Today, we are breaking down British American Tobacco. Regardless of your views on tobacco as a product, the market is one of the oldest in the world. My guest for today is Evan Tindall, co-founder and CIO of Bireme Capital, and he helps us cover how the tobacco market has evolved. We go way back[...]
Today, we cover the industrial conglomerate AMETEK. This is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear. To break down AMETEK, I'm joined by Nael Fakhry, Co-CIO of the Osterweis Capital Management[...]
Today, we're covering a behemoth in the research market, Gartner. Executives are willing to pay up to $30,000 for reports and $50,000+ for full subscriptions so they can access insights and data to help them make business decisions, purchasing decisions, and pivoting decisions. Our guest is Alvise Peggion, portfolio manager at Fairlight Asset Management. He helps[...]
This is Matt Reustle. Today, we break down Winmark, a major player in the reseller economy. You're likely familiar with some of Winmark’s brands, like Plato's Closet or Play It Again Sports. Altogether, Winmark operates five brands through a franchising model. Our guest to break down Winmark is the current CEO, Brett Heffes. During our[...]
This is Matt Reustle. We are back in the world of aviation today, breaking down Embraer. Embraer has carved out an interesting niche, manufacturing regional jets, business jets, and military aircrafts. Our guest is Richard Aboulafia, Managing Director at AeroDynamic Advisory and long-time aviation analyst and consultant. We break down how this aviation success story[...]
Today we’re replaying our Breakdown on Boeing, hosted by Zack Fuss. We recorded the episode in September before the mid-air blowout on a Boeing 737 operated by Alaska Airlines and the subsequent management changes, but it serves as a useful overview of the commercial airline industry writ large, how we got here, and what the[...]
This is Matt Reustle. Today we are breaking down Duolingo, the learning app built on language learning that is increasingly expanding into other territories like math and music. Founder Luis von Ahn is constantly looking for ways to make this accessible and free to use for people all around the world while simultaneously finding reasonable[...]
This is Zack Fuss. Today we are breaking down the Mitsubishi Corporation. In Japan, the business model of a trading company is prominent. The big five trading companies caught the attention of global investors in 2020, when Berkshire Hathaway disclosed a major stake in all of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Today's Berkshire stake[...]
Today, we are breaking down a giant in the medical device space, Intuitive Surgical. Intuitive creates robotic products to assist minimally invasive surgeries. Its Da Vinci system is a pioneer in this area as it increases the efficiency & accuracy of surgery and reduces the burden on the surgeons themselves. To break down Intuitive, I'm[...]
This is Matt Reustle. Today, we are breaking down D.R. Horton, America’s largest homebuilder. Our guest is Ed Wachenheim, Founder of Greenhaven Associates. Ed takes us through an incredible discussion of D.R. Horton and homebuilders broadly, including how much has changed with this business model over the years. Ed shares countless entertaining stories with the[...]
This is Matt Reustle. Today we are releasing a bonus episode of Breakdowns. While we typically love to cover businesses, this was an interesting opportunity to cover a special situation around a business. And in this case, the FTX bankruptcy. I was joined by Erin Broderick, Head of U.S. Cross-Border Restructuring & Insolvency at Eversheds[...]
This is Matt Reustle. Today, we are going into the land of oil and gas to break down CNX. The history of CNX dates back over 150 years. When it comes to energy production, the company's evolution has been very comparable to that of the United States. Our guest today is James Wilson, manager of[...]
This is Matt Reustle. Today, we are breaking down Vulcan Materials. Vulcan is America's largest producer of construction aggregates. This includes all of the crushed rock, sand, and gravel, which gets used for the foundation of nearly everything around us. Think of all of the buildings, the roads, and the infrastructure that define the physical[...]
This is Matt Reustle. Today we are breaking down HEICO. HEICO is an aerospace business, most notably operating in the aircraft parts and repairs market. This is another case study of a very successful business in a nonobvious niche market. To break down HEICO, I am joined by Eric Ruden, an analyst at Ironvine Capital.[...]
This is Matt Reustle. Today, we are breaking down Intel. In the late 80s, a newly appointed CEO, Andy Grove, pivoted to exit memory chips and focus on logic chips. They were the leading edge chip designer, but Intel missed out on the mobile market and EUV technology as technology shifted. Now they're left playing catch[...]
I'm Zack Fuss. Today we're breaking down Arthur J. Gallagher, a global insurance brokerage. AJG was established in 1927 by Arthur James Gallagher and is now one of the largest insurance brokerages by revenue, exceeding $10 billion. AJG competes with the likes of Marsh McLennan, Aon, and Willis Towers Watson. To break down Gallagher, I am[...]
This is Matt Reustle. Today, we are breaking down the technology conglomerate Samsung. Only Apple, Microsoft, Google, and Amazon ranked higher than Samsung in Interbrand's latest brand value rankings, with Samsung being the fifth most valuable brand in the world. It's everywhere around us: our phones, our TVs, our refrigerators, our washing machines. But, it's[...]
You never own a Patek Philippe, you merely watch over it for the next generation. I'll say it's the best marketing campaign in history, a campaign appropriate for the world's premier watchmaker and a watchmaker worthy of a Business Breakdown. Our guest today is John Reardon from Collectability. John has worked at Sotheby's, the auction[...]
Today, we're running our Business Breakdown on Rolex. This episode of Rolex is one of our most popular breakdowns of all time, so it's always worth revisiting. But, it's also a timely revisit…Later this week, we'll be releasing a Business Breakdown on Patek Philippe and this episode of Rolex is the perfect appetizer for that[...]
This is Zack Fuss. Today we are breaking down the largest privately-owned software business in Europe, Visma. Visma is a software company with over 15,000 employees offering accounting, payroll, and HR software products for customers across the Nordic, Benelux, and Baltic regions. Founded in Oslo in 1996, Visma grew organically and via acquisition of 178 companies. We're[...]
