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Colossus | Investing & Business Podcasts

Learn how companies work from the people who know them best. Each episode dissects a single business - from its origins and model to its financials and competitive edge. Join hosts Matt Reustle and Zack Fuss as they uncover the lessons behind every success story. Learn more at www.joincolossus.com.

Business Breakdowns

This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos from Horizon Kinetics. 

We start with HK's history with these very unique businesses that are off the radar for many with TPL, Landbridge and now Water Bridge. James gets into the weeds and nuances of what this business actually doesa and why the service that they're providing is so incredibly important, particularly with US Shale and where they are in the Permian Basin. This is an interesting and timely conversation from all different angles. Please enjoy this breakdown of WaterBridge.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ here.⁠⁠

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠ joincolossus.com/episodes⁠⁠.

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

(00:00:52) Overview of WaterBridge IPO

(00:02:20) Deep Dive into WaterBridge and Landbridge

(00:04:10) History and Background of Horizon Kinetics

(00:06:48) Understanding the Water Infrastructure Industry

(00:10:34) Challenges and Solutions in Water Disposal

(00:26:27) The Role of Five Point Infrastructure

(00:32:10) Understanding the Value of Land in Oil and Gas

(00:32:33) The Importance of Water as a Pure Play

(00:34:26) Next-Gen Opportunities in West Texas

(00:39:14) Challenges in Water Disposal and Market Dynamics

(00:42:06) Switching Providers and Outsourcing Trends

(00:55:48) Valuation and Growth Prospects for Waterbridge

(01:01:33) Key Lessons from WaterBridge

WaterBridge: Oil and Water - [Business Breakdowns, EP.228]

This is Matt Reustle. Today we are breaking down the Latam e-commerce Giant, Mercado Libre. My guest is Daniel Wu of Bristlemoon Capital. 

I was introduced to MELI about 15 years ago when it was still the eBay of Latam, and similar to a place that you revisit after a long time away, MELI looks a lot different than those early days. 

Just consider that with a $120 billion market cap, MELI is three times the size of eBay today and has clearly evolved since those early days. Daniel walks us through the business as it stands today. And how MELI paired this Amazon-like e-commerce approach with a complementary but equally impressive FinTech business to fuel the company. It's an incredibly interesting road to success. Please enjoy this Breakdown of Mercado Libre.

Read the Bristlemoon Research on Mercado Libre

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ here.⁠

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠ joincolossus.com/episodes⁠.

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(00:01:20) Founding Story and Early Challenges(00:03:31) Evolution and IPO(00:04:41) Regional Dynamics and Tailwinds(00:09:13) Business Model Breakdown(00:12:40) Commerce Segment Deep Dive(00:15:24) Competitive Landscape and Market Share(00:25:14) Logistics and Fulfillment Expansion(00:29:39) Advertising and Future Growth Levers(00:32:39) Meli Plus Membership Benefits(00:34:34) Transition to FinTech: Mercado Pago(00:39:14) Credit Business Overview(00:43:38) Managing Credit Risk(00:52:24) Financial Performance and Growth Drivers(00:54:08) Operating Margins and Reinvestment Strategy(00:57:39) Risks and Challenges(01:02:48) Leadership and Company Culture(01:05:47) General Lessons for Investors

Mercado Libre: E-commerce Empire - [Business Breakdowns, EP.227]

This is Matt Reustle. Today, we are breaking down the real estate broker Compass. Compass itself is a fascinating business and historically a controversial stock. It was founded in 2012 by Robert Reffkin and has scaled in that short period of time to become the largest real estate brokerage in the United States. 

Geoff Collette, founder of Aeon Capital Partners, is back as a guest. After his Breakdown on Goosehead, we thought it was fitting to cover another flavor of broker. Geoff and I cover the history, some of Compass’s early pivots, and the different critiques of the company.

There is a ton of interesting stuff around Compass today. We could see a broker potentially emerge from being historically a commodity business to something more powerful.

Please enjoy this Breakdown of Compass. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

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

(00:00:52) Today's Focus: Compass Real Estate Brokerage

(00:02:46) Compass's Unique Value Proposition

(00:07:10) Early Days and Evolution of Compass

(00:10:01) Financial Hygiene and Market Adaptation

(00:12:53) Current Market Position and Future Goals

(00:17:44) Industry Dynamics and Major Players

(00:25:43) Compass's Pre-Marketing Strategy

(00:47:36) Financials and Operating Leverage

(00:55:53) Risks and Future Outlook

(00:59:55) Key Lessons From Breaking Down Compass

Compass: Real Estate Revolution - [Business Breakdowns, EP.226]

This is Matt Reustle. Today's Breakdown caters to both public and private investors alike. My guest is Aaron Cohen, head of the Financial Services and Technology Group at GTCR, and our topic is insurance Brokers. I was initially intrigued by Aaron and GTCR after seeing their announced $13 billion sale of Assured Partners to Arthur J.Gallagher, an incredible success story in the insurance brokerage space that we covered in a previous breakdown. 

