Épisodes

  • 44. The industrial supply cabinet

    44. The industrial supply cabinet
    Feb 18 2026
    For our forty-fourth episode, we're heading to the factory floor. Think about a massive manufacturing plant or a sprawling construction site. What keeps it running? [pause] It's the thousands of small, essential, but easy-to-forget items... the screws, the safety glasses, the drill bits, the welding gloves. Running out of a 50-cent bolt can shut down a million-dollar assembly line. Today's company has built a spectacular business on the simple promise of making sure that never, ever happens. We are talking about Fastenal.

    When you hear the name Fastenal ($FAST), you probably think of their "blue stores," the industrial supply shops that sell everything from screws and bolts to safety equipment. For years, they've been known as a traditional distributor, a critical supplier for the manufacturing and construction industries.
    But the real story and the growth engine of modern Fastenal is its transformation into an embedded supply chain partner. Through its "Onsite" strategy and a massive network of industrial vending machines placed directly on factory floors, Fastenal is moving beyond the storefront and managing inventory directly for its clients. This high-touch, technology-driven approach creates incredibly sticky customer relationships. However, the business is highly sensitive to the health of the manufacturing economy and faces stiff competition from other distributors and e-commerce giants.
    We're tightening the bolts on this investment to see if Fastenal's innovative service model provides a strong enough competitive moat to thrive through any industrial cycle.


    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
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    9 min
  • 43. Dressing the workforce from Janitor to CEO

    43. Dressing the workforce from Janitor to CEO
    Feb 15 2026
    For our forty-third episode, we're exploring the invisible engine that keeps businesses clean, safe, and professional. Think about the mechanic in the clean uniform, the freshly laundered towels at your favorite restaurant, the welcome mat at the entrance of a hotel, the first-aid kit on the factory wall. [pause] There's a very good chance that one single company provides all of it. They are a "roll-up" machine and a master of the subscription-like business model. We are talking about Cintas

    When you see a Cintas ($CTAS) truck on the road, you probably think of one thing: uniforms. For decades, Cintas has been the dominant force in providing, renting, and cleaning uniforms for businesses across North America. It's a straightforward, industrial business.
    But the real story behind Cintas's incredible, decades-long performance is its mastery of the route-based, recurring revenue model. The uniform is just the foot in the door. Once their truck makes a regular stop, Cintas cross-sells a whole suite of essential facility services, from restroom supplies and floor mats to first aid kits and fire safety equipment. This turns the company into a sticky, B2B subscription-like service that is deeply embedded in its customers' operations. However, this high-quality compounder is sensitive to employment trends and almost always trades at a premium valuation.
    We're getting ready for business to determine if Cintas's operational excellence can continue to justify its premium price tag, even if the economy slows down.




    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
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    9 min
  • 42. The german software running the world

    42. The german software running the world
    Feb 11 2026
    For our forty-second episode, we're talking about the software you've never seen, but that probably affects your life every single day. It's the software that runs the factories that build your car... the software that manages the supply chain that stocks your grocery store... and the software that handles the payroll for millions of employees around the world. We're talking about a German powerhouse that is the undisputed global leader in this mission-critical software. We are talking about SAP.

    When you hear the name SAP ($SAP), you think of the powerful, complex, and mission-critical Enterprise Resource Planning (ERP) software that runs the world's largest corporations. For decades, this German titan has been the backbone of global industry, known for its deeply entrenched, but often legacy, on-premise software.
    But the real story of SAP today is its massive, multi-year transformation into a cloud-first company. The entire future of the company is riding on migrating its colossal customer base to its next-generation S/4HANA cloud platform. This transition promises higher margins and a recurring revenue model, but the execution has been a long and challenging journey. With nimble, cloud-native competitors chipping away at the enterprise software market, can this legacy giant make the leap successfully?
    We're booting up the system to analyze if SAP's high-stakes cloud strategy will reboot the company for a new era of growth or if its legacy systems are too complex to change.


    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    10 min
  • 41. Selling wrecked cars to the entire world

    41. Selling wrecked cars to the entire world
    Feb 8 2026
    For our forty-first episode, we're asking a question: what happens after the car crash? [pause] I mean after the tow trucks have come and the insurance claims have been filed. What happens to the cars that are too damaged to be repaired, the ones the insurance company calls a "total loss"? Well, they enter a hidden, multi-billion dollar ecosystem, a massive global marketplace that gives these wrecked vehicles a second life. And that marketplace is dominated by one company. We are talking about Copart.

    When you hear the name Copart ($CPRT), you probably think of a massive, sprawling junkyard—an auction house for wrecked and salvaged cars. On the surface, it seems like a gritty, industrial business focused on selling damaged vehicles.
    But the real story behind Copart is that it's a technology-driven logistics platform with a nearly impenetrable competitive moat. The company is the indispensable partner for the insurance industry. When a car is declared a total loss, Copart steps in to collect, process, and auction the vehicle on its patented online platform to a global network of buyers. This two-sided network of insurance sellers and licensed buyers creates a powerful flywheel that is almost impossible for competitors to replicate. This has made it one of the market's greatest long-term compounders, but it often trades at a premium valuation.
    We're sifting through the salvage to determine if Copart's dominant business model can continue to drive growth and justify its high price tag, or if this stock is due for a wreck.




