Business Breakdowns

By Colossus

Business Investing

What's Business Breakdowns about?

Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. Learn more and stay up to date at www.joincolossus.com

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Union Pacific: Long Train R...

08.10.2022

This is Dom Cooke and today we are breaking down the freight railroad business, Union Pacific. Union Pacific is interesting for a number of reasons. Its first tracks were laid in a time of horsepower, over 150 years ago. It ...

Business Breakdowns episodes:

08.10.2022 Union Pacific: Long Train Runnin’ - [Business Breakdowns, EP. 69] This is Dom Cooke and today we are breaking down the freight railroad business, Union Pacific. Union Pacific is interesting for a number of reasons. Its first tracks were laid in a time of horsepower, over 150 years ago. It ...
08.03.2022 LVMH: The Wolf in Cashmere’s Conglomerate - [Business Breakdowns, EP. 68] This is Zack Fuss, an investor at Irenic Capital Management. Today we’re breaking down the world’s largest luxury business, LVMH. The LVMH story is deeply reflective of the vision of its 73 year-old founder and architect, Bernard Arnault. Today, the ...
07.27.2022 DuPont: Two Centuries of Chemistry - [Business Breakdowns, EP. 67] This is Matt Reustle and today we are breaking down DuPont. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. But, wow, did the Dupont family set ...
07.20.2022 Charles Schwab: The 8 Trillion Dollar Gorilla - [Business Breakdowns, EP. 66] This is Matt Reustle and today we are breaking down the financial institution known as Charles Schwab. Schwab is a financial behemoth. They report over $8 trillion in assets under custody and a market cap scratching $120 billion but I ...
07.15.2022 Rolex: Timeless Excellence - [Business Breakdowns, EP. 65] Today, we’re breaking down one of the strongest brands in the world - Rolex. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. But, while the company’s products ...
07.06.2022 Dino Polska: Serving Small-Town Poland - [Business Breakdowns, EP. 64] This is Matt Reustle and today we are breaking down Polish grocer, Dino Polska. This wasn't a name on our radar at Colossus but the more we dug into the story, the more intrigued we became. It starts at the ...
06.29.2022 Berkshire Hathaway: The Incomparable Compounder - [Business Breakdowns, EP. 63] Today’s business needs little introduction. Berkshire Hathaway is one of the largest businesses in the world and run by arguably the most famous investors of our time, Warren Buffett and Charlie Munger. To break down the business, I’m joined by ...
06.27.2022 Shopify: Tokengated Commerce - [Web3 Breakdowns, EP.28] Today we are running a special episode in our Business Breakdowns feed. My guest is Alex Danco from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. Our conversation focuses on a new concept, tokengated ...
06.22.2022 Gogo: Internet for Private Jets - [Business Breakdowns, EP. 62] I am @Compound248 and this is the next installment in our Business Breakdowns mini-series focused on Digital Infrastructure, where we are breaking down a handful of companies that are key players in the digital infrastructure asset class. In this episode, ...
06.15.2022 Diploma: Specialized Distribution - [Business Breakdowns, EP. 61] This is Matt Reustle and today we’re breaking down Diploma. Diploma is a specialist distributor of medical equipment and industrial components listed in the UK. It’s a business you’re unlikely to be familiar with and, at first glance, may appear ...
06.08.2022 PGA Tour: Playing Under Pressure - [Business Breakdowns, EP. 60] This is Dom Cooke and today we are breaking down the PGA Tour. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. It’s where the best players in the world earn their living and tee ...
05.25.2022 Anduril: Building the Future of Defense - [Business Breakdowns, EP. 59] Today, we are breaking down Anduril. Anduril builds high tech defense systems for the US Department of Defense and its allies. Crucially, it does so with speed that emanates from Silicon Valley. Founded in 2017 by Palmer Luckey, who previously ...
