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My First Million

What Stock Would Warren Buffett Buy If He Started Over In 2024?

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Shaan PurihostSam Parrhost

Feb 12, 202455mWatch on YouTube

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CHAPTERS

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Chapter summaries

Stock-a-palooza setup: slides, secrecy, and what “winning” means
The hosts introduce their first annual “Stock-a-palooza,” where each will present a single stock pick with a 20-minute case and then let the audience vote. They clarify that they don’t know each other’s picks, will use slides on YouTube, and will score on a mix of substance and showmanship.
- •The format is modeled after stock-pitch conferences: each host gets a timed pitch with Q&A.
- •They emphasize the YouTube version for slides and ask viewers to subscribe.
- •They debate what “best case” means (time horizon vs entertainment) and settle on making it up as they go.
- •They remind listeners the segment is meant to be fun and engaging rather than authoritative.
Ground rules and disclaimers: entertainment, not investment advice
They lay down the episode rules more explicitly and repeatedly stress that neither host should be treated as a financial authority. The hosts frame the competition as entertainment and caution viewers not to act on what’s said.
- •They set structure: one host presents while the other asks questions without constant interruptions.
- •They talk through how the audience will vote and how “winning” could be judged.
- •They repeatedly disclaim expertise and state it’s for entertainment only.
- •They frame the segment as a playful “stock picking” game rather than actionable guidance.
Shaan’s benchmark: beating the S&P and aiming for a 10-year 5X
Shaan frames single-stock picking as extra risk versus an index fund, so the stock must justify that risk with higher expected returns. He uses a 10-year lens and sets a personal target of a 5X return to make the bet worth it.
- •Single-stock investing is framed as riskier than broad indexing.
- •Shaan uses the past decade’s index returns as a baseline comparison.
- •He targets a 5X return over 10 years as the bar for a compelling pick.
- •He positions the rest of his pitch around that return goal and long-term durability.
“What would Buffett do?”: five criteria and the shift to buying brands
Shaan uses Warren Buffett as a template, listing five qualities he believes Buffett looks for in investments and emphasizing the idea of buying companies (and brands) rather than trading tickers. Sam adds that Buffett’s approach evolved over time toward valuing brands more heavily.
- •Five criteria: understandability, economic moat, competent management, margin of safety, and strong financials.
- •Shaan stresses durability and buying something that can be held for decades.
- •Sam notes Buffett once focused more on pure financials and later leaned into brands.
- •They frame the key idea as owning enduring businesses that “spit off cash at a fair price.”
Shaan’s stock pick reveal: TKO (UFC + WWE) and why it’s “simple to understand”
Shaan reveals his pick: TKO, which owns UFC and WWE. He argues the product is universally understood—people like watching fights—and the business model is straightforward, driven by high-LTV fans paying for media and events.
- •TKO is described as owning the UFC and WWE as core assets under a holding-company structure.
- •Shaan argues combat sports are universally understandable across cultures.
- •He describes revenue as coming from fans paying to watch (including pay-per-view) and attending events.
- •Sam shares his own spending behavior to illustrate how valuable superfans can be.
Moat argument: near-monopoly positions and social dominance
Shaan argues UFC and WWE have overwhelming market share with competitors repeatedly failing, making their position highly defensible. Sam underscores WWE’s massive YouTube presence, reinforcing the “brand power” case.
- •Shaan challenges listeners to name serious competitors and cites repeated competitor failures.
- •He claims UFC and WWE collectively control over 95% market share in their categories.
- •Sam highlights WWE as one of the most popular YouTube channels.
- •They frame the moat as both competitive dominance and cultural/attention dominance.
Management, economics, and media-rights upside for TKO
Shaan points to leadership (including Ari Emanuel and Dana White) as a key pillar of the thesis and argues the economics are attractive due to profitability and low capital intensity. He emphasizes upcoming media-rights negotiations as a major catalyst for growth.
- •Shaan cites key leaders and portrays them as proven operators and negotiators.
- •He discusses profitability and claims the combined entity generates over a billion dollars of EBITDA.
- •He contrasts UFC’s structure with leagues that share revenue with teams, emphasizing different cost dynamics.
- •He highlights renegotiating media rights as a potential driver, noting streamers’ demand for live sports.
TKO risk discussion: debt, leadership reliance, fighter pay pressure, and reputational/legal issues
