Business Breakdowns Colossus

This is Zack Fuss. Today, we are breaking down the U.S. Marina Industry. In the U.S. there are more than 11,000 marinas, grossing over $6 billion in sales. 
Today, there is a 12 to 1 ratio of registered boats versus the supply of rentable wet slips and dry storage spaces. Zoning regulations lead to limited supply growth, which has led to a sustained backdrop of strong, profitable growth for the industry. 
To break down the industry, I am joined by David Chesner, co-CEO of Grove Point Marinas, and Josh Koplewicz, managing partner of Thayer Street Partners. We discuss how Marinas are currently evolving from a largely local and independent model to one that is institutionalizing as an asset class and lowering the industry's cost of capital, helping to finance growth. And, to illustrate the unit economics, we cover the largest players in the space, including publicly traded Sun Communities’ Safe Harbor Marina business. Please enjoy this breakdown of the Marina Industry. 


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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
(00:05:21) Overview of the Marina Industry
(00:08:00) Revenue and Margins in the Marina Business
(00:10:36) Operational Improvements and Best Practices
(00:12:54) Challenges in Marina Development
(00:14:10) Competitive Landscape and Market Players
(00:27:02) Growth Strategies and Financial Insights
(00:34:28) Risks and Resilience in the Marina Industry
(00:39:08) Lessons Learned from the Marina Industry

Today, we are breaking down the South Korean e-commerce giant Coupang. If we ran through the taxonomy of investor interests, this Coupang conversation checks many boxes on that list. It is a founder-owned and operated business, a business that went through a massive pivot years into existence, a business that's replicating the Amazon model to success, and a business with healthy debates on the TAM & financial trajectory going forward.
Our guest today is Drew Cohen from Speedwell Research. We want Business Breakdowns to be the most efficient way for you to learn about a company, so we pack that information as densely as possible into about an hour of each episode, but if you are itching for more on Coupang, check out Drew's full report at speedwellresearch.com. Please enjoy this Breakdown of Coupang.

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) Welcome to Business Breakdowns
(00:04:52) An Overview of Coupang
(00:07:49) Coupang's Founder Story
(00:10:46) The Pivot to Amazon Model
(00:13:49) Coupang's Logistics and Delivery Innovations
(00:17:32) Coupang's Market Position and Competition
(00:25:24) Consumer Behavior and Market Dynamics
(00:34:15) Understanding Gross Margins and GMV
(00:36:48) Operating Leverage and Logistics Infrastructure
(00:38:06) Future Growth and Market Expansion
(00:41:30) Advertising and Brand Dynamics
(00:48:59) Competitive Landscape and Risks
(00:56:12) Valuation and Market Perception
(00:59:15) Key Lessons from Coupang's Success

This is Zack Fuss. Today we are breaking down Lifco, a Swedish conglomerate recognized amongst a group of notable Scandinavian serial acquirers. Lifco’s business focus is to acquire and develop market-leading niche companies that run independently and are largely self-funded business units. Carl Bennet, the current chairman, is the architect behind Lifco and was the former CEO of the famed Electrolux in the 1980s.
After acquiring a business out of Electrolux with a friend, Carl formed the group that is now today's Lifco. The roots of the business are in the medical sector, specifically dental, but have since grown into a diversified conglomerate as an acquirer of dental instruments, demolition equipment, and a wide array of specialized industrial businesses. 
I'm joined by Adnan Hadziefendic, a portfolio manager at REQ Capital. We discuss the company’s clear philosophy centered on constant long-term growth, a focus on profitability, and an intentionally decentralized organization. Please enjoy this breakdown of Lifco. 


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) Welcome to Business Breakdowns 
(00:05:27) Lifco's Business Model and History
(00:06:29) Core Segments of Lifco’s Business and Acquisition Strategy
(00:07:14) Carl Bennett's Role and Lifco's Evolution
(00:09:53) Lifco's Turnaround and Expanding Outside of Dental
(00:13:47) M&A Strategy and Integration
(00:16:53) Lifco Playbook for Post-Acquisition
(00:22:41) Decentralization as Paramount to the Lifco Culture 
(00:28:02) Aligning Incentives Across Acquisitions
(00:34:31) The Recent Leadership Transition
(00:38:56) Lifco’s Capital Allocation Strategy
(00:41:10) System Solutions and Future Growth
(00:47:37) Lessons from Breaking Down Lifco's

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.


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) 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 

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.
-----
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

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.

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 | @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