Business Breakdowns Colossus

We have a special episode today, breaking down the CHIPS Act. We've covered the semiconductor space in depth on Business Breakdowns, but in this conversation, we go broader. We discuss the CHIPS Act, enacted by Congress in 2022, which aimed at boosting the US's semiconductor manufacturing capabilities to better compete with East Asia.
America had been dependent on that foreign manufacturing which created massive shortages, having implications across some of our most important resources and defense systems. The CHIPS Act itself provides just under $53 billion in subsidies for US companies and the goal is to build out these capabilities with leading edge logic and memory fabrication, advanced packaging facilities, and advanced capacity for current generation semiconductors. 
My guest today is Todd Fisher, CIO of the CHIPS Act office. We discuss some of the broader questions any investor might have about subsidized industry programs and how that will shift to the natural free market supply & demand dynamics that you would typically see in industries like semiconductors. It's truly a wide range of conversation and particularly timely with the recent funding announcements from the team. Please enjoy this breakdown of the CHIPS Act.


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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 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.
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
(00:05:23) Current State of the Semiconductor Supply Chain
(00:08:50) Funding and Incentives Breakdown
(00:11:23) Sustainability and Long-term Viability of Projects
(00:15:54) Building Economic and National Security
(00:18:25) Massive Undertakings in Fab Construction
(00:20:49) Vision for Success and Leading Edge Fabrication
(00:29:54) Workforce Development and Environmental Considerations
(00:36:55) Future Milestones and Program Success Metrics
(00:44:00) TSMC Moving Capacity Into the USA
(00:48:43) The Effect of the Upcoming Election on the CHIPS Act 
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Today we are breaking down InterDigital, a really interesting business that sits completely under the radar for most investors.
InterDigital has the foundational patented technology that makes mobile phone communication and device-to-device communication possible. Everything revolving around 2G, 3G, 4G, 5G, the Internet of Things, and all of these devices in the world that communicate with one another is underpinned by InterDigital technology.
My guest is Jenny Wallace, co-founder and CIO of Summit Street Capital Management. We discuss InterDigital's five decades of history, what it takes to maintain its patent portfolio of 30,000 patents, and much more. Please enjoy this Breakdown on InterDigital. 

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.
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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) Introduction to Business Breakdowns
(00:04:40) The History and Evolution of InterDigital
(00:05:49) InterDigital's Impact on Wireless Communication
(00:10:12) Exploring the Patent Portfolio and Business Model
(00:16:13) Technology as the DNA of the Company
(00:20:45) An Evolving Business Model and Maintaining 30,000 Patents
(00:25:00) InterDigital's Legal Battles and Financial Health
(00:31:12) Volatility in InterDigital’s Revenue Stream 
(00:37:21) R&D Spend as a Key Focus
(00:41:13) The Future of InterDigital: Opportunities and Challenges
(00:48:57) Investment Perspectives and Valuation Insights
(00:53:46) Lessons Learned From InterDigital
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Today, we break down India's largest non-banking financial company, Bajaj Finance. Bajaj has a market cap of over $50 billion, which can largely be attributed to the significant growth over the past two decades. One of the headline numbers that immediately caught my attention from Bajaj is that the loan book compounded 40% from 2009 to 2022.
To break down Bajaj I'm joined by Saurabh Mukherjea, the founder and CIO of Marcellus Investment Managers. Saurabh previously joined us for a breakdown on Titan and returned to dive into this specialized lender.

Please note: Marcellus also holds shares in Microsoft and Amazon.

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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, 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.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:06:00) The Innovative Lending Model of Bajaj Finance
(00:10:18) Origins and Evolution of Bajaj Finance
(00:19:33) The Competitive Edge: Technology and Culture at Bajaj
(00:27:01) Underwriting and Risk Management Strategies
(00:29:26) Exploring Bajaj Mall's Competitive Edge
(00:32:24) Geographical Expansion and Market Adaptation
(00:33:23) Leveraging Mobile Data for Digital Transformation
(00:38:12) Financial Model and Profitability Analysis
(00:40:27) Customer Retention and Business Segmentation
(00:43:23) Strategic Capital Allocation and Growth Plans
(00:48:10) Navigating Regulatory Challenges and Future Risks
(00:56:14) Key Lessons from Bajaj Finance
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Welcome back for part two of this business breakdown on the private credit markets. I am now joined by Josh Clarkson, managing director at Prosek Partners. 
Our discussion with Armen was really focused on the supply & demand dynamics of private credit, where the public markets & regulatory markets have played a role, that certainty and speed of getting deals done, and how that has proved to be an advantage for private credit versus traditional solutions.
In our conversation with Josh, we transition into some broader takeaways, the history of the private credit markets, and some of the wrappers and what they have meant to the private credit markets. You will often hear about business development companies (BDCs), and we get into exactly how they are differentiated from traditional solutions. We also cover differentiation within that own subsegment, the public BDCs versus the private BDCs, what has happened in times of stress, what the fundraising environment has been like, and the future market outlook. Please enjoy part two of our breakdown on private credit.

