Learn how companies work from the people who know them best. Each episode dissects a single business - from its origins and model to its financials and competitive edge. Join hosts Matt Reustle and Zack Fuss as they uncover the lessons behind every success story. Learn more at www.joincolossus.com.
Today, we are breaking down Applied Intuition. Our guests are co-founders Qasar Younis and Peter Ludwig, who started the company in 2017 with a mission to make a billion machines intelligent.
The simplest way to understand Applied Intuition is that it builds the brains for machines, and the tools other companies use to build those brains.
If a manufacturer wants its tractor, truck, or mining vehicle to drive itself, it can buy the intelligence from Applied Intuition or use its platform to develop its own. The analogy the founders use is Nvidia.
Just as Nvidia sells chips into everyone else's machines, Applied Intuition sells intelligence into everyone else's machines, across automotive, defense, mining, agriculture, and robotics, without building any single machine itself.
We discuss why the most important companies of the next 25 years will all be physical AI companies, Dana, their new agentic platform for developing and deploying these systems, and how the company raised a billion dollars without spending any of it.
Please enjoy this Breakdown of Applied Intuition.
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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Editing and post-production work for this episode was provided by The Podcast Consultant.
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:16) Intro: Applied Intuition
(00:03:26) State of the Physical AI Market
(00:07:19) Why Physical AI Will Be Bigger Than Digital AI
(00:09:14) What Applied Intuition Builds & Sells
(00:12:36) Staying Flexible Across Technologies & Verticals
(00:13:16) Founding Story & Strategic Choices
(00:17:10) Evolution of the Business: Tools → OS → Autonomy Stack
(00:20:59) Introducing Dana: The Agentic Platform
(00:23:40) Building Dana: Customer Demand vs. Vision
(00:24:51) Why Applied Intuition Is Uniquely Positioned to Build Dana
(00:28:29) The Cross-Vertical Data Flywheel
(00:33:25) Rate Limiters to Physical AI Adoption
(00:35:41) Business Model & Revenue
(00:37:06) Customer Base & Global Reach
(00:39:22) Competitive Landscape
(00:44:21) Capital Allocation & Financial Strategy
(00:47:15) The Future of Physical AI
Today, we are breaking down Toast, a name we have covered before but are revisiting because the story has changed enough to be worth telling again. Most listeners will have tapped a Toast terminal without thinking much about the business behind it.
Our guest is Sean Barrett, founder, managing partner, and chief investment officer of Counter Global, who holds Toast as one of his largest positions and walks us through how a restaurant point of sale company became the operating system that runs the restaurant.
He argues that Toast is best understood as the operating system for the restaurant rather than a payments terminal with software attached, and that the business grows as fast and as profitably as it does because the company spent years building purpose-built hardware, a multi-tenant software platform, and a sales force on the ground before it moved into new markets across grocery, enterprise, hospitality, and international.
We also discuss why a business winning roughly half of new restaurant openings in the United States still trades at a multiple that looks closer to a mature company than a category killer.
Please enjoy this Breakdown of Toast.
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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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:03:19) Toast Business Overview & Financials
(00:06:31) Recurring vs. Reoccurring Gross Profit
(00:07:39) Nuance on Revenue Semantics
(00:10:05) Transformation from 2020 to Today
(00:11:51) Full Product Offering Overview
(00:14:13) Revenue Model — Recurring vs. Transaction-Based
(00:16:08) Net Take Rate
(00:17:22) Software Side of Revenue
(00:18:49) Hardware & SaaSpocalypse Connection
(00:22:31) AI Offering & What They're Shipping
(00:27:01) Impact of 8% Revenue Uplift for Restaurants
(00:27:12) Competitive Landscape
(00:32:44) Switching & Churn Dynamics
(00:34:52) Competitive Advantage & Moat
(00:37:43) Management Team & Culture
(00:39:57) $10B Gross Profit TAM & Runway
(00:44:01) Valuation Approach
(00:45:53) Key Risks
(00:48:32) Key Lessons
Today, we are breaking down Auto1, and this is an interesting episode because we are tackling a business that most US listeners will not be familiar with, even though it resembles names they already know well.
Our guest is Harrison Moot, co-founder and CIO of Sandstone, who walks us through Europe's largest vertically integrated online marketplace for used cars. Auto1 is often shorthanded as the Carvana of Europe, and the comparison directionally fits, but the differences are what make the company worth understanding on its own terms.
The core of the conversation is how Harrison frames the company. He argues that Auto1 is best understood as a pan-European clearing house for used vehicles rather than a dealer with a website, and that the model only works because the company built its consumer sourcing engine and its wholesale dealer liquidity for nearly a decade before ever launching the consumer retail business.
Owning the sourcing, logistics, refurbishment, and financing stack across thirty fragmented national markets gives Auto1 a pricing and routing advantage that local dealers and asset-light classifieds cannot replicate.
Please enjoy this Breakdown of Auto1.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:03:35) Auto1 Business Overview
(00:07:06) European Market & C2B Model
(00:12:31) Founding Story & Sequencing
(00:16:39) Why Cazoo Failed
(00:16:42) Cazoo vs. Auto1 Approach
(00:18:29) How a Transaction Works
(00:22:11) Dealer Buying Patterns
(00:25:49) Retail vs. Wholesale
(00:26:18) Consumer Financing & ABS
(00:27:57) ABS Lowers Funding Costs
(00:28:16) Unit Economics by Segment
(00:32:37) Network Effects & Data Moat
(00:37:35) Path to Margin Expansion
(00:42:23) Balance Sheet & Working Capital
(00:44:40) Four Growth Levers
(00:48:27) Dealers: Customers Not Competitors
(00:53:17) Four Key Business Risks
(00:54:12) Inventory Risk & Mitigants
(00:58:32) Valuation Framework & Multiples
(01:03:14) Vertical Integration & Capital Cycles
Today, we are breaking down Opendoor, and this is a unique episode. We recorded with Kaz Nejatian, the CEO of Opendoor, shortly after the company reported its first quarter 2026 earnings, and we covered both what is happening inside the business right now and how he is thinking about Opendoor from the seat after coming over from Shopify.
