Business Breakdowns

This is Zack Fuss. Today we are breaking down the Mitsubishi Corporation. In Japan, the business model of a trading company is prominent. The big five trading companies caught the attention of global investors in 2020, when Berkshire Hathaway disclosed a major stake in all of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo. Today's Berkshire stake is nearly 10%.  

I'm joined by Krishna Mohanraj, a Portfolio Manager at Diamond Hill Capital Management. In this episode, we discuss how the rich history of trading houses is steeped in Japanese culture and how each differs from one another. Krishna helps unravel the evolution of stakeholder priorities and how capital allocation policies have changed in the Japanese capital markets. Please enjoy this Breakdown of Mitsubishi Corporation. 

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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 Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:03:12) First Question - Understanding Mitsubishi's Global Impact and Business Model

(00:07:12) The Evolution of Mitsubishi and Japanese Trading Houses

(00:12:12) Mitsubishi's Investment Case and Market Position

(00:15:02) Comparing Mitsubishi with Other Japanese Trading Houses

(00:18:22) The Secret to Mitsubishi's Success and Global Network

(00:21:16) The Relevance of Berkshire’s Investment in the Japanese Trading Houses

(00:26:45) A Cultural Shift in the Orientation of Japanese Businesses Towards Their Shareholders 

(00:28:35) Valuing Mitsubishi

(00:31:05) Reinvesting in The Business And Reallocating Capital

(00:33:02) Mitsubishi’s Unique Management Dynamic

(00:38:54) Advantages of the Mitsubishi Group

(00:42:44) Lessons Learned from Mitsubishi

Today, we are breaking down a giant in the medical device space, Intuitive Surgical. Intuitive creates robotic products to assist minimally invasive surgeries. Its Da Vinci system is a pioneer in this area as it increases the efficiency & accuracy of surgery and reduces the burden on the surgeons themselves.

To break down Intuitive, I'm joined by Joseph Thomas, equity analyst at the global asset manager, Ninety One. Joe walks us through the history of surgical procedures, the emergence of robotics & surgery, and how Intuitive has emerged as the winner in this space. Please enjoy this breakdown on Intuitive Surgical.

Interested in hiring from the Colossus Community? Click here.

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 Tegus, the only investment research platform built for the investor. With traditional research vendors, the diligence process is slow, fragmented, and expensive. That leaves investors competing on how well they can aggregate data — not on their unique ability to analyze insights and make great investment decisions. Tegus offers an end-to-end platform with all the data you need to get up to speed on a company or market: up-to-the-minute financials, customizable models, management and culture checks, and, of course, our vast and growing library of expert call transcripts. Tegus is changing the world of expert research. Learn more and get your free trial at tegus.com/patrick.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:02:55) First Question - The Evolution of Surgery: From Ancient Practices to Robot-Assisted

(00:08:14) Revolutionizing Surgery With the Da Vinci System

(00:11:23) Early Challenges and Regulatory Hurdles for Robotic Surgery

(00:14:59) The Future of Robotic Surgery

(00:22:40) Exploring the Business Model of Intuitive Surgical

(00:29:26) The Fifth Generation of the Da Vinci System

(00:37:26) Intuitive Surgical's Financial Overview

(00:41:16) Depreciation, Secondary Markets, and Economic Factors

(00:45:52) R&D Investments and Digital Innovations

(00:49:04) Navigating the Competitive Landscape

(00:55:04) Global Expansion and Market Opportunities

(00:57:27) Identifying Risks and Disruptions

(01:01:37) Key Lessons from Intuitive Surgical

This is Matt Reustle. Today, we are breaking down D.R. Horton, America’s largest homebuilder. Our guest is Ed Wachenheim, Founder of Greenhaven Associates. Ed takes us through an incredible discussion of D.R. Horton and homebuilders broadly, including how much has changed with this business model over the years.

Ed shares countless entertaining stories with the management teams and backs it all up with the numbers behind this business. It's an excellent conversation and an excellent glimpse at how someone like Ed approaches investments. Please enjoy this breakdown of D.R. Horton.

