#63 | Alphabet Deep Dive | Will AI destroy Google’s search empire? w/ Secret Sauce Investing

AI Victims or AI Winners? Software stocks keep falling while revenue still grows. So is AI destroying these businesses, or making them stronger? In this episode, we look at three very different companies: Klaviyo, HubSpot, and Adyen. Which ones are actually exposed to AI, which ones could benefit from it, and where the market may be overreacting. The core question is simple but important: if AI makes software easier to build, use, and replace, what happens to pricing power, retention, and val...

How do you invest in a company like ASML when even its engineers cannot fully explain the machine? This episode tackles the investing paradox at the heart of one of the world’s most complex businesses—and why that complexity may be part of its moat. We discuss why ASML’s EUV machines, with more than 200,000 parts, are so hard to replicate; why switching suppliers is nothing like replacing a printer; and how that shapes the company’s competitive advantage. The conversation also connects Charl...

Why choose Grab when another ride-hailing app offers a cheaper fare? From a rainy evening in Vietnam to the economics behind your next ride, we explore Grab’s business model, network effects, and competition in Southeast Asia and what they mean for investors in Grab stock (NASDAQ: GRAB). A story about reliability, customer loyalty, and the questions worth asking before buying the shares. Interested in Grab Holdings? See our Grab deep dive. Main takeaway? A service can be valuable to custome...

Dino Polska (WSE: DNP) keeps opening supermarkets across Poland, but profit growth has slowed, and its shares have come under pressure. Has the investment thesis changed? Or has the market become too pessimistic? In this episode we revisit our original Dino Polska deep dive and compare our expectations with what happened. We cover the retailer’s business model, competition with Biedronka and Lidl, pressure on margins, and its approach to reinvesting for growth. We also revisit the valuation....

In this deep dive, we break down the global payments industry from the ground up, moving past the surface-level metrics to examine the hidden framework that powers every digital and physical transaction. We explore why payments are a battleground of intense competition, structural moats, and evolving technology, helping investors separate true compounding businesses from value traps. Chapter 1: The Four Party Model Chapter 2: Point of Sale Chapter 3: Digital Wallets Chapt...