Выпусков: 100

Discover how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Business Breakdowns Colossus

    • Бизнес
    • 4,7 • Оценок: 218

Discover how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

    The Business of Sport: NFL, F1, PGA Tour

    The Business of Sport: NFL, F1, PGA Tour

    This is Dom Cooke and this week is a little different. It’s Super Bowl week and to get in the mood, we’re doing a sports special as we break down the business behind 3 iconic sports - The NFL, Formula 1, and the PGA Tour. Now, these are not new episodes. We have covered each of these sports over the past two years on Business Breakdowns. But for this episode, we have condensed those conversations into 100 minutes of action, focusing on the similarities and differences between these major leagues.
    In terms of revenue, the NFL dwarfs the other two sports. But in terms of eyeballs, Formula 1 is the clear global leader. And from a strategic perspective, it’s fascinating to see the evolution since we aired these episodes. For example, you’ll hear Formula 1’s CEO talk about the US being a key growth market, and then you’ll notice that last week Red Bull unveiled their 2023 car in New York. This year’s calendar has 3 US races. Similarly, the upcoming weekend is the second in a series of PGA Tour events designed to bring more of the top golfers together on a regular basis. Neil explains why that was desperately needed in more detail towards the end of this episode.
    Finally, before we jump into the action. I wanted to highlight our newest Colossus show, Making Media. If you enjoy Business Breakdowns, I think you’ll enjoy that show too. I think of it as a real-time Business Breakdown of our media business, Colossus, and the media industry writ large. Make sure to check it out if you like the sound of it. You’ll find a link in the show notes.
    Now, without further ado - let’s get to the Business of Sport, starting with the NFL.
     
    Making Media: Hunting for Magicians with Patrick O’Shaughnessy The National Football League Formula 1: The Iconic Motor Sport PGA Tour: Playing Under Pressure  
    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 Tegus. Tegus is the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    PART 1: THE NFL (LINK TO FULL EPISODE)
    [00:03:10] - [First question] - Overview of what the NFL is 
    [00:04:32] - The financial side of the NFL as a business and their biggest points of growth
    [00:07:46] - The rough growth rate of the NFL over the past five years 
    [00:08:23] - General scale of the viewership and audience of the NFL 
    [00:09:54] - How the NFL is structure and what’s unique about it 
    [00:14:07] - The media rights profit split 
    [00:15:43] - Other major differences between the NFL and other major sports leagues 
    [00:16:40] - The implications of players getting paid

    • 1 ч. 41 мин.
    Qualcomm: Making Smartphones Smart

    Qualcomm: Making Smartphones Smart

    This is Zack Fuss, an investor at Irenic Capital, and today we're breaking down Qualcomm. When you think of semiconductors, Qualcomm isn’t necessarily the first name that comes to mind but its size and utility in our lives is truly striking. The business has an enterprise value of $150 billion and set the standards for 3G, 4G, and 5G mobile connectivity that we rely on so heavily in our daily lives today. I bet that if you don’t have a Qualcomm product in your pocket right now, you most certainly have one in your home. To break down the business, I’m joined by Jay Goldberg, a semiconductor industry consultant and partner at Snowcloud Capital. Please enjoy this breakdown of Qualcomm.
     
    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 Tegus, the modern research platform for leading investors. I’m a longtime user and advocate of Tegus, a company that I’ve been so consistently impressed with that last fall my firm, Positive Sum, invested $20M to support Tegus’ mission to expand its product ecosystem. Whether it’s quantitative analysis, company disclosures, management presentations, earnings calls - Tegus has tools for every step of your investment research. They even have over 4000 fully driveable financial models. Tegus’ maniacal focus on quality, as well as its depth, breadth and recency of content makes it the one-stop, end-to-end research platform for investors. Move faster, gather deep research to build conviction and surface high-quality, alpha-driving insights to find your differentiated edge with Tegus. As a listener, you can take the Tegus platform for a free test drive by visiting tegus.co/patrick.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    [00:02:41] - [First question] - Describing what a semiconductor is for laypeople 
    [00:03:51] - Distinguishing between chip designers and producers
    [00:04:53] - Why the semiconductor industry evolved the way it did 
    [00:05:57] - The history of Qualcomm from the 50s leading up to today 
    [00:08:40] - Where Qualcomm fits into the world of wireless phones 
    [00:12:01] - What winning the war of standards means for their economics writ large
    [00:13:42] - The dynamics within the business that influenced their growth 
    [00:16:00] - Qualcomm’s direct competitors as they exist today 
    [00:17:20] - The relationship between Qualcomm and Apple
    [00:19:42] - What’s happened over the last couple of years in the industry
    [00:21:05] - The possibility of a structural tailwind in a digitally interconnected world 
    [00:22:56] - Some of the competitive hostility in the semiconductor space
    [00:26:58] - Unique directions Qualcomm could be taken beyond positioning 
    [00:29:02] - What they can do with their abundant free cash flow 
    [00:30:24] - Variables that preserve and could threaten their margins 
    [00:32:58] - Where Qualcomm sits within the global struggle for chip dominance geopolitically 
    [00:35:00] - Capacity constraints that could impact them directly 
    [00:36:51] - Lessons for investors and operators when studying Qualcomm’s story
    [00:39:50] - Unique characteristics of Qualcomm’s company culture  
    [00:41:06] - Thoughts about Steve and Aman as CEOs
    [00:43:08] - Where Meta, Apple, and Microsoft source their chips 