Ed’s Book: Common Stocks and Common Sense

Interested in hiring from the Colossus Community? Click here.

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 Tegus, the go-to destination for bold investing. The investment research platform trusted by 95% of the top 20 global private equity firms just got even better. Building on their solid reputation for expert insights, Tegus has expanded to become the first true all-in-one research platform. The new Tegus makes diligence faster, easier, and more convenient than ever before. Your Tegus license gives you access to over 70,000 expert transcripts, more than 4,000 fully drivable financial models, and exclusive datasets like company management checks, industry KPIs, hard-to-find non-GAAP data, and more. Tegus is the fastest way to learn about a public or private company and the most cost-effective way to conduct investment research — now all under one roof. Learn more and get your free trial at tegus.com/patrick.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:04:33) First Question - Understanding the Home Building Business Model

(00:06:56) Evolution of the Home Building Industry

(00:09:41) The Impact of Land Ownership on Home Builders

(00:14:29) A Transformation of the Home Building Business Model

(00:17:35) Unique Characteristics of D.R. Horton

(00:24:16) The Geographic Concentration of Home Builders

(00:25:59) Current State and Future of the Home Building Industry

(00:33:44) The Resilience of the Home Building Industry

(00:34:56) Efficiencies and Margins in Home Building

(00:37:02) Forecasting Revenue Growth in the Home Building Industry

(00:40:04) Comparing D.R. Horton vs. NVR

(00:41:23) The Valuation Gap in the Home Building Industry

(00:57:05) The Shift Towards Institutional Ownership in Home Building

(00:58:13) Impact of Interest Rates on Home Building

(01:02:09) Lessons from Evaluating D.R. Horton

This is Matt Reustle. Today we are releasing a bonus episode of Breakdowns. While we typically love to cover businesses, this was an interesting opportunity to cover a special situation around a business. And in this case, the FTX bankruptcy. 

I was joined by Erin Broderick, Head of U.S. Cross-Border Restructuring & Insolvency at Eversheds Sutherland. Erin represents the Ad Hoc Committee of Non-U.S. customers for FTX, giving her a front-row and hands-on seat to everything that's unfolded at FTX since they entered Chapter 11 in November of 2022. We cover the basics around bankruptcy proceedings, using FTX as a lens in comparison to other restructurings. Please enjoy this bankruptcy breakdown on FTX. 

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 Tegus, the go-to destination for bold investing. The investment research platform trusted by 95% of the top 20 global private equity firms just got even better. Building on their solid reputation for expert insights, Tegus has expanded to become the first true all-in-one research platform. The new Tegus makes diligence faster, easier, and more convenient than ever before. Your Tegus license gives you access to over 70,000 expert transcripts, more than 4,000 fully drivable financial models, and exclusive datasets like company management checks, industry KPIs, hard-to-find non-GAAP data, and more. Tegus is the fastest way to learn about a public or private company and the most cost-effective way to conduct investment research — now all under one roof. Learn more and get your free trial at tegus.com/patrick.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:03:31) First Question - Understanding Bankruptcy Proceedings

(00:04:15) The FTX Bankruptcy Case

(00:05:19) The Role of Chapter 11 and Chapter 7 in Bankruptcy

(00:05:52) The Challenges of Restructuring FTX

(00:08:18) The Role of Customers in the FTX Case

(00:12:16) Complexities of Tracing and Identifying Assets

(00:22:10) The Role of Secondary Hedge Funds

(00:27:05) The Issue of Dollarization of Claims

(00:32:35) The Process of Uncovering Assets

(00:36:39) Proposed Recovery Plan for FTX

(00:45:21) Upcoming Timeline For FTX To Exit Bankruptcy

This is Matt Reustle. Today, we are going into the land of oil and gas to break down CNX. The history of CNX dates back over 150 years. When it comes to energy production, the company's evolution has been very comparable to that of the United States. 

