
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

Business Breakdowns
Ep.41
Finch Therapeutics: Empowering Immune Systems
Mark Smith is the co-founder and CEO of Finch Therapeutics. We cover the importance of the microbiome, how Finch helps patients transform their lives, and what Mark has learned about the economics of drug development.
12.29.2021

Business Breakdowns
Ep.40
LSEG: More Than Meets the Eye
Nick Shenton is a fund manager at Artemis Investment Management. We cover LSEGs expansion from a regional stock exchange to a global financial infrastructure business, their mega acquisition of data business Refinitiv, and how the business is able to earn 90% gross margins.
12.22.2021

Business Breakdowns
Ep.39
The National Football League
Jay Kapoor is a General Partner at VSC Ventures. We cover the NFL's unique $15 billion business, what makes it stand out relative to other sports, and how it dominates linear TV.
12.15.2021

Business Breakdowns
Ep.38
NextEra Energy: The Renewable Leader
Mark Tomasovic is an investor at Energize VC. We cover the structure of the energy market, what’s changed in the renewables space over the past twenty years, and how NextEra deploys its cost of capital advantage.
12.08.2021

Business Breakdowns
Ep.37
Novocure: Using Physics to Fight Cancer
Bill Doyle is the Executive Chairman of Novocure. We cover the state of cancer treatment, Novocure's innovative new approach, and unique way they've structured their business model.
12.01.2021

Business Breakdowns
Ep.36
AutoZone: Exemplary Capital Allocation
Freddie Lait is the founder and CIO at Latitude Investment Management. We cover the ways in which AutoZone's customer focus echoes the best of Walmart and Costco, how the business generates some of the highest returns on capital in retail, and dive into their share buyback program.
11.24.2021

Business Breakdowns
Ep.35
Amazon Aggregators: Buying Third-Party Sellers
Ali Hamed is a partner of CoVenture. We cover the three superpowers Amazon sellers have, why there’s only $8bn in funding for a market doing $50bn in EBITDA, and how Amazon Aggregators are structured and operate.
11.17.2021

Business Breakdowns
Ep.34
HelloFresh: Delivering on Process Power
Dominik Richter is the CEO and co-founder of HelloFresh. We cover the challenges of scaling an operationally intensive business, why HelloFresh is more like CPG companies than grocery stores, and what he’s learned about brand building.
11.10.2021

Business Breakdowns
Ep.33
MongoDB: The Database Platform
Ro Nagpal is an investor at Holocene Advisors. We cover Mongo’s creative approach to R&D, how database product advantages compound, and what protects Mongo from larger players like Microsoft and Amazon.
11.03.2021

Business Breakdowns
Ep.32
Universal Music Group: The Gatekeepers of Music
Arman Gokgol-Kline is a partner and investor at Ruane, Cunniff & Goldfarb. We cover the ways music was sold historically, assess streaming's impact on the industry, and dive into UMG's place in the ecosystem.
10.27.2021