This is Matt Reustle. Today we venture into the world of HVAC to break down Trane Technologies. Now, it's not often that I come across an industrial company with a $50 billion market cap that I just hadn't heard of. So when our guest today, Brett Larson, investor at NZS Capital, suggested Trane, it was[...]
This is Matt Reustle. Today we are breaking down Live Oak Bank. Our guest is Stephen Vafier, the Founder of Storri Labs Capital Partners. Live Oak is a bank that received a charter right before the financial crisis. It does not have the a 100+ year histories of many of the banks that we know so[...]
This is Zack Fuss. Today we are breaking down Moody's Corporation. Moody's was founded by John Moody in 1909 with the idea of broadening access to credit information and codifying how people viewed credit statistics by producing manuals of stats related to bonds. In 2000, Moody's was spun off from Dun & Bradstreet as a separately traded[...]
This is Zack Fuss. Today, we are breaking down Pernod Ricard, a business whose history dates back to 1797. Today, the business is the second-largest global producer of wine and spirits with a portfolio of 17 of the top 100 spirits brands, including Absolut Vodka, Beefeater Gin, Jameson Irish Whiskey, and Malibu rum. The portfolio[...]
This is Dom Cooke. Today we are breaking down Ferrari. Ferrari was founded in 1929 as a race team by Italian driver, Enzo Ferrari, but it wasn’t until 1947 when Enzo was 50 that Ferrari sold its first car. Today, the car company is one of the most recognizable brands in the world, in large[...]
This is Matt Reustle. Today we are breaking down the cable giant Charter Communications. Tony Coniaris and John Sitarz of Harris Associates join us for this deep dive on the cable market and Charter's business. We've spent a big portion of the first half of the conversation outlining the history of cable, the asset itself,[...]
This is Zack Fuss. Today we are breaking down Vistra Corp. Vistra is an integrated retail electricity and power generation company. The company, through its subsidiaries, is involved in electricity generation and wholesale and retail energy sales to commercial, municipal and residential customers across the U.S. The company serves 4 million Americans across 20 states[...]
This is Matt Reustle. Today we are breaking down Entegris, a supplier of advanced materials and process solutions for semiconductors. Small interferences with the different materials that exist within the semiconductor will slow it down and make it inoperable, and that's where Entegris comes into play. We get into that discussion with our guest, Daniel[...]
This is Zack Fuss. Today we are breaking down The Coca-Cola Company. On May 8th, 1886, Dr. John Pemberton brought this perfected syrup to Jacobs Pharmacy in downtown Atlanta, where the first glass of Coca-Cola was poured for five cents a glass. Today, more than 1. 9 billion servings per day of Coke are served worldwide. [...]
Today we are breaking down FedEx. FedEx has a more direct impact on the U.S. economy than 99.9% of U.S. businesses - an actual statistic from Dun & Bradstreet. It was a business started in 1973 by the famous Fred Smith, as his planes delivered 186 packages to 25 cities. Today, FedEx moves about 15[...]
This is Zack Fuss. Today I am joined by Yanev Suissa, Managing Partner at SineWave Ventures, to break down the private company Databricks. Born out of a UC Berkeley research lab in 2013, Databricks has grown rapidly, and after 50% growth this summer, it was rumored to have last raised at a $43 billion valuation.[...]
This is Matt Reustle and today we are breaking down the giant of online dating. Even if you found love the old-fashioned way, you're likely familiar with the Match brands like Tinder and Hinge, amongst many others. To break down Match, I'm joined by George Hadjia, founder of Bristlemoon Capital. George goes through a background[...]
This is Matt Reustle and today we are breaking down Olin Corporation. Olin is a key player in industrial chemicals but many of those chemicals are used in products that we encounter on a day-to-day basis. To break down Olin, I'm joined by Yinan Zhao from Pzena Investment Management. Together we cover the chlor-alkali market,[...]
This is Matt Reustle and today we are breaking down WEX, a big fish in a less known pond. WEX is a leader in the fleet card market - they offer trucking businesses special credit cards which help secure advantaged rates on fuel among many other things. This is a business with a long history[...]
This is Matt Reustle and today we are breaking down the data services giant, Equifax. Experian, TransUnion, and Equifax have built this fascinating oligopoly worth studying, but the business has extended well beyond the credit checks on mortgages. Their employee verification tool, The Work Number, may be their most valuable asset today. To break down[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Boeing. Founded in Seattle in 1916 by William Boeing, the company has produced thousands of commercial and military aircraft over the past century. It is an important national and global asset and one-half of arguably the most famous duopoly in business,[...]
This is Dom Cooke and today we’re breaking down an Irish business that has become the global leader in insulation products for buildings. Founded in 1965, the business is called Kingspan and today it has a market cap of nearly 13 billion euros. The bulk of their business comes from insulating big, commercial new builds[...]
This is Dom Cooke and today’s breakdown is a little different. Last week we looked at the most popular sport in the world in Football. Today, we break down the business behind a sport in its relative infancy - Padel. This racket sport started in the late 60s in Mexico and became big in many[...]
This is Dom Cooke and today we’re breaking down the business behind the most popular sport in the world, Football or Soccer. It’s a vast market. 3 billion people around the world watch the sport and more than €30 billion euros are spent within the football ecosystem in Europe alone each year. But aside from[...]
Today we are going into the land of convenience stores to break down Casey's General Stores. Casey's currently operates in 16 states in the Midwest and Southern US. As of this recording, they have close to a $10 billion market cap and are the number three player in their market. To break down Casey's, Matt[...]
This is Matt Reustle and today we are breaking down Take-Two Interactive Software. If you listened to our Business Breakdown on Electronic Arts, Take Two is another giant in the video game publishing space. They are best known for their Grand Theft Auto and 2K franchise. To break down Take-Two I'm joined by Eric Kress,[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Nubank. The Brazilian-based neobank has gone from nothing to extraordinary scale in a short period of time. 10 years after its founding, the company counts 46% of Brazil’s adult population as customers, is the largest Fintech in Latin America, and has[...]
