
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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High Performing Conglomerates

Business Breakdowns
Ep.26
Sky Mavis: The Builders behind Axie Infinity
Aleksander Larsen is the co-founder of Sky Mavis, and Stephen McKeon is a Partner at Collab+Currency, an early investor in Sky Mavis. We cover Axie Infinity's economic model, the importance of gameplay vs. the economic ecosystem, and examine Axie's sustainability from various angles.
09.15.2021

Business Breakdowns
Ep.25
Datadog: The Realtime Data Monitor
Peter Offringa is the author of Software Stack Investing. We cover Datadog’s unique product development cadence, how they’re able to grow their top line at 60% a year while staying profitable, and why Web3 might be their biggest competitive threat.
09.08.2021

Business Breakdowns
Ep.24
Wyndham Hotels: Loyalty Matters
Lauren Taylor Wolfe is the co-founder and Managing Partner of Impactive Capital. We cover Wyndham’s growth algorithm, its loyalty program, and the ways in which green programs are helping to drive higher cash-on-cash returns for franchisees.
09.01.2021

Business Breakdowns
Ep.23
Dexcom: Digitizing Diabetes Management
Aneal Tenjarla is an associate portfolio manager at Sofinnova BioEquities. We cover the ways in which Dexcom's continuous glucose monitors have changed Diabetes treatment, the structure of the market Dexcom operates in, and where the business may find future runway.
08.25.2021

Business Breakdowns
Ep.22
SmileDirectClub: Closing the Gap with Affordability
Kyle Wailes is the current CFO of SmileDirectClub. We cover the company’s DTC roots, how SmileDirectClub differentiates itself relative to metal braces and clear aligner competitors like Invisalign, and what growth opportunities the business plans to pursue moving forward.
08.18.2021

Business Breakdowns
Ep.21
ZoomInfo: The Go-To-Market Platform
Henry Schuck is the CEO of ZoomInfo. We cover how ZoomInfo differs from traditional CRM businesses, its unique gross margin profile, and their special go-to-market muscle.
08.11.2021

Business Breakdowns
Ep.20
Blackstone: Beyond Buyouts
Marc Rubinstein is the author of Net Interest and a former hedge fund manager. We cover the different ways Blackstone earns money, how that’s changing, and what else management has done to make the business more shareholder-friendly.
08.04.2021

Business Breakdowns
Ep.19
A Primer on Space: The Final Frontier
Tren Griffin is a director at Microsoft. We cover how our ground economy is enabled by space today, what excites him most about the opportunities in space, and how space compares to other network foundations.
07.27.2021

Business Breakdowns
Ep.18
Petco: Capturing the Pet Economy
Greg Kamstra is the CEO of pet care provider Riverdog and a former private equity investor. We cover how Petco evolved into its current big-box model, how pet care store economics differ from grocery economics, and what impact e-commerce has had on the industry.
07.21.2021

Business Breakdowns
Ep.17
Cardlytics: The Ad Platform with Purchasing Power
Cliff Sosin is the founder of CAS Investment Partners. We cover what makes Cardlytics' value proposition so valuable to the ecosystem, how Cardlytics' measurement capabilities differ from Google, and what is needed for Cardlytics to reach its full potential.
07.14.2021