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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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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
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
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
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
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
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
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
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
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
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