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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 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.150
HEICO: Parts for Planes
Eric Ruden is an Analyst at Ironvine Capital. We cover the market for aircraft parts and maintenance, how the Mendelson family have built HEICO into what it is today, and how its operating model compares with that of TransDigm.
02.21.2024
Business Breakdowns
Ep.92
Hermès: The Luxury Icon
Mark Urquhart is a partner at Baillie Gifford. We cover the brand's iconic handbags, how Hermès exudes exclusivity, and its potential for future growth.
01.11.2023
Business Breakdowns
Ep.151
Vulcan Materials: Rock On
Rob Hansen is a Senior Analyst at Vontobel Asset Management. We cover how Vulcan is crushing the competition in the construction aggregates market, the numerous applications of its products in critical infrastructure, and the excellent logistics that underpin its success.
02.28.2024
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Luxury
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High Performing Conglomerates
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
Business Breakdowns
Ep.194
SpaceX: Rocket Ship
Luke Ward is an Investment Manager at Baillie Gifford. We cover the costs and components behind a SpaceX rocket launch, how Starlink became both a consumer darling and the economic engine of the business, and the many new business lines that spaceflight might unlock in the future.
12.04.2024
Business Breakdowns
Ep.193
Investing in Venture Secondaries
Ravi Viswanathan is the founder and Managing Partner of NewView Capital. We cover the mechanics behind a successful venture secondaries transaction and why they're mostly bespoke, the structural factors underpinning the growth of this market, and how deals are shaped by the relationships and differing motivations between the various players in the industry.
11.27.2024
Business Breakdowns
Ep.193
Informa: Where Industries Meet
Nick Shenton is a Fund Manager at Artemis Investment Management. We cover the trade show business model and how it recovered from the impacts of COVID, the advantages of operating in a capital-light manner, how Informa is navigating the shift to digital publishing, and the parallels between its capital allocation strategy and that of LVMH.
11.27.2024
Business Breakdowns
Ep.191
Fastenal: A Nuts & Bolts Success Story
Delian Entchev is a portfolio manager at Aoris Investment Management. We cover how Fastenal made its culture a point of difference by giving employees autonomy and ownership, how its innovative inventory management techniques help keep companies like Amazon running smoothly, and the story behind the "industrial vending machine" and other technology that shapes the typical customer experience.
11.13.2024
Business Breakdowns
Ep.190
Demographics Driving Real Estate
Fernando De Leon is the founder of Leon Capital. We cover which demographic factors make a region an attractive opportunity to invest in, how nearshoring and global trade flows affect local real estate markets, and what we can expect the future of real estate to look like in an age dominated by data centers and clean energy.
11.06.2024
Business Breakdowns
Ep.189
Merck & Co: Blockbuster Drugs
Ashwin Varma is a medical student at UT Health San Antonio. We cover Merck's early history and how it became a juggernaut under the leadership of Ray Vogelos, what makes its Keytruda cancer treatment drug so unique, and the lessons about drug development and biotech investing that can be learned from its success.
10.30.2024
Business Breakdowns
Ep.188
American Tower: Signals and Stability
William Heard is the Founder and CIO of Heard Capital Management. We cover why tower infrastructure was historically spun out of carrier networks, what's involved in building new towers and expanding existing capacity, and what it can teach investors about owning REITs more broadly.
10.25.2024
Business Breakdowns
Ep.187
AIG: Rise, Fall, and Rebirth
Austin Hawley is a Portfolio Manager at Diamond Hill. We cover the history of AIG before and after the financial crisis, why it chose to spin out its life and retirement business, and the market dynamics affecting how insurance policies are priced.
10.16.2024
Business Breakdowns
Ep.186
Gregorys Coffee: From Bean to Dream
Gregory Zamfotis is the founder of Gregorys Coffee. We cover how growing up in the food and beverage industry inspired him to launch his coffee business, why balancing quality with the customer experience has been a successful differentiator for the brand, and how Gregorys is accelerating its expansion into new key markets.
10.09.2024