This is Zack Fuss, an investor at Irenic Capital. Today, we're breaking down Argenx, an immunology company founded in 2008 by its three founding partners. Today, it's a $30 billion company set to produce over a billion dollars in sales. They're known for their skill in developing antibodies for complex disease targets and owe a[...]
This is Matt Reustle and today we are breaking down the vehicle auction giant, Copart. You may be unfamiliar with Copart but, at the time of this recording, the company has a $40 billion market cap. They operate in over 200 locations across the globe and they sell north of 3 million cars per year[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Lululemon Athletica. The Canadian company, founded by Chip Wilson in 1998, has grown from a pop-up store in a yoga class to a $45 billion apparel business. Along the way, it pioneered the trend of athleisure and forever changed what women[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down the vertical market software business, Toast. Toast is a software platform built specifically for restaurants. Their operating system gives restauranteurs all the tools they need to serve customers, from taking orders to allocating shifts. It was founded in 2011 and went[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down the biggest manufacturer of chip making equipment in the world, Applied Materials. Last week, we looked at the other leading equipment maker in the semi-industry, ASML, and while that business currently has a higher market cap, Applied Materials generated more revenue[...]
This is Matt Reustle and today we are back covering the semiconductor value chain. ASML was once a forgotten subsidiary of Philips. Today, it's one of the most important technology companies in the world. To break down ASML, I'm joined by Tom Walsh, a portfolio manager at Baillie Gifford. Tom helps explain what's happening inside[...]
This is Jesse Pujji and today we are breaking down Roku. With all the hype about social media and smartphones, it’s easy to forget that the average American still spends over 5 hours a day watching TV. And while the streaming wars get most headline attention, the battle for the user interface of smart TVs[...]
This is Matt Reustle and today we are breaking down the mobile gaming industry. It was several months ago that I was reading an industry report for our Business Breakdown on Electronic Arts. I was shocked to see that mobile gaming was now 50% of the overall gaming market. What really stood out to me[...]
This is Matt Reustle and today we are breaking down First Citizens Bank. I'm joined by investors with plenty of experience investing in banks - Bill Nygren and Alex Fitch of Oakmark. First Citizens is a bank with 125 years of history but they don't operate like the bulge bracket Wall Street Banks. They don't[...]
This is Dom Cooke and today we’re breaking down PayPal. PayPal has been at the forefront of digital payments since the early days of the internet. Founded by Peter Thiel, Elon Musk and others, who have since become household names, PayPal is a payments marketplace that facilitates transactions between merchants and consumers. It found product[...]
This is Matt Reustle and today we are breaking down Restoration Hardware. The average person would call RH a furniture company but RH is a company where the CEO feels as important as the business, and CEO Gary Friedman has aspirations well beyond selling furniture. To break down RH, I'm joined by Drew Cohen of[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Fair Isaac Corporation, commonly known as FICO. FICO is best known for its consumer credit scores product, which has become a common language across the world of consumer loans and banking. Less well known, but a major piece of the business,[...]
This is Dom Cooke and today we’re breaking down Bayern Munich. Bayern is Germany’s most successful football club and one of the world’s biggest. Most importantly, it makes a great case for being the best-run club in football. It has an enterprise value close to €3 billion, no debt, has been profitable for 3 decades,[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down MTN Group. MTN is the largest mobile network operator in Africa and one of the 10 largest in the world. It has over 270 million subscribers, operates in 20 different markets, and is also one of the largest FinTech’s in the[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Roper Technologies. Roper is a fascinating case study in how an old industrial business can pivot into a new world focused on software and technology. Roper was founded in 1890 as a manufacturer of industrial equipment and home appliances but, today,[...]
This is Matt Reustle and today we are breaking down Dolby Labs. Our favorite Breakdowns are those businesses, which are widely known but barely understood. Dolby fits the bill. You see the logo everywhere but what does Dolby technology do and how does the business work? To answer those questions and break down Dolby, I[...]
This is Matt Reustle and today we are breaking down the iconic video game publisher, Electronic Arts. EA’s corporate history dates back to the 1980s and the business has evolved with all of the industry shifts in the decades since. To break down EA, I am joined by the author of The10thMan blog. We cover[...]
Today we’re breaking down India’s largest jewelry business, Titan. Titan began life as a watchmaker in 1984 through a joint venture between India’s biggest conglomerate, Tata Group, and the Tamilnadu state government. Today, the vast majority of its $4 billion in revenue come from its collection of jewelry brands, and Tanishq in particular. To break[...]
This is Matt Reustle and today we are breaking down the National Basketball Association. The NBA topped $10bn in revenue last season, in line with MLB and behind only the NFL in terms of major sports leagues. The initial headlines for the next media rights deal, which is coming in 2025 suggest a 200% to[...]
Compound248 is back to host another episode of Business Breakdowns. His most recent podcasts have focused on digital infrastructure and today we continue with that theme, but with a twist. Our guest is Wall Street Legend Jim Chanos, famed for bringing a skeptical eye to a credulous world. Together, we walked through his short thesis[...]
Today, we’re breaking down Markel. Markel is an insurance and investing business. It shares the same operating structure as Berkshire Hathaway in that it uses insurance underwriting profits to fund an investing portfolio that includes both minority and controlling interests in public and private businesses. It was founded in 1930 by Sam Markel to insure[...]
This is Jesse Pujji and today we’re breaking down The Walt Disney Company. Disney needs no introduction. We have all interacted with the entertainment empire in some capacity. It was founded 100 years ago as the Disney Brothers Cartoon Studio and over the ensuing century, the business has grown into a conglomerate of entertainment properties[...]
