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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.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
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