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, transcript, and links to the best content to learn more, check out the episode page here⁠⁠⁠⁠⁠.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠).

Show Notes

(00:00:00) Introduction to Business Breakdowns

(00:00:51) Introducing the Chicago Mercantile Exchange

(00:01:52) Understanding the Exchange Business

(00:03:38) The Role of Clearinghouses

(00:04:29) Diving into CME's Specialization

(00:07:18) Historical Evolution of CME

(00:09:40) Modern Operations and Risk Management

(00:19:39) CME's Market Position and Growth

(00:29:13) Revenue Breakdown and Product Insights

(00:35:23) Volume Drivers: Treasuries and Interest Rate Markets

(00:36:47) Comparing CME with Other Exchanges

(00:42:10) Profitability and Cost Structure of CME

(00:45:37) Capital Allocation and Dividend Strategy

(00:47:35) Innovation and New Product Offerings

(00:49:24) Impact of Passive Investing on CME

(00:53:09) Risks and Regulatory Environment

(00:58:26) Key Lessons from CME's Business Model

 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 Agilent. It was born within Hewlett-Packard, which spun off a little more than 25 years ago, and Mark helps break down highly complex concepts like chromatography.

This is a deeply ingrained industry player with a unique razor and razor blade model and an evolving business. Please enjoy this breakdown of Agilent.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:02:28) Understanding Agilent's Core Business

(00:03:28) Agilent's Market and Customer Base

(00:04:55) Agilent's Historical Background

(00:08:58) Agilent's Product and Service Strategy

(00:13:51) Competition and Market Position

(00:24:29) Financial Performance and Growth

(00:28:07) New Business Segments and Innovations

(00:35:32) Valuation and Investment Insights

(00:40:07) Lessons From Agilent

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 for Patek Philippe Magazine while he has launched Collectability, a brand dedicated to vintage and preowned Patek Philippe.

We cover what makes Patek such a special brand. There is an almost 200-year history in craftsmanship and countless patents (like that self-winding mechanism that powers all automatic watches today.) What Philippe Stern did in 1989 could be worthy of a 10-episode series, so there is much to learn from this episode. Please enjoy this breakdown of Patek Philippe.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Follow us on Twitter: @JoinColossus | @zbfuss | @ReustleMatt

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:02:41) The main differences between Patek Philippe and Rolex  

(00:06:32) An introduction to Patek Philippe’s brand 

(00:08:47) The founding story of the business

(00:11:14) Henry Graves and the watches that he made for the brand 

(00:16:46) The production process for making a Patek Philippe watch

(00:19:56) A look at the 1989 and its importance to the business

(00:22:08) The types of people who were interested in the brand and purchasing at auction in 1989

(00:24:41) An overview of the successful marketing campaigns of the 1990s 

(00:27:26) Patek’s strategy at auctions, embracing both consignment and buying

(00:30:38) The general size and scope of the Patek Philippe secondary market

(00:32:20) The brand’s perspective of the secondary market and whether it affects the way they market new items

(00:36:47) John’s personal experience working at Patek Philippe 

(00:40:36) The company’s distribution strategy  

(00:43:42) Breaking down the points of sale, branded dealers versus authorized dealers

(00:44:29) The mindset behind consolidating dealers and the exclusivity it created as a byproduct 

(00:46:22) How the LVMH acquisition of Tiffany has affected Patek Philippe

(00:49:18) The potential of Patek Philippe being acquired by another company

(00:53:48) Lessons learned from Patek Philippe

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 Schurr'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) and General Electric (300%+ gains) tell a more compelling story. I examine momentum patterns, discuss both winners and losers, and share insights on using podcasts for investment pattern recognition rather than direct stock picks. The episode concludes with practical thoughts on how podcast insights can serve as an educational starting point for business research and understanding.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:00:52) Special Episode on Alpha

(00:02:11) Exploring Investment Insights

(00:02:50) Performance Analysis of Featured Companies

(00:04:16) Top Performers and Key Takeaways

(00:06:56) Underperformers and Lessons Learned

(00:10:10) Future Episodes

 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 and executive within prominent television, cable, and radio businesses, including Univision Networks and Media Co. In this discussion, we will examine the foundational structure of the broadcast television industry, tracing its evolution from the pre-Internet hub-and-spoke model of the major networks, NBC, CBS, ABC, and Fox.