05.19.2022 Goldman Sachs: Fortune Favors the Old - [Business Breakdowns, EP. 58] This is Matt Reustle and today we are breaking down the 150 year-old investment bank – Goldman Sachs. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of “Wall Street”. But as with most ...
05.04.2022 Baytex Energy: The Business of Oil & Gas - [Business Breakdowns, EP. 57] This is Matt Reustle and today we’re breaking down Baytex Energy. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. Why Baytex Energy? The 80,000 barrel a day producer ...
04.29.2022 DigitalBridge: Pioneering Digital Infrastructure - [Business Breakdowns, EP. 56] I am Compound248 and today we are pleased to announce and kick-off a Business Breakdowns mini-series focused on Digital Infrastructure. Over the coming months, we will breakdown a handful of companies that are key players in the digital infrastructure asset ...
04.20.2022 AppLovin: Monetizing & Marketing Mobile Apps - [Business Breakdowns, EP. 55] Today we’re breaking down AppLovin. It’s a business you may not recognize but have likely interacted with. Founded in 2012, AppLovin provides a platform for developers to market and monetize their mobile apps. The business also owns some of the ...
04.13.2022 Afterpay: Buy Now, Pay Later - [Business Breakdowns, EP. 54] This is Jesse Pujji and today’s episode is a follow up of last weeks’ Block episode, covering Afterpay the buy-now-pay-later giant. Founded in Sydney Australia in 2015, Afterpay was a rapid success in the buy-now-pay-later market before being acquired by ...
04.06.2022 Block: Square, Cash App, and Economic Access - [Business Breakdowns, EP. 53] This is Jesse Pujji and today we’re breaking down Block – formerly known as Square. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. It has since expanded from its first product – ...
03.30.2022 McKinsey & Company: The First Management Consultants - [Business Breakdowns, EP. 52] This is Jesse Pujji and today we’re breaking down McKinsey & Company, the world’s pre-eminent management consulting firm. Founded in the thick of the Industrial Revolution, McKinsey set about professionalizing the way businesses were managed. An accountant by trade, James ...
03.23.2022 Fanatics: Growing the Sports Economy - [Business Breakdowns, EP. 51] This is Jesse Pujji, and today we are breaking down Fanatics. If you’ve recently bought sports apparel online, you interacted with Fanatics. They power the entire digital commerce experience for the NFL, MLB, NBA, NHL, and hundreds of other sports ...
03.16.2022 Anchorage Digital: Serving Institutional Crypto Needs - [Web3 Breakdowns, EP. 12] Today's episode was originally featured in our Web3 Breakdowns feed. For listeners unfamiliar with Web3 Breakdowns, the concept was inspired by Business Breakdowns but intended to be a place fully dedicated to the emerging ecosystem around blockchains, crypto assets, and ...
03.09.2022 Adyen: A First Principles Payment Platform - [Business Breakdowns, EP. 50] This is Zack Fuss and today we’re breaking down European-based payment business, Adyen. Adyen was founded in Amsterdam in 2006 by a group of payments entrepreneurs who had already built and sold a business in this space. Adyen was their ...
03.02.2022 Cadence: Software Behind Semiconductor Design - [Business Breakdowns, EP. 49] This is Matt Reustle and today we are breaking down Cadence Design Systems. Cadence operates in the semiconductor ecosystem where they offer electronic design automation software - also known as EDA software - which is used for chip design. Putting ...
02.23.2022 The New York Times: The Empire Strikes Back - [Business Breakdowns, EP. 48] This is Jesse Pujji and today we’re breaking down The New York Times. Since its founding in 1851, The New York Times has become known as the national “newspaper of record” through its focus on truth seeking and quality journalism. ...
02.16.2022 Basic-Fit: Increasing Returns to Scale - [Business Breakdowns, EP. 47] This is Matt Reustle, and today we’re breaking down Europe’s leading low-cost gym operator, Basic-Fit. Netherlands based Basic-Fit is a story of rapid expansion. Today, they operate over a 1000 clubs across 5 countries, and have 2 million combined members ...