Today we are breaking down the world’s fastest-growing sports league, The Indian Premier League. The Indian Premier League, often shortened to IPL, is a cricket competition that takes place in India every year between the end of March and end of May. There are 10 teams, 74 matches, and the competition starts and ends within[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Wise. Wise helps individuals and small businesses move money across borders. It offers significantly faster and cheaper international transfers than traditional banking routes because of its innovative closed-loop system. Twelve years after its founding, Wise serves six million customers and earned[...]
This is Matt Reustle and today we are breaking down Europe's largest airline, Ryanair. As we do more breakdowns, we start to look for patterns of successful business models that succeed across different industries. Ryanair is another case study in low-cost shared economies of scale. To break down Ryanair, I'm joined by Holland Advisors’ founder[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Constellation Software. Constellation is a conglomerate which owns more than five hundred vertical market software businesses. It was founded by Mark Leonard in 1995 and has delivered remarkable returns to shareholders since going public on the Toronto stock exchange in 2006.[...]
This is Dom Cooke and this week is a little different. It’s Super Bowl week and to get in the mood, we’re doing a sports special as we break down the business behind 3 iconic sports - The NFL, Formula 1, and the PGA Tour. Now, these are not new episodes. We have covered each[...]
This is Zack Fuss, an investor at Irenic Capital, and today we're breaking down Qualcomm. When you think of semiconductors, Qualcomm isn’t necessarily the first name that comes to mind but its size and utility in our lives is truly striking. The business has an enterprise value of $150 billion and set the standards for[...]
This is Matt Reustle and today we are breaking down the fitness franchise, Orangetheory. I have wanted to do a deep-dive on franchising for a while now and I always knew who the guest would be. I’m joined by a man fully dedicated to all things franchisee and franchisor - the Wolf of Franchises. We[...]
Today, we’re breaking down one of the most important apps in the world, WeChat. WeChat is the default operating system for life and business in China. Founded inside of Tencent in 2011, it is the original super app and its 1.3 billion monthly active users can order food, message friends, play games, pay bills, shop,[...]
Today’s breakdown has been at the top of our to-do list since the show started. There are few brands as strong as this one and the way the Dumas family has nurtured it over six generations is remarkable. We are, of course, talking about one of the ultimate status symbols, Hermès. What began as a[...]
This is Matt Reustle, and today we are breaking down the personal care giant, L'Oreal. Founded in the early 1900s by a French chemist, L'Oreal and its long list of iconic brands have been driving cosmetics innovation for over a century. To break down the business, I am joined by Zehrid Osmani - Head of[...]
This week is the second half of our mini-series on the two major levers to reduce the impact of climate change. Last week, we covered Carbon Removal with Nan Ransohoff. Today we're focused on Carbon Reduction. To break down the business of decarbonization, I'm joined by Christian Anderson. Christian is the co-founder of Watershed, which[...]
This week and next week we will break down the two biggest levers we have in the fight against climate change. Carbon reduction and carbon removal. Today, we will focus on carbon removal. To break down where we stand and what needs to be done, I’m joined by Nan Ransohoff. Nan is Head of Climate[...]
Today, we are running a bonus Business Breakdown borrowed from the newest Colossus series, Return on India. Saahil Goel, founder of Shiprocket, joins Romeen Sheth to break down the business. If you enjoy this episode and would like to learn more about the Indian business landscape, subscribe to Return on India. ----- My guest[...]
This is Zack Fuss, an investor at Irenic Capital. Today, I’m joined by Matt Newberg of HNGRY to help us break down DoorDash, the popular food delivery service. DoorDash was founded in 2013 by 4 Stanford students who saw an opportunity to make it easier for people to get the food they love delivered to them.[...]
This is Matt Reustle, and today we are breaking down the specialty retailer, Floor & Decor. Now prior to this Breakdown, I cannot say that I thought much about Floor & Decor. It felt like the stereotypical specialty store that sat somewhere between a mom-and-pop shop and a home improvement giant. Little did I know....Floor[...]
This is Jesse Pujji and today we're breaking down Netflix, the pioneer in entertainment streaming. Founded in 1997, Netflix has evolved over the years to become the leader in streaming entertainment with over 200m subscribers globally. To break down Netflix, I'm joined by Ben Weiss, the Chief Investment Officer of 8th & Jackson. In this[...]
This is Matt Reustle and today we are breaking down the giant alternative asset manager, Brookfield. Today Brookfield boasts $750bn in assets under management, and it’s a global footprint that includes many noteworthy office buildings and key infrastructure assets. To break down Brookfield, I’m joined by Nima Shayegh from Rumi Capital Partners. We cover Brookfield's[...]
This is Dom Cooke and today we’re breaking down Harvard Business Publishing. The media arm of Harvard’s world-famous business school was founded in the early 90s, but the seeds were sown a century ago, in 1922, when the first edition of the Harvard Business Review was printed. 100 years on, this secretive business has been[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. Vanguard and its founder, Jack Bogle, have ushered in an era of low-cost investment, which has left its mark on the entire industry. Today, the business commands $7.5 trillion of assets under management and owns approximately 8.5% of any given[...]
This is Matt Reustle and today we are breaking down the home improvement giant, The Home Depot. In the US, The Home Depot is a key ingredient to a nice little Saturday but beyond the power tools and building supplies is an excellent story of business execution. Why has Home Depot been such a strong[...]
This is Jesse Pujji and today we’re breaking down Cameo, a video-sharing marketplace where you can buy personalized videos from your favorite celebrities. Cameo was founded in 2016 and reached unicorn status last year after producing millions of messages since its founding. To breakdown Cameo, I'm joined by the company’s CEO and Founder, Steven Galanis. In[...]
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Archaea Energy. Archaea is one of the largest and fastest growing providers of renewable natural gas in the US. The company uses methane produced by landfills as its feedstock to create renewable electricity and natural gas. To break down Archaea, I’m[...]
