Today's episode is the third in our three-part miniseries on video game consoles. Here, we are breaking down Nintendo. Our guest is Ryan O'Connor, the founder of Crossroads Capital. He has a wealth of knowledge about Nintendo, and you will hear it throughout this episode. 

We discuss the history of the brand and business, including how it revitalized the industry in the 1980s, some of its strategic decisions, and how the Nintendo Switch is a new economic opportunity for the business. That ties into the console thesis, which we have discussed in the previous two episodes.

Please enjoy this Breakdown of Nintendo.

Gaming Consoles Part 1: The Thesis

Gaming Consoles Part 2: Sony

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 sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com.

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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) Welcome to Business Breakdowns

(00:02:52) Episode Overview: Nintendo Breakdown

(00:03:58) Nintendo's Business Transformation

(00:06:57) The Origins of Nintendo

(00:09:14) The Video Game Crash of 1983

(00:12:18) Nintendo's Revival Strategy

(00:15:23) The NES Era and Quality Control

(00:19:57) Modern Nintendo: Digital and Third-Party Ecosystem

(00:25:40) Nintendo's Focus on Younger Generations

(00:33:36) The Shift to a Recurring Revenue Model

(00:39:43) Revenue Model of Nintendo Switch

(00:40:11) Backward Compatibility and AI Enhancements

(00:41:59) Nintendo Switch Online: The Netflix of Games

(00:45:20) Nintendo's Business Model Transformation

(00:51:24) Digital vs. Physical Game Sales

(01:01:19) Nintendo's IP and Cinematic Universe

(01:08:53) Management and Shareholder Relations

(01:14:10) Risks and Future Outlook

(01:15:40) Key Lessons from Nintendo's Evolution

This is the second episode of our multi-part series on the video game console market. If you've yet to listen to Episode One, Sia Kamalie is the founder and fund manager at Skycatcher. Join me in breaking down the video game console market and his thesis for why it's an inflecting opportunity. 

In this episode, we go micro and Sia is back to break down Sony. Sia and I spend a lot of time talking about catalysts and some of the dynamics that are happening under the hood of this massive conglomerate. Please enjoy this Breakdown on Sony.

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 sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com. 

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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) Welcome to Business Breakdowns

(00:04:50) Series Overview: Video Game Console Market

(00:05:43) Deep Dive: Sony's Business Segments

(00:06:43) Sony's Entertainment Powerhouses: PlayStation and Crunchyroll

(00:08:39) Sony's Strategic Shifts and Financials

(00:13:06) Crunchyroll: The Netflix of Anime

(00:14:18) Crunchyroll's Market Position and Growth Potential

(00:16:30) Synergies Between Sony's Business Lines

(00:19:09) Sony's Blockchain and NFT Ventures

(00:21:05) Sony's Financial Outlook and Growth Strategy

(00:29:12) Sony's M&A Activities and Gaming IP

(00:42:08) Emerging Markets and Gaming

(00:47:06) Sony's Management and Future Prospects

(00:48:31) Lessons From Breaking Down Sony

Today's episode is the first in a multi-part series on the video game console market. Our guest is Sia Kamalie, the founder and fund manager at Skycatcher. Skycatcher describes itself as focused on capturing asymmetry at the internet frontier, and Sia has very strong conviction that the video game console market is entering a major paradigm shift with an app store model set to hit its inflection point.

We start with an overview of the video game console market, laying out its size and current state. In episodes two and three, we explore this theme in even more depth when we cover the names most exposed to it: Sony and Nintendo. 

On these episodes, we always recommend doing your own research. We invited Sia on to lay out his thesis, so this one is particularly geared towards that investment opportunity. Please enjoy this Breakdown of the video console market.  

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 sponsored by Finley - modern debt capital management software for borrowers and lenders. Ask around and you'll find that nearly every operator or investor has experienced the operational nightmare of managing debt capital. Finley works by translating unstructured credit agreements into code, which gets all parties on the same page and helps them streamline the credit management lifecycle--think covenant reporting, interest and fee tracking, and portfolio analysis. Join the forward-thinking finance leaders, investors, and bank executives already modernizing their debt capital operations with Finley. Learn more and request your demo at finleycms.com. 

