This is Matt Reustle and today we are breaking down the iconic video game publisher, Electronic Arts. EA’s corporate history dates back to the 1980s and the business has evolved with all of the industry shifts in the decades since. To break down EA, I am joined by the author of The10thMan blog. We cover the role of a publisher in the video game ecosystem, the history and dynamics behind crown jewels like FIFA and Madden, and what the growth in mobile and new forms of monetization mean to a busin...
Apr 12, 2023•57 min•Ep. 106
Today we’re breaking down India’s largest jewelry business, Titan. Titan began life as a watchmaker in 1984 through a joint venture between India’s biggest conglomerate, Tata Group, and the Tamilnadu state government. Today, the vast majority of its $4 billion in revenue come from its collection of jewelry brands, and Tanishq in particular. To break down the business, I’m joined by Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers. We cover the importan...
Apr 05, 2023•1 hr 4 min•Ep. 105
This is Matt Reustle and today we are breaking down the National Basketball Association. The NBA topped $10bn in revenue last season, in line with MLB and behind only the NFL in terms of major sports leagues. The initial headlines for the next media rights deal, which is coming in 2025 suggest a 200% to 300% increase versus the previous contract. But what's particularly interesting about these data points is that they stand in sharp contrast to declining viewership numbers. To break down the NBA...
Mar 31, 2023•1 hr 10 min•Ep. 104
Compound248 is back to host another episode of Business Breakdowns. His most recent podcasts have focused on digital infrastructure and today we continue with that theme, but with a twist. Our guest is Wall Street Legend Jim Chanos, famed for bringing a skeptical eye to a credulous world. Together, we walked through his short thesis on the US Data Center REITs, his bear case for commercial real estate, and some broader wisdom on how management can thoughtfully respond to short sellers. Let's get...
Mar 29, 2023•43 min•Ep. 103
Today, we’re breaking down Markel. Markel is an insurance and investing business. It shares the same operating structure as Berkshire Hathaway in that it uses insurance underwriting profits to fund an investing portfolio that includes both minority and controlling interests in public and private businesses. It was founded in 1930 by Sam Markel to insure Jitney buses and today it is a Fortune 500 company with a market value of $17 billion. To break down Markel, I’m joined by Peter Keefe and Saura...
Mar 22, 2023•1 hr 2 min•Ep. 102
This is Jesse Pujji and today we’re breaking down The Walt Disney Company. Disney needs no introduction. We have all interacted with the entertainment empire in some capacity. It was founded 100 years ago as the Disney Brothers Cartoon Studio and over the ensuing century, the business has grown into a conglomerate of entertainment properties that includes the likes of Pixar, Marvel, Disneyland, ESPN, National Geographic, and Disney+. To explain how the business fits together, I’m joined once aga...
Mar 15, 2023•50 min•Ep. 101
Today we are breaking down the world’s fastest-growing sports league, The Indian Premier League. The Indian Premier League, often shortened to IPL, is a cricket competition that takes place in India every year between the end of March and end of May. There are 10 teams, 74 matches, and the competition starts and ends within 2 months. The biggest sports leagues tend to come with long histories. You can trace the NFL back to 1920, the NBA to 1946, and Formula 1 to 1950. In stark contrast, the IPL ...
Mar 08, 2023•1 hr 35 min•Ep. 100
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Wise. Wise helps individuals and small businesses move money across borders. It offers significantly faster and cheaper international transfers than traditional banking routes because of its innovative closed-loop system. Twelve years after its founding, Wise serves six million customers and earned close to £1 billion in income last year. Investors currently value the business, which is listed in London, at £6 billio...
Mar 01, 2023•1 hr 7 min•Ep. 99
This is Matt Reustle and today we are breaking down Europe's largest airline, Ryanair. As we do more breakdowns, we start to look for patterns of successful business models that succeed across different industries. Ryanair is another case study in low-cost shared economies of scale. To break down Ryanair, I'm joined by Holland Advisors’ founder and portfolio manager, Andrew Hollingworth. On this episode, we talk about what makes airlines such a difficult industry for investors, how CEO Michael O...