Shaan flags debt and leadership dependence as risks, and both hosts expand into potential legal and reputational liabilities. They discuss whether fighter compensation and collective bargaining could change the business economics, and Sam argues controversial figures may deter institutional investors.
- •Shaan notes meaningful debt used to acquire/structure the assets and that stock performance hasn’t been great since the merger.
- •He identifies fighter unionization/collective bargaining as a risk that could raise costs.
- •He calls out reliance on Dana White and uncertainty about what happens if he leaves.
- •Sam adds reputational and legal concerns, including controversies around prominent figures and a lawsuit arguing monopoly power; both agree economics could shift if the legal case succeeds.
Global growth and storytelling: why UFC/WWE create lifelong fans
Shaan argues future upside comes from bigger streaming deals and global expansion, especially in under-tapped regions. Both hosts emphasize that the leagues excel at storytelling and social media, helping build generational fandom and direct-to-audience reach.
- •Shaan frames two growth engines: streaming/media deals and globalization.
- •They discuss underdeveloped expansion in places like China, India, and Africa while claiming demand exists.
- •Sam argues UFC/WWE are especially strong at creating characters and narratives.
- •Shaan cites social followings to show modern distribution strength compared to legacy leagues.
Sam’s approach: ignore the spreadsheet, follow the “luxury brand” playbook
Sam introduces his pitch style as story-led rather than number-led and shares other stocks he briefly considered. He uses the head of LVMH as inspiration, focusing on heritage, high margins, and exclusivity as the core characteristics of enduring luxury businesses.
- •Sam frames his method as prioritizing what’s “cool and interesting” over conventional analysis.
- •He references several companies he looked at but didn’t choose.
- •He introduces a luxury-brand framework: heritage (Lindy), luxury margins, and exclusivity.
- •He positions the next pick as an “expensive and exclusive” brand that can sustain high margins.
From Aston Martin to Ferrari: the pick and the origin story
Sam explains why Aston Martin didn’t fit his criteria and then reveals Ferrari as his chosen stock. He tells Ferrari’s founding story through Enzo Ferrari’s obsession with performance and brand identity, setting up Ferrari as a brand with deep heritage and extreme pricing power.
- •Aston Martin is dismissed due to weak margins and business performance despite brand recognition.
- •Sam introduces Enzo Ferrari’s background and single-minded focus on building great engines and race cars.
- •Ferrari is framed as the result of founder obsession and a long-term legacy brand.
- •He sets up Ferrari as both a product and a cultural symbol with unusually strong pricing power.
Ferrari’s financial snapshot and profit-per-unit argument
Sam provides high-level financial figures and highlights Ferrari’s unusual position: tiny unit volume but massive valuation and profitability. He emphasizes that Ferrari earns more profit per car than any other automaker and contrasts that with mass-market makers’ economics.
- •Sam cites recent revenue growth, profits, and small annual unit sales relative to mainstream automakers.
- •He notes Ferrari’s market cap places it among the most valuable car companies despite low volume.
- •He claims Ferrari’s profit per unit dwarfs competitors, including comparisons to Tesla and Ford/Mercedes/BMW.
- •He reinforces Ferrari as a “cash cow” with industry-leading margins.
The ultimate brand lever: Ferrari controls buyers through exclusivity and enforcement
Sam argues Ferrari’s real moat is its ability to restrict access and police brand image, creating a mystique that increases demand. He describes waitlists, requirements to qualify for certain models, bans for rule-breakers, and tactics to discourage flipping or modifications.
- •Ferrari’s allocation system can require buying base models to qualify for higher-end models.
- •Owners face restrictions on modifications and even public image changes; Sam references legal disputes over customization.
- •He claims Ferrari can ban high-profile buyers and discourage resale flipping without permission.
- •He cites merchandising revenue and repeat-buyer rates as evidence of brand-driven LTV and loyalty.
Downsides, lessons, and verdict: Ferrari vs TKO and how the hosts vote
Sam lists concerns, including valuation (high P/E), whether younger generations will care as much about driving, and regulatory pressure, while still admiring the brand. The hosts debate whether Ferrari is a luxury company versus a car company, then give their personal “if we had to” choices and close by sending viewers to vote in the comments.
- •Sam calls out valuation as a major downside and questions long-term cultural shifts around driving among young people.
- •He mentions regulatory risk in Europe and notes Ferrari’s existing hybrid efforts.
- •They discuss Ferrari as a business-building case study: missionary mindset and the power of saying “no.”
- •They compare picks, each gives a conditional preference, reiterate they’re not investing, and ask the audience to vote and subscribe.

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