
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.
Featured

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

Business Breakdowns
Ep.131
WEX: Fleet Cards
Mark Tomasovic is a principal at Energize Ventures. We cover the history and value proposition of the fleet card model, what WEX has in common with marketplaces, and the impact of EV charging infrastructure CapEx on its business.
10.13.2023

Business Breakdowns
Ep.130
Equifax: Your Score & More
Mo Spolan is an analyst at Weitz Investments. We cover Equifax's long history as a credit reporting bureau, the competitive dynamics and pricing structure of the industry, and why its employee verification tool is now its crown jewel.
10.04.2023

Business Breakdowns
Ep.129
Boeing: Turbulent Times
Jon Ostrower is the founder and editor-in-chief of The Air Current. We cover Boeing's legendary history and recent challenges, what it takes to develop and build new planes, and what commercial aviation might look like in the future.
09.27.2023

Business Breakdowns
Ep.128
Kingspan: Influential Irish Insulation
Nick Griffin is the Founding Partner and CIO of Munro Partners. We cover the role of insulation panels in construction, how Kingspan's products help achieve energy efficiency targets, the company's strategy of growth through acquisitions.
09.13.2023

Business Breakdowns
Ep.127
Padel: Causing A Racket
Alan Flatt is the CEO and President of EEP Capital. We cover what makes Padel an attractive sport for both players and investors, the economics of its clubs and leagues, and whether its recent growth is sustainable over the long-term.
09.06.2023

Business Breakdowns
Ep.126
The Business of Football
Dr. Rob Wilson is a department head at Sheffield Hallam University. We cover why football clubs are attractive assets for investors, the connection between on-field and financial success, and how owners are growing revenues in an age of ballooning transfer costs.
08.30.2023

Business Breakdowns
Ep.125
Casey’s General Stores: Fueling Convenience
Markus Hansen is a portfolio manager at Vontobel Asset Management. We cover the fragmented convenience store market, why Casey's has become known for its fresh pizza, and how petrol prices are set in the industry.
08.23.2023

Business Breakdowns
Ep.124
Take-Two Interactive: GTA and NBA 2K
Eric Kress is a principal at Gossamer Consulting Group. We cover the history and strategy behind Take-Two's acquisitions and IP, how the economics differ between PC, console, and mobile gaming, and whether industry consolidation is a positive or negative for large publishers.
08.16.2023

Business Breakdowns
Ep.123
Nubank: David vs Goliaths
Daniel Bakalarz is the Managing Partner of Unison Asset Management. We cover the competitive dynamics of banking in South America, why the industry was ripe for disruption, and how Nubank took advantage of the opportunity.
08.09.2023

Business Breakdowns
Ep.122
Argenx: Changing Lives with Llamas
Julia Angeles is an investment manager at Baillie Gifford. We cover the types of autoimmune diseases argenx develops treatments for, how it navigates the world of clinical trials and regulatory approval, and what investors and operators can learn from its commercial success.
08.02.2023