Stock Spotlight

Trash collection might seem like a boring business, but behind those garbage trucks and landfills are some surprisingly attractive economics. In Episode 42 of Stock Spotlight, I'm putting three of North America's largest waste operators head-to-head: Waste Management ($WM), Republic Services ($RSG) and Waste Connections ($WCN). From route density and landfill ownership to pricing power and competitive advantages, we explore what makes these businesses so difficult to disrupt. Then I dig into their historical shareholder returns and financial performance, comparing free cash flow growth, capital efficiency, operating leverage and the consistency of cash generation.Of course, a great business doesn't always make a great investment at the wrong price. That's why I'm also evaluating management incentives, capital allocation, future growth opportunities and historical valuations before building a 5-YR Total Shareholder Return (TSR) model for all three stocks. The findings aren't as straightforward as you might expect. $RSG stands out for its financial quality and management alignment, $WM has opportunities to unlock cash flow from recent investments and $WCN combines a differentiated operating strategy with the strongest modeled shareholder returns. After 5 rounds of analysis, only one company comes out on top. Tune in to find out who wins.----------------------------------------------------------------00:00 Intro01:16 Why This Comparison Matters04:15 Performance & Correlation07:20 Business Models15:23 Quality Profiles19:48 Future Growth Potential25:33 Management & Ownership30:13 Final Verdict30:52 Outro----------------------------------------------------------------Intro Music: Andrey Rossi – Seize the DayOutro Music: Ra – Prospect*Music provided by Uppbeat PremiumFollow me on X: https://x.com/invest091Listen on YouTube: https://www.youtube.com/@stockspotlightpodcastSubscribe to my Substack: https://stockspotlightpodcast.substack.com/----------------------------------------------------------------Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

Can we systematically measure whether a business is gaining momentum and whether it's performing better or worse than Wall Street expected?In this episode of Stock Spotlight, I introduce my new Composite Momentum Score, a research framework built to evaluate business fundamentals and earnings expectations across the S&P 500 and beyond. Unlike traditional price momentum strategies, this model separates Business Momentum from Expectations Momentum, then combines the two into a single score designed to identify improving businesses, deteriorating fundamentals and potential disconnects between company performance and market expectations.I'll walk through the methodology behind the model, explain why separating these two dimensions matters, share a few surprising findings and discuss how I plan to incorporate the framework into my investment process. Over time, I hope it becomes a useful starting point for deciding where to focus my research.----------------------------------------------------------------00:00 Intro01:22 Why I Built It02:24 The 11 Signals04:50 How the Score Works06:18 What Surprised Me07:25 A Few Company Examples09:20 How I Plan To Use It11:19 Outro----------------------------------------------------------------Intro Music: Andrey Rossi – Seize the DayOutro Music: Ra – Prospect*Music provided by Uppbeat PremiumRead the companion Substack article: https://stockspotlightpodcast.substack.com/p/building-a-composite-momentum-score?r=73vbqmFollow me on X: https://x.com/invest091Listen on YouTube: https://www.youtube.com/@stockspotlightpodcast----------------------------------------------------------------Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, host Michael is joined by investor and content creator Will Biddy to discuss how they build and manage quality growth portfolios. Will shares how he got started in investing, what makes a business “world class” and how he balances business quality with valuation.Michael and Will also use Toast ($TOST) and Intuitive Surgical ($ISRG) as case studies, comparing what attracted them to each company, the key metrics they follow and the risks that could challenge their investment theses. They finish by discussing position sizing, when to add or sell and a rapid-fire lightning round.----------------------------------------------------------------00:00 Intro01:14 Will's Investing Background05:53 Defining a Quality Growth Business11:23 Balancing Quality and Valuation15:43 Shared Stock Case Studies24:41 Building and Managing the Portfolio29:49 Rapid-Fire Lightning Round32:43 Outro----------------------------------------------------------------Intro Music: Andrey Rossi – Seize the DayOutro Music: Ra – Prospect*Music provided by Uppbeat PremiumFollow Will on X: https://x.com/WillBiddy_/Listen to Will YouTube: https://www.youtube.com/@Will_BiddyFollow me on X: https://x.com/invest091Listen on YouTube: https://www.youtube.com/@stockspotlightpodcastSubscribe to the newsletter: https://stockspotlightpodcast.substack.com/----------------------------------------------------------------Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, Michael takes a deep dive into Interparfums ($IPAR), the fragrance company behind major licensed brands including Coach, Jimmy Choo, Montblanc, GUESS and Lacoste. He breaks down the economics of its licensing model, brand concentration, U.S. and European operations, competitive position, financial quality, founder ownership and the upcoming 2027 product cycle that management believes could reaccelerate growth.The episode also examines $IPAR’s management incentives and key company KPIs to watch before translating the thesis into Bear, Base and Bull 5 year expected returns. With strong returns on capital and a healthy balance sheet offset by uneven free cash flow, rising marketing intensity and reliance on brands it does not own, the key question is whether Interparfums is still a durable compounder moving forward or simply a very successful tenant of valuable brand equity.----------------------------------------------------------------00:00 Intro01:50 Business Overview09:43 Industry Overview14:53 Quality Growth Profile19:09 Financial Statement Overview26:30 KPIs to Track27:41 Leadership & Incentives31:45 Expected Return Profile (2026-2030)33:45 Verdict35:15 Outro----------------------------------------------------------------Intro Music: Andrey Rossi – Seize the DayOutro Music: Ra – Prospect*Music provided by Uppbeat PremiumFollow me on X: https://x.com/invest091Listen on YouTube: https://www.youtube.com/@stockspotlightpodcastSubscribe to the newsletter: https://stockspotlightpodcast.substack.com/----------------------------------------------------------------Disclosure: The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.

In this episode of Stock Spotlight, host Michael sits down with his longtime college friend and financial advisor Jon Tan to explore what more than 15 years of working with investors has taught him about building lasting wealth.They discuss how Jon’s investing philosophy has evolved, the behavioral and planning mistakes he sees investors make, why performance chasing is so difficult to avoid and what separates successful long-term wealth builders from everyone else.The conversation also covers portfolio construction, rebalancing, the role of individual stocks within a broader financial plan, when a financial advisor can add value and why investing success often comes down to a few simple habits practiced consistently.Michael and Jon then close with a lightning round covering investing books, savings rates, alpha vs. beta and the advice Jon would give his 25 year old self.----------------------------------------------------------------00:00 Intro01:18 From Marine Biology to Financial Advice08:22 California to South Carolina12:33 Investor Behavior16:55 Building Better Portfolios24:09 When a Financial Advisor Adds Value29:50 Rapid-Fire Lightning Round33:20 Outro----------------------------------------------------------------Intro Music: Andrey Rossi – Seize the DayOutro Music: Ra – Prospect*Music provided by Uppbeat PremiumEmail me ([email protected]) if you're interested in connecting with JonFollow me on X: https://x.com/invest091Listen on YouTube: https://www.youtube.com/@stockspotlightpodcastSubscribe to the newsletter: https://stockspotlightpodcast.substack.com/----------------------------------------------------------------Disclosures:The host of Stock Spotlight is not a licensed financial advisor. The information and opinions shared during the show are for entertainment purposes only.References to specific securities do not constitute a recommendation from Ali Financial, Palmetto Private Wealth Management or Jonathan Tan. Opinions and forward looking statements expressed reflect the opinions of the speakers and are subject to change without notice.