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PODCAST

Business Breakdowns

Colossus | Investing & Business Podcasts

Learn how companies work from the people who know them best. Each episode dissects a single business - from its origins and model to its financials and competitive edge. Join hosts Matt Reustle and Zack Fuss as they uncover the lessons behind every success story. Learn more at www.joincolossus.com.

business investing

All Episodes

50:14

Alternative Investing: Alts For All - [Business...

Business Breakdowns ·

2025/11/07

This is Matt Reustle. Today, we are back to talk about increased access to alternative investing. My guest is Josh Clarkson, managing director at Prosek Partners. You may remember that Josh joined us last year in our primer series on private credit. He is back today to discuss what this development could mean for all the counterparties involved.We put some numbers around the opportunity, cover what asset managers might be best positioned to capture it, the strategies that most naturally fit, and

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60:15

Robinhood: Mobile First, Margins Later - [Business...

Business Breakdowns ·

2025/10/31

This is Matt Reustle. Today we are breaking down Robinhood. My guest is Arthur Olson, founding partner at Ravenswood Partners. We get into how Robinhood grew from a mobile-native brokerage idea that faced many challenges along the way into the third-largest broker in the USA. Arthur educates on how the business model has evolved and diversified away from a pure pay-for-order market. We discuss how product velocity is the foundation behind everything in Robinhood’s continued penetration and how new

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56:08

CompoSecure: Heavy Metal - [Business Breakdowns, EP.232]

Business Breakdowns ·

2025/10/24

This is Matt Reustle. Today we are breaking down CompoSecure, a company that manufactures premium metal credit cards and payment cards. My guest is Parsa Kiai, Managing Partner at Steamboat Capital. What really made Parsa the ideal guest is that he has a history with CompoSecure from before the Dave Cote era, which started sometime in 2024. We get into all of this: the niche market of premium metal credit cards, how CompoSecure has such a dominant position in that industry, the opportunity in

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53:36

Amphenol: The Nervous System for Electronics -...

Business Breakdowns ·

2025/10/15

This is Matt Reustle. Today, we are breaking down the industrial giant Amphenol. Amphenol pairs two of my favorite business frameworks that are often discussed on Breakdowns. Firstly, I am drawn to any company that specializes in selling mission-critical parts, which represent a small percentage of a manufacturer's total production cost. And secondly, Amphenol has a track record of M&A success underpinned by s decentralized model. There is a lot to learn from Amphenol for serial acquirers who have

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46:42

Media M&A - [Business Breakdowns, EP.230]

Business Breakdowns ·

2025/10/09

This is Matt Reustle. Today, we are exploring the world of media deals. My guest is Blake Saunders. Blake has been in media investment banking for almost two decades. When I first met him, he was a banker, so I wasn't expecting to lean into this relationship, but I often introduce Blake to others as the banker.We delve into the current deal landscape and some of the realities of the media market, exploring how companies are navigating this new era, and then determine who's best positioned for the

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48:00

Exor: Fiat Crisis to Ferrari Glory - [Business...

Business Breakdowns ·

2025/10/01

This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable household-name companies. I am joined by Krishna Mohanraj, a

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63:57

WaterBridge: Oil and Water - [Business Breakdowns,...

Business Breakdowns ·

2025/09/24

This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos from Horizon Kinetics. We start with HK's history with these very unique businesses that are off the radar for many with TPL, Landbridge and now Water Bridge. James gets into the weeds and nuances of what this business actually doesa and why the service that they're providing is so incredibly important, particularly with US Shale and where they are in the Permian Basin. This is an interesting

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73:08

Mercado Libre: E-commerce Empire - [Business...

Business Breakdowns ·

2025/09/05

This is Matt Reustle. Today we are breaking down the Latam e-commerce Giant, Mercado Libre. My guest is Daniel Wu of Bristlemoon Capital. I was introduced to MELI about 15 years ago when it was still the eBay of Latam, and similar to a place that you revisit after a long time away, MELI looks a lot different than those early days. Just consider that with a $120 billion market cap, MELI is three times the size of eBay today and has clearly evolved since those early days. Daniel walks us through

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62:51

Compass: Real Estate Revolution - [Business...

Business Breakdowns ·

2025/08/13

This is Matt Reustle. Today, we are breaking down the real estate broker Compass. Compass itself is a fascinating business and historically a controversial stock. It was founded in 2012 by Robert Reffkin and has scaled in that short period of time to become the largest real estate brokerage in the United States. Geoff Collette, founder of Aeon Capital Partners, is back as a guest. After his Breakdown on Goosehead, we thought it was fitting to cover another flavor of broker. Geoff and I cover the

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58:35

PE Perspective on Insurance Brokers - [Business...

Business Breakdowns ·

2025/08/07

This is Matt Reustle. Today's Breakdown caters to both public and private investors alike. My guest is Aaron Cohen, head of the Financial Services and Technology Group at GTCR, and our topic is insurance Brokers. I was initially intrigued by Aaron and GTCR after seeing their announced $13 billion sale of Assured Partners to Arthur J.Gallagher, an incredible success story in the insurance brokerage space that we covered in a previous breakdown. But, what I failed to appreciate, and you'll hear

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60:23

CME Group: The House Always Wins - [Business...