    • 44 мин.
    Orangetheory Fitness: A Franchise HIIT

    Orangetheory Fitness: A Franchise HIIT

    This is Matt Reustle and today we are breaking down the fitness franchise, Orangetheory. I have wanted to do a deep-dive on franchising for a while now and I always knew who the guest would be. I’m joined by a man fully dedicated to all things franchisee and franchisor - the Wolf of Franchises.
    We talked through the origin story of Orangetheory and the tech-enabled concept that helped differentiate them during the boutique group fitness boom. Wolf walks me through the economics for both the franchisees and the franchisor – and he helps compare this to the rest of the franchise system throughout the conversation.
    If you’re in any way curious about franchises – I think you’ll enjoy this episode. And if you do, make sure to check out Wolf’s work at wolfoffranchises.com – it’s the exact type of niche dedicated content that I love. Enjoy this breakdown of Orangetheory.
     
    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 Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    [00:02:55] - [First question] - What makes Orangetheory unique from their competitors
    [00:04:47] - Orangetheory’s founder and origin story
    [00:06:53] - What it looks like going from an initial concept to a franchise 
    [00:08:56] - Whether or not early franchises have pricing and adjacent benefits 
    [00:11:17] - How their franchisee numbers rank compared to their competitors 
    [00:13:09] - How their location numbers rank compared to their competitors 
    [00:15:39] - What it would look like applying for and becoming an Orangetheory franchisee
    [00:17:52] - How much Orangetheory cares about their franchisees being good operators
    [00:20:35] - Upfront franchise fees and other parent company revenue streams 
    [00:23:15] - How much revenue is actually going back to the Orangetheory parent company
    [00:25:41] - Whether or not the parent company helps with upfront costs
    [00:28:01] - Overcoming the barrier of up front capital for a franchise 
    [00:29:33] - Unit economics and business models for fitness instructors 
    [00:30:53] - Rules of thumb and variables to break even on an Orangetheory franchise
    [00:34:04] - The average cash flow generated by a mid-tier Orangetheory franchise 
    [00:35:16] - Where an owner might have to reinvest their profits into the business
    [00:37:14] - Additional marketing and mandatory costs required of an owner 
    [00:38:47] - How franchisees are protected by new locations 
    [00:40:47] - The main risks to an ecosystem like Orangetheory over the next five years 
    [00:44:17] - Key takeaways for operators and investors from Orangetheory’s story

    • 46 мин.
    WeChat: China’s Operating System

    WeChat: China’s Operating System

    Today, we’re breaking down one of the most important apps in the world, WeChat. WeChat is the default operating system for life and business in China. Founded inside of Tencent in 2011, it is the original super app and its 1.3 billion monthly active users can order food, message friends, play games, pay bills, shop, and more on the service.
    To break down WeChat, I’m joined by Connie Chan. Connie is a General Partner at Andreessen Horowitz and is well-known across Silicon Valley for her deep knowledge of the Chinese consumer technology landscape. We discuss WeChat’s legendary founder, how trust is integral to the app’s success, and why we haven’t seen super apps proliferate in the West. Please enjoy this breakdown of WeChat.
     
    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 Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    [00:02:40] - [First question] - Overview of the super app model
    [00:04:43] - How apps and software from the Western world differ from WeChat
    [00:06:19] - WeChat’s history in China and why it dominates
    [00:08:27] - Seeing WeChat as an OS within an app
    [00:09:19] - How service unification in WeChat affects privacy, identity, and marketing
    [00:13:16] - High-level analysis of their business model and reach
    [00:16:53] - What Westerners would find surprising about using WeChat
    [00:18:04] - History and functionality of WeChat Pay
    [00:23:14] - The importance of their integrated Mini Programs 
    [00:25:56] - Factors impacting their margin structure
    [00:28:51] - Holistic design philosophies for maintaining user engagement and trust
    [00:30:44] - WeChat’s saturation point and how future growth might look
    [00:32:02] - How they leveraged mobile-only coding, self-disruption, and internal competition
    [00:37:21] - Initial app build - simplicity for steady growth
    [00:38:36] - How her understanding of WeChat influences her investment decisions
    [00:41:47] - Western companies that have super app potential
    [00:43:52] - Exporting the philosophy of treating your app users like friends to Western developers
    [00:44:25] - The relationship between WeChat and the suppliers on their platform
    [00:47:14] - Uncertainty caused by software regulations in China
    [00:47:53] - Attributes of her typical investments
    [00:49:42] - Lessons for operators and investors when studying WeChat’s story

    • 52 мин.
    Hermès: The Luxury Icon - [Business Breakdowns, EP. 92]

    Hermès: The Luxury Icon - [Business Breakdowns, EP. 92]

    Today’s breakdown has been at the top of our to-do list since the show started. There are few brands as strong as this one and the way the Dumas family has nurtured it over six generations is remarkable. We are, of course, talking about one of the ultimate status symbols, Hermès.
    What began as a specialty saddles business in the mid 1850s has become famous for iconic handbags and other luxury items. Last year, the business earned $9 billion at 70% gross margins. It does things differently and to explore the details behind its difference, I’m joined by long-time shareholder, Mark Urquhart. Mark is a partner at Baillie Gifford and head of their Long Term Global Growth team, which he co-founded in 2003. Hermès was in the original portfolio when it launched in 2004 and has been held since then. Please enjoy this breakdown of Hermès.
     
