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Episódios
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Today we have a special year-end episode of Business Breakdowns, running through some of the best ideas that were featured on the podcast. The goal of the podcast is to detail whatever business we're covering that day. But when you think about the best investors, the best business builders, they're constantly borrowing insights from the success stories that are happening around them.
We start with a high-level theme and then explore a business's life cycle, from establishing a niche with Gartner to building a culture at Live Oak to refining operations via the lens of Trane. We go through the good and bad of business transformations told through the stories of Rolls Royce and D.R. Horton. And we cover what a clean financial model looks like through Inditex. Lastly, we wrap up with management stories that are underappreciated via Motorola and Winmark. Please enjoy this Breakdowns recap.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:01:34) Hierarchy of Consumer Preferences
(00:06:10) Gartner's Niche Beginnings
(00:07:48) Operational Excellence at Trane
(00:10:43) Understanding Customer Needs
(00:11:46) Vulcan Materials: A Case Study
(00:13:26) Logistics in Construction Aggregates
(00:16:29) High-Touch Customer Experience at Live Oak Bank
(00:19:33) Transitioning Business Models to Financial Models
(00:20:18) Insights from Ed Wachenheim on Home Builders
(00:22:14) The Case for Asset-Light Strategy
(00:23:27) The NVR Model: A Success Story
(00:24:10) Horton's Transformation
(00:25:54) Rolls Royce: A Shift in Business Model
(00:28:51) Financial Modeling and Long-Term Success
(00:30:09) Understanding Payout Ratios
(00:33:21) Greg Brown's Leadership at Motorola
(00:37:13) Winmark's Unique Operational Approach
(00:40:05) Matt’s Wrap Up -
Today we‘re breaking down FilterBuy. From time to time, I come across a compelling founder who is willing to cover everything about their business and David Heacock, founder of FilterBuy, is exactly that.
We explored the psychology of David's transition from Goldman options trader to starting an air filter business in Alabama just over 10 years ago. Since then, the business has grown into something that generates over $250 million in revenue as of today, 2024.
We discussed the economics of air filters, and David shared a great story about how he found this specific market and what makes it so unique. We also discussed various business considerations, like manufacturing location, logistics handling, and direct-to-consumer versus big box. It's really hard not to be inspired after listening to David. Please enjoy this breakdown of FilterBuy.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:52) Meet David Heacock: From Goldman Sachs to FilterBuy
(00:06:36) The Journey of Entrepreneurship
(00:12:27) The Economics of Air Filters
(00:18:15) Challenges in Manufacturing
(00:23:25) Building a Team and Scaling Up
(00:26:51) Logistics and Cost Efficiency
(00:30:23) Challenges with FBA Fees
(00:31:43) Sales and Competitive Dynamics
(00:32:04) Residential vs. Commercial Air Filtration
(00:33:16) Retail Strategy and Market Expansion
(00:37:22) Building a Brand and Logistics
(00:38:09) Importance of Delivery Speed
(00:39:29) Navigating Big Box Retailers
(00:42:50) Vision for the Future
(00:51:34) Lessons Learned from FilterBuy -
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Today we are covering the world of fast fashion. If you don't know the name Inditex, you certainly know Zara, the core business inside Inditex. My guest, Alistair Wittet, recently launched Aecus Partners, an equity boutique specializing in European and global equities, and has followed Inditex for decades. He gets into how the company pivoted its business over the years from the initial store expansion, the e-commerce evolution, and what has allowed Inditex to succeed where other fast fashion peers have struggled. There are so many interesting themes here: success in no-growth industries, the power of thoughtful vertical integration, decentralized decision-making, and corporate pivots.Please enjoy this Breakdown of Inditex.Founders Podcast - #372 Amancio OrtegaFor the full show notes, transcript, and links to the best content to learn more, check out the episode page here.-----This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.–This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Business Breakdowns(00:06:52) Overview of Inditex and Zara(00:09:46) The Fast Fashion Model(00:14:27) Origins and Expansion of Inditex(00:17:22) Navigating Financial Crises and E-commerce(00:22:30) Supply Chain and Inventory Management(00:24:32) Revenue and Growth Dynamics(00:29:48) Margin and Cost Structure(00:35:35) Inditex's Financial Management Strategies(00:36:20) Impact of COVID-19 on Inditex's Margins(00:37:13) Free Cash Flow and Inventory Management(00:39:43) Competitive Landscape: H&M and Shein(00:42:57) The Role of Culture in Inditex's Success(00:54:51) Sustainability and ESG Concerns(00:58:43) Investment Insights and Risks(01:00:40) Key Lessons from Inditex
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Today we are breaking down commercial real estate lending with Josh Zegen, co-founder and managing principal of Madison Realty Capital.
