Today we are breaking down the publicly traded investment company 3i. You may think if you've seen one publicly traded investment vehicle, you've seen them all. Yet, 3i is an investment vehicle where one business, Dutch retailer, Action, represents well north of 50% of their net asset value. 

Our guest to break down 3i is Luke Bridgeman, a partner and portfolio manager at Hosking Partners. Luke shares the unique origin story of 3i, which dates back to pre-World War II in England. He takes us up through the present day, where longtime investment banker Simon Burrows has taken 3i and completely reshaped the asset management business into something that looks completely different.  

Please enjoy this breakdown of 3i. 

Register for the Business Breakdowns x Founders Conference.

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, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns.

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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

(00:04:25) The Origin Story of 3i

(00:06:30) 3i's Evolution and Strategic Shifts

(00:07:12) The Impact of the 2008 Financial Crisis

(00:08:20) Simon Burrows' Leadership and Strategic Changes

(00:14:25) Focus on Action: 3i's Key Investment

(00:25:23) 3i's Investment Strategy and Future Prospects

(00:29:41) Valuation and Market Position of 3i

(00:34:27) Key Risks and Management Insights

(00:37:16) Lessons Learned from Breaking Down 3i

This is Matt Reustle. We're coming up on 200 episodes of Business Breakdowns, and one of the best things about hosting this show is that while each episode brings something completely different, you start to see the connective tissue that ties businesses together.

We're often asked, "What's your favorite episode?" I certainly have favorites, but there are ideas that emerge from episodes that really stand out to me. In this episode, you'll hear several audio clips from past Breakdowns that we think stand out, and we'll share some of the context around them, why we think they're interesting, and bring the ideas to life. Please enjoy this mash-up of Business Breakdowns. 

Register for the Business Breakdowns x Founders Conference.

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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Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

—

This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

(00:02:53) Analyzing End Markets

(00:04:58) L’Oreal Breakdown: Low Barriers to Entry, High Barriers to Scale

(00:10:08) AMETEK: Small, Low Growth Markets

(00:14:06) Vulcan Materials: Geographic Nuance

(00:16:47) ASML: Technological Collaboration

(00:21:05) Dolby: The Power of Patents

This is Jesse Pujji. Today, we're breaking down Graco, a leading manufacturer of fluid handling equipment and industrial products. Graco was founded in 1926 and has become a global leader in the design and manufacturing of systems and components used to move, measure, control, dispense, and spray a wide variety of fluids and powders.

If you've ever used a paint sprayer, you might be familiar with Graco's products, but Graco's equipment is used for much more than just household tasks. Its fluid handling systems glue the soles on shoes, pump ink onto bills, lubricate heavy machinery, and even coat Doritos with flavored powders.

To break down this $13 billion dollar business, I'm joined by Aaron Wasserman, Managing Partner at Third Period Capital. We discuss Graco's market position, its huge range of SKUs, and what the future might hold. Please enjoy this Breakdown of Graco.

Register for the Business Breakdowns x Founders Conference.

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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This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

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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).

Disclaimer: This podcast does not constitute an offer or solicitation to buy any securities, investment products, or investment advisory services managed by Aaron L. Wasserman or Third Period Capital. Any such offer or solicitation will be made only at the time a qualified offeree receives a private placement memorandum describing the offering and only in those jurisdictions where permitted by law.

Show Notes

(00:00:00) Introduction to Business Breakdowns

(00:04:00) Introduction to the Episode

(00:04:52) First Question - Overview of Graco

(00:05:40) Graco's Market and Products

(00:06:57) Customer Segments and Sales Strategy

(00:09:29) Financial Performance and Growth

(00:11:08) Historical Milestones and Leadership

(00:14:34) Competitive Landscape and Differentiators

(00:23:40) Acquisitions and Future Opportunities

(00:26:31) Financial Efficiency and Capital Allocation

(00:28:10) Product Development and Cost Management

(00:28:53) Company Culture and Productivity

(00:30:44) Customer Relationships and ROI

(00:40:05) Risks and Challenges

(00:43:45) Lessons for Investors and Operators

I'm Zack Fuss and today we are breaking down Siemens Energy, a spinoff from industrial giant Siemens. Siemens Energy operates across the entire energy value chain, with a significant presence in both conventional and renewable power.

What makes this company particularly interesting is its position at the forefront of the energy transition. Siemens is uniquely placed to bridge the gap between traditional energy sources and renewables. However, the company faces real challenges, particularly in its renewables division.

To break down Siemens Energy, I'm joined by Mark Hiley, CEO of The Analyst, a London-based independent equity research firm.

Register for the Business Breakdowns x Founders Conference.

