{"podcast":{"title":"The Synopsis","slug":"the-synopsis-6505916","podcast_index_feed_id":6505916,"rss_url":"https://feeds.libsyn.com/481071/rss","website_url":"https://sites.libsyn.com/481071","image_url":"https://static.libsyn.com/p/assets/5/2/d/7/52d76b8b82d0390516c3140a3186d450/The_Synopsis_Podcast_Logo-20260225-5hcpjhqhg8.png","author":"Drew Cohen","episode_count":140,"summary":"In this podcast we share our insights from hundreds of hours of investment research and various topics Drew Cohen has covered on his YouTube Channel and Five Minute Money Newsletter. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, business-specific issues, and want to know the deep details. We approach investing from the perspective of business owners, instead of Wall Street Commentators. Drew Cohen is an investment manager, registered investment advisor, and founder of Speedwell Research, which produces in-depth research reports for hedge funds and asset managers. Speedwell Research spends hundreds of hours researching public businesses and I share my insights in various episodes. Start listening today to become a better analyst, investor and business-person.","last_synced_at":"2026-07-23T22:19:12.092819+00:00","page_url":"https://stenobird.com/podcast/the-synopsis-6505916"},"episode":{"title":"Interview. Bill Nygren on 25 Years of Beating the Market","slug":"interview-bill-nygren-on-25-years-of-beating-the-market","published_at":"2026-03-23T18:15:00+00:00","page_url":"https://stenobird.com/podcast/the-synopsis-6505916/interview-bill-nygren-on-25-years-of-beating-the-market","show_page_url":"https://stenobird.com/podcast/the-synopsis-6505916","url":"https://5f85ab06-2c89-4625-a5f9-f4b3a3300053.libsyn.com/interview-bill-nygren-on-25-years-of-beating-the-market","audio_url":"https://traffic.libsyn.com/secure/5f85ab06-2c89-4625-a5f9-f4b3a3300053/Interview._Bill_Nygren_Podcast_Version.mp3?dest-id=4092573","summary":"In this incredible interview I spoke with legendary investor Bill Nygren, who has beaten the market over a 25 year period by around 200bps. This is an extremely hard and rare feat. In our wide-spanning conversation Bill tells us about everything from his investment process and valuation framework to how to value a cyclical business, the importance of management, investing lessons from Netflix & Meta, as well as what a lot of value investors get wrong. We even had time to talk about his Salesforce and Airbnb postions a bit. We hope you enjoy! You can find a video version of this podcast on YouTube here *~*~*~*~* Get access to all of Speedwell Research's in-depth Research Reports here. If you need help getting Speedwell added as an approved research vendor for your investment firm, please reach out to info@speedwellresearch.com -*-*-*-*-*-*-*-*-*-*- Show Notes (0:51) — Bill Nygren's Investment Philosophy (4:15) — Valuation Timeframe (9:22) — Is There a Thing as Fair Value? (12:19) — Investing in Banks (17:30) — Why Haven't We Had a Normal Recession? (18:43) — How to Value a Cyclical Business? (23:24) — How Confident Can You Be on Your Downside? (24:36) — Does the Quality of Management Matter? (26:28) — How Important is ROIC? (28:34) — Should an Investor Buy & Hold Forever? (39:21) — The Role of Talking to Management in Your Investment Process (41:54) — Research Process (44:54) — How to Gain Confidence in Your Research (49:08) — Investing Lessons From Meta & Netflix (1:03:48) — Portfolio Analyst Relationship (1:06:38) — Portfolio Diversification (1:10:06) — Salesforce and the AI Risks (1:13:64) — What to Do About Deferred Revenue in Software Stocks (1:17:26) — Why Bill Owns Airbnb Over Booking Holdings -*-*-*-*-*-*-*-*-*-*- Become a Speedwell Member here to gain access to…","meta_description":"In this incredible interview I spoke with legendary investor Bill Nygren, who has beaten the market over a 25 year period by around 200bps. This is an ext…","key_points":[],"chapters":[],"topics":[],"duration_seconds":4881,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-synopsis-6505916/episodes/interview-bill-nygren-on-25-years-of-beating-the-market/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-synopsis-6505916/interview-bill-nygren-on-25-years-of-beating-the-market.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}