Today’s Breakdown is a little different. For one, I’m Ali Hamed, an investor at Crossbeam and CoVenture, and I’ll be your host. Secondly, in this conversation, we are studying a private company that you’re unlikely to have heard of. That business is Spotter, and they play a fascinating role in the flourishing creator economy. Specifically,[...]
This is Zack Fuss, an investor at Irenic Capital, and today we are breaking down Intuit. Started by a former Procter & Gamble employee in 1983, Intuit has grown into the premier platform for consumers and small businesses to manage their finances and pay taxes. Along the way, it has fought off significant competition from[...]
This is Zack Fuss, an investor at Irenic Capital and today we are breaking down Trader Joe’s. Trader Joe’s is not a typical grocery chain. Their stores offer less choice, very few brands, constantly changing product lines, and no online option. Yet, they are adored and highly profitable. Their NPS score is industry leading and[...]
Today we are breaking down Polaroid. For 30 years, Polaroid monopolized the instant photography industry, producing one Nobel-caliber breakthrough after another. As their products dazzled, sales grew from just under $1.5 million in 1948 to $1.4 billion in 1978. Today, the business is a shadow of its former self but the lessons from its history[...]
This is Matt Reustle and today we are breaking down the historic General Electric. Honestly, approaching this episode was a unique challenge. Today’s GE barely resembles what was once the largest company in the world. So rather than purely focus on what’s remaining, we decided to use a lens of “then versus now”. To break[...]
Today, we’re breaking down a global semiconductor company known as AMD. AMD isn’t the biggest and hasn’t always been the best chip maker in the world. But as cyclical and structural changes take place in the semiconductor industry, AMD serves as a great proxy for what’s going on and why. To break down the details,[...]
This is Jesse Pujji and today we are breaking down CrowdStrike, the cybersecurity provider. Founded in 2011 by George Kurtz, the former CTO of McAfee, CrowdStrike differentiated from firewalls and anti-malware by building a platform that actively predicts threats rather than blocking attacks that have happened before. Today, CrowdStrike serves over 18,000 customers globally and[...]
This is Matt Reustle and today we are breaking down the Swedish industrial giant, Atlas Copco. With a market cap hovering around $50 billion US dollars, Atlas Copco is a dominant player in the air compressor and vacuum pump markets. It has returned 40x over the past 20 years for its shareholders and to break[...]
This is Jesse Pujji and today we’re breaking down ChargePoint. ChargePoint is the clear market leader in the United States for electric vehicle chargers. Founded in 2007 by five technical founders, the business has ridden the wave of EV growth and has manufactured some 40% of charging points in the US. To break down[...]
This is Dom Cooke and today we are breaking down the freight railroad business, Union Pacific. Union Pacific is interesting for a number of reasons. Its first tracks were laid in a time of horsepower, over 150 years ago. It operates a duopoly in the West of the US with Burlington Northern Santa Fe, a[...]
This is Zack Fuss, an investor at Irenic Capital Management. Today we’re breaking down the world’s largest luxury business, LVMH. The LVMH story is deeply reflective of the vision of its 73 year-old founder and architect, Bernard Arnault. Today, the business generates €75 billion in sales across its 75 brands and 3 sector focuses. With[...]
This is Matt Reustle and today we are breaking down DuPont. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. But, wow, did the Dupont family set a standard in that category. Whether it was Pierre Samuel Du Pont's 1818 death fighting[...]
This is Matt Reustle and today we are breaking down the financial institution known as Charles Schwab. Schwab is a financial behemoth. They report over $8 trillion in assets under custody and a market cap scratching $120 billion but I think the most fascinating part about this breakdown is the strategic pivot taken by Schwab.[...]
Today, we’re breaking down one of the strongest brands in the world - Rolex. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. But, while the company’s products are iconic, the business itself is highly secretive. Owned by a Foundation and run as[...]
This is Matt Reustle and today we are breaking down Polish grocer, Dino Polska. This wasn't a name on our radar at Colossus but the more we dug into the story, the more intrigued we became. It starts at the macro level in Poland, a country that transitioned away from communism in 1990 so the[...]
Today’s business needs little introduction. Berkshire Hathaway is one of the largest businesses in the world and run by arguably the most famous investors of our time, Warren Buffett and Charlie Munger. To break down the business, I’m joined by Chris Bloomstran. Chris is the President and CIO of Semper Augustus and has gone as[...]
Today we are running a special episode in our Business Breakdowns feed. My guest is Alex Danco from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. Given the market turmoil in crypto[...]
I am @Compound248 and this is the next installment in our Business Breakdowns mini-series focused on Digital Infrastructure. In this episode, we will talk about a company that delivers that airbourne experience, Gogo. Known for its eponymous inflight WiFi service, Gogo is frequently misunderstood, having undergone a transformation to focus purely on the business, or[...]
This is Matt Reustle and today we’re breaking down Diploma. Diploma is a specialist distributor of medical equipment and industrial components listed in the UK. It’s a business you’re unlikely to be familiar with and, at first glance, may appear mundane. But dig a little deeper and you’ll find a high-quality operator generating significant free[...]
This is Dom Cooke and today we are breaking down the PGA Tour. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. It’s where the best players in the world earn their living and tee it up for their place in golfing history. To break down the business behind the[...]
Today, we are breaking down Anduril. Anduril builds high tech defense systems for the US Department of Defense and its allies. Crucially, it does so with speed that emanates from Silicon Valley. Founded in 2017 by Palmer Luckey, who previously built and sold Oculus to Facebook, Anduril has achieved the rare feat of challenging the[...]
This is Matt Reustle and today we are breaking down the 150 year-old investment bank – Goldman Sachs. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of “Wall Street”. But as with most things, the reality sits somewhere between the polarizing designations. Goldman is neither a vampire squid[...]
