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TIVP069: OTC MARKETS (OTCM): A PICKS AND SHOVELS PLAY IN MODERN CAPITAL MARKETS
W/ KYLE GRIEVE & SHAWN O’MALLEY
TIVP069: OTC MARKETS (OTCM): A PICKS AND SHOVELS PLAY IN MODERN CAPITAL MARKETS W/ KYLE GRIEVE & SHAWN O’MALLEY
03 May 2026
In today’s episode, Kyle Grieve and Shawn O’Malley analyze OTC Markets Group, a hidden infrastructure company that collects tolls on over 12,000 securities while operating with fewer than 130 employees. They explore why OTCM is the only viable option for small companies and international firms seeking access to the US market, and how this quasi-monopoly has generated exceptional returns without debt or excessive dilution. By the end, you’ll understand the durable competitive moats protecting this business and whether the current stock price offers an attractive entry point for value investors.
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IN THIS EPISODE, YOU’LL LEARN:
- Why OTC Markets operates as a hidden monopoly, most investors have never heard of
- The three business segments generating recurring revenue from market infrastructure
- How OTCM’s pricing power compares to other monopolistic businesses like Verisign
- Why 130 employees can manage the infrastructure for over 12,000 securities
- The exceptional unit economics that make Corporate Services so profitable
- What keeps customers so loyal that they rarely consider switching platforms
- How regulatory relationships create barriers to entry, competitors cannot replicate
- Why management’s capital allocation approach is so different from that of typical CEOs
- The surprising reason declining subscriber counts might not be concerning
- Whether this hidden infrastructure gem deserves a spot in your portfolio
- And so much more!
For the full show notes, go to this page.
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