Josh and his team at Madison launched in 2004 and evolved from a hard money lender when there really was no alternative industry called commercial real estate lending. They've developed into a single-source capital provider today with more than $21 billion in AUM.
Josh gets into great detail here about how it's not an all-or-nothing story when it comes to real estate. We covered some of the basics on construction loans, the life cycle of capital, and new developments. Then, we get into some of the current market dynamics, post-COVID interest rates, post-SVB, and much, much more.
Please enjoy this Breakdown of commercial real estate lending.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:05:22) Starting Madison Realty Capital
(00:06:44) Evolution of the Lending Market
(00:10:08) Construction Lending Dynamics
(00:15:36) Risk Management and Portfolio Strategy
(00:18:49) Leveraging Private Credit
(00:30:31) Portfolio Management and Challenges
(00:33:32) COVID-19's Impact on Real Estate Projects
(00:34:49) Strategies for Loan Workouts
(00:37:38) Post-COVID Market Dynamics
(00:39:45) Opportunities in Loan Purchases
(00:42:53) Sector-Specific Real Estate Insights
(00:49:27) Impact of Work Schedules on Real Estate
(00:51:22) Interest Rates and Market Impact
(00:55:45) Future Opportunities and Market Trends -
Today we are breaking down SpaceX. Luke Ward from Baillie Gifford was the perfect match for this episode, as he and his team first invested in SpaceX in 2018.
We cover the story of SpaceX and its scientific magic, but we really key in on the business model. We focus on the cost curve of launches, separating manufacturing from reusability. Luke gets into how Starlink represents a key component in making the Starship program and the broader economic model click. We then use our intellectually honest galaxy brains to imagine what the space economy could look like in the future and Luke is very open and honest about the risks and rewards with such a capital-intensive mission.
Please enjoy this Breakdown on SpaceX.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
–
This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:05:53) SpaceX: A Blend of Business and Technology Innovation
(00:06:30) Baillie Gifford's Investment Journey with SpaceX
(00:09:53) Challenges and Innovations in Space Launch Costs
(00:11:24) The Rise of Private Space Companies
(00:15:23) SpaceX's Reusability and Cost Efficiency
(00:18:25) Starship: The Future of Space Travel
(00:26:05) Starlink: Revolutionizing Satellite Internet
(00:32:01) The Potential of Space-Based Manufacturing
(00:36:31) Competitive Advantage of Starship
(00:37:19) Management and Culture at SpaceX
(00:39:55) Government and Commercial Markets
(00:40:45) Starlink's Future and Connectivity
(00:44:11) SpaceX's Long-Term Vision
(00:51:11) Regulatory and Launch Challenges
(00:54:49) Valuation and Investment Insights
(01:02:23) Lessons from SpaceX -
Today, we are covering the increasingly thematic market of venture secondaries. My guest is Ravi Viswanathan, founder and managing partner of NewView Capital.
We cover some of the basics around these transactions because so much of private markets are bespoke. And while Ravi confirmed that the bespoke nature makes each individual secondary deal unique, there are consistencies in terms of how they approach the opportunity.