The core of the conversation is how Kaz frames the company. He argues that Opendoor is a market maker rather than a prop desk or an asset manager, and that the model only works when you optimize for velocity instead of spread. Buying lots of homes and selling them quickly gives Opendoor a live information advantage over the rest of the housing market that no other participant has, and that advantage compounds as the customer base broadens beyond people who simply need to move fast.
Please enjoy this Breakdown of Opendoor.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:24) Thesis Since Joining OPEN
(00:04:49) OPEN is a Market Maker, not a Prop Desk
(00:04:53) Opendoor's Advantages
(00:07:37) Spread vs. Velocity
(00:11:25) Customer Base
(00:13:16) Attachment Profit Pool
(00:15:45) Order of Product Rollouts
(00:18:47) Friction from Attachments?
(00:19:03) Lessons from Shopify: Solving for Friction
(00:21:45) Investing vs. Profitability Balance
(00:23:58) AI Inside Opendoor
Today, we are breaking down PriceSmart, the membership warehouse club operating across Central America, the Caribbean, and South America. I came away from this episode with a new appreciation for how a single retail concept and a single family have shaped the way much of the world shops.
When you learn that Sol Price invented the modern club store, influenced Sam Walton, the founders of Home Depot, and the founders of Target, that his Price Club merged with Costco in 1993, and that his grandson now runs a separate company replicating the model across 12 emerging market countries, you start to see PriceSmart not as a mid cap retailer but as the third generation continuation of one of the most important ideas in modern American retail.
I am joined by Markus Hansen, portfolio manager at Vontobel Asset Management. We start with Sol Price's founding of Fed Mart in the 1950s and the lineage that runs through Price Club, the Costco merger, and the 1993 spinoff that became today's company.
We cover how 40% of operating earnings are locked in upfront each year through membership payments, why the company chooses to own its real estate and run its own logistics, and what happened to its stores when hurricanes hit Jamaica last season.
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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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:34) Intro
(00:04:37) What is PriceSmart?
(00:07:48) The Sol Price Origin Story
(00:13:26) How It Compares to Costco and Sam's Club
(00:18:24) Geographic Expansion
(00:25:38) Logistics and Supply Chain
(00:28:09) Expanding Across Latin America
(00:32:47) Earnings Volatility Across Markets
(00:36:00) Margins and FX Exposure
(00:38:42) Capital Allocation
(00:45:30) Key Risks
(00:49:04) Valuation
(00:53:13) Lessons
Today, we are breaking down Altius Minerals, a Canadian royalty company that stands apart from the precious metals and oil and gas names that usually define the category. 17 people in Newfoundland control royalties over Canadian potash mines that supply 90 percent of the potash used in the US, along with 2.9 gigawatts of operating renewable power.
I am joined by Luke Bridgeman, portfolio manager at Hosking Partners based in London. We start with Brian Dalton founding the business in a university dorm 29 years ago and how the company built its edge through a project generation model that turned $13 million of spend into $200 million of equity proceeds while keeping the royalties. We cover why Altius focuses on base metals rather than precious metals, how it extended the royalty structure into renewables where there is no land to claim, how countercyclical capital deployment has shaped nearly every important decision in the company's history, and what it means to run a $2 billion business with only 17 employees.
Please enjoy this breakdown of Altius Minerals.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:04:20) What is Altius Minerals?
(00:04:52) What Are Base Metals?
(00:05:30) How Do Royalties Work?
(00:09:57) When Are Royalties Sold?
(00:11:04) Altius Origin Story
(00:12:24) How Did Altius Differentiate?
(00:13:35) Commodity Diversification
(00:15:51) Geographic Diversification
(00:17:37) Renewables Strategy
(00:19:50) The Listed Renewables Vehicle
(00:20:17) Renewables Financing Structure
(00:21:08) Renewables vs. Legacy Minerals
(00:22:04) Revenue Model: Volume x Price
(00:22:43) Portfolio Revenue Breakdown
(00:23:58) Do They Hedge Commodity Prices?
(00:24:13) Cost Structure & Overhead
(00:25:37) Capital Allocation Framework
(00:27:14) Buyback Criteria
(00:28:06) Use of Debt
(00:28:42) Renewables' Balance Sheet Impact
(00:30:42) Key Risks
(00:31:59) Why Do Precious Metal Royalties Trade at a Premium?
(00:32:47) Lessons from Altius
Today, we are breaking down Givaudan, the Swiss fragrance and flavor giant hiding in plain sight. I came away from this episode with a new way of seeing the world around me. When you learn that a single company is behind the scent of your shampoo, the taste of your burger, and the smell of your laundry, you start to realize just how much of daily life runs through a company most people have never heard of.
I am joined by Jeremie Fastnacht, a fund manager at Banque de Luxembourg Investments based in Luxembourg. We get into what makes Givaudan, Givaudan, starting with its founding in 1895 Zurich and how it quietly became the dominant player in a market most investors overlook. We cover the structure of the flavor and fragrance industry, why switching costs are so remarkably high despite this being a tiny fraction of any client's costs, how the company operates more like a royalty business than a manufacturer, and what the risks look like now that a new management team has taken the helm.