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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) Welcome to Business Breakdowns

(00:06:54) Overview of the Video Game Console Market

(00:14:52) The Shift to Software and Digital Purchases

(00:19:02) Nintendo and Sony: Current Trends and Future Prospects

(00:29:23) In-Game Purchases and Subscription Models

(00:33:58) Nintendo's Iterative Console Cycle

(00:34:47) Sony's Lifetime Value and Revenue

(00:35:56) Profit Margins and Software Sales

(00:40:26) Console vs. Mobile and PC Gaming

(00:47:44) The Rise of eSports

(00:50:41) Gen Z and the Future of Gaming

(00:54:28) Emerging Markets and Console Growth

(00:56:37) Valuation and Market Potential

(00:59:08) Lessons From The Video Game Console Market

This is Zack Fuss. Today, we're breaking down Arm Holdings. Arm designs the architecture powering billions of devices, from smartphones and data centers to IoT devices and automotive systems. In this episode, we'll explore Arm's unique value proposition and how it thrives as a licensing giant in a market dominated by leading-edge manufacturers.

To break down Arm, I am joined by Jay Goldberg, who is the CEO and lead analyst at D2D Advisory, a technology and strategy consultancy. We discuss its business model, the partnerships that drive its growth, and its role in enabling companies like Apple, NVIDIA, and Qualcomm. We will also unpack Arm's business history, including its acquisition by SoftBank, its failed takeover by NVIDIA, and its IPO earlier this year. Arm currently sports a $150 billion market cap with sales approaching $5 billion, a rather robust 30x revenue multiple. Please enjoy this Breakdown of Arm.

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

(00:00:52) Introduction to Arm

(00:02:27) Arm's Business Model Explained

(00:05:05) CPU vs GPU Dynamics

(00:07:33) Arm's Competitive Landscape

(00:08:52) Historical Growth and Market Expansion

(00:14:06) RISC vs CISC: Architectural Approaches

(00:18:38) Arm's Licensing and Partnership Model

(00:22:12) Arm's Chip Design Evolution

(00:22:39) The Critical Role of Software

(00:23:34) Arm's Compatibility and Ecosystem

(00:23:41) Dramatic Recent History

(00:24:12) SoftBank's Acquisition and Nvidia's Interest

(00:25:15) Nvidia's Ambitious Bet

(00:26:25) SoftBank's Wake-Up Call

(00:27:02) Arm's Market Penetration

(00:28:07) Arm's Ubiquity in Electronics

(00:29:22) Influential Figures in Arm's Success

(00:30:33) Arm's Financials

(00:33:32) Risks and Competitive Threats

(00:40:16) Future Opportunities and Lessons

(00:41:10) Conclusion and Final Thoughts

Today, we are breaking down the global luxury group Kering. You know Kering from its brands Gucci, YSL, Bottega Veneta, Balenciaga, and the list goes on. It's a luxury house similar to LVMH, but LVMH over the past five years is up over 40% and Kering is down over 60%.

To break down Kering, I am joined by Jonathan Eng, portfolio manager at Causeway. We cover the owners and operators of Kering, the Pinault family. We also discuss wholesale distribution versus retail distribution and brand margin profiles. But Kering's core brand, Gucci, is different from much of what you see in luxury, and we spent a significant amount of time diving into it. What makes Gucci more cyclical than understated luxury? Where do we stand with Gucci today? And how does Jon think about all of this as an investor tapping into his historical context in the space? Please enjoy this breakdown of Kering.