Feb 22, 2023•48 min•Ep. 98
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Constellation Software. Constellation is a conglomerate which owns more than five hundred vertical market software businesses. It was founded by Mark Leonard in 1995 and has delivered remarkable returns to shareholders since going public on the Toronto stock exchange in 2006. To break down Constellation, I’m joined by Chris Cerrone, a Partner and Portfolio Manager at Akre Capital Management. We discuss Mark Leonard’s...
Feb 16, 2023•1 hr 1 min•Ep. 97
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...
Feb 08, 2023•1 hr 41 min•Ep. 96
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 certainl...
Feb 01, 2023•45 min•Ep. 95
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 fran...
Jan 27, 2023•47 min•Ep. 94
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 know...
Jan 18, 2023•52 min•Ep. 93
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...
Jan 11, 2023•1 hr 8 min•Ep. 92
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 epi...
Jan 04, 2023•59 min•Ep. 91
This week is the second half of our mini-series on the two major levers to reduce the impact of climate change. Last week, we covered Carbon Removal with Nan Ransohoff. Today we're focused on Carbon Reduction. To break down the business of decarbonization, I'm joined by Christian Anderson. Christian is the co-founder of Watershed, which helps companies like Monzo, Spotify, and Walmart measure, report, and act on their emissions. We discuss the impact on financial statements, why debt financing i...
Dec 28, 2022•1 hr 1 min•Ep. 90
This week and next week we will break down the two biggest levers we have in the fight against climate change. Carbon reduction and carbon removal. Today, we will focus on carbon removal. To break down where we stand and what needs to be done, I’m joined by Nan Ransohoff. Nan is Head of Climate at Stripe and she also leads Frontier, which is an advanced market commitment of some $1 billion to kickstart a market for carbon removal solutions. We discuss the broad climate picture, the state of tech...
Dec 21, 2022•47 min•Ep. 89
Today, we are running a bonus Business Breakdown borrowed from the newest Colossus series, Return on India. Saahil Goel, founder of Shiprocket, joins Romeen Sheth to break down the business. If you enjoy this episode and would like to learn more about the Indian business landscape, subscribe to Return on India. ----- My guest today is Saahil Goel, founder and CEO of Shiprocket. Over the last decade, a number of startups that have reached escape velocity in India have followed the X for Y startup...
Dec 18, 2022•1 hr 1 min
This is Zack Fuss, an investor at Irenic Capital. Today, I’m joined by Matt Newberg of HNGRY to help us break down DoorDash, the popular food delivery service. DoorDash was founded in 2013 by 4 Stanford students who saw an opportunity to make it easier for people to get the food they love delivered to them. Today, DoorDash’s three-sided marketplace serves as one of the largest local delivery companies in the world. It serves millions of customers and partners with hundreds of thousands of restau...
Dec 14, 2022•51 min•Ep. 88
This is Matt Reustle, and today we are breaking down the specialty retailer, Floor & Decor. Now prior to this Breakdown, I cannot say that I thought much about Floor & Decor. It felt like the stereotypical specialty store that sat somewhere between a mom-and-pop shop and a home improvement giant. Little did I know....Floor & Decor had compounded revenue at nearly 30% over the past decade, and it was another business driven by the things you "don't see," like an inventory and logistic...
Dec 07, 2022•50 min•Ep. 87
This is Jesse Pujji and today we're breaking down Netflix, the pioneer in entertainment streaming. Founded in 1997, Netflix has evolved over the years to become the leader in streaming entertainment with over 200m subscribers globally. To break down Netflix, I'm joined by Ben Weiss, the Chief Investment Officer of 8th & Jackson. In this breakdown, we go into detail on Netflix, from their culture and tech advantages to how content drives the business to how they may start generating substanti...