Please enjoy this breakdown of Givaudan.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:35) Episode Intro: Givaudan
(00:03:25) How Flavors and Fragrances Shape Daily Life
(00:05:28) Scent and Taste as Purchasing Drivers
(00:07:57) Givaudan's Corporate History
(00:10:26) Creating Flavors and Fragrances
(00:13:57) The Royalty Model of Revenue
(00:16:27) Why There's No Incentive to Switch Supplier
(00:18:43) Market Size & Major Competitors
(00:22:48) Trends Driving Growth in Emerging Markets
(00:24:59) How Givaudan Became the Industry Leader
(00:28:46) Margins and Customers in Each Business Unit
(00:30:51) Givaudan's Financial Profile
(00:35:16) Capital Allocation & Valuing Givaudan
(00:37:58) CEO Succession & Other Major Risks
(00:40:38) Lessons from Studying Givaudan
This episode was originally recorded in March 2025. Today, we are breaking down the global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable.
I am joined by Hunter Hopcroft, a financial analyst and writer based in New York. We get into what makes Apollo, Apollo, and Hunter share the backstory of how it was born out of Drexel Burnham and Michael Milkin’s DNA. We get into some of the early deals, the theme craving complexity, how they differ from the KKR or Blackstone, and the future of the industry.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Update on Apollo(00:02:56) Welcome to Business Breakdowns
(00:05:45) Apollo's Current Landscape
(00:10:41) Apollo's Founding and Early Days
(00:13:35) Key Deals and Strategies
(00:20:05) The 2000s and Financial Crisis
(00:25:06) IPO and Public Transition
(00:28:43) Leadership Transition to Mark Rowan
(00:34:16) Rowan's Vision and Athene Merger
(00:38:08) Investment Strategies of Alt Managers
(00:39:24) The Athene Merger and Its Implications
(00:41:26) Rowan's Breakthrough in Spread Generation
(00:42:45) Innovative Asset Origination Platforms
(00:47:38) Private Credit and Market Dynamics
(00:49:45) The Future of Apollo and Private Credit
(00:55:05) Evaluating Apollo's Business Model
(01:08:29) Reputation and Evolution of Apollo
(01:11:46) Lessons from Apollo
This conversation was originally released in February of 2025. We’re replaying this episode because Cognex sits right at the intersection of AI and robotics. As the market focuses more on physical AI and automation in 2026, machine vision is becoming an increasingly important part of that story.
Today we are breaking down Cognex, the leader in machine vision. Cognex builds the cameras, sensors, and software that allow factories and logistics systems to see. Their technology inspects products, detects defects, reads barcodes, and guides robots across manufacturing lines and warehouses around the world.
Cognex is not your typical recurring revenue story. It is a cyclical industrial business that has grown by repeatedly finding new “S-curves” in automation. From early semiconductor inspection to modern logistics systems and AI-driven vision, the company has spent decades expanding the applications of machine vision across industries.
Our guest today is Brett Larson from NZS Capital. Brett walks us through the history of machine vision, Cognex’s unique culture and founder story, and the company’s position inside the broader automation ecosystem. We also discuss how Cognex sells into factories, the competitive dynamics with companies like Keyence, and why new technologies like deep learning could unlock the next wave of growth.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Sponsor: Portrait Analytics
(00:01:42) Update on Cognex
(00:02:53) Welcome to Business Breakdowns
(00:03:41) Episode Intro
(00:05:09) What is Cognex and What They Do
(00:07:10) Hardware vs Software and Human Interaction
(00:07:58) Market Size of Machine Vision
(00:08:59) Cognex's Market Share and Positioning
(00:13:01) Sales Channels and Customer Types
(00:14:17) History and Origin of Cognex
(00:17:49) Deep Learning vs Rules-Based Programming Examples
(00:22:18) Customer Stickiness and Sales Contracts
(00:27:41) Understanding S-Curves and CapEx Cycles
(00:29:35) Culture and Leadership
(00:40:08) Valuation and Risks
(00:44:42) Key Lessons from Cognex
This conversation was originally released in June of 2023.
Today we return to the semiconductor value chain with one of the most important companies in modern technology: ASML. The company began life as an unwanted spin-out from Philips with no real product and little expectation of success. Today, it builds the only machines capable of manufacturing the most advanced chips in the world.
To break down ASML, I’m joined by Tom Walsh, portfolio manager at Baillie Gifford. Tom walks through how photolithography works, what’s happening inside an extreme ultraviolet machine, and how a small Dutch company came to dominate one of the most complex technologies ever built.
This breakdown pairs very well with our breakdowns on AMD, Qualcomm and Cadence. And I'd also highlight the Founders Podcast episode #8 on the Intel Trinity. Please enjoy this breakdown of ASML.
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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Timestamps
(00:00:00) Update on ASML and Welcome to Business Breakdowns
(00:04:01) Intro
(00:04:50) The ASML back story
(00:08:20) A deep dive into what semiconductors and Lithography are
(00:10:10) Alternate business directions ASML could have pursued
(00:21:45) How large ASML is in the industry today
(00:12:43) A look into the management team over time
(00:16:09) Moore’s Law and the key components of chip production
(00:17:15) Overall size of the machines manufactured
(00:18:20) The evolution of UV light and its important role in the advancement of Lithography
(00:22:35) Other competing companies within the field
(00:25:16) A detailed look into the cost of production industry wide
(00:26:10) Unlocked innovations associated with the development technology
(00:27:38) The life cycle of a lithography machine
(00:29:10) Revenue gained from new versus refurbished machines
(00:29:33) The cyclicality of the ASML machine revenue
(00:31:38) Potential production limitations due to capacity
(00:33:06) Margin profile and how ASML sets prices
(00:34:39) What the concentration of customers looks like
(00:39:06) Reasons why an acquisition has not taken place to date
(00:40:48) He explains where investor cash flow is directed
(00:42:07) An investors perspective on ASML opportunities
(00:44:30) How milestones in new technology are regulated and measured
(00:47:46) Potential business risks
(00:51:27) Lessons he’s learned from studying ASML
Today we are breaking down the cybersecurity giant, Cloudflare.