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) Welcome to Business Breakdowns

(00:00:53) Overview of Kering and Its Brands

(00:02:13) Kering's Business Strategy and Challenges

(00:05:02) Historical Context and Family Influence

(00:07:09) Comparing Kering and LVMH

(00:10:27) Financial Performance and Market Dynamics

(00:18:05) Impact of Creative Directors and Brand Evolution

(00:21:28) Modern Analytical Approaches in Luxury Market

(00:23:29) Exploring Kering's Development Centers

(00:24:36) Decentralized Decision-Making in Luxury Brands

(00:25:04) Wholesale vs. Retail: Control and Margins

(00:27:33) Strategic Store Locations and Investments

(00:28:51) Geographical Brand Preferences

(00:30:19) Balenciaga's Advertising Fallout

(00:33:46) M&A Landscape and Future Growth

(00:37:41) Valuation and Market Position

(00:43:06) Operational Gearing and Risks

(00:43:58) Key Lessons from Studying Kering

Today we have a special year-end episode of Business Breakdowns, running through some of the best ideas that were featured on the podcast. The goal of the podcast is to detail whatever business we're covering that day. But when you think about the best investors, the best business builders, they're constantly borrowing insights from the success stories that are happening around them. 

We start with a high-level theme and then explore a business's life cycle, from establishing a niche with Gartner to building a culture at Live Oak to refining operations via the lens of Trane. We go through the good and bad of business transformations told through the stories of Rolls Royce and D.R. Horton. And we cover what a clean financial model looks like through Inditex. Lastly, we wrap up with management stories that are underappreciated via Motorola and Winmark. Please enjoy this Breakdowns recap. 

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) Welcome to Business Breakdowns

(00:01:34) Hierarchy of Consumer Preferences

(00:06:10) Gartner's Niche Beginnings

(00:07:48) Operational Excellence at Trane

(00:10:43) Understanding Customer Needs

(00:11:46) Vulcan Materials: A Case Study

(00:13:26) Logistics in Construction Aggregates

(00:16:29) High-Touch Customer Experience at Live Oak Bank

(00:19:33) Transitioning Business Models to Financial Models

(00:20:18) Insights from Ed Wachenheim on Home Builders

(00:22:14) The Case for Asset-Light Strategy

(00:23:27) The NVR Model: A Success Story

(00:24:10) Horton's Transformation

(00:25:54) Rolls Royce: A Shift in Business Model

(00:28:51) Financial Modeling and Long-Term Success

(00:30:09) Understanding Payout Ratios

(00:33:21) Greg Brown's Leadership at Motorola

(00:37:13) Winmark's Unique Operational Approach

(00:40:05) Matt’s Wrap Up

Today we‘re breaking down FilterBuy. From time to time, I come across a compelling founder who is willing to cover everything about their business and David Heacock, founder of FilterBuy, is exactly that.

We explored the psychology of David's transition from Goldman options trader to starting an air filter business in Alabama just over 10 years ago. Since then, the business has grown into something that generates over $250 million in revenue as of today, 2024. 

We discussed the economics of air filters, and David shared a great story about how he found this specific market and what makes it so unique. We also discussed various business considerations, like manufacturing location, logistics handling, and direct-to-consumer versus big box. It's really hard not to be inspired after listening to David. Please enjoy this breakdown of FilterBuy.

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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.

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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) Welcome to Business Breakdowns

(00:04:52) Meet David Heacock: From Goldman Sachs to FilterBuy

(00:06:36) The Journey of Entrepreneurship

(00:12:27) The Economics of Air Filters

(00:18:15) Challenges in Manufacturing

(00:23:25) Building a Team and Scaling Up

(00:26:51) Logistics and Cost Efficiency

(00:30:23) Challenges with FBA Fees

(00:31:43) Sales and Competitive Dynamics

(00:32:04) Residential vs. Commercial Air Filtration

(00:33:16) Retail Strategy and Market Expansion

(00:37:22) Building a Brand and Logistics

(00:38:09) Importance of Delivery Speed

(00:39:29) Navigating Big Box Retailers

(00:42:50) Vision for the Future

(00:51:34) Lessons Learned from FilterBuy

Today we are covering the world of fast fashion. If you don't know the name Inditex, you certainly know Zara, the core business inside Inditex. My guest, Alistair Wittet, recently launched Aecus Partners, an equity boutique specializing in European and global equities, and has followed Inditex for decades. 

He gets into how the company pivoted its business over the years from the initial store expansion, the e-commerce evolution, and what has allowed Inditex to succeed where other fast fashion peers have struggled. There are so many interesting themes here: success in no-growth industries, the power of thoughtful vertical integration, decentralized decision-making, and corporate pivots.

