The Intrinsic Value Podcast · Oct 18, 2026 · 1h 25m · 76m saved
With Kyle Grieve, co-host of The Intrinsic Value Podcast at The Investor's Podcast Network, who pitched Aritzia · Shawn O'Malley, co-host of the same show, who argued the skeptic's side
Aritzia's share price is down about 31%, while the business posts some of the best growth numbers in its history.
Kyle Grieve, co-host of The Intrinsic Value Podcast, pitched the Canadian women's apparel brand to his co-host Shawn O'Malley as a candidate for the show's Intrinsic Value Portfolio. Most stock pickers want more than one competitive advantage before they buy. Kyle argued that Aritzia's brand alone can carry a long US expansion. Shawn, who lost money on Lululemon, took the other side.
"Since owning it, I've gone through multiple drawdowns ranging from 30 to 65%. And I think it's one of those kind of classic case studies of why being able to maintain conviction is just so important." — Kyle Grieve
Kyle has owned Aritzia in his personal account since 2020, and it is now his largest position.
The full episode is covered here so you can skip it. 1 hour 25 minutes of audio, 9 minutes of reading.
Here are the 7 arguments that matter.
Key Takeaways
Aritzia is Kyle's largest personal holding, owned since 2020 through drawdowns of 30 to 65%
Brand is Aritzia's only real competitive advantage, with no switching costs, network effects or patents behind it
Aritzia's stores sell about $1,000 a square foot, against $400 to $700 for comparable mall tenants
Gross margins kept rising through new US tariffs as Aritzia cut China sourcing to the mid-single digits
Aritzia carries zero long-term debt and funds buybacks from free cash flow
The US could support four or five times as many boutiques as Canada, against roughly equal counts today
Kyle's blended intrinsic value of about $148 puts the stock at a 23% discount, but Shawn still passed
1. Kyle's Largest Holding
Kyle opened with his own stake. Aritzia, which trades in Toronto as ATZ.TO, has sat in his personal account since 2020.
Kyle Grieve has held Aritzia through a 31% drop in the share price
"The price is currently down about 31%. But Aritzia is a business that I already own in my personal account and it's actually been there since 2020." — Kyle Grieve
Shawn came in wary. His last premium apparel pick, Lululemon, has suffered from CEO turnover, a proxy fight with founder Chip Wilson and a faster-than-expected slowdown in North America.
"I came into this episode knowing you'd be pitching Aritzia and maybe feeling a little gun shy, because the last premium apparel brand that I fell in love with was Lululemon. And that just has not quite gone to plan for me." — Shawn O'Malley
Comparisons with Lululemon and Nike ran through the whole episode. Kyle kept a half-joking tally of Lululemon mentions against a preset over/under of 10, and it finished well over 30.