Today, Cloudflare controls over 20% of the world’s web traffic, and more impressively, absorbs 2.5mn cyber attacks per second.
My guest is Sam Eden, Investor at Square Peg’s Global Tech Fund. And while I understood on the surface what Cloudflare does, Sam helped me get into the weeds on how the digital pipes actually work.
So we go through the rise of Cloudflare and how they differentiated themselves vs. the incumbents and fellow upstarts. Through this story, Sam details the product offerings that led to Cloudflare's leading market share, and what growth looks like moving forward.
Please enjoy this episode on Cloudflare.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
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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).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:33) Episode Intro: Cloudflare
(00:03:56) What Cloudflare Does: A Digital Postal Service
(00:06:24) How Shopify Uses Cloudflare
(00:07:29) Serving 20% of the Internet’s Traffic
(00:08:19) The Internet Before Cloudflare
(00:12:01) Cloudflare’s Founding Story
(00:14:32) Easy Onboarding, Powerful Network Effects
(00:16:05) Why Hackers Were Early Customers
(00:16:58) How Cloudflare Benefited from the Innovator’s Dilemma
(00:19:38) Why Partnering with ISPs Was a Win-Win
(00:20:44) Bigger is Better: Cloudflare’s Reinforcing Loop
(00:22:50) Product Evolution Over Time
(00:26:37) How the Internal Security Offering Works
(00:27:53) Act 3: Developing a Proprietary Software Stack
(00:33:21) Four Ways AI Impacts the Business
(00:37:04) Building Out the Enterprise Sales Function
(00:40:06) The “Pool of Funds” Bundling Strategy
(00:43:55) How Channel Partners Drive Growth
(00:46:58) Revenue in 3 Acts
(00:48:23) Mastering the Freemium Model
(00:51:00) Margins & EBITDA
(00:52:47) Capital Allocation: Reinvestment Rules
(00:54:09) Potential New Competitors and Threats
(00:55:17) Lessons Learned From November 2025’s Outage
(00:59:17) Why Cloudflare’s Competitive Position is Strong
(01:01:19) How Canva Uses Cloudflare
(01:02:29) How Sam is Thinking About Risks
(01:04:36) 25x Sales Requires Flawless Execution
(01:07:21) 4 Lessons from Studying Cloudflare
Today we have a special episode breaking down how investors are using AI.
This is a question I get from many of you, and while there is no shortage of content on the implications of AI, I know there's an appetite to learn more about tangible use cases, how to make sure you're getting the most out of these tools, how to think about advancements in the technology, and ensuring that you're keeping pace with the innovation curve.
So my guest today is David Plon, Founder of Portrait Analytics. Now, David and Portrait have been partners of Business Breakdowns since last year, but I specifically asked David to do this episode because, one, he is really front and center to how investors are using and applying AI. But two, and maybe more importantly, he and his team come with a background in investing.
So while the conversation doesn’t really focus on Portrait, you’ll hear references to what he and his team are building and how they’ve shaped it for investors, you’ll very much understand when you hear David talk that he is someone who understands the pain points of an investor.
I think everyone will find something in this episode that will benefit them in their day to day, and I would love to hear the feedback.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:04:05) Meet David Plon: Investor to Founder
(00:05:54) Pain Points in the Investment Process
(00:09:08) AI as a “Smart Filter” for News
(00:11:54) AI’s Role in the Pre-Buy Process
(00:14:34) How AI Enables Specific Quantitative Analysis
(00:17:24) Using AI for Investment Idea Generation
(00:21:42) How to Write Good Prompts for LLMs
(00:25:27) Structured vs. Creative Tasks
(00:27:47) The Value of Experimentation & Real-Time Feedback
(00:32:28) Best Practices for Deploying AI in an Institutional Setting
(00:35:57) Why Documenting Decision Making is Essential
(00:39:19) How Models Have Improved at Using Provided Context
(00:42:02) Memory in LLMs: Near-Term Limitations, Long-Term Potential
(00:46:24) Applying Agentic AI in Investment Research
Today we are breaking down Games Workshop. This episode is another examination of the business of IP. Whether it's Disney, Electronic Arts, or Nintendo, there are so many businesses built around core IP. And while Games Workshop and its Warhammer franchise may not be as familiar to our North America listeners - this episode will tell you why that may be changing very soon.
My guest is Todd Wenning, President and CIO of KNA Capital. Todd shares his own personal story uncovering Games Workshop many years ago, he gets into the fun evolution of this business which ties into the vertical integration today, and he shares what lies ahead as awareness of Warhammer’s loyal enthusiasts welcome more into their world.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit colossus.com/episodes.
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:03:55) Introduction to Games Workshop
(00:05:31) History of the Warhammer IP
(00:09:14) Games Workshop's Evolution
(00:10:59) Warhammer Retail Stores
(00:12:37) The Numbers Behind Warhammer's Popularity
(00:14:03) Geographic and Demographic Concentration
(00:16:36) Competition from Other Games & Hobbies
(00:18:49) Events and Community: Hidden Network Effects
(00:19:48) Margins and Cash Generation
(00:21:31) Growth Drivers & Prime Potential
(00:24:51) Licensing Model & Tariff Volatility
(00:26:49) Why the Business is Defensible
(00:28:33) The Relevance Risk
(00:31:43) Games Workshop's Unique Flat Structure
(00:32:52) Capital Allocation & Dividend Focus
(00:34:16) Valuing Games Workshop
(00:35:25) Three Man Risks for the Business
(00:38:33) Riches in Niches & Other Lessons
Today we’re breaking down Databricks, a $130B private company that helps companies collect, store, and process very large amounts of data, and then use that data to run analytics and train machine learning models.