Business Breakdowns ·

2025/07/23

This is Matt Reustle and today we are breaking down the Chicago Mercantile Exchange. My guest is Adam Chandler, co-PM at Claremont Global, and together we get into the nitty gritty of exchanges. We all know how integral exchanges are to the financial system but we rarely stop to understand how they operate, how they make money, and how they shape the flow of dollars. This episode aims to do just that. Please enjoy this breakdown of the Chicago Mercantile Exchange.For the full show notes,

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41:31

Agilent: Back To The Lab - [Business Breakdowns, EP.223]

Business Breakdowns ·

2025/07/16

This is Matt Reustle. Today, we are breaking down Agilent. If you aren't familiar with Agilent, it is a $30 billion market cap company at the time of this recording, and they focus on one of the more interesting niches: equipment and instruments sold into laboratories.Its equipment is being sold to the life sciences sector, diagnostics, applied chemical markets, and some very unique R&D work. My guest is Mark de Vos, fund manager at Troy Asset Management, and he brings us through the story of

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58:35

Patek Philippe: Watch Perfection - [Business...

Business Breakdowns ·

2025/07/09

This is Matt Reustle. Today we are replaying our Breakdown of Patek Philippe. You never own a Patek Philippe. You merely watch over it for the next generation. I'll say it's the best marketing campaign in history, a campaign appropriate for the world's premier watchmaker and a watchmaker worthy of a Business Breakdown.Our guest today is John Reardon from Collectability. John has worked at Sotheby's, the auction house, and spent a decade at Patek Philippe in the early 2000s. He continues to write

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10:37

Alpha In Podcasts? - [Business Breakdowns, EP.222]

Business Breakdowns ·

2025/07/02

This is Matt Reustle. Today’s episode looks a little different. We are exploring whether podcasts can be a source of investment alpha, sparked by a Wall Street Journal article about portfolio manager Steve Cher's success mining podcast transcripts for Millennium Management. I analyze performance data from over 200 companies covered on Business Breakdowns since 2021, revealing that while the overall "podcast portfolio" has lagged the S&P 500, individual standouts like AppLovin (540% outperformance)

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60:46

Nexstar Media: Broadcasting's Biggest Bet - [Business...

Business Breakdowns ·

2025/06/25

This is Zack Fuss. Today, we are breaking down Nexstar Media Group. Nexstar controls more local television stations than any other company in the US. This industry has experienced substantial consolidation, which has reshaped itself over the past decade and ultimately culminated in the emergence of businesses like Nexstar as the preeminent station group outside of the Big Four. My guest today is Simeon McMillan, founder of media-focused research firm Accrued Interest. He's held roles as a banker

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77:32

EQT: Returns at Scale - [Business Breakdowns, EP.220]

Business Breakdowns ·

2025/06/18

This is Matt Reustle. Today we are breaking down EQT, the Swedish global investment organization. Right off the top, I need to mention our guest today, Sean Barrett, who couldn't have been more perfect for this breakdown. Sean has been investing in the Alts since Blackstone christened this asset class just over a decade ago.Sean is the founder of Counter Global, and alt investing is ingrained in its DNA. We cover the massive, yet lesser-known EQT, the Wallenberg family ties, and how this business

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64:50

UnitedHealth Group: Beyond The Premium - [Business...

Business Breakdowns ·

2025/06/04

This is Zack Fuss. Today, we're tackling a giant in a controversial and incredibly complex industry, UnitedHealth Group. At its recent apex, UNH was a half-trillion-dollar market cap business, the 15th largest listed business in the United States. Today, that market cap sits at just $275 billion.The company generates an excess of $400 billion in sales annually and produces $40 billion in EBITDA as it touches every facet of the American healthcare system. To break down UnitedHealthcare, I'm joined

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59:03

Moncler: The Après Playbook - [Business Breakdowns,...

Business Breakdowns ·

2025/05/30

Today we are breaking down Moncler, the high-end outerwear brand. Known for their down jackets and stylized M logo, it’s a mix of style and substance that blends into the brand history and evolution of Moncler. I am joined by Chris Davies, investment manager at Baillie Gifford to cover Moncler’s story, particularly in the hands of Remo Ruffini. We get into its push to define luxury outerwear and extend outward into other product categories while keeing that core DNA of fashion and function. This

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52:14

Vulcan Materials: Rock On - [Business Breakdowns,...

Business Breakdowns ·

2025/05/21

Today, we are replaying our Breakdown on Vulcan Materials. Vulcan is America's largest producer of construction aggregates. This includes all of the crushed rock, sand, and gravel, which gets used for the foundation of nearly everything around us. Think of all of the buildings, the roads, and the infrastructure that define the physical footprint of America.To break down Vulcan, I am joined by Rob Hansen, Senior Analyst at Vontobel Asset Management. Rob shares what makes this relatively simple

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77:01

monday.com⁠: Work Management Software - [Business...

Business Breakdowns ·

2025/05/13

Today we are breaking down the work management software platform monday.com. Founded in February 2012, today monday.com has a market cap of over $14 billion. The platform has transformed a simple task management tool to a versatile platform serving numerous industries and use cases. I am joined by Ben Hensman, Portfolio Manager of the Global Tech Fund at Square Peg. He takes us through the story of monday.com and how they emerged as a winner amidst plenty of competition. There are critical lessons

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244 results

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