We discuss the various players in the market and their motivations for buying and selling, whether they are VC sellers, founders, employee sellers, or VC buyers. Ravi lays out the structural dynamics that are likely to make this a larger market well into the future. Please enjoy this Breakdown of venture secondaries.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.
—
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Introduction to Secondary Transactions in Private Markets
(00:08:43) Understanding the Basics of Secondary Transactions
(00:10:28) Evolution and Growth of Venture Secondaries
(00:13:12) Impact of Market Dynamics on Secondary Transactions
(00:15:20) Pricing and Valuation in Secondary Markets
(00:18:47) Challenges and Strategies in Secondary Transactions
(00:28:25) Market Trends and Future Outlook
(00:33:30) Venture Sponsor to Sponsor Transactions
(00:34:05) Buyer Mentality and Exit Strategies
(00:35:39) IPO Market and Valuation Trends
(00:38:09) Focus on Growth and Profitability
(00:40:04) Strategic Exits and Market Dynamics
(00:49:48) Risk Dynamics and Market Competition
(00:55:44) Key Lessons and Future of Venture Capital -
Today we are breaking down Informa. At its core Informa is a live events business headquartered in the UK. While media conversations often revolve around consumer giants like Disney, Informa operates in a different realm entirely - dominating the world of business-to-business connections through the largest portfolio of trade shows and events globally.
I am joined by Nick Shenton from Artemis Investment Management. With nearly 1,000 live events across industries ranging from pharmaceuticals to maritime, Informa creates the meeting places where entire supply chains come together to exchange knowledge, build networks, and do business. These industry events come with a compelling financial model, which Nick details. He also describes Informa’s academic publishing business, B2B digital services, and all of the risks involved with this unique company. Please enjoy this breakdown of Informa.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.
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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:07:37) Informa's Business Model and Key Assets
(00:09:46) Revenue Breakdown and Financial Performance
(00:12:51) Historical Background and Growth
(00:16:54) Impact of COVID-19 and Technological Advancements
(00:20:24) Economics of Live Events
(00:25:28) Challenges and Cyclicality in the Events Business
(00:32:03) Informa's Publishing Arm: Taylor and Francis
(00:34:39) Criticisms and Value of Publishing Models
(00:36:31) Digital Transition in Publishing
(00:37:45) Introduction to TechTarget
(00:38:36) TechTarget's Unique Market Position
(00:43:22) Financial Overview and Valuation
(00:46:17) Risks and Industry Dynamics
(00:50:39) M&A Strategy and Capital Allocation
(00:57:22) Lessons from Informa's Success -
This is Zack Fuss. Today we're breaking down Fastenal. Starting as a small fastener retailer in Minnesota, the company has evolved into a mission-critical supply chain partner for its industrial customers. Today, the business sports a nearly $50 billion market cap and produces nearly $8 billion in sales.
The impact of Fastenal's founder, Bob Kierlin, on Fastenal's commercial success can't be overstated. The industrial vending machine was his original idea, a vision he made a reality years later through its network of local branches, onsite locations, embedded with customers and innovative inventory management technologies.
I'm joined by Delian Entchev, a portfolio manager at Aoris Investment Management. Today, we'll unpack the strategic choices, cultural DNA, and relentless customer focus that have fueled Fastenal's remarkable success. Please enjoy this Breakdown of Fastenal.
Check out our new print publication Colossus Review.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season, go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.