This is Matt Reustle and today we’re breaking down Baytex Energy. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. Why Baytex Energy? The 80,000 barrel a day producer certainly isn’t a household name. And with a market cap just north of $3 billion, it’s[...]
I am Compound248 and today we are pleased to announce and kick-off a Business Breakdowns mini-series focused on Digital Infrastructure. This inaugural episode of the Digital Infrastructure Business Breakdowns mini series will begin with one of the broadest, most important companies in the industry, DigitalBridge. A company that is part private equity firm, part asset[...]
Today we’re breaking down AppLovin. It’s a business you may not recognize but have likely interacted with. Founded in 2012, AppLovin provides a platform for developers to market and monetize their mobile apps. The business also owns some of the most popular mobile games in the world, which they use to feed richer data into[...]
This is Jesse Pujji and today’s episode is a follow up of last weeks’ Block episode, covering Afterpay the buy-now-pay-later giant. Founded in Sydney Australia in 2015, Afterpay was a rapid success in the buy-now-pay-later market before being acquired by Block for $29bn in 2021. To breakdown Afterpay, I am joined by investor Joe[...]
This is Jesse Pujji and today we’re breaking down Block – formerly known as Square. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. It has since expanded from its first product – a payments card reader – into a $75 billion market cap with six businesses that[...]
This is Jesse Pujji and today we’re breaking down McKinsey & Company, the world’s pre-eminent management consulting firm. Founded in the thick of the Industrial Revolution, McKinsey set about professionalizing the way businesses were managed. An accountant by trade, James McKinsey, took inspiration from a range of well-established professions like engineers, doctors, and lawyers to[...]
This is Jesse Pujji, and today we are breaking down Fanatics. If you’ve recently bought sports apparel online, you interacted with Fanatics. They power the entire digital commerce experience for the NFL, MLB, NBA, NHL, and hundreds of other sports leagues around the world. To break down Fanatics, I am joined by an early[...]
Today's episode was originally featured in our Web3 Breakdowns feed. For listeners unfamiliar with Web3 Breakdowns, the concept was inspired by Business Breakdowns but intended to be a place fully dedicated to the emerging ecosystem around blockchains, crypto assets, and everything that makes up Web3. This Breakdown of Anchorage Digital has a foot in both[...]
This is Zack Fuss and today we’re breaking down European-based payment business, Adyen. Adyen was founded in Amsterdam in 2006 by a group of payments entrepreneurs who had already built and sold a business in this space. Adyen was their chance to start afresh and build a modern solution to displace the patchwork legacy system[...]
This is Matt Reustle and today we are breaking down Cadence Design Systems. Cadence operates in the semiconductor ecosystem where they offer electronic design automation software - also known as EDA software - which is used for chip design. Putting that in much simpler terms - our phones now carry an entire 1980s Radio Shack[...]
This is Jesse Pujji and today we’re breaking down The New York Times. Since its founding in 1851, The New York Times has become known as the national “newspaper of record” through its focus on truth seeking and quality journalism. To underline that status, it has won 132 Pulitzer Prizes, almost double its nearest competitor.[...]
This is Matt Reustle, and today we’re breaking down Europe’s leading low-cost gym operator, Basic-Fit. Netherlands based Basic-Fit is a story of rapid expansion. Today, they operate over a 1000 clubs across 5 countries, and have 2 million combined members in their system. To break down the business, I’m joined by Jonathan Abenaim from[...]
I'm Zack Fuss and today we are breaking down UPS. With over 100 years of history, it's a business we all know as consumers and one many of us interact with on a daily basis. But in investing circles, UPS carries far less relevance and attention share despite its large market cap. To break down[...]
I’m Zack Fuss, and today we are breaking down Twitter, a business that needs little introduction. Founded by Jack Dorsey in 2006, Twitter has become one of the most visited and influential platforms in the world. Yet, despite its rising social status, investors and users have been left frustrated by the company’s pace of innovation[...]
This is Jesse Pujji and today we are breaking down ViacomCBS. This episode has a different format - you'll hear from both an investor and from company management. Chris Marangi from Gabelli Asset Management starts us off with a history of ViacomCBS. He goes deep into the dynamics of content creation, curation, and distribution,[...]
This is Jesse Pujji, and today we’re breaking down Peloton. Peloton was founded over ten years ago with the idea of making the best in-person gym classes available at home. By delivering eye-catching hardware and compelling content, it has since become the largest interactive fitness platform in the world with over 6 million members. Peloton’s[...]
This is Jesse Pujji and today we are breaking down the emerging industry of cannabis. After spending decades as an illegal drug, US states have begun to make regulatory changes and build legalized marijuana marketplaces. To help me break down this market, I am joined by Jeff Hoffman of Marathon Partners Equity Management. Jeff is[...]
Today’s episode is part business breakdown and part biology breakdown as we explore Finch Therapeutics and their novel work on the microbiome, which plays a crucial role in regulating our immune system. To help break down these topics, I’m joined by Mark Smith, co-founder and CEO of Finch Therapeutics. Mark is a leader in[...]
Today, we’ll be breaking down the London Stock Exchange, now referred to as LSEG. LSEG is a nearly £40 billion market cap business that plays an integral role in the infrastructure of the world’s financial markets. Since 2000, there have been at least 11 attempts at mergers and takeovers of the business by other exchanges[...]
Today, we are breaking down The National Football League or, as most know it, The NFL. It’s a sport that dominates American Sundays from late summer into early winter. Behind what happens on the field is a $15 billion dollar business with a unique operating and ownership structure and many stakeholders. To help break[...]
I’m Zack Fuss and today we’re breaking down NextEra Energy. NextEra is America’s most valuable energy firm and consists primarily of two businesses; a high-quality regulated utility and a renewables business that is the world’s largest generator of wind and solar energy. To help break down the business, I’m joined by Mark Tomasovic, an investor[...]
