About
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.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
Business Breakdowns
Ep.185
Going Activist in Japan
Nick Bartolo is the founder of Essential Partners and Masumi Nishida is a partner at Dalton Investments. We cover the selection process for attractive activist opportunities, how the approach to corporate governance and dividend policy differs between Japan and the US, and why we're only in the second innings of a larger trend.
10.02.2024
Business Breakdowns
Ep.184
RTW: Investing Across Healthcare
Rod Wong is the founder and CIO of RTW Investments and Stephanie Sirota is the chief business officer of RTW Investments. 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.
09.26.2024
Business Breakdowns
Ep.183
Sherwin-Williams: Brushstrokes of Success
Todd Basnight is the Director of Equity Research at Aureus Asset Management. We cover how Sherwin-Williams became the the largest paint and coatings company in the world, why it's been such an effective compounder over a long period of time, and what it can teach us about the balance between returning capital to shareholders and reinvesting in growth.
09.18.2024
Business Breakdowns
Ep.182
Rakuten: Rewiring Japan’s Digital Economy
Matthew Brett is an investment manager in the Japanese Equities team at Baillie Gifford. We cover the unique way Rakuten has built a conglomerate over its short history, how its points system ties its services together and keeps users engaged, and the opportunities and challenges posed by its ambitious mobile network rollout.
09.11.2024
Business Breakdowns
Ep.181
Renishaw: The Precision Pioneers
Matt Tonge is a fund manager at Liontrust Asset Management. We cover why Renishaw's precision measurement machines are like 'picks and shovels' for semiconductor manufacturers, the sticky nature of its customer base, and what it can teach investors about the current CapEx cycle.
09.04.2024
Business Breakdowns
Ep.180
3i: Capital in Action
Luke Bridgeman is a Portfolio Manager at Hosking Partners. We cover the unique circumstances that led to 3i's founding in postwar Britain, why it now invests its own balance sheet rather than raise private equity, and the importance of letting your winners run.
08.28.2024
Business Breakdowns
Ep.179
Five Handpicked Highlights
Matt Reustle is the host of Business Breakdowns. We cover five previous episodes in search of the best frameworks for thinking about end markets and explore lessons on the power of scale, pricing power, geography, collaboration, and licensing.
08.21.2024
Business Breakdowns
Ep.179
Graco: Mastering The Flow
Aaron Wasserman is the Managing Partner at Third Period Capital. We cover the diverse applications of Graco's fluid handling systems, how the company keeps track of 70,000 SKUs, and how it kept its culture intact while growing rapidly.
08.14.2024
Business Breakdowns
Ep.177
Siemens Energy: Winds of Change
Mark Hiley is CEO of The Analyst. We cover the history of Siemens Energy before and after its spin-off, why grid technologies are the growth engine of the business, and the turnaround challenge facing its wind power division.
08.07.2024