Databricks sits in the middle of modern data systems, connecting raw data pipelines to the tools teams use to analyze information and build AI. If you’ve worked on large-scale data or AI projects, there’s a good chance Databricks was part of the stack, often operating behind the scenes.
My guest is Alan Tu, portfolio manager and analyst at WCM Investment Management, which invested in Databricks in late 2024. Alan explains what Databricks actually does for customers, why it remains one of the least understood large private software companies, and how its academic origins and founding team shaped its evolution from an early data-engineering product into a broad commercial platform.
We also discuss common misconceptions about the business, how Databricks fits into the modern AI stack, what has changed since the last time we covered the company, and how its scale, product strategy, and capital position differentiate it from competitors.
Note: This conversation was recorded on December 10, 2025, so all numbers are reflective of what was publicly available on that date.
Please enjoy this breakdown of Databricks.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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).
Timestamps
(00:00:00) Welcome to Business Breakdowns
(00:02:34) Introducing Databricks and Guest Alan Tu
(00:03:22) Understanding Databricks' Core Functionality
(00:09:15) The Founding Story of Databricks
(00:23:54) Databricks' Evolution and Product Expansion
(00:30:06) Databricks vs. Snowflake: Market Competition
(00:35:36) Databricks' Strategic Vision and Market Impact
(00:38:14) The Rise of Big Data and Databricks' Core Value
(00:39:27) Understanding Databricks Through a Credit Card Fraud Use Case
(00:44:35) Databricks' Role in AI and Machine Learning
(00:51:12) The Competitive Landscape and Cloud Partnerships
(00:54:54) Financial Dynamics and Pricing Strategies
(01:09:37) The Future of Databricks: Risks and Long-Term Vision
(01:12:54) Conclusion and Final Thoughts
Today we are breaking down Amadeus, the dominant infrastructure powering global travel bookings. If you've used a travel agent or corporate booking system, you've likely interacted with Amadeus's technology—though most of what they do happens behind the scenes in airline operations, hotel inventory management, and logistics coordination.
Ben Needham, portfolio manager at Ninety One Asset Management, explains how Amadeus built its market-leading position, common investor misconceptions about the business, and the company's value proposition across the travel ecosystem. We also explore AI's potential impact on the industry and how Amadeus's balance sheet strength positions it relative to competitors. Please enjoy this breakdown of Amadeus.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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 Amadeus
(00:02:49) Understanding Amadeus' Business Model
(00:04:11) Amadeus' Market Position and Competitors
(00:05:35) Historical Background of Amadeus
(00:07:25) Revenue Streams and Profitability
(00:10:50) Impact of AI and Technology on Amadeus
(00:13:07) Revenue Models and Pricing Mechanics
(00:22:35) Growth Opportunities and Market Dynamics
(00:25:47) Execution and Future Prospects
(00:30:01) Financial Health and Capital Allocation
(00:31:57) Valuation and Market Perception
(00:34:21) Risks and Challenges
(00:37:13) Lessons From Amadeus
Today, we are breaking down one of the more impressive B2B media businesses I have come across, Doximity. It's been called “the LinkedIn for doctors.”
Jim Jones, partner and analyst at William Blair Asset Management, helped explain exactly how Doximity works as a business. Jim gets into the community engine that works for and around medical professionals. And yes, there is a social network, but it's the add-ons, such as the required continued education that doctors can complete on the platform, including script signing, and all of those little tools that make a doctor's or medical professional's life much easier.
The revenue engine is advertising, and Jim delves into the nuances of how that spend works, explaining why this is the business model they've chosen. Please enjoy this Breakdown of Doximity.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:02:52) Overview of Doximity
(00:03:46) Doximity's Business Model and Revenue Streams
(00:07:25) History and Evolution of Doximity
(00:08:33) Competition and Market Position
(00:13:27) Advertising Trends and Digital Shift
(00:20:20) Doximity's Financials and Profitability
(00:22:39) AI Integration and Future Prospects
(00:29:32) Valuation and Market Perception
(00:32:40) Lessons From Doximity
Today we are breaking down GE Aerospace. We did cover GE several years ago, but that episode focused on Larry Culp's turnaround of the conglomerate.
Ramesh Narayanaswamy, co-founder and portfolio manager of Tourbillon Partners, joins me to explore what is now a pure-play aerospace business. We discuss the unique dynamics of the aerospace supply chain and the long-cycle nature that differentiates this industry. We also explore the complexity of aircraft engine manufacturing and how GE exemplifies the powerful model of selling services attached to equipment. Please enjoy our conversation on GE Aerospace.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:01:52) Overview of GE Aerospace
(00:04:01) Commercial Jet Engines: Market and Segments
(00:08:16) Military and Defense Applications
(00:10:07) Financials and Revenue Streams
(00:15:57) The Legacy and Transformation of GE
(00:20:31) Jet Engine Industry and GE's Role
(00:22:04) Challenges and Partnerships in Jet Engine Manufacturing
(00:28:39) Revenue Models and Customer Segments
(00:30:29) Understanding the OE and Aftermarket Revenue Models
(00:31:50) The Profitability of Aftermarket Services
(00:34:25) Revenue Models in the Aftermarket
(00:36:11) Growth Strategies and Market Dynamics
(00:39:38) Impact of Economic Cycles and Resilience
(00:43:33) Capital Intensity and Return on Capital
(00:47:12) Competitive Landscape and Technological Risks
(00:55:07) Valuation Approaches and Market Perception
(00:57:39) Key Takeaways and Lessons from GE
This is Matt Reustle. Today, we are back to talk about increased access to alternative investing. My guest is Josh Clarkson, managing director at Prosek Partners. You may remember that Josh joined us last year in our primer series on private credit. He is back today to discuss what this development could mean for all the counterparties involved.