Nov 30, 2022•57 min•Ep. 86
This is Matt Reustle and today we are breaking down the giant alternative asset manager, Brookfield. Today Brookfield boasts $750bn in assets under management, and it’s a global footprint that includes many noteworthy office buildings and key infrastructure assets. To break down Brookfield, I’m joined by Nima Shayegh from Rumi Capital Partners. We cover Brookfield's powerful history, the evolutionary changes in the operating structure, and what separates Brookfield from other big managers. We st...
Nov 25, 2022•56 min•Ep. 85
This is Dom Cooke and today we’re breaking down Harvard Business Publishing. The media arm of Harvard’s world-famous business school was founded in the early 90s, but the seeds were sown a century ago, in 1922, when the first edition of the Harvard Business Review was printed. 100 years on, this secretive business has been through significant change. But the roots of influencing managers through academic research remain firmly intact. And despite its not-for-profit status, Harvard Business Publi...
Nov 16, 2022•51 min•Ep. 84
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Vanguard. Vanguard and its founder, Jack Bogle, have ushered in an era of low-cost investment, which has left its mark on the entire industry. Today, the business commands $7.5 trillion of assets under management and owns approximately 8.5% of any given public company in the US. To break down Vanguard, I’m joined by Eric Balchunas, a senior ETF analyst at Bloomberg and author of The Bogle Effect. We explore the firm’...
Nov 09, 2022•52 min•Ep. 83
This is Matt Reustle and today we are breaking down the home improvement giant, The Home Depot. In the US, The Home Depot is a key ingredient to a nice little Saturday but beyond the power tools and building supplies is an excellent story of business execution. Why has Home Depot been such a strong performer following a housing crash in the e-commerce revolution? I’m joined by Sean Stannard-Stockton of Ensemble Capital to break that down. We cover how Home Depot transitioned their approach to bu...
Nov 02, 2022•56 min•Ep. 81
This is Jesse Pujji and today we’re breaking down Cameo, a video-sharing marketplace where you can buy personalized videos from your favorite celebrities. Cameo was founded in 2016 and reached unicorn status last year after producing millions of messages since its founding. To breakdown Cameo, I'm joined by the company’s CEO and Founder, Steven Galanis. In this breakdown, we discuss the unusual origin story of the business, how they manage the two-sided marketplace, and discovering a scalable pr...
Oct 26, 2022•55 min•Ep. 80
This is Zack Fuss, an investor at Irenic Capital, and today we’re breaking down Archaea Energy. Archaea is one of the largest and fastest growing providers of renewable natural gas in the US. The company uses methane produced by landfills as its feedstock to create renewable electricity and natural gas. To break down Archaea, I’m joined by Chadd Garcia. Chadd is lead portfolio manager of the Ave Maria Focused Fund and co-portfolio manager of the Ave Maria Growth Fund. You may have seen Archaea i...
Oct 19, 2022•48 min•Ep. 79
Today’s Breakdown is a little different. For one, I’m Ali Hamed, an investor at Crossbeam and CoVenture, and I’ll be your host. Secondly, in this conversation, we are studying a private company that you’re unlikely to have heard of. That business is Spotter, and they play a fascinating role in the flourishing creator economy. Specifically, they provide capital and knowledge to a number of the world’s most influential creators, including Mr Beast. So in the process of discussing Spotter, we will ...
Oct 12, 2022•50 min•Ep. 78
This is Zack Fuss, an investor at Irenic Capital, and today we are breaking down Intuit. Started by a former Procter & Gamble employee in 1983, Intuit has grown into the premier platform for consumers and small businesses to manage their finances and pay taxes. Along the way, it has fought off significant competition from the likes of Microsoft and others, and delivered handsome returns for its shareholders. In recent years, it has spent over $10 billion adding Credit Karma and Mailchimp to ...
Oct 05, 2022•54 min•Ep. 77