02.09.2022 UPS: Leaders of the Package - [Business Breakdowns, EP. 46] I'm Zack Fuss and today we are breaking down UPS. With over 100 years of history, it's a business we all know as consumers and one many of us interact with on a daily basis. But in investing circles, UPS ...
02.02.2022 Twitter: Towing the Clown Car Out of the Goldmine - [Business Breakdowns, EP. 45] I’m Zack Fuss, and today we are breaking down Twitter, a business that needs little introduction. Founded by Jack Dorsey in 2006, Twitter has become one of the most visited and influential platforms in the world. Yet, despite its rising ...
01.26.2022 ViacomCBS: A Content King in the Streaming War - [Business Breakdowns, EP. 44] This is Jesse Pujji and today we are breaking down ViacomCBS. This episode has a different format - you'll hear from both an investor and from company management. Chris Marangi from Gabelli Asset Management starts us off with a history ...
01.19.2022 Peloton: Reinventing the Wheel - [Business Breakdowns, EP. 43] This is Jesse Pujji, and today we’re breaking down Peloton. Peloton was founded over ten years ago with the idea of making the best in-person gym classes available at home. By delivering eye-catching hardware and compelling content, it has since ...
01.12.2022 Cannabis: Legalizing the Leaf - [Business Breakdowns, EP. 42] This is Jesse Pujji and today we are breaking down the emerging industry of cannabis. After spending decades as an illegal drug, US states have begun to make regulatory changes and build legalized marijuana marketplaces. To help me break down ...
12.29.2021 Finch Therapeutics: Empowering Immune Systems - [Business Breakdowns, EP. 41] Today’s episode is part business breakdown and part biology breakdown as we explore Finch Therapeutics and their novel work on the microbiome, which plays a crucial role in regulating our immune system. To help break down these topics, I’m joined ...
12.22.2021 London Stock Exchange Group - [Business Breakdowns, EP. 40] Today, we’ll be breaking down the London Stock Exchange, now referred to as LSEG. LSEG is a nearly £40 billion market cap business that plays an integral role in the infrastructure of the world’s financial markets. Since 2000, there have ...
12.15.2021 The National Football League - [Business Breakdowns, EP. 39] Today, we are breaking down The National Football League or, as most know it, The NFL. It’s a sport that dominates American Sundays from late summer into early winter. Behind what happens on the field is a $15 billion dollar ...
12.08.2021 NextEra Energy: The Renewable Leader - [Business Breakdowns, EP. 38] I’m Zack Fuss and today we’re breaking down NextEra Energy. NextEra is America’s most valuable energy firm and consists primarily of two businesses; a high-quality regulated utility and a renewables business that is the world’s largest generator of wind and ...
12.01.2021 Novocure: Using Physics to Fight Cancer - [Business Breakdowns, EP. 37] Today, we’re breaking down Novocure, a global oncology company that has pioneered a new approach to cancer treatment. For over 100 years, the tools used to fight cancer have largely remained unchanged, but there are promising signs of a renaissance ...
11.24.2021 AutoZone: Exemplary Capital Allocation - [Business Breakdowns, EP. 36] I’m Zack Fuss, and today we’re breaking down AutoZone, the leading retailer and distributor of auto parts in the Americas. From the outside, AutoZone might look like a dull business in a mature industry, but once you dive into the ...
11.17.2021 Amazon Aggregators: Buying Third-Party Sellers - [Business Breakdowns, EP. 35] I’m Jesse Pujji and this is Business Breakdowns. Today we are doing a different kind of breakdown. We are covering an entire category, Amazon Aggregators. These are the companies that are buying up hundreds of Amazon’s third-party sellers. The concept ...
11.10.2021 HelloFresh: Delivering on Process Power - [Business Breakdowns, EP. 34] Today, we’re breaking down HelloFresh. HelloFresh delivers weekly meal kits to people’s homes. With eight million active customers, the Berlin-based business is the most popular company of its kind in the world. To break down HelloFresh, I’m joined by its ...