Today, we’re breaking down Novocure, a global oncology company that has pioneered a new approach to cancer treatment. For over 100 years, the tools used to fight cancer have largely remained unchanged, but there are promising signs of a renaissance and Novocure is at the vanguard of that charge. To explain the state of[...]
I’m Zack Fuss, and today we’re breaking down AutoZone, the leading retailer and distributor of auto parts in the Americas. From the outside, AutoZone might look like a dull business in a mature industry, but once you dive into the details, you quickly realize it’s a hidden gem that echoes the best of Walmart and[...]
I’m Jesse Pujji and this is Business Breakdowns. Today we are doing a different kind of breakdown. We are covering an entire category, Amazon Aggregators. These are the companies that are buying up hundreds of Amazon’s third-party sellers. The concept of Amazon Aggregators is relatively new, tracing back to 2018 with the founding of Thrasio, but[...]
Today, we’re breaking down HelloFresh. HelloFresh delivers weekly meal kits to people’s homes. With eight million active customers, the Berlin-based business is the most popular company of its kind in the world. To break down HelloFresh, I’m joined by its CEO and co-founder, Dominik Richter. We discuss the challenges of scaling an operationally intensive[...]
I’m Jesse Pujji and today we’re breaking down MongoDB. The MongoDB story traces back to 2007 when the founding team was running DoubleClick, a large adtech business now owned by Google. They could not find an existing database software with the agility and scalability that the internet requires. Today, MongoDB has over 25,000 customers across[...]
Today we’re breaking down Universal Music Group. As one of the largest music businesses in the world, UMG is home to many of the world’s greatest artists, including Taylor Swift, U2, and The Beatles catalog. A discussion on UMG requires a deep dive into the history of music itself, how it was historically monetized, the[...]
Today, we’re breaking down Uber. Despite a corporate history that spans just over a decade, the ink spilled on Uber could have its own wing in a library. So rather than record with our typical Breakdown format, we decided to host two portfolio managers and familiar guests on the podcast, Mario Cibelli, and Ram Parameswaran,[...]
Today, we are breaking down John Deere. With a history dating back almost two centuries, Deere has been a mainstay in the agriculture industry for generations. And despite its rich history as an incumbent, Deere is also on the leading edge of technology and innovation in ag-tech. To help break down John Deere, Zack Fuss[...]
Today, we are breaking down the cloud and SaaS trailblazer, Salesforce. Founded by Marc Benioff in 1999, Salesforce has grown rapidly to become the global leader in the $100 billion CRM market. The business has 150,000 customers, including 90% of the Fortune 500, and is currently valued north of $270 billion. To break down Salesforce,[...]
Today, we are breaking down Solana. Founded in 2017 by an ex-wireless engineer from Qualcomm, Solana is a layer one blockchain like Bitcoin and Ethereum that has been built to process transactions as quickly and cheaply as possible. Where Bitcoin can process about ten transactions per second and Ethereum around 30, Solana can handle over[...]
Today, we are breaking down Taboola, a company you may not know but one you’ve definitely seen. When you read articles on CNBC, Bloomberg, or the Independent, Taboola powers the sidebar and banner recommendations for what you should read next. The company works with publishers and advertisers to help readers discover what’s new and[...]
Today, we are breaking down Sky Mavis, the company behind the NFT-based game, Axie Infinity. Built by a team with a long history in gaming, Axie Infinity was launched in 2018 with the idea that a blockchain-based “play-to-earn” model could create more aligned incentives between game creators and game players long-term. Axie is one[...]
Today, we will be breaking down Datadog. If you've ever used Control-Alt-Delete to force quit a frozen application - you've experienced the Activity Monitor on your own computer. Datadog is that Activity Monitor for all of a business’s systems across its apps, tools, databases, and servers. It is a SaaS-based monitoring platform that gives enterprise[...]
Today, we will break down Wyndham Hotels, the world’s largest and most diverse hotel franchisor with more than 9,000 hotels across 20 brands in over 80 countries. Wyndham is a brilliant example of a ubiquitous business that often goes unnoticed. In this breakdown, we’ll start by looking at just how vast Wyndham’s portfolio of[...]
Today, we will break down Dexcom. Founded in 1999, Dexcom makes best-in-class continuous glucose monitors to help diabetics manage their blood sugar levels. With close ties to growing obesity rates, the diabetes market is big, expensive, and expanding. In the US alone, one-third of Americans are diabetic or pre-diabetic, and the cost of treating diabetes[...]
Today, we will be breaking down SmileDirectClub, the oral care company known for its affordable clear aligner treatment. SmileDirectClub was founded in 2014 as a direct-to-consumer alternative to metal braces. It has since expanded to serve over 1 million customers in both the US and abroad. To help break down the business, host Jesse[...]
Today, we will be breaking down ZoomInfo. Founded as DiscoverOrg in 2007, ZoomInfo is a go-to-market software & data solution for B2B sales. When a sales rep gains access to ZoomInfo, they gain access to a database with over 130 million contacts. The ZoomInfo platform assists in finding potential customers, contacting those potential customers, and[...]
Today, we will be diving into Blackstone, the world’s largest alternative asset manager. Founded in 1985 as a boutique M&A advisory business with $400,000 of seed capital. The firm now manages over $600 billion across private equity, real estate, credit, and hedge fund strategies. In this breakdown, we will start by discussing Blackstone’s business model[...]
Today, we will be covering the endlessly fascinating market of Space. While we typically focus on an individual company for Business Breakdowns, we thought an industry primer was the best approach for this expanding market. With Elon Musk and Jeff Bezos directing so much energy to the promise of space, it is impossible not to[...]