We put some numbers around the opportunity, cover what asset managers might be best positioned to capture it, the strategies that most naturally fit, and some of the risks to the investor base. It is a fascinating theme that I expect to continue gaining momentum. Please enjoy this Breakdown on Alternative Investing.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:02:47) The $4 Trillion Opportunity in Alternative Investments
(00:04:13) Headlines and Market Concerns
(00:07:09) Regulatory Changes and Historical Context
(00:09:31) Private Wealth Channel and Product Evolution
(00:10:29) Investor Education and Liquidity Considerations
(00:15:34) Future of Private Markets and Alternative Investments
(00:27:27) The Role of Major Players and Market Dynamics
(00:45:18) Lessons From the Alternative Investing Industry
This is Matt Reustle. Today we are breaking down Robinhood. My guest is Arthur Olson, founding partner at Ravenswood Partners. We get into how Robinhood grew from a mobile-native brokerage idea that faced many challenges along the way into the third-largest broker in the USA.
Arthur educates on how the business model has evolved and diversified away from a pure pay-for-order market. We discuss how product velocity is the foundation behind everything in Robinhood’s continued penetration and how new talent has made a material difference. Please enjoy this Breakdown of Robinhood
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:01:51) Founding Story of Robinhood
(00:04:29) The Rise of Mobile Trading
(00:11:37) Payment for Order Flow Explained
(00:15:39) Robinhood's Competitive Edge
(00:22:28) Adapting to Market Changes
(00:24:52) Product Evolution and Customer Retention
(00:29:32) Analyzing Robinhood's Growth and Investor Behavior
(00:30:16) Historical Parallels: Robinhood vs. Charles Schwab
(00:31:19) Crypto and Regulatory Challenges
(00:32:41) The Role of Prediction Markets and Sports Betting
(00:34:41) Revenue Streams and Future Prospects
(00:36:54) Banking and Financial Services Expansion
(00:41:32) Cost Structure and Competitive Advantages
(00:44:30) Account Growth and International Opportunities
(00:50:10) Regulatory Relationships and Risks
(00:55:15) Lessons from Robinhood
This is Matt Reustle. Today we are breaking down CompoSecure, a company that manufactures premium metal credit cards and payment cards. My guest is Parsa Kiai, Managing Partner at Steamboat Capital. What really made Parsa the ideal guest is that he has a history with CompoSecure from before the Dave Cote era, which started sometime in 2024.
We get into all of this: the niche market of premium metal credit cards, how CompoSecure has such a dominant position in that industry, the opportunity in digital storage, and perhaps most importantly, what Dave Cote's involvement means for the company—his M&A track record and the unique corporate structure they've created. I often get asked what you can do with the lessons you take from business breakdowns, and this is a perfect example of taking the lessons and lens from other companies and looking for pattern recognition in the market. Please enjoy this Breakdown on CompoSecure.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:03:28) The Niche Business of Premium Metal Credit Cards
(00:05:35) Dave Cote's Impact on CompoSecure
(00:07:17) The Origin Story of CompoSecure
(00:09:11) Innovations and Growth in the Credit Card Industry
(00:11:19) The SPAC Era and New Growth Engines
(00:15:09) The Future of Digital Wallets and Security
(00:31:08) Financial Performance and Market Position
(00:42:55) Dave Cote's M&A Strategy and Resolute Holdings
(00:54:10) Lessons From CompoSecure
This is Matt Reustle. Today, we are breaking down the industrial giant Amphenol. Amphenol pairs two of my favorite business frameworks that are often discussed on Breakdowns. Firstly, I am drawn to any company that specializes in selling mission-critical parts, which represent a small percentage of a manufacturer's total production cost. And secondly, Amphenol has a track record of M&A success underpinned by s decentralized model. There is a lot to learn from Amphenol for serial acquirers who have a proven track record and playbook for integrating businesses.
I am joined by Andy Gardner, Portfolio Manager at Fiera Capital. Andy details how Amphenol is making the nervous system for modern electronics. We delve into the foundational pillars that guided Amphenol over its 100-plus-year history, as well as how they are exposed to some of the most significant secular tailwinds today across smartphones, aircraft, medical devices, and AI. Please enjoy this Breakdown of Amphenol.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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
(00:03:52) Overview of Amphenol
(00:04:27) Amphenol's Business Frameworks
(00:08:30) Amphenol's History and Key Themes
(00:09:57) Innovation and Custom Solutions
(00:12:06) Decentralized Autonomy
(00:14:38) Financial Discipline and Cost Control
(00:16:54) Diversification and Market Exposure
(00:18:52) Growth and Market Trends
(00:19:37) Business Divisions and End Markets
(00:33:18) M&A Strategy and Integration
(00:41:56) Financial Performance and Resilience
(00:47:21) Risks and Opportunities
(00:51:30) Lessons From Amphenol
This is Matt Reustle. Today, we are exploring the world of media deals. My guest is Blake Saunders. Blake has been in media investment banking for almost two decades. When I first met him, he was a banker, so I wasn't expecting to lean into this relationship, but I often introduce Blake to others as the banker.
We delve into the current deal landscape and some of the realities of the media market, exploring how companies are navigating this new era, and then determine who's best positioned for the next chapter. Please enjoy this Breakdown of Media with Blake Saunders.
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 Portrait Analytics - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.