—
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:07:44) Understanding Fastenal's Business Model
(00:08:24) The Amazon Connection
(00:10:09) Fastenal's Founding Story
(00:12:06) Pivot to Business Customers
(00:13:18) Empowering Employees for Growth
(00:14:44) Frugality and Culture at Fastenal
(00:17:33) Expansion and Evolution
(00:19:07) Onsite Services and Technological Innovations
(00:22:17) International Growth and Future Opportunities
(00:23:16) Financial Profile and Customer Relationships
(00:28:36) Customer Integration: Fastenal's On-Site Business Model
(00:29:21) Three Pillars of Fastenal's Service: Experts, Inventory, and Technology
(00:30:39) Customization and Proximity: Tailoring On-Site Solutions
(00:31:56) Economic Relationships and Customer Spend
(00:33:56) Fastenal's Competitive Edge: Value Proposition and Culture
(00:37:54) Growth and Market Share: Fastenal's Expansion Strategies
(00:44:52) Financial Discipline and Capital Allocation
(00:50:14) Lessons from Fastenal: Transparency and In-Person Visits -
Today, my guest is Fernando De Leon, founder of Leon Capital Group. Fernando operates 14 different businesses under the Leon Capital umbrella, which vary across real estate, healthcare, and financial services. But as you will hear in our conversation, the businesses are connected and instruct one another. The connective tissue throughout this conversation is how demographic insight sits underneath everything and is the foundation of what makes this business possible.
As you will hear, there's no better person to talk about demographic dynamics than Fernando. Please enjoy this Breakdown on the demographics driving real estate.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.
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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. Go to eightsleep.com/breakdowns and use the code glueguys for $350 off.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Introduction and Background
(00:05:55) Early Life and Education
(00:08:03) Real Estate and Demographics
(00:11:02) Business Ventures and Strategies
(00:13:17) Challenges and Opportunities in Real Estate
(00:17:13) Efficient Resource Management
(00:18:12) Downside Protection Strategies
(00:19:59) Insurance and System Optimization
(00:21:43) Real Estate Cyclicality and Capital Support
(00:24:28) Challenges in Housing Development
(00:25:58) Target Markets and Demographic Trends
(00:29:39) Opportunities in Secondary Markets
(00:31:49) Nearshoring and Global Trade
(00:43:13) Future Outlook and Technological Impact
(00:55:02) Lessons From Breaking Down The Industry -
This is Zack Fuss. Today we are breaking down Merck, one of the world's largest and oldest pharmaceutical companies. The company has been shaping medicine and fostering innovation for over 130 years. From its humble beginnings as a small family pharmacy in Germany, today's iteration of Merck has transformed into a nearly $300 billion market cap business with particular strength in oncology.
At the heart of Merck's recent success is Keytruda, arguably the world's most important cancer drug. This single medication now generates over $25 billion in annual revenue. But, Merck's story is not only about Keytruda, it's about a company that's consistently pursued innovative science, combined with a handful of bold decisions, which resulted in the development of some of the world's first vaccines and breakthroughs in diabetes treatment.
To break down Merck, I am joined by Ashwin Varma, who is currently a medical student at UT Health San Antonio. We unpack Merck's business model, explore its industry-leading oncology franchise, and examine its pipeline of future drugs, and understand how they have navigated the complex world of pharmaceutical patents and regulation. Please enjoy this Breakdown on Merck.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.
—
This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. Go to eightsleep.com/breakdowns and use the code glueguys for $350 off.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:05:50) History and Evolution of Merck
(00:08:32) Merck's Blockbuster Era and Challenges
(00:10:51) Understanding the Pharma Industry
(00:15:32) Merck's Current Business and Financials
(00:20:48) Patent Protection and R&D Strategies
(00:35:00) Checkpoint Inhibitors: A Breakthrough in Cancer Treatment
(00:35:54) The Rise of Keytruda: From Trials to Triumph
(00:37:56) Keytruda's Expanding Indications and Market Impact
(00:39:56) Understanding Cancer Therapy Lines
(00:42:09) Keytruda's Competitive Landscape and Future Challenges
(00:46:33) Merck's Strategy for Post-Patent Success
(00:57:41) Leadership and Organizational Structure at Merck
(01:04:01) Lessons from breaking down Merck -
Today we are breaking down American Tower: the REIT, the communications giant, and the infrastructure asset. To break down American Tower I'm joined by William Heard, founder and CIO of Heard Capital Management. William founded Heard Capital in 2011.
