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.

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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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

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Business Breakdowns

Ep.149

Intel: Cyclical Recovery or Secular Demise?

Todd Ahlsten is the CIO of Parnassus Investments. We cover his framework for distinguishing cyclical fluctuations from structural shifts, the missed opportunities that define much of Intel's recent history, and how AI and geopolitics are driving the company's latest reinvention.

02.14.2024

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Business Breakdowns

Ep.148

Arthur J. Gallagher: Insurance Broking

Mike Hayward is a portfolio manager at WCM Asset Management. We cover the role of insurance brokers like Gallagher in the global insurance marketplace, the company's history of effective acquisitions and high retention, and the unique corporate culture powering it all.

02.07.2024

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Business Breakdowns

Ep.147

Samsung: Semiconductors over Smartphones

David Samra is Managing Director of the Artisan Partners International Value Team. We cover Samsung's dominant position in memory chip technology, the surprising distribution of margins among its component businesses, and how decades of family stewardship have shaped its success.

01.31.2024

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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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