Sign-up for a free trial today at portraitresearch.com
—
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 Blake Saunders: Media Investment Banking Expert
(00:06:53) The Evolution of Media: From Newspapers to Digital
(00:08:07) Challenges and Changes in the Media Landscape
(00:10:53) Blake's Career Shift and New Ventures
(00:12:57) The Future of Media Deals and Buyer Dynamics
(00:22:16) The Importance of Content and Premium IP
(00:27:43) The Value of Sports and IP Libraries
(00:28:33) Reimagining Content with Technology
(00:31:22) The Role of Key Individuals in Media Brands
(00:33:53) The Importance of Platform Exposure
(00:36:38) The Event Cycle Post-COVID
(00:43:18) The Impact of AI on Society and Economy
(00:48:31) The Rise of Independent Content Creators
(00:49:47) Lessons From the Media Industry
This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable household-name companies.
I am joined by Krishna Mohanraj, a portfolio manager of the International Strategy at Diamond Hill. Today, Exor is led by John Elkann, the grandson of the late Giovanni Agnelli. Elkan was named heir of his grandfather at the age of 21, and has fostered and reshaped the business to what it is today. Please enjoy this Breakdown of Exor.
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
(00:03:29) The Fascinating History of Fiat
(00:05:16) Leadership Through the Ages
(00:07:29) Simplifying the Family's Assets
(00:09:31) Current Holdings and Investments
(00:11:13) John Elkan's Influence and Strategy
(00:12:39) The Role of Sergio Marchionne
(00:14:09) The Evolution of Exor's Portfolio
(00:17:08) Key Listed Investments
(00:23:29) Valuation and NAV Discount
(00:27:44) Capital Allocation and Governance
(00:28:48) Investment Approach and Financial Discipline
(00:32:37) Exploring the Private Portfolio
(00:36:25) The Partnery Transaction Case Study
(00:39:03) Future Prospects and Strategic Sectors
(00:46:21) Lessons from Following Exor
This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos from Horizon Kinetics.
We start with HK's history with these very unique businesses that are off the radar for many with TPL, Landbridge and now Water Bridge. James gets into the weeds and nuances of what this business actually doesa and why the service that they're providing is so incredibly important, particularly with US Shale and where they are in the Permian Basin. This is an interesting and timely conversation from all different angles. Please enjoy this breakdown of WaterBridge.
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
(00:00:52) Overview of WaterBridge IPO
(00:02:20) Deep Dive into WaterBridge and Landbridge
(00:04:10) History and Background of Horizon Kinetics
(00:06:48) Understanding the Water Infrastructure Industry
(00:10:34) Challenges and Solutions in Water Disposal
(00:26:27) The Role of Five Point Infrastructure
(00:32:10) Understanding the Value of Land in Oil and Gas
(00:32:33) The Importance of Water as a Pure Play
(00:34:26) Next-Gen Opportunities in West Texas
(00:39:14) Challenges in Water Disposal and Market Dynamics
(00:42:06) Switching Providers and Outsourcing Trends
(00:55:48) Valuation and Growth Prospects for Waterbridge
(01:01:33) Key Lessons from WaterBridge
This is Matt Reustle. Today we are breaking down the Latam e-commerce Giant, Mercado Libre. My guest is Daniel Wu of Bristlemoon Capital.
I was introduced to MELI about 15 years ago when it was still the eBay of Latam, and similar to a place that you revisit after a long time away, MELI looks a lot different than those early days.
Just consider that with a $120 billion market cap, MELI is three times the size of eBay today and has clearly evolved since those early days. Daniel walks us through the business as it stands today. And how MELI paired this Amazon-like e-commerce approach with a complementary but equally impressive FinTech business to fuel the company. It's an incredibly interesting road to success. Please enjoy this Breakdown of Mercado Libre.
Read the Bristlemoon Research on Mercado Libre
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
(00:01:20) Founding Story and Early Challenges
(00:03:31) Evolution and IPO
(00:04:41) Regional Dynamics and Tailwinds
(00:09:13) Business Model Breakdown
(00:12:40) Commerce Segment Deep Dive
(00:15:24) Competitive Landscape and Market Share
(00:25:14) Logistics and Fulfillment Expansion
(00:29:39) Advertising and Future Growth Levers
(00:32:39) Meli Plus Membership Benefits
(00:34:34) Transition to FinTech: Mercado Pago
(00:39:14) Credit Business Overview
(00:43:38) Managing Credit Risk
(00:52:24) Financial Performance and Growth Drivers
(00:54:08) Operating Margins and Reinvestment Strategy
(00:57:39) Risks and Challenges
(01:02:48) Leadership and Company Culture
(01:05:47) General Lessons for Investors
This is Matt Reustle. Today, we are breaking down the real estate broker Compass. Compass itself is a fascinating business and historically a controversial stock. It was founded in 2012 by Robert Reffkin and has scaled in that short period of time to become the largest real estate brokerage in the United States.
Geoff Collette, founder of Aeon Capital Partners, is back as a guest. After his Breakdown on Goosehead, we thought it was fitting to cover another flavor of broker. Geoff and I cover the history, some of Compass’s early pivots, and the different critiques of the company.
There is a ton of interesting stuff around Compass today. We could see a broker potentially emerge from being historically a commodity business to something more powerful.
Please enjoy this Breakdown of Compass.
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
(00:00:52) Today's Focus: Compass Real Estate Brokerage
(00:02:46) Compass's Unique Value Proposition
(00:07:10) Early Days and Evolution of Compass
(00:10:01) Financial Hygiene and Market Adaptation
(00:12:53) Current Market Position and Future Goals
(00:17:44) Industry Dynamics and Major Players
(00:25:43) Compass's Pre-Marketing Strategy
(00:47:36) Financials and Operating Leverage
(00:55:53) Risks and Future Outlook
(00:59:55) Key Lessons From Breaking Down Compass
This is Matt Reustle. Today's Breakdown caters to both public and private investors alike. My guest is Aaron Cohen, head of the Financial Services and Technology Group at GTCR, and our topic is insurance Brokers. I was initially intrigued by Aaron and GTCR after seeing their announced $13 billion sale of Assured Partners to Arthur J.Gallagher, an incredible success story in the insurance brokerage space that we covered in a previous breakdown.