Disclaimer: The information provided in this podcast is for information purposes only and should not be considered as financial advice. The views expressed are those of the hosts and guests and do not necessarily reflect the views of the Business Breakdown Podcast or its affiliates. This podcast is directed only at persons who are professional investors only. The guest is not making any investment buy or sell recommendation or giving any price target on Siemens Energy or any other company referred to in this podcast. Investing involves risk, including the potential loss of principal. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions. The hosts and guests of this podcast may hold positions in the securities discussed. Past performance is not indicative of future results. Any opinions expressed are subject to change without notice and are not intended to provide specific advice or recommendations for any individual.

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, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

—

This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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) Our Partners: Tegus & Public

(00:01:36) Introduction to Business Breakdowns

(00:02:28) Introduction to Siemens Energy

(00:04:06) History and Spin-off of Siemens Energy

(00:07:06) Siemens Energy's Business Segments

(00:11:03) Gas and Power Segment

(00:21:02) Grid Technologies Segment

(00:29:04) Market Overview

(00:29:10) Transformation of Industry and Hydrogen Skepticism

(00:30:42) Electrification, Automation, and Digitalization

(00:31:35) Siemens Gamesa: A Wind Business History

(00:35:00) Challenges and Opportunities in the Wind Industry

(00:37:02) Future Prospects and Strategic Importance

(00:44:37) Financial Profile and Balance Sheet Analysis

(00:52:05) Concluding Thoughts and Lessons Learned

Today we are diving into the economics of the Olympics. It's a timely episode with the Paris Games ongoing right now and the economic reality for host cities is extremely poor. It's estimated that Paris is going to spend $9 billion for these 2024 games and in return, they'll generate revenue somewhere in the mid-single-digit billions.

Our guest is Andrew Zimbalist, author and economics Professor at Smith College. Andrew brings us behind the curtain to share more about the IOC, the bidding process for the Olympics, how that has changed over time, and what has led us to this period of time where cities are spending so much for so little in return. It's a really fascinating discussion and leaves you thinking about the long-term viability of the games. Please enjoy this breakdown of the Olympics.

Register for the Business Breakdowns x Founders Conference.

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, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

—

This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

Show Notes

(00:00:00) Our Partners

(00:01:46) Introduction to Business Breakdowns 

(00:02:38) Diving into the Economics of the Olympics 

(00:03:22) The Financial Strain on Host Cities 

(00:08:30) Historical Context and Changes in the Bidding Process 

(00:15:27) The Role and Influence of the IOC 

(00:18:22) Economic Impact and Cost Overruns 

(00:34:58) Tourism and Long-Term Benefits 

(00:40:14) Potential Solutions for Sustainable Olympics 

(00:42:27) Conclusion and Final Thoughts

Today, we are breaking down Axon Enterprise. You may know Axon as the pioneer of the taser. The business has truly evolved over the years and now has expanded into body cams and other supporting tools for law enforcement and the defense industries.

Our guest is Danielle Menichella, portfolio manager at Sands Capital Management. Danielle details not just how Axon expanded its product offering but also how it's shifted its business model from pure hardware to a mix of hardware and software. It's very interesting what unique customer dynamics are driving the growth in certain industries, and we get into a lot of that and more on this episode. So please enjoy this Breakdown on Axon.

Check out Danielle’s Sands Capital “What Matters Most” podcast episode on Axon.

Register for the Business Breakdowns x Founders Conference.

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, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

(00:04:55) Axon's Mission and Product Overview

(00:07:28) The Evolution of Taser and Axon

(00:10:55) Body Cameras and Market Expansion

(00:12:28) Market Opportunity and Customer Segments

(00:20:54) AI and Technological Innovations

(00:23:53) Subscription Model and Customer Retention

(00:29:26) Axon's Flywheel and Market Share

(00:30:17) Customer Base and Market Penetration

(00:31:55) Growth Engines and Product Penetration

(00:34:03) Revenue Growth and Product Adoption

(00:36:12) Margin Profile and Investment

(00:38:26) Acquisitions and International Opportunities

(00:42:54) Valuation and Competitive Landscape

(00:45:53) Risks and Public Safety Spending

(00:50:24) Key Lessons from Axon

Today, we are breaking down Rolls-Royce. A fair warning to those expecting to hear about luxury automobiles, that division was split from this business in the 1970s. But as we discuss the history of Rolls-Royce on this episode, you will hear how the DNA of this company still ties together from its early 1900s origins.

Our guest is Graeme Forster from Orbis Investments. Graeme walks us through the core business of Rolls-Royce in the aerospace market, the evolving duopoly of the wide-body aircraft engine manufacturers, and the ups and downs of properly capturing the economic opportunity. I really appreciated Graeme's intellectual honesty in discussing Rolls, and I expect you will, too. Please enjoy this Breakdown on Rolls-Royce

Register for the Business Breakdowns x Founders Conference.

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, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick.