Simeon breaks down the revenue streams that sustain this ecosystem and how subscriber fees from multi-channel video programming distributors like YouTube TV and Comcast cable are distributed among the networks and their affiliates. We also address the impact of cord-cutting on subscribers and how those viewership metrics impact pricing power within the television ecosystem.

Please enjoy this Breakdown of Nexstar Media.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:00:41) Simeon McMillan's Background in Media

(00:02:48) Understanding the Broadcast Television Industry

(00:04:15) The Evolution and Structure of Broadcast Networks

(00:08:12) Revenue Streams and Financial Dynamics

(00:14:26) Nexstar Media Group: Growth and Acquisitions(00:21:34) Financial Profile and Revenue Streams

(00:32:35) Challenges and Future of Broadcast Television

(00:47:15) Capital Allocation and Strategic Insights

(00:53:01) Key Lessons from Nexstar

 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 has continued to generate returns at scale. Beyond the EQT conversation, you are going to get a masterclass on Alts investing.

Please enjoy this Breakdown of EQT.

⁠⁠⁠Subscribe⁠⁠⁠ to Colossus Review

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ ⁠here⁠⁠⁠.

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This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠⁠ octus.com⁠⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.

--

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:01:38) Complexities of Alternative Asset Management

(00:04:27) Understanding EQT: A Thematic Private Markets Investment Manager

(00:06:36) The Wallenberg Legacy and EQT's Origins

(00:11:54) EQT's Differentiation and Investment Strategy

(00:20:36) Leadership and Succession Planning at EQT

(00:25:15) Regulatory Environment and Strategic Focus

(00:31:15) EQT's Private Equity and Asia Strategies

(00:37:39) EQT's Strategic Use of M&A

(00:39:49) EQT's Infrastructure Business

(00:42:01) EQT's Real Estate Business

(00:45:28) Innovative Exit Strategies

(00:49:08) Fundraising Success and Future Prospects

(00:59:31) Financial Model and Valuation

(01:06:46) Key Risks and Opportunities

(01:16:15) Lessons from EQT

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 by Stephanie Niven, a co-PM of the Global Sustainable Equity Strategy within the Sustainable Equity Team at Ninety One.

Stephanie has been following the company since 2012 and she helps us to unravel this intricate business. We explore how UnitedHealthcare operates as a fully integrated healthcare system from its insurance arm to its high-margin health services business. We also dive into the concept of value-based care, the recent headwinds from Medicare Advantage scrutiny, and whether the market is mispricing this complex giant amidst regulatory noise and leadership changes. Please enjoy this breakdown of UnitedHealth Group.

⁠⁠Subscribe⁠⁠ to Colossus Review

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ ⁠here⁠⁠.

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This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠⁠ octus.com⁠⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠ joincolossus.com/episodes⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠https://thepodcastconsultant.com⁠⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:04:51) Understanding the US Healthcare System

(00:10:24) UnitedHealth Group's Origins and Evolution

(00:13:41) UnitedHealth Group's Business Model

(00:22:36) Optum: The Overlooked Powerhouse

(00:29:24) Value-Based Care: A New Approach

(00:34:51) Current State of US Healthcare System

(00:36:49) Regulatory Scrutiny and Media Attention

(00:37:27) Investor Concerns and Company Response

(00:42:49) Structural vs. Cyclical Issues

(00:48:42) UnitedHealth's Technological Edge

(00:52:07) Political Risks and Regulatory Environment

(00:57:16) Medicare Advantage: A Closer Look

(01:02:02) Lessons from UnitedHealth's Strategy

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 is a particularly interesting episode for anybody interested in the luxury market generally, and Moncler’s push to carve out its own niche. Please enjoy this Breakdown on Moncler. 

