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.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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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

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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

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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

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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

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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

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