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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

70:27

The National Basketball Association - [Business...

Business Breakdowns ·

2023/03/31

This is Matt Reustle and today we are breaking down the National Basketball Association. The NBA topped $10bn in revenue last season, in line with MLB and behind only the NFL in terms of major sports leagues. The initial headlines for the next media rights deal, which is coming in 2025 suggest a 200% to 300% increase versus the previous contract. But what's particularly interesting about these data points is that they stand in sharp contrast to declining viewership numbers. To break down the NBA,

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42:44

Jim Chanos: A Short Thesis on Data Centers -...

Business Breakdowns ·

2023/03/29

Compound248 is back to host another episode of Business Breakdowns. His most recent podcasts have focused on digital infrastructure and today we continue with that theme, but with a twist. Our guest is Wall Street Legend Jim Chanos, famed for bringing a skeptical eye to a credulous world. Together, we walked through his short thesis on the US Data Center REITs, his bear case for commercial real estate, and some broader wisdom on how management can thoughtfully respond to short sellers. Let's get

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62:09

Markel: Playing The Long Game - [Business Breakdowns,...

Business Breakdowns ·

2023/03/22

Today, we’re breaking down Markel. Markel is an insurance and investing business. It shares the same operating structure as Berkshire Hathaway in that it uses insurance underwriting profits to fund an investing portfolio that includes both minority and controlling interests in public and private businesses. It was founded in 1930 by Sam Markel to insure Jitney buses and today it is a Fortune 500 company with a market value of $17 billion. To break down Markel, I’m joined by Peter Keefe and Saurabh

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49:36

The Walt Disney Company: An Entertainment Empire -...

Business Breakdowns ·

2023/03/15

This is Jesse Pujji and today we’re breaking down The Walt Disney Company. Disney needs no introduction. We have all interacted with the entertainment empire in some capacity. It was founded 100 years ago as the Disney Brothers Cartoon Studio and over the ensuing century, the business has grown into a conglomerate of entertainment properties that includes the likes of Pixar, Marvel, Disneyland, ESPN, National Geographic, and Disney+. To explain how the business fits together, I’m joined once again

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94:50

IPL: The World’s Fastest Growing Sports League -...

Business Breakdowns ·

2023/03/08

Today we are breaking down the world’s fastest-growing sports league, The Indian Premier League. The Indian Premier League, often shortened to IPL, is a cricket competition that takes place in India every year between the end of March and end of May. There are 10 teams, 74 matches, and the competition starts and ends within 2 months. The biggest sports leagues tend to come with long histories. You can trace the NFL back to 1920, the NBA to 1946, and Formula 1 to 1950. In stark contrast, the IPL and

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67:08

Wise: Moving Money Around the World - [Business...

Business Breakdowns ·

2023/03/01

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Wise. Wise helps individuals and small businesses move money across borders. It offers significantly faster and cheaper international transfers than traditional banking routes because of its innovative closed-loop system. Twelve years after its founding, Wise serves six million customers and earned close to £1 billion in income last year. Investors currently value the business, which is listed in London, at £6

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47:43

Ryanair: Low Cost Obsessed - [Business Breakdowns,...

Business Breakdowns ·

2023/02/22

This is Matt Reustle and today we are breaking down Europe's largest airline, Ryanair. As we do more breakdowns, we start to look for patterns of successful business models that succeed across different industries. Ryanair is another case study in low-cost shared economies of scale. To break down Ryanair, I'm joined by Holland Advisors’ founder and portfolio manager, Andrew Hollingworth. On this episode, we talk about what makes airlines such a difficult industry for investors, how CEO Michael

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60:30

Constellation Software: Principled, Profitable,...

Business Breakdowns ·

2023/02/16

This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Constellation Software. Constellation is a conglomerate which owns more than five hundred vertical market software businesses. It was founded by Mark Leonard in 1995 and has delivered remarkable returns to shareholders since going public on the Toronto stock exchange in 2006. To break down Constellation, I’m joined by Chris Cerrone, a Partner and Portfolio Manager at Akre Capital Management. We discuss Mark Leonard’s

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100:43

The Business of Sport: NFL, F1, PGA Tour - [Business...

Business Breakdowns ·

2023/02/08

This is Dom Cooke and this week is a little different. It’s Super Bowl week and to get in the mood, we’re doing a sports special as we break down the business behind 3 iconic sports - The NFL, Formula 1, and the PGA Tour. Now, these are not new episodes. We have covered each of these sports over the past two years on Business Breakdowns. But for this episode, we have condensed those conversations into 100 minutes of action, focusing on the similarities and differences between these major leagues. In

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44:43

Qualcomm: Making Smartphones Smart - [Business...

Business Breakdowns ·

2023/02/01

This is Zack Fuss, an investor at Irenic Capital, and today we're breaking down Qualcomm. When you think of semiconductors, Qualcomm isn’t necessarily the first name that comes to mind but its size and utility in our lives is truly striking. The business has an enterprise value of $150 billion and set the standards for 3G, 4G, and 5G mobile connectivity that we rely on so heavily in our daily lives today. I bet that if you don’t have a Qualcomm product in your pocket right now, you most certainly

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47:53

Orangetheory Fitness: A Franchise HIIT - [Business...

