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
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 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Track <a href="https://docs.google.com/spreadsheets/d/1YqzCACTnf4X3v8lx3HMEG2rMs71RLNI2B3b7V2e3pKQ/edit?usp=sharing">⁠⁠⁠⁠⁠The Intrinsic Value Portfolio⁠⁠⁠⁠⁠</a>.</li>
 <li>Brad Jacob’s first book, <a href="https://www.amazon.com/How-Make-Few-Billion-Dollars/dp/B0CHTQP25T?crid=256D76OBZ7FZK&dib=eyJ2IjoiMSJ9.TIKz3DuGEsHiOREravGk5895qXMFD774qZ61NViqBiufd3n96kuWOx5h-gJU8pHIsfMgH4YKxkCuEcLir5TkIRaW8au5AUXZ6uQuntAX2YzmtJ1aZjwyEFY_gBe2kuSh9ZM-xW-9-LKMpeFo0aiWHCZla3QLM8-tqUs6usXmvYb8chuZDRXFF0pD3IM9bDFJmo8XD2ZpnNTzzm59XzitVb9I0x9bCk-XzJFz02nbh0I.LvJzVvPpPSZcaStI7FXfZm-UoImLbMh1ga7qXzaGcuk&dib_tag=se&keywords=how+to+make+a+few+billion+dollars&qid=1780506242&sprefix=how+to+make+a+few+billion+dollar%2Caps%2C295&sr=8-1&linkCode=ll2&tag=tipnetwork-20&linkId=809b5c2c6c24c041cc8d28890120acd0&language=en_US&ref_=as_li_ss_tl">How to Make A Few Billion Dollars</a>.</li>
 <li>Brad Jacob’s follow-up book, <a href="https://www.amazon.com/s?k=how+to+make+a+few+billion+dollars&crid=256D76OBZ7FZK&sprefix=how+to+make+a+few+billion+dollar%2Caps%2C295&linkCode=ll2&tag=tipnetwork-20&linkId=98adcbeab91280ee8020a08629200224&language=en_US&ref_=as_li_ss_tl">How to Make A Few More Billion Dollars</a>.</li>
 <li>Listen to Brad Jacob’s <a href="https://www.youtube.com/watch?v=3WXZg4_xcGs">interview with David Senra</a>.</li>
 <li>Follow Kyle on ⁠⁠⁠⁠<a href="https://x.com/IrrationalMrkts">⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠ and <a href="https://www.linkedin.com/in/kylegrievetip/">⁠⁠⁠⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Follow Shawn on <a href="https://x.com/Shawn_OMalley_">⁠⁠⁠⁠⁠⁠X⁠⁠⁠⁠⁠⁠</a> and <a href="https://www.linkedin.com/in/shawn-omalley/">⁠⁠⁠⁠⁠⁠Linkedin⁠⁠⁠⁠⁠⁠</a>.</li>
 <li>Ad-free episodes on our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠<a href="https://premium.theinvestorspodcast.com/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Premium Feed⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.</li>
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