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.
-----
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.
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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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
(00:05:32) Deep Dive into Private Credit Markets: Part Two
(00:06:57) Exploring the Competitive and Collaborative Dynamics of Banks and Private Credit Funds
(00:10:41) The Mechanics of Leverage in Private Credit Funds
(00:12:10) The Evolution of Business Development Companies (BDCs)
(00:19:34) Sector-Specific Strategies in Private Credit
(00:24:48) Historical Context: Life Insurance Companies as Original Credit Providers
(00:26:19) The Financial Crisis: A Turning Point for Private Credit
(00:28:39) The Role of BDCs in Today's Private Credit Landscape
(00:31:08) Differentiating Private Credit Strategies and Structures
(00:34:39) Navigating the Complex World of BDC Metrics and Valuations
(00:41:47) Adapting to Rising Rates: Strategies and Opportunities
(00:46:27) Looking Forward: Innovation and Growth in Private Credit
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Today, we have a special two-part episode on private credit. In 2023, the global private credit market topped $2.1 trillion in assets and committed capital. Rather than making blanket statements like private credit is an emerging bubble, we wanted to explore the various segments of private credit and ask simple questions like “Where is this growth coming from?”, take a closer look at supply and demand, and capture some of the nuance that is so important to any analysis of these emerging markets. 
To start, we use the lens of a successful fund manager in the space, Armen Panossian, the co-CEO of Oaktree. Beyond Howard Mark's famous memos, Oaktree is a $192 billion asset manager known for its long history in credit. We hope these conversations give you a better sense of what's happening in the private credit ecosystem, the difference between strategies and wrappers, the demand for private credit solutions, how regulations have impacted this market, and much more. Please enjoy this breakdown on private credit. 

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.
-----
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.
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.
-----
Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:06:32) - Deep Dive into Private Credit: A Growing Market
(00:08:47) - Exploring the Dynamics of Supply and Demand in Private Credit
(00:11:38) - The Evolution of Private Credit Since the Global Financial Crisis
(00:15:58) - The Role of Private Equity and Banks in Private Credit
(00:19:33) - Building a Sustainable Advantage in Private Credit Strategies
(00:24:02) - Innovative Financing: The Case of Life Sciences Lending
(00:27:53) - Identifying New Opportunities: Infrastructure Lending and Rescue Financing
(00:30:40) - The Importance of Fund Size in Private Credit Strategies
(00:33:02) - Oaktree's Approach to Private Credit Products
(00:36:55) - Investment Strategy and Allocation Across Funds
(00:39:42) - Risk Management and Restructuring Expertise in Private Credit
(00:42:19) - Navigating the Secondary Market for Private Loans
(00:44:06) - Evolving Landscape of the Distressed Debt Market
(00:47:43) - Impact of COVID on Private Credit Valuations
(00:51:46) - Oaktree and Brookfield: A Strategic Partnership
(00:53:33) - Future Considerations: Rates, Elections, and Economic Implications
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Today, we are breaking down British American Tobacco. Regardless of your views on tobacco as a product, the market is one of the oldest in the world. My guest for today is Evan Tindall, co-founder and CIO of Bireme Capital, and he helps us cover how the tobacco market has evolved.
We go way back in time, discussing how the product itself has evolved from smoking pipes to cigarettes to what we're seeing today - the nicotine pouch market and all the craze around it. We also cover how you evaluate a company where the market outlook is so uncertain. Please enjoy this breakdown of British American tobacco.

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.

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
(00:05:18) The Rich History of Tobacco and British American Tobacco
(00:10:25) The Evolution of Tobacco Products and Market Dynamics
(00:13:46) Regulatory Landscape and Its Impact on Tobacco Industry
(00:16:04) The Rise of Next-Generation Tobacco Products
(00:18:44) Market Trends and the Future of Tobacco Consumption
(00:28:57) Challenges and Opportunities in the Tobacco Industry
(00:31:34) Investment Perspectives and the Future of British American Tobacco
(00:36:07) Investors Shying Away From Owning Tobacco Companies
(00:42:32) Effects of The Vaping Phenomenon
(00:44:29) Lessons Learned From British American Tobacco
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