Our guest today is James Wilson, manager of The Huginn Fund at Phoenix Asset Management. We discuss the CNX backstory and how it took its coal roots to build this massive natural gas business. We also cover what differentiates CNX's management team and operational strategy relative to Exploration & Production (E&P) peers. Please enjoy this breakdown of CNX.

Colossus Recruiting - Find your next role or hire.

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 Tegus, the only investment research platform built for fundamental investors. How hard do you work to get the insights you need to make a great investment decision? How many hours do you spend digging through public records and expert transcripts, or manually updating complex models? Investors should compete on their ability to analyze investments, not how well they aggregate data. That’s why Tegus offers a unified, end-to-end research platform that combines robust qualitative content sets, up-to-date financial data, management and culture checks, and more — all in the same easy-to-use, streamlined user experience. 95% of the top 20 global private equity firms use Tegus. Shouldn’t you? Learn more and get your free trial at tegus.com/patrick.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:02:32) First Question - The History and Evolution of CNX

(00:03:17) Understanding the Business Model 

(00:10:33) The Transition from Coal to Natural Gas in the US

(00:16:44) Gathering and Compressing Assets to Leverage Fixed Costs 

(00:21:45) Understanding the Unit Economics of CNX

(00:28:27) The Competitive Landscape in Drilling

(00:30:05) The Engineering Excellence and Leadership at CNX

(00:30:46) Exploring the Potential of the Utica Shale

(00:32:27) The Economics of Drilling

(00:34:27) Managing the Volatility of Natural Gas Prices

(00:41:37) The Impact of Regulation on the Drilling Industry

(00:44:59) The Role of Acquisitions in Expanding Reserves

(00:51:14) Lessons Learned From CNX

This is Matt Reustle. Today, we are breaking down 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 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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.

This is Matt Reustle. Today we are breaking down HEICO. HEICO is an aerospace business, most notably operating in the aircraft parts and repairs market. This is another case study of a very successful business in a nonobvious niche market.

To break down HEICO, I am joined by Eric Ruden, an analyst at Ironvine Capital. We cover the fascinating story of the Mendelson family and how they've built HEICO into what it is today. And if you haven't listened to the 50X Podcast on TransDigm, it makes for an excellent pairing with this HEICO breakdown. So please enjoy this breakdown on HEICO.

Pair with TransDigm on 50X.

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 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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 

(00:02:53) First Question - Understanding the Aerospace Market

(00:06:58) The Role of HEICO in the Aerospace Market

(00:15:03) The History and Evolution of HEICO

(00:20:23) Introduction to Mendelson Brothers and their Business Operations

(00:22:58) The PMA Business and its Growth Drivers

(00:28:49) The Role of HEICO’s Go-to-Market Strategy Against OEMs

(00:40:05) The Role of M&A in HEICO’s Growth Strategy

(00:43:46) Comparing HEICO and TransDigm

(00:48:35) HEICO’s Financial Model

(00:50:06) Potential Risks and Challenges for Heico

(00:57:55) Key Lessons from Heico’s Business Model

This is Matt Reustle. Today, we are breaking down Intel. In the late 80s, a newly appointed CEO, Andy Grove, pivoted to exit memory chips and focus on logic chips. They were the leading edge chip designer, but Intel missed out on the mobile market and EUV technology as technology shifted. Now they're left playing catch up and falling from their iconic status.

To cover Intel, I am joined by Todd Ahlsten, CIO of Parnassus Investments. Todd started covering semiconductors in the mid-nineties and has since lived through eight cycles in the sector. We look at what separates secular changes from cyclical ones, and Todd helps outline what went wrong, what is changing today, and what we can monitor as this progresses. Please enjoy this breakdown of Intel.