Today, the firm manages $2 billion in assets, holds about 15 to 20 names, and has very specific criteria for investing in companies. We cover AMT from all angles—the long life, physical assets that underpin the business, the contracted and highly visible revenue stream, the secular growth story, and some of the micro dynamics. American Tower represents so many things in the economy, so it made for a very interesting and wide-ranging conversation. Please enjoy this Breakdown of American Tower.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Alphasense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Imagine completing your research five to ten times faster with search that delivers the most relevant results, helping you make high-conviction decisions with confidence. AlphaSense provides access to over 300 million premium documents, including company filings, earnings reports, press releases, and more from public and private companies. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegas help you make smarter decisions faster.
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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:03:42) Understanding American Tower's Infrastructure
(00:04:41) Market Size and Share
(00:05:44) Ownership and Construction of Towers
(00:06:51) Investment and Growth in Tower Infrastructure
(00:11:32) Data Centers and Their Importance
(00:14:34) Leasing Model and Revenue Structure
(00:17:02) Management and Financial Strategy
(00:18:42) Acquisitions and Growth Strategy
(00:21:39) Management Teams and Strategic Priorities
(00:22:35) Capital Allocation and Dividend Strategy
(00:24:09) REITs and Market Dynamics
(00:26:49) International Operations and Challenges
(00:29:19) Carrier Spending and Revenue Streams
(00:37:57) Risks and Competitive Landscape
(00:38:58) Lessons from Breaking Down American Tower -
Today, we are breaking down the insurance giant AIG. AIG's story is one of a remarkable turnaround, a tale of a global insurance giant emerging from near collapse during the great financial crisis. Over nearly two decades, AIG has transformed itself into a more focused and efficient property and casualty insurer.
To grasp the magnitude of AIG's journey, consider this: During the financial crisis, the company required a $180 billion bailout from the U. S. government, a sum it fully repaid with interest.
To help tell the story of AIG's transformation and its current position, I'm joined by Austin Hawley, Portfolio Manager at Diamond Hill. Today, under Peter Zaffino's leadership, AIG has refocused its underwriting efforts, returning to profitability while divesting noncore businesses, including the demerger of its life insurance arm, Corebridge. The AIG of today stands as a near pure play specialty insurer with a focus on achieving top-quartile industry returns. Please enjoy this breakdown of AIG
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
—
This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. Go to eightsleep.com/breakdowns and use the code glueguys for $350 off.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Introduction to Business Breakdowns
(00:04:57) AIG: A Tale of Turnaround
(00:05:31) Understanding PNC Insurance
(00:06:56) AIG's Historical Context
(00:09:58) AIG's Post-Crisis Struggles
(00:15:17) The 2017 Management Overhaul
(00:21:42) Berkshire Hathaway's Role
(00:24:26) Strategic Moves and Divestitures
(00:28:32) AIG's Strategic Transformation
(00:30:40) Understanding AIG's Business Metrics
(00:32:10) Specialty Lines and Global Footprint
(00:33:31) AIG's Niche Businesses
(00:34:47) Evaluating Insurance Companies
(00:38:04) Competitive Advantages in Insurance
(00:42:04) Pricing Environment and Market Dynamics
(00:45:35) AIG's Investment Strategy
(00:48:25) Competitors and Comparisons
(00:50:03) Lessons from Breaking Down AIG's Turnaround -
Today we are getting into the world of coffee with Gregory Zamfotis, the founder of Gregorys Coffee. We breakdown the New York City born coffee chain that now spans across twelve US states.
