Business Breakdowns

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 Reustle, Zack Fuss Hosts Matt Reustle, Zack Fuss

Matt is the CEO of Colossus. Zack is the Chief Investment Officer of Shoni Holdings, a single family office.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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