⁠Subscribe⁠ to Colossus Review

For the full show notes, transcript, and links to the best content to learn more, check out the episode page ⁠here⁠.

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This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠ octus.com⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠ joincolossus.com/episodes⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:04:31) Moncler’s Iconic Products

(00:06:47) Historical Evolution of Moncler

(00:11:48) Moncler’s Three Pillars

(00:24:58) The Stone Island Acquisition

(00:32:39) Estimating the Luxury Outerwear Market

(00:33:58) Moncler’s Market Influence and Growth

(00:35:48) Defining Quality in Luxury Brands

(00:36:47) Moncler’s Down Integrity and Customer Experience

(00:41:46) Managing Supply and Demand in Luxury

(00:47:18) Capital Allocation and Growth Opportunities

(00:55:03) Risks and Challenges in the Luxury Market

(00:58:46) Key Lessons from Moncler

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 business so successful. We get into the dynamics of operating quarries, the logistics of moving rocks, and what is cyclical versus what is not. Please enjoy this breakdown of Vulcan Materials.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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This episode is brought to you by Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠ octus.com⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle.

-----

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Follow us on Twitter: @JoinColossus | @zbfuss | @ReustleMatt

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Show Notes

(00:00:00) Welcome to Business Breakdowns

(00:03:15) First Question - Introduction to Vulcan Materials and the Construction Aggregates Market

(00:07:35) Exploring the History & Evolution of Vulcan Materials

(00:09:10) Geographical Distribution and Impact on the Quarry Market

(00:12:31) The Role of Logistics and Transportation in the Aggregates Industry

(00:17:42) The Impact of Vertical Integration and Technology on Vulcan's Operations

(00:19:26) Analyzing the Volume and Pricing Trends in the Aggregates Industry

(00:23:49) The Role of Technology in Enhancing Customer Experience and Operational Efficiency

(00:29:31) Vulcan’s Pricing Strategy

(00:32:31) The Capital Intensive Nature of The Business

(00:36:21) Optimizing Logistics Through M&A

(00:43:09) Trends in Earnings Growth and Future Expectations Among Commercial Construction 

(00:47:51) Understanding the Risks and Challenges In This Industry 

(00:50:17) Key Lessons from Vulcan's Business Model

Important Information:

Information provided represents the views of a company of the Vontobel Group (“Vontobel”) and should not be considered investment advice and/or legal, tax, financial or other advice. Further, not a recommendation to purchase, hold or sell any investment and no representation is given that the securities discussed are suitable for any particular investor.

Although Vontobel believes that the information provided in this document is based on reliable sources, it cannot assume responsibility for the quality, correctness, timeliness or completeness of the information contained in this document.

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 to be learned from its successful expansion into larger enterprise markets. We cover its impressive financial growth, innovative architectural design, and a move into AI. Please enjoy this breakdown of monday.com.

⁠Subscribe⁠ to Colossus Review

For the full show notes, transcript, and links to the best content to learn more, check out the episode page ⁠here⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠ joincolossus.com/episodes⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠).

Show Notes

(00:00:00) Introduction to monday.com

(00:01:35) The Origin Story of monday.com

(00:02:30) Early Growth and Success

(00:02:57) Product Flexibility and Customer Use Cases

(00:05:14) Transparency, Trust, and Efficiency

(00:12:19) Customer Success Stories

(00:16:00) Expanding into Larger Enterprises

(00:19:12) Innovative Database Architecture

(00:24:11) Sales and Go-to-Market Strategies

(00:36:14) Partner Program and Sales Models

(00:38:46) Net Dollar Retention Trends

(00:44:54) AI's Impact on monday.com

(00:54:40) Financial Performance and Margins

(01:03:22) Market Opportunity and Competitive Landscape

(01:07:30) Valuation and Future Prospects

(01:12:37) Lessons from monday.com