    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    9 min
  • 40. Saving your Good Boy is a Big Business

    40. Saving your Good Boy is a Big Business
    Feb 4 2026
    For our fortieth episode, we're talking about a part of our families that often has four legs. [pause] We’re talking about our pets. The trend is undeniable: we've elevated our pets from the backyard to cherished members of the family. We'll spend almost anything to keep them healthy. Today's company is the "Pfizer for your pet." It's the global leader in the medicines, vaccines, and treatments that our veterinarians rely on every single day. We are talking about Zoetis.

    When you hear the name Zoetis ($ZTS), you might know it as the former animal health division of Pfizer, the largest company in the world dedicated to medicines and vaccines for pets and livestock. It's the dominant leader in a niche corner of the healthcare sector.
    But the real story behind Zoetis's incredible success isn't just about animal medicine; it's about the powerful and durable "humanization of pets" megatrend. As owners increasingly treat their pets as members of the family, spending on their health and wellness becomes essential and recession-resistant. This has turned Zoetis into a defensive growth powerhouse with a wide competitive moat, serving both the companion animal and livestock markets. But with the stock consistently trading at a premium valuation, is all the good news already priced in?
    We're checking up on the health of this investment to determine if Zoetis can continue to justify its premium price tag and remain a best-in-breed holding for a long-term portfolio.


    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    9 min
  • 39. From an online bookstore to Mag7 Olympus

    39. From an online bookstore to Mag7 Olympus
    Feb 1 2026
    For our thirty-ninth episode, we're exploring a company that is, for millions of people, the front door to the internet. The one website where you can buy a book, a battery, a banana, and a blockbuster movie, and have it on your doorstep tomorrow. But what if I told you that this colossal retail empire... [pause] isn't actually their most profitable business? Not even close. The real money machine hiding inside this company is something most of its customers have never even heard of. We are talking about the two-headed giant... Amazon.

    When you hear the name Amazon ($AMZN), you think of the "everything store"—the global e-commerce titan that delivers packages to your door with incredible speed. For most people, Amazon is the undisputed king of online retail, a massive, low-margin business focused on selection, price, and convenience.


    But the real story and the overwhelming profit engine of the company isn't in the cardboard boxes; it's in the cloud. Amazon Web Services (AWS) is the dominant leader in cloud computing, providing the digital infrastructure for a massive portion of the internet. This fantastically profitable, high-growth division is what truly funds the entire Amazon empire. Amazon is a cloud computing juggernaut disguised as a retail store. But with competition in the cloud intensifying and regulators scrutinizing its retail dominance, can the giant maintain its momentum?
    We're opening the box to analyze if Amazon's high-margin AWS business can continue to fuel its growth or if the company is facing its toughest challenges yet on multiple fronts.



    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    10 min
  • 38. We understand disease and treat it

    38. We understand disease and treat it
    Jan 28 2026
    For our thirty-eighth episode, we're exploring a company that has been at the forefront of the fight against cancer for decades. A company that built its empire on a unique, two-pillar strategy that is perfectly suited for the future of healthcare. They don't just want to sell you the cure; they want to sell the test that tells you if the cure will work. It’s a story of visionary acquisitions and world-class science. We are talking about the Swiss giant... Roche.

    When you hear the name Roche ($RHHBY), you think of a global pharmaceutical powerhouse, a Swiss giant renowned for its leadership in developing cancer treatments. For decades, it has been a defensive cornerstone in portfolios, known for its deep scientific expertise and a vast portfolio of life-saving medicines.


    But the real story and strategic advantage of Roche lie in its unique dual structure. It is a world leader in not just pharmaceuticals but also in-vitro diagnostics. This powerful combination allows Roche to champion "personalized healthcare"—they can develop a diagnostic test to identify which patients will benefit most from a specific drug, and then provide that targeted therapy. This integrated model creates a formidable competitive moat. However, like all pharma giants, Roche is in a constant race against the patent cliff, with blockbuster drugs facing biosimilar competition.


    We're analyzing the data to see if Roche's synergistic approach and powerful R&D pipeline are enough to outrun patent expirations and diagnose a healthy future for investors.



    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    9 min
  • 37. The art of CRM turned into science

    37. The art of CRM turned into science
    Jan 25 2026
    For our thirty-seventh episode, we’re talking about the company that killed the CD-ROM. The company that looked at the old, clunky, and expensive way businesses bought software and said... [pause] "there has to be a better way." They pioneered the idea that powerful software shouldn't be a product you install, but a service you subscribe to through the internet. They are the undisputed king of their category and the company that truly brought the business world into the cloud. We are talking about Salesforce.

    When you hear the name Salesforce ($CRM), you think of the original cloud software titan, the company that pioneered the Software-as-a-Service (SaaS) model and became the undisputed king of Customer Relationship Management. For years, its story has been one of relentless, trailblazing growth.

    But the real story of Salesforce today is its evolution from a single product into a sprawling, integrated platform. Through massive acquisitions like Slack, MuleSoft, and Tableau, it has transformed into an all-encompassing ecosystem for digital transformation. This growth-by-acquisition strategy has made its platform incredibly sticky, but it has also drawn intense scrutiny from investors who are now demanding profitability over growth-at-any-cost. Can the company successfully pivot from its old playbook?

    We're logging into the cloud to determine if Salesforce can successfully integrate its massive empire and deliver the high-margin, profitable growth that investors now demand.


    Created with love by Emil Lazzaroni
    2 new episodes per week, until I can find good companies to hold forever.

    This is not in any way, shape or form financial advice. You are the sole responsible for the action you take after listening to any of my content.

    Always consult a professional before investing.
    Afficher plus Afficher moins
    10 min