. Tune in for a conversation about looking beyond the financial statements while remaining accountable to what shareholders ultimately earn.BIOGRAPHY Evan Vanderveer is a Managing Partner of Vanshap Capital, which he co-founded with David Shapiro in partnership with Markel Group (NYSE: MKL) in 2012. Prior to Vanshap, Evan was an Investment Analyst at Aegis Financial Corporation where he helped expand idea generation to include international equities. Evan received a Bachelor of Business Administration degree with a concentration in finance from The George Washington University.CONTACT [email protected] InformationThank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Trata⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show.If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠trytrata.com/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ OG Sponsor Shoutout:Thank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is the complete modern data terminal for global equities.The ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need. Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models. And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠’s data is updated within minutes of earnings reports. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to. Like to track Amazon’s Cloud Revenue? They’ve got it.How about Spotify’s premium subscribers? Or Google’s quarterly paid clicks?They’ve got all of it.

Michael Kelley is a entrepreneur and community leader. You can find him running his Chick Fil A locations, at the school he started, coaching football and basketball, and making an impact. This one isnt the typical stock conversation, but it was fun to record.Sponsorship InformationThank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Trata⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show.If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠trytrata.com/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ OG Sponsor Shoutout:Thank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is the complete modern data terminal for global equities.The ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need. Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models. And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠’s data is updated within minutes of earnings reports. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to. Like to track Amazon’s Cloud Revenue? They’ve got it.How about Spotify’s premium subscribers? Or Google’s quarterly paid clicks?They’ve got all of it.

Steve Hou, Head of Research at Silicon Data, stops by to discuss solving problems associated with AI capex financing. Silicon Data provides users with a number of indices and data sets tracking everything from token costs to chip residual values.Much of the "debate" around financing capex is just narratives and talking past one another. Steve seeks to actually use facts to discuss what is going on; which is refreshing.Enjoy the discussion!Sponsorship InformationThank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Trata⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show.If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠trytrata.com/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ OG Sponsor Shoutout:Thank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is the complete modern data terminal for global equities.The ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need. Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models. And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠’s data is updated within minutes of earnings reports. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to. Like to track Amazon’s Cloud Revenue? They’ve got it.How about Spotify’s premium subscribers? Or Google’s quarterly paid clicks?They’ve got all of it.

Bob Robotti stops by for a follow up episode. David Kessler, Portfolio Manager and Securities Analyst at Robotti & Company, is in the room with Bob to provide some additional analytical firepower. This conversation came about because Bill was researching the lumber supply chain, had a bit of recorder's block, and though "You know who I want to talk to? Bob Robotti." Bob said yes to the invite and this is the result.If this show speaks to you be sure to reach out to the team at Robotti & Company Advisors. Sponsorship InformationThank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Trata⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show.If you're listening to this podcast, you'll like Trata. Trata is buyside to buyside conversations on individual stocks. Trata makes finding a bull or bear on any stock as easy as clicking two buttons. Over 125 funds globally contribute that collectively cover 2000+ tickers. Trata raised over $3mm coming out of Y Combinator. Before you would track 13Fs, now you can understand what funds are actually thinking. You can join as a lurker or you can join as a contributor and Trata will pay you hundreds of dollars per call. For a free trial, go to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠trytrata.com/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ OG Sponsor Shoutout:Thank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is the complete modern data terminal for global equities.The ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need. Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models. And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠’s data is updated within minutes of earnings reports. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to. Like to track Amazon’s Cloud Revenue? They’ve got it.How about Spotify’s premium subscribers? Or Google’s quarterly paid clicks?They’ve got all of it.

Peter Mantas returns to the show. This is a follow up episode to the episode discussing uniQure. It's timely given the amount of media attention Marty Makary is getting; in part because of uniQure. Describing his trip on his Substack: "I flew to Washington D.C. on Friday (and drove to Baltimore on Saturday) with a thesis. I left with something harder to quantify, not a different thesis exactly, but a materially deeper understanding of the terrain on which this thesis will ultimately be resolved, and a set of experiences that I think are worth documenting carefully, both for subscribers who are following AMT-130 and for anyone who wants to understand what is actually at stake in this regulatory fight."We hope you find the episode interesting and informative.Sponsorship InformationThank you to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ for sponsoring the show. DISCOUNT INFO: If you use the affiliate link ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠fiscal.ai/brew⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, you will automatically get 2 weeks of Fiscal Pro for Free and if you find that you want to upgrade, my link will get you 15% off any paid plans. About ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ is the complete modern data terminal for global equities.The ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ platform combines a powerful user experience with all the financial data capabilities that professional investors need. Users get up to 20 years of historical financials for all stocks globally that they can easily chart, compare, or export into their own models. And unlike legacy data terminals where it can take hours or even days, ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠’s data is updated within minutes of earnings reports. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Fiscal.ai⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ also tracks all the company-specific Segment & KPI data so you don’t have to. Like to track Amazon’s Cloud Revenue? They’ve got it.How about Spotify’s premium subscribers? Or Google’s quarterly paid clicks?They’ve got all of it.