This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

(00:04:54) Overview of Rolls-Royce

(00:08:35) History and Evolution of Rolls-Royce

(00:10:44) Rolls Royce's Aerospace and Defense Ventures

(00:11:57) Challenges and Nationalization

(00:14:43) Current Business Segments and Market Position

(00:20:57) Service Agreements and Profitability

(00:27:41) Engineering Excellence vs. Commercial Strategy

(00:31:26) The Aerospace Business Ecosystem

(00:33:11) Rolls-Royce's Margin Profile

(00:35:13) Challenges and Changes in Management

(00:37:28) Cost Structure and Revenue Optimization

(00:38:32) Engine Performance and Development

(00:40:04) Market Dynamics and Competition

(00:49:13) Future of Nuclear Reactors

(00:52:46) Capital Allocation and Management

(00:56:08) Lessons from breaking down Rolls-Royce

This is Zack Fuss. Today, we are breaking down Cintas Corporation. It is America's largest uniform rental company, and for around $1.50 per worker per day, Cintas will collect, clean, and replace uniforms for organizations in industries such as lodging, hospitality, entertainment, manufacturing, and retail.

To help break down Cintas, I am joined by Delian Entchev, a portfolio manager at Aoris Investment Management. The company's origins trace back to the Great Depression, when its founder, who was a circus worker at the time, began a small business to reclaim and clean rags for local factories in Cincinnati, Ohio.

Nearly a hundred years later, Cintas is set to approach 10 billion in sales at a 10% five-year CAGR and a 20% operating margin. It remains a family-owned business, with multiple generations of the Farmer family having held leadership roles at the company. Please enjoy this Breakdown of Cintas Corporation.

Register for the Business Breakdowns x Founders Conference.

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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

(00:05:52) Overview of Cintas Corporation

(00:07:49) Cintas's Business Model and Services

(00:14:22) Financial Performance and Market Position

(00:15:23) Historical Evolution of Cintas

(00:19:14) Economic Model and Customer Engagement

(00:21:26) Growth Drivers and Competitive Landscape

(00:27:14) Competitive Advantages and Scale

(00:32:15) Corporate Culture and Lessons Learned

(00:34:29) Challenges and Strategic Adjustments

(00:39:40) Future Risks and Opportunities

(00:43:25) Capital Allocation and Customer Relationships

(00:46:47) Lessons From Breaking Down Cintas

This is Matt Reustle. Today, we are breaking down Mineral Resources. Even if you've had some bad experiences investing in commodities, I would not skip over this one so quickly. 

Fraser Christie, investor at TDM Growth Partners, joined me to talk about how MinRes has taken a different approach to the historically cyclical boom-bust industry. We walk through the increasingly vertical integration of Mineral Resources' business and we get into some of the thoughtful capital allocation that has taken place through this history. It's a very fun business with a very fun founder who still remains a key player. Please enjoy this breakdown of Mineral Resources.

Register for the Business Breakdowns x Founders Conference.

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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

(00:05:58) Deep Dive into Mineral Resources' Business Segments

(00:07:26) Founder Chris Ellison's Entrepreneurial Journey

(00:10:22) Overview of the Mining Market and Its Competitive Landscape

(00:16:43) Mineral Resources' Financial Model and Capital Allocation Strategy

(00:27:59) Intercompany Innovations and Employee Welfare

(00:36:03) The Time Line for Recouping An Investment in Mining

(00:40:11) Mineral Resources as a M&A Target

(00:43:56) Main Risks and Challenges

(00:49:38) Lessons From Breaking Down Mineral Resources 

Today, we are breaking down Motorola Solutions. This breakdown is a fascinating story of brand versus business, as Motorola was a mainstay on Interbrands' Top 100 Brand list for most of the 2000s. 

I'm joined by Portfolio Manager, Joseph Shaposhnik. We discuss how Motorola achieved stealth success over the past 15 years while Apple overtook its iconic flip phone. We also cover how CEO Greg Brown worked with two, and arguably three, activist investors to focus on mission-critical communications, a very specific customer segment, and a more blended hardware-software model. It's a truly great example of a business finding a niche and executing to a T. Please enjoy this Breakdown on Motorola.

Register for the Business Breakdowns x Founders Conference.

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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account.

-----

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

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

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

(00:05:35) The Fall and Rise of Motorola Solutions

(00:07:05) Greg Brown's Strategic Leadership

(00:12:26) Motorola's Business Model and Market Position

(00:16:27) Land Mobile Radio Networks Explained

(00:23:26) Video Security and Command Centers

(00:28:53) Financial Performance and Growth Strategy

(00:33:12) Motorola’s Strong Pricing Power

(00:37:27) Saturating The Customer Through Acquisitions

(00:41:38) Competitive Landscape and Future Prospects

(00:45:03) The Threat of Competition In Software

(00:50:23) Motorola as an Acquisition Target

(00:52:39) Lessons from Motorola Solutions