Episode notes
Daniel Mahncke and Shawn O'Malley take a deep dive into Copa Holdings — the Panama-based hub-and-spoke airline whose investment case now turns on two of the most debated questions in the stock today: whether Copa is a structural exception to the airline curse — protected by a geography no rival can copy and a cost base only a handful of carriers in the world can match — or whether even the best airline in the Americas eventually gets pulled into the same gravity that has destroyed value for nearly every other carrier.
IN THIS EPISODE YOU’LL LEARN:
(00:00:00) Intro
(00:01:35) Why airlines are such a tough business to be in
(00:03:55) What Buffett and other superinvestors think
(00:16:47) Why Copa is different than other airlines
(00:35:58) How being the best-in-class business can change the investors’ outcome
(00:38:38) How Copa built its moat
(01:01:14) How Copa can defend its moat
(01:22:37) Valuation discussion of Copa
(01:24:36) Whether Copa is valued attractively
(01:27:30) Whether Shawn and Daniel add CPA to the Intrinsic Value Portfolio
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
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