This is a true look into what it takes to open up a coffee shop and the economics behind it. We get into what it's like to innovate in an industry where innovation can last a week before a competitor releases the same thing on their menu. And Greg also shares all of the challenges around going from one store to a second store to scaling into what Gregorys is today. Please enjoy this Breakdown of Gregorys coffee.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. Go to eightsleep.com/breakdowns and use the code glueguys for $350 off.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. As of 9/26/24, the average, annualized yield to worst (YTW) across the Bond Account is greater than 6%.
A bond’s yield is a function of its market price, which can fluctuate; therefore, a bond’s YTW is not “locked in” until the bond is purchased, and your yield at time of purchase may be different from the yield shown here. The “locked in” YTW is not guaranteed; you may receive less than the YTW of the bonds in the Bond Account if you sell any of the bonds before maturity or if the issuer defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. See https://public.com/disclosures/bond-account to learn more.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:33) Growing Up in the Food and Beverage Industry
(00:06:57) Deciding to Pursue Gregorys Coffee
(00:10:04) Opening the First Gregorys Coffee Location
(00:16:42) Innovating and Expanding the Business
(00:28:57) Challenges and Lessons in Scaling Up
(00:50:52) Comparing Quality: Mass Chains vs. Our Espresso
(00:53:27) Our Mission and Core Values
(00:58:10) Consistency Across Locations
(01:00:46) Partnership with Simon Property Group
(01:07:36) The Role of Technology and Loyalty Programs
(01:12:16) Balancing Order Ahead and In-Store Experience
(01:15:47) The Cost and Challenges of Opening a Coffee Shop
(01:22:13) Handling Competition and Maintaining Quality
(01:24:29) The Coffee Community and Industry Trends
(01:27:16) Vision for Future Expansion
(01:29:12) Building a Strong Team and Infrastructure
(01:34:04) Lessons Learned and Entrepreneurial Advice -
Today, we are covering what might be the most interesting investment strategy I've come across in a long time: activism in Japan. In this episode, I talk with Masumi Nishida, Partner and Managing Director for Dalton's Tokyo research office.
As part of this intro, I brought on the catalyst for this episode, Nick Bartolo, founder and Managing Partner of Essential Partners. The conversation delves into the opportunities for activism in the Japanese market, highlighting the historically low valuations of Japanese equities and the cultural dynamics contributing to this scenario.
We discuss corporate governance reforms and the Tokyo Stock Exchange's role in improving market efficiency and shareholder value. And, Masumi highlights several case studies that illustrate successful activist strategies, including promoting management buyouts and enhancing capital allocation. Please enjoy this unique Breakdown on Japan activism.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
-----
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:00:40) Understanding Japan's Market Valuation
(00:02:08) Cultural Dynamics and Cash Reserves
(00:03:47) Financial Literacy and Balance Sheet Optimization
(00:08:27) Corporate Governance and TSE Reform
(00:13:12) Challenges of Cross Shareholdings
(00:18:24) Opportunities in Small to Mid Cap Companies
(00:21:31) Activism Strategies and Proposals
(00:26:51) Bellpost's Strategic Moves and Initial Proposals
(00:27:24) Challenges with Shareholder Support in Japan
(00:29:11) Management Buyouts and Capital Allocation
(00:30:33) Case Study: Ihara Science's Path to Privatization
(00:31:43) Financing Dynamics in Japanese MBOs
(00:34:48) Case Study: Mitsuboshi Belting's Shareholder Proposals
(00:40:35) Case Study: Ihara Science's MBO Success
(00:45:55) Current Market Dynamics and Future Outlook -
