
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.136
The Coca-Cola Company
Freddie Lait is the Founder and Managing Partner at Latitude Investment Management. We cover Coca-Cola's brand dominance, how its bottling network creates a sustainable distribution moat, and what its innovation pipeline means for the future of beverages.
11.15.2023

Business Breakdowns
Ep.135
FedEx: Anytime, Anywhere
Staley Cates is the Vice Chairman of Southeastern Asset Management. We cover the history of FedEx and its famous founder, how it integrates seamlessly with eCommerce and the Postal Service, and how to accurately compare its margins and valuation to competitors.
11.08.2023

Business Breakdowns
Ep.134
Databricks: Data Based Decisions
Yanev Suissa is the founder of SineWave Ventures and an early investor in Databricks. We cover the major nuances of working with structured versus unstructured data, how legacy data businesses are being displaced by nimbler solutions, and the democratizing effect of LLMs and AI.
11.01.2023

Business Breakdowns
Ep.133
Match Group: Swipe Right
George Hadjia is the founder of Bristlemoon Capital. We cover the history and major players of the dating app industry, how the company monetizes its power users, and why it has become a battleground stock.
10.25.2023

Business Breakdowns
Ep.132
Olin: Chemistry and Cash Flow
Yinan Zhao is a Principal at Pzena Investment Management. We cover the chemical processes behind the manufacture of Olin's industrial chemicals, the downstream uses of these in everyday products, and how Olin's low-cost structure boosts margins and insulates against cyclicality.
10.18.2023

Business Breakdowns
Ep.131
WEX: Fleet Cards
Mark Tomasovic is a principal at Energize Ventures. We cover the history and value proposition of the fleet card model, what WEX has in common with marketplaces, and the impact of EV charging infrastructure CapEx on its business.
10.13.2023

Business Breakdowns
Ep.130
Equifax: Your Score & More
Mo Spolan is an analyst at Weitz Investments. We cover Equifax's long history as a credit reporting bureau, the competitive dynamics and pricing structure of the industry, and why its employee verification tool is now its crown jewel.
10.04.2023

Business Breakdowns
Ep.129
Boeing: Turbulent Times
Jon Ostrower is the founder and editor-in-chief of The Air Current. We cover Boeing's legendary history and recent challenges, what it takes to develop and build new planes, and what commercial aviation might look like in the future.
09.27.2023

Business Breakdowns
Ep.128
Kingspan: Influential Irish Insulation
Nick Griffin is the Founding Partner and CIO of Munro Partners. We cover the role of insulation panels in construction, how Kingspan's products help achieve energy efficiency targets, the company's strategy of growth through acquisitions.
09.13.2023

Business Breakdowns
Ep.127
Padel: Causing A Racket
Alan Flatt is the CEO and President of EEP Capital. We cover what makes Padel an attractive sport for both players and investors, the economics of its clubs and leagues, and whether its recent growth is sustainable over the long-term.
09.06.2023