Business Breakdowns

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and business leaders to explain the inner workings of public stocks and private businesses. Every business has lessons and Breakdowns is here to highlight them.

Matt Reustle, Zack Fuss Hosts Matt Reustle, Zack Fuss

Matt is the CEO of Colossus. Zack is the Chief Investment Officer of Shoni Holdings, a single family office.

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Business Breakdowns

Ep.204

Kaspi.kz: The Kazakh Super-App

Mikhail Lomtadze is the co-founder and CEO of Kaspi.kz. We cover the business' evolution from a small retail bank to a dominant fintech platform, how its app is integrated into the daily life of Kazakh consumers, and why keeping features as simple as possible is a core part of its product framework.

01.22.2025

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Business Breakdowns

Ep.203

Gaming Consoles Part 3: Nintendo

Ryan O'Connor is the founder of Crossroads Capital. We cover the modern history of Nintendo consoles that started with the NES, what drives consumers to choose the Switch platform over PlayStation and Xbox, and the opportunities to monetize Nintendo's incredible catalog of IP beyond the world of gaming.

01.17.2025

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Business Breakdowns

Ep.202

Gaming Consoles Part 2: Sony

Sia Kamalie is the Founder and Fund Manager at Skycatcher. We cover why he thinks Sony can double its margins within the next five years, why the anime streaming platform Crunchyroll is an undervalued crown jewel, and how the growing spending power of gamers in developing markets presents a major tailwind for the business.

01.15.2025

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Business Breakdowns

Ep.201

Gaming Consoles Part 1: The Thesis

Sia Kamalie is the Founder and Fund Manager at Skycatcher. We cover the scale of the console gaming ecosystem and how it compares to PC and mobile gaming, how the video game industry is increasingly moving towards a subscription-based model, and the major milestones to watch as the console thesis plays out over the next decade.

01.15.2025

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Business Breakdowns

Ep.200

Arm: The Silicon Blueprint

Jay Goldberg is the CEO and lead analyst at D2D Advisory. We cover Arm's role in the semiconductor value chain, why it chose the model of licensing architecture over making its own chips, and why its ecosystem is source of a competitive advantage.

01.08.2025

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Business Breakdowns

Ep.199

Kering: It’s Gucci

Jonathan Eng is a Portfolio Manager at Causeway Capital Management. We cover Kering's portfolio of brands and history of acquisitions, the cyclical factors driving the market for luxury goods, and the main points of difference between Kering and LVMH.

01.01.2025

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Business Breakdowns

Ep.198

2024 Anecdotes to Remember

Matt Reustle is the host of Business Breakdowns. We look back at the highlights from 2024's breakdowns and pick out the best lessons on building a culture, pivoting to a new business model, capital allocation, and more.

12.27.2024

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Business Breakdowns

Ep.197

Filterbuy: Fresh Air

David Heacock is the Founder and CEO of Filterbuy. We cover the challenges of setting up a manufacturing process from scratch, the importance of a founder getting their hands dirty, and the economics of a direct-to-consumer model versus third-party logistics.

12.27.2024

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Business Breakdowns

Ep.196

Inditex: Fast Fashion

Alistair Wittet is a Founding Partner at Aecus Partners. We cover how Inditex differentiates itself from its fast fashion peers by being more adaptable to trends, its ability to consistently deliver industry-leading gross margins and free cash flow, and the idea that a business model is more durable than a brand.

12.18.2024

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Business Breakdowns

Ep.195

Alternative Lending in Real Estate

Josh Zegen is the Managing Principal of Madison Realty Capital. We cover the basics of financing a commercial real estate project, the structural changes in the industry since COVID, and the impact of rates, volatility and tariffs on demand for loans.

12.11.2024

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