Asheville Capital Management's Jake Barfield on InPost's scaling moat

Jake Barfield, Founder & Portfolio Manager at Asheville Capital Management, joins the podcast to share his thesis on InPost Group, Europe’s leading e-commerce logistics enabler. Jake Barfield's write-up on InPost: https://jakebarfield.substack.com/p/inpost-inpst-investment-thesis Chapters: [0:00] Introduction + Episode sponsor: Fintool [2:23] What is InPost and why are they interesting to Jake [4:24] What Jake is seeing with InPost that the market is missing [5:46] Push back on Jake's thesis + European parcel delivery differences to US [14:48] Relationship with Allegro [20:27] Why aren't landlords sticking it to InPost [23:55] Competitive analysis [34:32] Market penetration; Polish market and how they are trying to gain market share in UK and France [45:06] Valuation [55:26] Call options and gamification of customer experience [1:00:56] Advent involvement; how does Jake think about empire building risk [1:05:45] What would have to happen for InPost thesis to not work and final thoughts Today's sponsor: Fintool Fintool is ChatGPT for SEC Filings and earnings calls. Are you still doing keyword searches and going to the individual filing and using control F? That’s the old way of doing things before AI. With Fintool, you can ask any question and it’s going to automatically generate the best answer. So they may pull from a portion of an earnings call, or a 10k, whatever it may be and then answer your question. The best part- every portion of the answer is cited with the source document. Now- if you’ve tried to do any of this in ChatGPT you may know that the answers are often wrong or hallucinations. The way Fintool is able to outperform ChatGPT is their focus on the SEC filings. If you’re an analyst or a portfolio manager at a hedge fund, **check them out at https://fintool.com/**.