In this episode, we explore our recent research on TransDigm and discuss:

How traditional OEM's approach OE and aftermarket pricing vs TDGHow TDG's aftermarket philosophy is unique How airframers could combat TDG bargaining power How we approached our research to understand TDG pricing power

We discuss our recent research piece on Spotify's push into Podcasting and how it plans to monetise shows via advertising. We explore:

How to segment Spotify's podcast inventory and monetisation methods across inventory typesBidding and sales mechanisms across top podcast shows Spotify's take rate across inventory typesSpotify Podcast unit economics and outlook

We discuss our recent research on Wayfair CastleGate and its logistics offering to suppliers. We explore:

How furniture dropshipping compares to Wayfair CastleGate logisticsPotential advantages of Wayfair CastleGate vs dropshipping Challenges driving CastleGate penetrationHow we're exploring Wayfair logistics unit economics vs competitors More on our upcoming furniture supplier survey

We discuss how SHEIN has structured its supply chain relative to incumbent fashion retailers. We explore:

Zara and SHEIN's supply chain philosophy How SHEIN can pay suppliers within 4 daysSustainability and QC challenges at SHEINHow Boohoo and ASOS can react to SHEIN's growth

We discuss the process and structure of our recent analysis on Constellation's 5 operating KPIs. We explore:

How CSI reports revenue and cost lines in consolidated vs opco accountsThe 5 major KPIs CSI uses to manage VMS businessesCSIs moat vs other VMS acquirers What one can learn from the 5 KPIs in operating VMS

We discuss the process and structure of our recent analysis on HEICO's acquisition of Wencor. We explore:

The structure of the aftermarket value chainSynergies between HEI / Wencor across PMA, MRO, and distribution Advantages of owning MRO and distribution with PMA assetsHow HEI bargaining power changes post-acquisition Why the alternate bill of materials strategy is an opportunity for HEI

We discuss the process and hypotheses we're testing in our recent survey with CACC dealers. We also explore:

The two core questions we explore in the CACC survey and why they are important How we approached sourcing auto dealers to complete the survey Why sourcing quality executives is difficult and techniques to improve sourcingOur approach to conducting quality surveys and upcoming work

We discuss the year-1 performance of Altera, CSI's largest acquisition to day, and share our learnings from 6+ hours of interviews with Former Altera / Allscripts executives and CSI M&A execs who worked on the deal. We explore:

Why Altera's customer churn could be higher than expectedChallenges meeting meaningful use regulations and new product development on Altera's R&D budgetImpact on CSI's potential levered and unlevered IRRComparison with Acceo, CSI's first LBO in 2018

We discuss the 6-month research project that led to our report on CSI's competitive risks. We discuss why it seems everyone today is rolling up VMS and the potential risks to CSI, including:

How many CSI copycats we found across US / EU How their strategy differs to CSIHow increased competition may increased CSI ROIIC

We discuss the history of Burford Capital and more specifically:

Why Muddy Waters' short was perfect timingLitigation finance as an asset class vs other altsBUR Management team Risks with the business and investment case