Today we are breaking down healthcare, one of the most impactful sectors in the world, yet one of the most unique for investors. My guests are Rod Wong, founder and CIO of RTW Investments, and Stephanie Sirota, chief business officer of RTW Investments.RTW was founded in 2009 and operates a sector-specific strategy in healthcare. We discuss the evolution of their model, which feels particularly important given how much it aligns with the healthcare investment process. We cover the various phases of drug investments, the unique dynamics of founders and team building, and we get into some of the more philosophical discussions around regulation in the industry. Please enjoy this breakdown on healthcare.Editor-in-Chief application here.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.-----This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.---This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.-----Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Business Breakdowns(00:07:50) Phases of Healthcare Product Lifecycle(00:09:03) Challenges and Opportunities in Biotech(00:14:01) Investment Strategies in Healthcare(00:16:47) The Evolution of RTW and Team Structure(00:20:11) Public and Private Market Dynamics(00:26:24) Gene Therapy: A Case Study(00:33:08) Future of Healthcare Innovation(00:46:11) Global Biotech Landscape: US Dominance and International Opportunities(00:48:29) Big Pharma Winners and Losers: A Decade in Review(00:51:11) Impact of the Inflation Reduction Act (IRA) on Drug Development(00:54:55) Regulatory Changes and Their Impact on Innovation(01:10:08) M&A in Biotech: A Critical Component for Success(01:15:57) GLP-1 Drugs: Market Impact and Future Prospects(01:20:38) Current Biotech Market: Opportunities and Future Outlook
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Today we are breaking down the paint giant Sherwin-Williams. Founded in 1866, Sherwin Williams is a great example of a company where everyday consumers might not appreciate just how great of a business and stock this has been.
Over the last 20 years, Sherwin has compounded earnings at 14% per year. And over those 20 years, the stock has returned 26x your investment. And that's compared to the S&P at 5x your investment. This has been an incredible quiet compounder.
My guest today is Todd Basnight, director of equity research at Aureus Asset Management. We discuss the business’s vertically integrated model, the focus on a particular customer base, a management team that's been thoughtful about capital allocation, and some of its big deals historically. Please enjoy this Breakdown on Sherwin-Williams.
Business Breakdowns on AutoZone.
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For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:36) Sherwin Williams' Business Model and History
(00:08:46) The Paint Stores Group: Sherwin Williams' Crown Jewel
(00:14:37) Professional Painters vs. DIY: Market Dynamics
(00:19:43) Sherwin Williams' Controlled Distribution Model
(00:28:24) The Valspar Acquisition and Consumer Brands
(00:32:52) Exploring the Industrial Coatings Market
(00:36:43) Sherwin's Performance in the Automotive Market
(00:38:03) Sherwin's Growth and Market Share
(00:39:32) Financial Overview and Store Economics
(00:41:17) Sherwin's Competitive Edge and Market Dynamics
(00:50:59) Capital Intensity and Free Cash Flow
(01:00:00) Risks and Management Changes
(01:04:24) Lessons from Sherwin-Williams -
Today, we are breaking down the Japanese internet conglomerate Rakuten. I'm joined by Matt Brett, the lead manager of the Japan Trust at Baillie Gifford, which has continuously invested in Rakuten since 2005.
Rakuten is the unique Japanese conglomerate that wasn't started over a hundred years ago and instead was part of the late nineties global internet boom. Matt helps explain what was different about that internet boom in Japan and how Rakuten was really shaped by it. We get into the various business lines, from traditional e-commerce to the credit card business, and more, but notably how the loyalty point system has become the glue connecting everything together.
We also cover Rakuten's major investment into the mobile phone market, and Matt gives a very intellectually honest look at why this is such a huge debate for Rakuten, investors, and anybody looking at the name. Please enjoy this breakdown of Rakuten.
Check out our new show, Glue Guys!
