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TIVP077: QXO (QXO): CAN ONE OF THE WORLD’S BEST CONSOLIDATORS STRIKE LIGHTNING AGAIN?
W/ KYLE GRIEVE & SHAWN O’MALLEY
TIVP077: QXO (QXO): CAN ONE OF THE WORLD’S BEST CONSOLIDATORS STRIKE LIGHTNING AGAIN? W/ KYLE GRIEVE & SHAWN O’MALLEY
14 June 2026
In today’s episode, Kyle Grieve and Shawn O’Malley analyze QXO, the ambitious building-products distribution company led by serial industry consolidator Brad Jacobs, a man who has turned multiple boring industries into extraordinary wealth-creation machines throughout his career. They explore how QXO has rapidly assembled a portfolio of major acquisitions, examining each deal’s strategic rationale, the competitive dynamics of a fragmented industry lacking obvious moats, and the mounting debt and dilution risks that accompany funding such an aggressive growth strategy. Tune in as they debate whether Brad Jacobs’ unparalleled track record as a capital allocator is enough to justify investing in a business that is still very much a work in progress.
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IN THIS EPISODE, YOU’LL LEARN:
- How Brad Jacobs built multiple billion-dollar companies from scratch
- The structure QXO used to go public fast
- How Beacon Roofing was acquired despite a poison pill defence
- What Kodiak added to QXO’s geography and product mix
- Why the TopBuild deal is a game-changer for margins
- How QXO plans to unlock synergies across its portfolio
- Why Jacobs’ approach to dilution mirrors Henry Singleton’s playbook
- About the thickness of QXO’s competitive moat
- The three biggest risks that could derail QXO’s vision
- What bull, base, and bear cases reveal about fair value
- And so much more!
For the full show notes, go to this page.
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- Read Brad Jacob’s first book, How to Make A Few Billion Dollars.
- Read Brad Jacob’s follow-up book, How to Make A Few More Billion Dollars.
- Listen to Brad Jacob’s interview with David Senra.
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