11.03.2021 MongoDB: The Database Platform - [Business Breakdowns, EP. 33] I’m Jesse Pujji and today we’re breaking down MongoDB. The MongoDB story traces back to 2007 when the founding team was running DoubleClick, a large adtech business now owned by Google. They could not find an existing database software with ...
10.27.2021 Universal Music Group: The Gatekeepers of Music - [Business Breakdowns, EP. 32] Today we’re breaking down Universal Music Group. As one of the largest music businesses in the world, UMG is home to many of the world’s greatest artists, including Taylor Swift, U2, and The Beatles catalog. A discussion on UMG requires ...
10.20.2021 Uber: The Undeletable App - [Business Breakdowns, EP. 31] Today, we’re breaking down Uber. Despite a corporate history that spans just over a decade, the ink spilled on Uber could have its own wing in a library. So rather than record with our typical Breakdown format, we decided to ...
10.13.2021 John Deere: Centuries of Farming Innovation [Business Breakdowns, EP. 30] Today, we are breaking down John Deere. With a history dating back almost two centuries, Deere has been a mainstay in the agriculture industry for generations. And despite its rich history as an incumbent, Deere is also on the leading ...
10.06.2021 Salesforce: The Cloud & SaaS Pioneer [Business Breakdowns, EP. 29] Today, we are breaking down the cloud and SaaS trailblazer, Salesforce. Founded by Marc Benioff in 1999, Salesforce has grown rapidly to become the global leader in the $100 billion CRM market. The business has 150,000 customers, including 90% of ...
09.29.2021 Solana: Faster, Cheaper, More Scalable [Business Breakdowns, EP. 28] Today, we are breaking down Solana. Founded in 2017 by an ex-wireless engineer from Qualcomm, Solana is a layer one blockchain like Bitcoin and Ethereum that has been built to process transactions as quickly and cheaply as possible. Where Bitcoin ...
09.22.2021 Taboola: The Open Web’s Suggestion Engine - [Business Breakdowns, EP. 27] Today, we are breaking down Taboola, a company you may not know but one you’ve definitely seen. When you read articles on CNBC, Bloomberg, or the Independent, Taboola powers the sidebar and banner recommendations for what you should read next. ...
09.15.2021 Sky Mavis: The Builders Behind Axie Infinity - [Business Breakdowns, EP. 26] Today, we are breaking down Sky Mavis, the company behind the NFT-based game, Axie Infinity. Built by a team with a long history in gaming, Axie Infinity was launched in 2018 with the idea that a blockchain-based “play-to-earn” model could ...
09.08.2021 Datadog: The Realtime Data Monitor - [Business Breakdowns, EP. 25] Today, we will be breaking down Datadog. If you've ever used Control-Alt-Delete to force quit a frozen application - you've experienced the Activity Monitor on your own computer. Datadog is that Activity Monitor for all of a business’s systems across ...
09.01.2021 Wyndham Hotels: Loyalty Matters - [Business Breakdowns, EP. 24] Today, we will break down Wyndham Hotels, the world’s largest and most diverse hotel franchisor with more than 9,000 hotels across 20 brands in over 80 countries. Wyndham is a brilliant example of a ubiquitous business that often goes unnoticed. ...
08.25.2021 Dexcom: Digitizing Diabetes Management - [Business Breakdowns, EP. 23] Today, we will break down Dexcom. Founded in 1999, Dexcom makes best-in-class continuous glucose monitors to help diabetics manage their blood sugar levels. With close ties to growing obesity rates, the diabetes market is big, expensive, and expanding. In the ...
08.18.2021 SmileDirectClub: Closing the Gap with Affordability - [Business Breakdowns, EP. 22] Today, we will be breaking down SmileDirectClub, the oral care company known for its affordable clear aligner treatment. SmileDirectClub was founded in 2014 as a direct-to-consumer alternative to metal braces. It has since expanded to serve over 1 million customers ...

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