Register for the Business Breakdowns x Founders Conference.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:52) Overview of Rakuten
(00:06:15) Rakuten's Business Model and History
(00:13:32) Expansion and Challenges
(00:15:36) Challenges and Lessons from Overseas Expansion
(00:18:47) Cultural and Market Differences in Digitalization
(00:20:30) E-commerce Penetration and Future Trends
(00:22:18) Competitive Advantages in Japan's Market
(00:25:27) Rakuten's Mobile Network Ambitions
(00:30:36) Financials and Market Position
(00:37:24) Future Prospects and Risks
(00:39:10) Rakuten's E-commerce and Finance Growth
(00:40:07) Mobile Network Expansion and Challenges
(00:41:05) Customer Acquisition Strategies
(00:43:26) Comparing Rakuten to Competitors
(00:48:15) Financial Performance and Margins
(00:50:39) Capital Allocation and Long-term Strategy
(00:53:13) Risks and Future Potential
(00:56:17) Lessons from Rakuten -
Today, we are breaking down Renishaw, a leading supplier of measuring and manufacturing systems, specifically focused on accuracy and precision. What does that mean in layman's terms? Renishaw is a picks and shovels provider to many of the fastest-growing end markets in the world. The company designs and develops systems for anything revolving around semiconductors, robotics, and medical devices.
To break down Renishaw, I'm joined by Matt Tonge, fund manager at Liontrust Asset Management. Matt helps simplify this business, describing both the customer base and exactly what is going on with these precision tools. We get into some of its unique dynamics of revenue and R&D and what the opportunity set is for a business like Renishaw. Please enjoy this business breakdown of Renishaw.
Register for the Business Breakdowns x Founders Conference.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:52) Overview of Renishaw
(00:06:53) Renishaw's Market and Products
(00:13:09) Revenue Dynamics and Market Cycles
(00:18:02) Renishaw's Origin Story
(00:22:56) Competitors and Market Position
(00:24:49) Financial Performance and Investment
(00:32:10) Product Range and Standardization
(00:34:21) Challenges in Additive Manufacturing
(00:36:03) Customer Stickiness and Market Presence
(00:41:39) Investment and Long-Term Strategy
(00:49:16) Lessons from Breaking Down Renishaw -
Today we are breaking down the publicly traded investment company 3i. You may think if you've seen one publicly traded investment vehicle, you've seen them all. Yet, 3i is an investment vehicle where one business, Dutch retailer, Action, represents well north of 50% of their net asset value.
Our guest to break down 3i is Luke Bridgeman, a partner and portfolio manager at Hosking Partners. Luke shares the unique origin story of 3i, which dates back to pre-World War II in England. He takes us up through the present day, where longtime investment banker Simon Burrows has taken 3i and completely reshaped the asset management business into something that looks completely different.
Please enjoy this breakdown of 3i.
Register for the Business Breakdowns x Founders Conference.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
---
This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:04:25) The Origin Story of 3i
(00:06:30) 3i's Evolution and Strategic Shifts
(00:07:12) The Impact of the 2008 Financial Crisis
(00:08:20) Simon Burrows' Leadership and Strategic Changes
(00:14:25) Focus on Action: 3i's Key Investment
(00:25:23) 3i's Investment Strategy and Future Prospects
(00:29:41) Valuation and Market Position of 3i
(00:34:27) Key Risks and Management Insights
(00:37:16) Lessons Learned from Breaking Down 3i -
This is Matt Reustle. We're coming up on 200 episodes of Business Breakdowns, and one of the best things about hosting this show is that while each episode brings something completely different, you start to see the connective tissue that ties businesses together.
We're often asked, "What's your favorite episode?" I certainly have favorites, but there are ideas that emerge from episodes that really stand out to me. In this episode, you'll hear several audio clips from past Breakdowns that we think stand out, and we'll share some of the context around them, why we think they're interesting, and bring the ideas to life. Please enjoy this mash-up of Business Breakdowns.
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For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
-----
Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes
(00:00:00) Welcome to Business Breakdowns
(00:02:53) Analyzing End Markets
(00:04:58) L’Oreal Breakdown: Low Barriers to Entry, High Barriers to Scale
(00:10:08) AMETEK: Small, Low Growth Markets
(00:14:06) Vulcan Materials: Geographic Nuance
(00:16:47) ASML: Technological Collaboration
(00:21:05) Dolby: The Power of Patents - Mostrar mais
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