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TIP822: QXO (QXO): Can One of the World's Best Consolidators Strike Lightning Again? w/ Kyle Grieve & Shawn O'Malley
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Show notes
Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. Tune in as they debate whether Brad Jacobs' unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:02:03) How Brad Jacobs built multiple billion-dollar companies from scratch
(00:05:49) The structure QXO used to go public fast
(00:07:05) How Beacon Roofing was acquired despite a poison pill defence
(00:11:26) What Kodiak added to QXO's geography and product mix
(00:14:43) Why the TopBuild deal is a game-changer for margins
(00:23:54) How QXO plans to unlock synergies across its portfolio
(00:43:27) Why Jacobs' approach to dilution mirrors Henry Singleton's playbook
(00:59:00) The thickness of QXO's competitive moat
(01:08:51) The three biggest risks that could derail QXO's vision
(01:11:57) What bull, base, and bear cases reveal about fair value
(01:19:33) Intrinsic value of QXO
(01:20:13) Portfolio decision
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
Join the exclusive The Intrinsic Value Mastermind Community.
Track The Intrinsic Value Portfolio.
Brad Jacob’s first book, How to Make A Few Billion Dollars.
Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars.
Listen to Brad Jacob’s interview with David Senra.
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Follow Shawn on X and Linkedin.
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