Please enjoy this Breakdown of Inditex.

Founders Podcast - #372 Amancio Ortega

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 Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.

Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.

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This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.

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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) Welcome to Business Breakdowns

(00:06:52) Overview of Inditex and Zara

(00:09:46) The Fast Fashion Model

(00:14:27) Origins and Expansion of Inditex

(00:17:22) Navigating Financial Crises and E-commerce

(00:22:30) Supply Chain and Inventory Management

(00:24:32) Revenue and Growth Dynamics

(00:29:48) Margin and Cost Structure

(00:35:35) Inditex's Financial Management Strategies

(00:36:20) Impact of COVID-19 on Inditex's Margins

(00:37:13) Free Cash Flow and Inventory Management

(00:39:43) Competitive Landscape: H&M and Shein

(00:42:57) The Role of Culture in Inditex's Success

(00:54:51) Sustainability and ESG Concerns

(00:58:43) Investment Insights and Risks

(01:00:40) Key Lessons from Inditex

Today we are breaking down commercial real estate lending with Josh Zegen, co-founder and managing principal of Madison Realty Capital. 

Josh and his team at Madison launched in 2004 and evolved from a hard money lender when there really was no alternative industry called commercial real estate lending. They've developed into a single-source capital provider today with more than $21 billion in AUM.

Josh gets into great detail here about how it's not an all-or-nothing story when it comes to real estate. We covered some of the basics on construction loans, the life cycle of capital, and new developments. Then, we get into some of the current market dynamics, post-COVID interest rates, post-SVB, and much, much more. 

Please enjoy this Breakdown of commercial real estate lending.

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 Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.

Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.

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This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled. 

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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

(00:05:22) Starting Madison Realty Capital

(00:06:44) Evolution of the Lending Market

(00:10:08) Construction Lending Dynamics

(00:15:36) Risk Management and Portfolio Strategy

(00:18:49) Leveraging Private Credit

(00:30:31) Portfolio Management and Challenges

(00:33:32) COVID-19's Impact on Real Estate Projects

(00:34:49) Strategies for Loan Workouts

(00:37:38) Post-COVID Market Dynamics

(00:39:45) Opportunities in Loan Purchases

(00:42:53) Sector-Specific Real Estate Insights

(00:49:27) Impact of Work Schedules on Real Estate

(00:51:22) Interest Rates and Market Impact

(00:55:45) Future Opportunities and Market Trends

Today we are breaking down SpaceX. Luke Ward from Baillie Gifford was the perfect match for this episode, as he and his team first invested in SpaceX in 2018.

We cover the story of SpaceX and its scientific magic, but we really key in on the business model. We focus on the cost curve of launches, separating manufacturing from reusability. Luke gets into how Starlink represents a key component in making the Starship program and the broader economic model click. We then use our intellectually honest galaxy brains to imagine what the space economy could look like in the future and Luke is very open and honest about the risks and rewards with such a capital-intensive mission. 

Please enjoy this Breakdown on SpaceX.

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 Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.

Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.

–

This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled. 

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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) Welcome to Business Breakdowns

(00:05:53) SpaceX: A Blend of Business and Technology Innovation

(00:06:30) Baillie Gifford's Investment Journey with SpaceX

(00:09:53) Challenges and Innovations in Space Launch Costs

(00:11:24) The Rise of Private Space Companies

(00:15:23) SpaceX's Reusability and Cost Efficiency

(00:18:25) Starship: The Future of Space Travel

(00:26:05) Starlink: Revolutionizing Satellite Internet

(00:32:01) The Potential of Space-Based Manufacturing

(00:36:31) Competitive Advantage of Starship

(00:37:19) Management and Culture at SpaceX

(00:39:55) Government and Commercial Markets

(00:40:45) Starlink's Future and Connectivity

(00:44:11) SpaceX's Long-Term Vision

(00:51:11) Regulatory and Launch Challenges

(00:54:49) Valuation and Investment Insights

(01:02:23) Lessons from SpaceX