TIP841: PALANTIR – PALANTIR IS CHEAPER THAN I THOUGHT!

W/ DANIEL MAHNCKE & SHAWN O’MALLEY

TIP841: PALANTIR – PALANTIR IS CHEAPER THAN I THOUGHT! W/ DANIEL MAHNCKE & SHAWN O’MALLEY

26 August 2026

Daniel Mahncke and Shawn O’Malley take a deep dive into Palantir (NASDAQ: PLTR), the data and AI platform behind everything from battlefield targeting systems to Airbus’s A350 production line, with customers including the U.S. Army, the NHS, Ferrari, and Airbus. Palantir is growing revenue at over 90%, with net dollar retention at 157% and adjusted operating margins above 60% — a Rule of 40 score of 155%, roughly double what the best software companies in the world achieve. It also trades at around 60 times sales, which is why The Economist called it possibly the most overvalued firm of all time.

Daniel and Shawn discuss whether the ontology layer is a sustainable moat now that Microsoft and Google have launched competing products, what Alex Karp and Peter Thiel’s politics mean for a company selling to Western governments, and why twenty years of losses turned into the fastest-accelerating software business on the market. In the end, Daniel values the business and decides whether PLTR deserves a spot in The Intrinsic Value Portfolio.

SUBSCRIBE

IN THIS EPISODE, YOU’LL LEARN:

  • How Palantir’s Ontology actually works 
  • How AI turned around Palantir’s business
  • Why no one seems to be able to copy Palantir’s Ontology
  • How Palantir grows its customer base 
  • Why Palantir has the best margins in the industry
  • How much Palantir stock is actually worth
  • Whether PLTR will be added to The Intrinsic Value Portfolio

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

 

[00:00:00] Daniel Mahncke: Welcome back to The Investor’s Podcast episode 841. And the last time the two of us talked, we discussed our biggest winners and our biggest losers. Out of all the companies that we pitched in the last one and a half years, and I thought that was a lot of fun.

[00:00:16] Shawn O’Malley: It was a nice change of pace. But today we’re getting back to what we do best, and that’s flipping over more rocks, looking for opportunities. And you’ve got a stock pick today that listeners will probably have very mixed opinions about. And there’s others who have heard a lot about it, but I’m guessing really are going to be excited to better understand what the business is all about.

[00:00:36] Daniel Mahncke: It is a divisive company, I would say, but also a very popular company, especially in the investment circles. And I know you and Kyle looked at SpaceX not too long ago and surprise, surprise, that company is far away from being a value play and therefore not the type of company that we want to invest in. And I thought it might be the same for today’s pitch, which maybe we should say it is Palantir. And please don’t get me wrong, Palantir is not a value play.

[00:01:00] Daniel Mahncke: But when I started my research, I did it thinking in the back of my mind, at least, I might need to abort and look for another company because there’s just no sense in pitching it. But that wasn’t the case. I actually found myself pretty excited about the opportunity. Just a year ago, Palantir traded at twice the multiple with half the growth rate, and that has completely shifted now and again.

[00:01:20] Daniel Mahncke: That doesn’t make it a value play. But for everyone who loves high quality companies, as most of us do, and is a generally curious person, I think you should listen to this. I think you will be positively surprised by today’s pitch.

[00:01:32] Shawn O’Malley: Yeah, maybe I’ll be one of them. Just like you. I never looked at Palantir thinking it was way too expensive anyway, but if you’re intrigued by it, then I’m ready to get into it.

[00:01:43] Intro: Since 2014, with more than 200 million downloads. We have interviewed the world’s best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly and sharing everything we learn with you. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investments in the securities discussed. Now for your host, Shawn O’Malley and Daniel Mahncke.

[00:02:29] Shawn O’Malley: All right. So where do you want to start? Personally, I think I could use a brief explanation of what exactly Palantir does. I can’t really say I have a good idea of what they do. It’s a very enigmatic company.

[00:02:39] Daniel Mahncke: Yeah. Before looking at this for the episode, I honestly didn’t really know either, but it’s quite fascinating. So to give a quick example, let’s imagine any large organization, right? It could be an airline, it could be a hospital, it could be a car manufacturer or the army, which is actually a big client, but it could be anything else too.

HELP US OUT!

Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

BOOKS AND RESOURCES

Some of the links on this page are affiliate links or relate to partners who support our show. If you choose to sign up or make a purchase through them, we may receive compensation at no additional cost to you.

NEW TO THE SHOW?

SPONSORS

Support our free podcast by supporting our ⁠sponsors⁠:

References to any third-party products, services, or advertisers do not constitute endorsements, and The Investor’s Podcast Network is not responsible for any claims made by them.

CONNECT WITH SHAWN

CONNECT WITH DANIEL

PROMOTIONS

Check out our latest offer for all The Investor’s Podcast Network listeners!

WSB + BFF + RWH Promotions

The Intrinsic Value Newsletter