The Intrinsic Value Portfolio, managed by Shawn O'Malley and Daniel Mahncke, aims to hold approximately 15 to 20 companies.

Daniel Mahncke's bull case scenario for Wix assumes that its subsidiary Base44 can achieve a 50% annual growth rate for the next five years.

Copa's wage bill was about 14% of revenues in 2025, compared to approximately 25% for a large U.S. airline.

Copa's hub-and-spoke model, centered at Tucumán airport in Panama, connects 85 cities in over 30 countries.

Copa's geographic position in Panama allows it to service its entire network of 85 destinations using only Boeing 737 aircraft without incurring a payload penalty.

Copa maintains a flight completion rate of 99.8%, meaning only 2 out of every 1,000 scheduled flights are cancelled.

Pedro Heilbronn has served as the CEO of Copa for 38 years.

In the spring of 2020, Berkshire Hathaway sold its entire holdings in the four major U.S. airlines at a loss due to the COVID-19 pandemic.

Voting control of Copa is held through supervoting Class B shares by a Panamanian entity named CIASA, which is controlled by a group of local families including the Motta, Heilbronn, and Arias familie...

Bill Miller invested in airlines in 2008 and 2013, betting on an "airline renaissance" driven by industry consolidation similar to what occurred in the railroad sector.

Daniel Mahncke believes Copa is the most profitable airline of any significant scale in the Americas.

Daniel Mahncke asserts that Copa operates with lower earnings volatility and at higher margins than major U.S. airlines like Delta and United.

Copa burns approximately 380 million gallons of jet fuel per year.

Major U.S. airlines such as Delta and United typically trade at earnings multiples between 12 and 14.

Copa's adjusted net debt to EBITDA ratio is approximately 0.6 to 0.7 times, significantly lower than the 2 to 3 times ratio considered healthy for most airlines.

Copa's ex-fuel cost per available seat mile (CASM) is approximately 5.8 cents, placing it among the most efficient airlines globally alongside Ryanair and Wizz Air.

Based on his valuation model, Daniel Mahncke expects Copa to generate a 15% annual return, including its 5% dividend yield.

Daniel Mahncke believes Copa would be a highly interesting investment opportunity at a price of approximately $100 per share.

A single flight cancellation can cost an airline between $25,000 and $60,000.

Copa's cargo revenue has been growing at approximately 20% year-over-year in recent quarters.