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 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

(00:04:32) Introduction to Intel's History and Current Challenges

(00:10:45) Intel's Missed Opportunities and Current State

(00:12:02) Intel's Strategy for Recovery

(00:18:30) Tracking Intel's Progress

(00:21:43) Understanding Intel's Profit Pools and Future Potential

(00:29:21) The Future of GPU and CPU Markets

(00:34:34) The Future of Intel's GPU Space

(00:35:49) Recovering Intel's CPU Business

(00:44:21) The Geopolitical Dynamics Impacting Intel

(00:48:25) Competition Landscape: NVIDIA and AMD

(00:52:28) Intel's Diverse Portfolio: Mobileye, Altera, and More

(00:56:09) Risks and Challenges for Intel

(00:59:17) Intel's Role in the Semiconductor Cycle

(01:05:47) Lessons from Intel's Business Model

I'm Zack Fuss. Today we're breaking down Arthur J. Gallagher, a global insurance brokerage. AJG was established in 1927 by Arthur James Gallagher and is now one of the largest insurance brokerages by revenue, exceeding $10 billion. AJG competes with the likes of Marsh McLennan, Aon, and Willis Towers Watson. 

To break down Gallagher, I am joined by Mike Hayward, a portfolio manager at WCM Asset Management. During this conversation, we discussed the company's successful acquisition strategy, the strength of the insurance brokerage industry, and how the shifting industry dynamics will impact the durability of its competitive advantage. Please enjoy this breakdown of A. J. Gallagher.

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 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

Show Notes:

[00:00:00] First question - What AJG is and what they do 

[00:03:28] Value chain and key components of the insurance industry 

[00:06:03] Gallagher’s business segments and specialty 

[00:08:58] Their defensibility and competitive edge

[00:13:22] Stickiness and noteworthy retention rates

[00:17:06] Why the market undervalues their stickiness 

[00:19:19] Their acquisition strategy and its role in ongoing, consistent growth  

[00:25:20] What ‘The Gallagher Way’ really means and company history 

[00:29:52] Overview of the financial model and structure

[00:34:09] Potential risks to Gallagher’s continued success 

[00:39:21] Industry regulation and how they can affect the business 

[00:42:46] Lessons for investors and operators

This is Matt Reustle. Today, we are breaking down the technology conglomerate Samsung. Only Apple, Microsoft, Google, and Amazon ranked higher than Samsung in Interbrand's latest brand value rankings, with Samsung being the fifth most valuable brand in the world. It's everywhere around us: our phones, our TVs, our refrigerators, our washing machines. But, it's not those finished products that drive the majority of Samsung's profits.

To break down Samsung, I'm joined by David Samra, Managing Director and Founding Partner of the Artisan Partners International Value Team. We go inside this vertically integrated technology giant and talk about the history of the business, the manufacturing DNA and what it means to create hardware components, and how those hardware components unlock significant opportunities in the smartphone market for Samsung.

Please enjoy this breakdown on Samsung.

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 10 East. 10 East is a platform where qualified investors can co-invest on a deal-by-deal basis across private equity, private credit, real estate ventures, and other one-off opportunities typically unavailable through traditional channels. It's no surprise that founders, executives, and portfolio managers from leading investment firms are using 10 East to diversify their personal portfolios. Their level of sourcing and diligence is institutional grade. To learn more, check out 10east.com.

CSIMA, Columbia Student Investment Management Association, is hosting its 27th annual conference in New York on Friday, February 9th. Keynote speakers include John Griffin from Blue Ridge, Ian McKinnon from Sandia, Jan Hummel from Paradigm, and Sally Krawcheck from Ellevest. Get your tickets at csima.info/conference.

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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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke

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

Show Notes

(00:00) Welcome to Business Breakdowns

(04:28) First Question - How he defines Samsung compared to other brands

(09:13) Samsung's history and what led them to their capabilities today

(13:59) Unique growth and shared gains in the semiconductor industry  

(18:08) Where Samsung compares to other chips in the semiconductor space 

(22:08) Risks moving into other chip production areas 

(25:53) The disparity in margin profile between divisions 

(31:29) Potential for local competitors to bring chips into the market 

(32:48) How he thinks about growing the barriers to entry for the separate businesses   

(35:15) Leaving the handset business 

(36:31) How he thinks about the business on a consolidated basis 

(41:19) Risks associated with the business

(44:09) The regulatory climate in South Korea 

(48:33) Things he learned from studying Samsung