    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 Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    [00:02:29] - [First question] - The iconic Birkin and Kelly bags explained
    [00:04:41] - New price and resale price for a Hermès bag
    [00:06:13] - Production and distribution dynamics of Hermès bags
    [00:08:11] - Overview of the company’s scale and structure
    [00:09:52] - The basic margin structure and history of Hermès
    [00:12:10] - Defensibility of investing in a luxury brand like Hermès
    [00:15:48] - Market size and potential for future growth
    [00:21:20] - The power of Hermès’ long heritage history
    [00:26:37] - His definition of luxury and the role of luxury products in culture
    [00:30:49] - The Hermès manufacturing model and their focus on craftsmanship
    [00:35:28] - Strategies that Hermès has chosen to avoid
    [00:38:51] - The importance of their six-generation family stewardship
    [00:42:42] - How the family has maintained the business for so long
    [00:45:41] - Overview of retail sales and their distribution model
    [00:48:28] - Learnings from Hermès’ marketing strategy
    [00:52:08] - How he would set up a brand if he needed it to compete with Hermès
    [00:54:28] - Companies that come close to Hermès from an investment perspective
    [00:56:20] - The complexity of Hermès’ valuation and growth potential
    [01:00:59] - Why Hermès maintains a conservative capital allocation model
    [01:03:07] - The importance of their consistently simple products and business model

    • 1 ч. 8 мин.
    L’Oreal: Because You’re Worth It

    L’Oreal: Because You’re Worth It

    This is Matt Reustle, and today we are breaking down the personal care giant, L'Oreal. Founded in the early 1900s by a French chemist, L'Oreal and its long list of iconic brands have been driving cosmetics innovation for over a century. To break down the business, I am joined by Zehrid Osmani - Head of the Long-Term Unconstrained team at Martin Currie. We cover the history of brand innovation, global expansion, and all of the dynamics that played a role in L'Oreal's success.
    I'd mention this episode is an excellent pairing with our Founders podcast episode 217 on Estee Lauder. The two dominant players in the beauty market have fascinating beginnings, and their stories clearly aren't over. Please enjoy this breakdown of L'Oreal.
     
    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 Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.
     
    -----
     
    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 | @jspujji | @zbfuss | @ReustleMatt
     
    Show Notes
    [00:02:27] - [First question] - Origins of L’Oreal and its scientific approach
    [00:04:01] - Structure and market share of L’Oreal today
    [00:04:36] - Outline of L’Oreal’s brands and consumer products
    [00:07:30] - Licensed agreements versus fully owned brands
    [00:08:48] - Market split between mass market, high-end, and professional products
    [00:09:31] - Strategy-driven growth by division since 2014
    [00:11:03] - Reasons why acquisitions are a key part of L’Oreal’s strategy
    [00:14:26] - Noteworthy competitors in the same markets
    [00:16:03] - Sales and marketing strategies within stores and e-commerce
    [00:19:47] - How L’Oreal deals with the logistical challenges of e-commerce
    [00:21:59] - Margins and long-term growth
    [00:24:40] - Overhead costs and the proportion spent on advertising
    [00:25:57] - Advertising campaigns and legacy of L’Oreal’s advertising strategy
    [00:30:03] - L’Oreal’s R&D strategy and budget
    [00:33:09] - Breakthroughs in the development of new products
    [00:34:42] - L’Oreal’s global presence and price stratification to serve diverse geographies
    [00:39:59] - The company’s potential future growth opportunities
    [00:42:19] - Operating margin and profitability over time from an investor’s perspective
    [00:44:39] - Re-investment in the company versus dividend payout
    [00:45:14] - More on acquisitions as a piece of the overall model
    [00:46:25] - Key risk categories for the business 
    [00:51:43] - L’Oreal’s commitment on sustainability and ESG broadly
    [00:55:52] - Lessons learned from analyzing L’Oreal

    • 57 мин.

Отзывы покупателей

4,7 из 5
Оценок: 218

Оценок: 218

Frankieg33 ,

Primers on businesses

The podcast helps you understand how businesses function, how they make money, where they stand from a competitive perspective, etc. With it basically impossible to avoid business, the podcast basically it’s a source of understanding how the world works that I wish has been democratizing knowledge when I was a kid, although better late than never!

MSTAN12 ,

New episodes are more interesting

This podcast is great. I really enjoyed the last two episodes, and would like to continue to see more questions inserted into the episode as compared to the GE episode, and more new young maybe overlooked companies like Trader Joe’s.

ba11111117777 ,

A+

Insightful deep dives with thoughtful questions

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