But, what I failed to appreciate, and you'll hear Aaron politely correct me in the episode, is that not only did GTCR own Assured through two separate periods, they actually built the business with CEO Jim Henderson from the ground up.
We cover GTCR's approach to scaling businesses, the nuances of their leadership strategy, and why this space is so attractive to the PE market. Please enjoy this Breakdown on the insurance brokerage space.
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) Welccome to Business Breakdowns
(00:03:34) GTCR's Investment Strategy
(00:05:31) Importance of Leadership in Investments
(00:10:04) Insurance Brokerage Industry Insights
(00:12:52) Changes and Trends in Insurance Brokerage
(00:27:49) Role of Technology in Insurance
(00:31:25) The Challenges of System Integration
(00:32:52) Revenue Growth in the Insurance Industry
(00:33:39) The Impact of Social Inflation
(00:34:25) Emerging Risks and Cybersecurity
(00:35:12) Insurance Brokers and Revenue Models
(00:40:45) Financial Metrics and EBITDA Margins
(00:42:58) Private Equity and Insurance Brokerage
(00:45:49) The Assured Partners Story
(00:54:16) Risks and Market Cycles in Insurance
(00:57:35) Regulation and Industry Stability
(00:58:49) Lessons From This Industry
This is Matt Reustle and today we are breaking down the Chicago Mercantile Exchange. My guest is Adam Chandler, co-PM at Claremont Global, and together we get into the nitty gritty of exchanges. We all know how integral exchanges are to the financial system but we rarely stop to understand how they operate, how they make money, and how they shape the flow of dollars. This episode aims to do just that. Please enjoy this breakdown of the Chicago Mercantile Exchange.
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) Introduction to Business Breakdowns
(00:00:51) Introducing the Chicago Mercantile Exchange
(00:01:52) Understanding the Exchange Business
(00:03:38) The Role of Clearinghouses
(00:04:29) Diving into CME's Specialization
(00:07:18) Historical Evolution of CME
(00:09:40) Modern Operations and Risk Management
(00:19:39) CME's Market Position and Growth
(00:29:13) Revenue Breakdown and Product Insights
(00:35:23) Volume Drivers: Treasuries and Interest Rate Markets
(00:36:47) Comparing CME with Other Exchanges
(00:42:10) Profitability and Cost Structure of CME
(00:45:37) Capital Allocation and Dividend Strategy
(00:47:35) Innovation and New Product Offerings
(00:49:24) Impact of Passive Investing on CME
(00:53:09) Risks and Regulatory Environment
(00:58:26) Key Lessons from CME's Business Model
This is Matt Reustle. Today, we are breaking down Agilent. If you aren't familiar with Agilent, it is a $30 billion market cap company at the time of this recording, and they focus on one of the more interesting niches: equipment and instruments sold into laboratories.
Its equipment is being sold to the life sciences sector, diagnostics, applied chemical markets, and some very unique R&D work. My guest is Mark de Vos, fund manager at Troy Asset Management, and he brings us through the story of Agilent. It was born within Hewlett-Packard, which spun off a little more than 25 years ago, and Mark helps break down highly complex concepts like chromatography.
This is a deeply ingrained industry player with a unique razor and razor blade model and an evolving business. Please enjoy this breakdown of Agilent.
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
(00:02:28) Understanding Agilent's Core Business
(00:03:28) Agilent's Market and Customer Base
(00:04:55) Agilent's Historical Background
(00:08:58) Agilent's Product and Service Strategy
(00:13:51) Competition and Market Position
(00:24:29) Financial Performance and Growth
(00:28:07) New Business Segments and Innovations
(00:35:32) Valuation and Investment Insights
(00:40:07) Lessons From Agilent
This is Matt Reustle. Today we are replaying our Breakdown of Patek Philippe. 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 house, and spent a decade at Patek Philippe in the early 2000s. He continues to write for Patek Philippe Magazine while he has launched Collectability, a brand dedicated to vintage and preowned Patek Philippe.
We cover what makes Patek such a special brand. There is an almost 200-year history in craftsmanship and countless patents (like that self-winding mechanism that powers all automatic watches today.) What Philippe Stern did in 1989 could be worthy of a 10-episode series, so there is much to learn from this episode. Please enjoy this breakdown of Patek Philippe.
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.
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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
(00:02:41) The main differences between Patek Philippe and Rolex
(00:06:32) An introduction to Patek Philippe’s brand
(00:08:47) The founding story of the business
(00:11:14) Henry Graves and the watches that he made for the brand
(00:16:46) The production process for making a Patek Philippe watch
(00:19:56) A look at the 1989 and its importance to the business
(00:22:08) The types of people who were interested in the brand and purchasing at auction in 1989
(00:24:41) An overview of the successful marketing campaigns of the 1990s
(00:27:26) Patek’s strategy at auctions, embracing both consignment and buying
(00:30:38) The general size and scope of the Patek Philippe secondary market
(00:32:20) The brand’s perspective of the secondary market and whether it affects the way they market new items
(00:36:47) John’s personal experience working at Patek Philippe
(00:40:36) The company’s distribution strategy
(00:43:42) Breaking down the points of sale, branded dealers versus authorized dealers
(00:44:29) The mindset behind consolidating dealers and the exclusivity it created as a byproduct
(00:46:22) How the LVMH acquisition of Tiffany has affected Patek Philippe
(00:49:18) The potential of Patek Philippe being acquired by another company
(00:53:48) Lessons learned from Patek Philippe
