
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
Collections
Most Popular
Luxury
Sports
High Performing Conglomerates

Business Breakdowns
Ep.146
Patek Philippe: Watch Perfection
John Reardon is a vintage Patek expert and the founder of Collectability. We cover why Patek Phillipe deserves its title as the world's premier watchmaker, how one auction in 1989 defined the brand for years to come, and the experience of purchasing and collecting these watches.
01.24.2024

Business Breakdowns
Ep.145
Visma: Mission Critical European Software
Nic Humphries is a Senior Partner and Executive Chairman at HgCapital. We cover the secular trends underpinning Visma's growth, how it differentiates itself from competitors on product and pricing, and why it's a superb example of the advantages of long-term investing.
01.17.2024

Business Breakdowns
Ep.144
Trane Technologies: Hot and Cold
Brett Larson is an Investor at NZS Capital. We cover the distribution model and class-leading software behind Trane's evolution, the main differences between commercial and residential HVAC, and how trends like decarbonization and data centers are driving demand.
01.10.2024

Business Breakdowns
Ep.143
Live Oak: The Small Business Bank
Stephen Vafier is the Founder of Storri Labs Capital Partners. We cover the unique events that led to Live Oak's founding, how it has benefited from PPP loans and the collapse of regional banks, and why it's a good example of the intersection between innovation and regulation.
01.03.2024

Business Breakdowns
Ep.142
Moody’s: Aaa Business Model
Brian Yacktman is the Founder and President of YCG Investments. We cover Moody's sizable moat, how the global financial crisis changed the company, and the role credit ratings play in the investment ecosystem.
12.27.2023

Business Breakdowns
Ep.141
Pernod Ricard: Luxury Liquor
Swetha Ramachandran is a fund manager at Artemis Investment Management. We cover the structure of the wine and spirits industries globally, how Pernod Ricard's acquisitions give it distinct distribution advantages, and why emerging markets are crucial to future growth.
12.20.2023

Business Breakdowns
Ep.140
Ferrari: Magic from Maranello
Brian Lum is an Investment Manager at Baillie Gifford. We cover Ferrari's racing origins, how it maintains scarcity while growing revenue, and why electrification may benefit the business.
12.13.2023

Business Breakdowns
Ep.139
Charter Communications: Cable Cash Flows
Tony Coniaris and John Sitarz are Partners at Oakmark Funds. We cover the history of the cable industry, what the shift from broadband to mobile data usage means for Charter's business model, and how the economics of the bundle model works.
12.06.2023

Business Breakdowns
Ep.138
Vistra Corp: Full Stack Energy Provider
John DeGulis is a Partner and Portfolio Manager at Sound Shore Management. We cover the rapid evolution of the renewables industry, how electricity is produced and distributed across the nation, and the role of technology in securing the future of energy.
11.29.2023

Business Breakdowns
Ep.137
Entegris: Solutions for Semiconductors
Daniel Pilling is a Senior Research Analyst at Sands Capital. We cover the role of chemicals in chipmaking, how Entegris carved out a unique niche in an industry dominated by giants, and how its cyclicality, capital allocation, and margins compare with other semis businesses.
11.22.2023