
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.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

Business Breakdowns
Ep.16
Exxon Mobil: An Aging Energy Empire
Arjun Murti is a long-time energy analyst and investor. We cover Exxon's rich history dating back to John D. Rockefeller, the Supermajor supply chain, and what the future of the energy market might look like.
07.07.2021

Business Breakdowns
Ep.15
Facebook: The Trillion Dollar Listing
Robert Cantwell is the founder and CIO of Upholdings. Jesse Pujji is the co-founder and CEO of Ampush. We cover how Facebook successfully navigated the transition from desktop to mobile, what drives the value of its network, and dive deep into the Facebook ad ecosystem.
06.29.2021

Business Breakdowns
Ep.14
Formula One: The Iconic Motor Sport
Stefano Domenicali is the CEO of Formula 1 and Arman Gokgol-Kline is an investor from Ruane, Cunniff & Goldfarb. We cover how Formula 1 operates and generates revenue, Stefano’s own story growing up with Formula 1 and running Ferrari, and the white space opportunities for F1.
06.22.2021

Business Breakdowns
Ep.13
Moderna: The Software of Life
Jason Kelly is the CEO of Gingko Bioworks and Matthew Harrison is a biotech analyst at Morgan Stanley. We cover the history of programming cells, what differentiates Moderna from other biotech companies, and lessons for entrepreneurs and investors can takeaway from Moderna's story.
06.15.2021

Business Breakdowns
Ep.12
Pinduoduo: Rise of Social Commerce
Xin Yi Lim is Pinduoduo’s Senior Director for Corporate Development. We cover what made Pinduoduo attractive to buyers, the business's fascinating network dynamics, and how the team buying concept creates scaled demand.
06.08.2021