The Contrarians with Adam and Adir

Adam and Adir unpack the ugly founder and shareholder battle at Blackmagic Design, what it says about minority ownership and why a strong shareholders agreement matters.

They then revisit Cettire after Dean Mintz buys another $2.7 million of shares and debate whether taking the company private could make sense, before turning to Bending Spoons’ acquisition of Miro and whether its highly leveraged “cigar butt” strategy can really create lasting value.

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Adam and Adir unpack the fallout from Australia’s credit-card surcharge changes, why retailers and consumers may both end up worse off, and whether the policy risks adding more inflationary pressure. Mike apologises for GTAVI misinformation, discussing Codan’s extraordinary growth and valuation, and dig into Joby Aviation, autonomous aircraft and the future of flying taxis.

00:00 - Queenstown, Tourism and GTA 6

20:45 - Credit Card Surcharges and Retail

54:02 - Iran, Energy and Geopolitics

1:04:21 - Australia’s Biggest Tech Businesses

1:09:35 - Codan’s Incredible Run

1:17:43 - Joby, Flying Taxis and The Future Of Flight

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Adam and Adir unpack the brutal sell-off across Australian retail, where names like JB Hi-Fi, Nick Scali, Temple & Webster and Myer sit in the cycle, and whether the downturn is starting to create long-term bargains. They also dig into Mass Group’s surge, Firmus’ extraordinary valuation trajectory and the risks around the data-centre boom, before turning to private equity and why the industry is suddenly struggling to find exits.

00:00 - Retail Gets Crushed
11:46 - Mass Group and Firmus
23:58 - Private Equity Runs Out Of Exits

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Adam and Adir dig into whether businesses are actually generating enough economic value from AI to justify the enormous amount being spent on it, before unpacking a controversial Fair Work ruling involving an Uber driver. They also take a deep dive into The Lottery Corporation’s monopoly economics, digital migration and valuation, before turning to the increasingly public intrigue around AirTree, Eucalyptus and the AFR.

00:00 - Intro and The Grand Final Public Holiday
05:15 - Coles, Finish and Dishwasher Tablet Pricing
12:28 - The Cost Of Eating Around The World
20:10 - Is AI Actually Creating Economic Value?
41:33 - Uber and The Fair Work Commission
51:20 - The Lottery Corporation Deep Dive
1:20:39 - AirTree, Eucalyptus and The AFR

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