Today, we will be breaking down pet care giant, Petco. Founded in 1965 as a mail-order business, Petco has evolved into a one-stop-shop pet care solution across its nearly 1,500 locations. To help break down Petco, I am joined by Greg Kamstra, current CEO of pet care provider, Riverdog and former private equity investor.[...]
Today, we will be diving into Cardlytics. Founded in 2008, Cardlytics operates as an advertising platform integrated with the digital channels of banks. It allows advertisers to identify potential customers from their spending habits and reach those customers directly within their mobile banking applications. Today, Cardlytics is one of the largest digital ad platforms, seeing[...]
Today, we will be diving into energy giant, Exxon Mobil. The origins of Exxon date back to John D. Rockefeller and Standard Oil. Exxon was spun out in 1911 as the Standard Oil of New Jersey, and in 1998, Exxon merged with Mobil, which was the original Standard Oil of New York. To break down[...]
Today, we will be diving into Facebook. A business that requires little introduction, Facebook was launched in 2004 from Marc Zuckerberg’s Harvard dorm room. Zuckerberg has since grown Facebook into the largest social network in the world and continues to operate the business today. To break down Facebook, I am first joined by Robert Cantwell,[...]
In today's episode, we introduce another unique format for Business Breakdowns. We will be diving into the iconic global motorsport brand - Formula One. To break down F1, I will be joined by CEO Stefano Domenicali and investor, Arman Gokgol-Kline. To start the conversation, Arman and I frame the business of Formula One with[...]
Today, we will be diving into Moderna. Founded in 2010, Moderna and its innovative RNA platform made headlines after developing one of the first COVID vaccines. We treated this Breakdown slightly different than our other episodes. I’m joined today by two guests. First, I am joined by Jason Kelly, CEO of Gingko Bioworks. He gives[...]
Today, we will be breaking down Pinduoduo. Founded in 2015, Pinduoduo used a ‘team buying’ social network concept to build what is now China’s largest e-commerce platform measured by annual active users. In this breakdown, we’ll explore Pinduoduo’s value proposition to a niche but incredibly large merchant segment and its role in the daily[...]
Today, we will be breaking down Invisalign. Founded in 1997, Invisalign pioneered clear aligners as an alternative to metal braces. Today, Invisalign generates over $2bn of revenue and accounts for roughly 20% of the orthodontic market. To break down Invisalign, I am joined by Nick Greenfield, CEO of Candid. Nick co-founded Candid in 2017[...]
Today, we will be breaking down Wix. Founded in 2006, Wix was created to make building websites easier. Fifteen years later, the Wix platform boasts over 180 million registered users and 4.5 million premium subscribers worldwide. In this breakdown, we will explore how the company helped to lay the rails for small businesses to[...]
Today we will be breaking down Ethereum. Launched in 2015, Ethereum is an open-source, blockchain-based platform with a native cryptocurrency, Ether. Today, ETH stands as the second most valuable cryptocurrency to Bitcoin, and Ethereum is the preferred platform for blockchain projects. To help me break down Ethereum, I am joined by Justin Drake. Justin is[...]
Today, we will be breaking down Calm. Founded in 2012, Calm is the leading app for sleep and meditation. Today, Calm has over 4 million subscribers and has been generating cash flow since its inception. In this Breakdown, we touch on how Calm used data to unlock a non-obvious source of demand, how the upfront[...]
Today we will be diving into Visa. Starting in 1958 as a BankAmericard credit card program in Fresno, California, it then became a non-profit consortium of banks that operated the Visa network. Over the first few decades of its existence, Visa became the protocol layer that allowed essentially all the banks in the world to[...]
Today we will be diving into Twilio. Twilio was founded just over a decade ago by Jeff Lawson, with the vision of enabling developers to access the world's communication infrastructure through APIs. Twilio has over 200,000 customers and powered nearly 1 trillion interactions last year through SMS, voice, video, email, and more. In this[...]
Today we will be diving into Cinnabon. Founded in Seattle in 1985, Cinnabon is the market leader among cinnamon roll bakeries and is owned by parent Company Focus Brands. Cinnabon currently operates in almost 50 countries with over 1,500 franchised locations, primarily in high-traffic venues such as shopping malls and airports. In this breakdown,[...]
Today, we will be diving into Costco. Costco is a favorite business story and model for many operators and investors. It was founded in 1983 in Seattle, and it has grown into a juggernaut with over $169 billion in sales and almost 60 million members globally. To me, Costco is the best example of doing[...]
Today, we will be breaking down the world's largest e-commerce company, Alibaba. Alibaba was founded in 1997 by Jack Ma and almost 20 other co-founders as an online bulletin board that allowed small Chinese manufacturers to tell buyers around the world that they were open for business. Today, Alibaba operates a sprawling ecosystem of businesses[...]
Today we will be diving into Chipotle, the fast-casual food chain known for its burritos. It was started in 1993 by Steve Els, an entrepreneur who is actually a classically trained chef and dreamed of opening a fine dining restaurant. He started Chipotle to earn cash for that dream, but the well-known chain took[...]
Today we will be diving into Shopify. Shopify was founded in 2004 by Tobi Lütke and Scott Lake around their original problem of why it's so hard to build an online business when they struggled to open an online snowboard equipment store. Today, Shopify's goal is to make commerce better for everyone and it's essentially[...]
Welcome to Business Breakdowns, a new Colossus podcast featuring deep-dive conversations on individual businesses. In each episode, we will dissect a new company with investors and operators that know it best. We believe every business has secrets and lessons to learn from, and these conversations are designed to deliver that content in an entertaining and[...]
Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. Learn more and stay up to date at joincolossus.com Learn more about your ad choices. Visit megaphone.fm/adchoices
Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.
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All podcast content including episodes, graphics, and podcast descriptions are directy attributed to Colossus, Colossus | Investing, and Business Podcasts or their podcast platform partner. If you believe your copyrighted work is in use without your permission, you can follow our process outlined here. See terms of use.