Business Breakdowns ·

2023/01/27

This is Matt Reustle and today we are breaking down the fitness franchise, Orangetheory. I have wanted to do a deep-dive on franchising for a while now and I always knew who the guest would be. I’m joined by a man fully dedicated to all things franchisee and franchisor - the Wolf of Franchises. We talked through the origin story of Orangetheory and the tech-enabled concept that helped differentiate them during the boutique group fitness boom. Wolf walks me through the economics for both the

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52:22

WeChat: China’s Operating System - [Business...

Business Breakdowns ·

2023/01/18

Today, we’re breaking down one of the most important apps in the world, WeChat. WeChat is the default operating system for life and business in China. Founded inside of Tencent in 2011, it is the original super app and its 1.3 billion monthly active users can order food, message friends, play games, pay bills, shop, and more on the service. To break down WeChat, I’m joined by Connie Chan. Connie is a General Partner at Andreessen Horowitz and is well-known across Silicon Valley for her deep

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68:02

Hermès: The Luxury Icon - [Business Breakdowns, EP. 92]

Business Breakdowns ·

2023/01/11

Today’s breakdown has been at the top of our to-do list since the show started. There are few brands as strong as this one and the way the Dumas family has nurtured it over six generations is remarkable. We are, of course, talking about one of the ultimate status symbols, Hermès. What began as a specialty saddles business in the mid 1850s has become famous for iconic handbags and other luxury items. Last year, the business earned $9 billion at 70% gross margins. It does things differently and to

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58:37

L’Oreal: Because You’re Worth It - [Business...

Business Breakdowns ·

2023/01/04

This is Matt Reustle, and today we are breaking down the personal care giant, L'Oreal. Founded in the early 1900s by a French chemist, L'Oreal and its long list of iconic brands have been driving cosmetics innovation for over a century. To break down the business, I am joined by Zehrid Osmani - Head of the Long-Term Unconstrained team at Martin Currie. We cover the history of brand innovation, global expansion, and all of the dynamics that played a role in L'Oreal's success. I'd mention this episode

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61:26

Carbon Reduction: Changing Business Practices -...

Business Breakdowns ·

2022/12/28

This week is the second half of our mini-series on the two major levers to reduce the impact of climate change. Last week, we covered Carbon Removal with Nan Ransohoff. Today we're focused on Carbon Reduction. To break down the business of decarbonization, I'm joined by Christian Anderson. Christian is the co-founder of Watershed, which helps companies like Monzo, Spotify, and Walmart measure, report, and act on their emissions. We discuss the impact on financial statements, why debt financing is

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47:13

Carbon Removal: A Primer - [Business Breakdowns, EP. 89]

Business Breakdowns ·

2022/12/21

This week and next week we will break down the two biggest levers we have in the fight against climate change. Carbon reduction and carbon removal. Today, we will focus on carbon removal. To break down where we stand and what needs to be done, I’m joined by Nan Ransohoff. Nan is Head of Climate at Stripe and she also leads Frontier, which is an advanced market commitment of some $1 billion to kickstart a market for carbon removal solutions. We discuss the broad climate picture, the state of

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61:02

Shiprocket - Enabling Ecommerce in India - [Return on...

Business Breakdowns ·

2022/12/18

Today, we are running a bonus Business Breakdown borrowed from the newest Colossus series, Return on India. Saahil Goel, founder of Shiprocket, joins Romeen Sheth to break down the business. If you enjoy this episode and would like to learn more about the Indian business landscape, subscribe to Return on India. ----- My guest today is Saahil Goel, founder and CEO of Shiprocket. Over the last decade, a number of startups that have reached escape velocity in India have followed the X for Y

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51:10

DoorDash: Looking for Profitable Routes - [Business...

Business Breakdowns ·

2022/12/14

This is Zack Fuss, an investor at Irenic Capital. Today, I’m joined by Matt Newberg of HNGRY to help us break down DoorDash, the popular food delivery service. DoorDash was founded in 2013 by 4 Stanford students who saw an opportunity to make it easier for people to get the food they love delivered to them. Today, DoorDash’s three-sided marketplace serves as one of the largest local delivery companies in the world. It serves millions of customers and partners with hundreds of thousands of

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50:16

Floor & Decor: Raising the Floor - [Business...

Business Breakdowns ·

2022/12/07

This is Matt Reustle, and today we are breaking down the specialty retailer, Floor & Decor. Now prior to this Breakdown, I cannot say that I thought much about Floor & Decor. It felt like the stereotypical specialty store that sat somewhere between a mom-and-pop shop and a home improvement giant. Little did I know....Floor & Decor had compounded revenue at nearly 30% over the past decade, and it was another business driven by the things you "don't see," like an inventory and logistics strategy that

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56:36

Netflix: The Original - [Business Breakdowns, EP. 86]

Business Breakdowns ·

2022/11/30

This is Jesse Pujji and today we're breaking down Netflix, the pioneer in entertainment streaming. Founded in 1997, Netflix has evolved over the years to become the leader in streaming entertainment with over 200m subscribers globally. To break down Netflix, I'm joined by Ben Weiss, the Chief Investment Officer of 8th & Jackson. In this breakdown, we go into detail on Netflix, from their culture and tech advantages to how content drives the business to how they may start generating substantial free

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248 results

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