But, what I failed to appreciate, and you'll hear Aaron politely correct me in the episode, is that not only did GTCR own Assured through two separate periods, they actually built the business with CEO Jim Henderson from the ground up.

We cover GTCR's approach to scaling businesses, the nuances of their leadership strategy, and why this space is so attractive to the PE market. Please enjoy this Breakdown on the insurance brokerage space. 

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠⁠ ⁠here⁠⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠.

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠).

Show Notes

(00:00:00) Welccome to Business Breakdowns

(00:03:34) GTCR's Investment Strategy

(00:05:31) Importance of Leadership in Investments

(00:10:04) Insurance Brokerage Industry Insights

(00:12:52) Changes and Trends in Insurance Brokerage

(00:27:49) Role of Technology in Insurance

(00:31:25) The Challenges of System Integration

(00:32:52) Revenue Growth in the Insurance Industry

(00:33:39) The Impact of Social Inflation

(00:34:25) Emerging Risks and Cybersecurity

(00:35:12) Insurance Brokers and Revenue Models

(00:40:45) Financial Metrics and EBITDA Margins

(00:42:58) Private Equity and Insurance Brokerage

(00:45:49) The Assured Partners Story

(00:54:16) Risks and Market Cycles in Insurance

(00:57:35) Regulation and Industry Stability

(00:58:49) Lessons From This Industry

PE Perspective on Insurance Brokers - [Business Breakdowns, EP.225]

This is Matt Reustle and today we are breaking down the Chicago Mercantile Exchange. My guest is Adam Chandler, co-PM at Claremont Global, and together we get into the nitty gritty of exchanges. We all know how integral exchanges are to the financial system but we rarely stop to understand how they operate, how they make money, and how they shape the flow of dollars. This episode aims to do just that. Please enjoy this breakdown of the Chicago Mercantile Exchange.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here⁠⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠.

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

(00:00:51) Introducing the Chicago Mercantile Exchange

(00:01:52) Understanding the Exchange Business

(00:03:38) The Role of Clearinghouses

(00:04:29) Diving into CME's Specialization

(00:07:18) Historical Evolution of CME

(00:09:40) Modern Operations and Risk Management

(00:19:39) CME's Market Position and Growth

(00:29:13) Revenue Breakdown and Product Insights

(00:35:23) Volume Drivers: Treasuries and Interest Rate Markets

(00:36:47) Comparing CME with Other Exchanges

(00:42:10) Profitability and Cost Structure of CME

(00:45:37) Capital Allocation and Dividend Strategy

(00:47:35) Innovation and New Product Offerings

(00:49:24) Impact of Passive Investing on CME

(00:53:09) Risks and Regulatory Environment

(00:58:26) Key Lessons from CME's Business Model

CME Group: The House Always Wins - [Business Breakdowns, EP.224]

This is Matt Reustle. Today, we are breaking down Agilent. If you aren't familiar with Agilent, it is a $30 billion market cap company at the time of this recording, and they focus on one of the more interesting niches: equipment and instruments sold into laboratories.

Its equipment is being sold to the life sciences sector, diagnostics, applied chemical markets, and some very unique R&D work. My guest is Mark de Vos, fund manager at Troy Asset Management, and he brings us through the story of Agilent. It was born within Hewlett-Packard, which spun off a little more than 25 years ago, and Mark helps break down highly complex concepts like chromatography.

This is a deeply ingrained industry player with a unique razor and razor blade model and an evolving business. Please enjoy this breakdown of Agilent.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

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

(00:02:28) Understanding Agilent's Core Business

(00:03:28) Agilent's Market and Customer Base

(00:04:55) Agilent's Historical Background

(00:08:58) Agilent's Product and Service Strategy

(00:13:51) Competition and Market Position

(00:24:29) Financial Performance and Growth

(00:28:07) New Business Segments and Innovations

(00:35:32) Valuation and Investment Insights

(00:40:07) Lessons From Agilent

Agilent: Back To The Lab - [Business Breakdowns, EP.223]

This is Matt Reustle. Today we are replaying our Breakdown of Patek Philippe. You never own a Patek Philippe. You merely watch over it for the next generation. I'll say it's the best marketing campaign in history, a campaign appropriate for the world's premier watchmaker and a watchmaker worthy of a Business Breakdown.

Our guest today is John Reardon from Collectability. John has worked at Sotheby's, the auction house, and spent a decade at Patek Philippe in the early 2000s. He continues to write for Patek Philippe Magazine while he has launched Collectability, a brand dedicated to vintage and preowned Patek Philippe.

We cover what makes Patek such a special brand. There is an almost 200-year history in craftsmanship and countless patents (like that self-winding mechanism that powers all automatic watches today.) What Philippe Stern did in 1989 could be worthy of a 10-episode series, so there is much to learn from this episode. Please enjoy this breakdown of Patek Philippe.

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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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 | @zbfuss | @ReustleMatt 

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

(00:02:41) The main differences between Patek Philippe and Rolex 

(00:06:32) An introduction to Patek Philippe’s brand 

(00:08:47) The founding story of the business

(00:11:14) Henry Graves and the watches that he made for the brand 

(00:16:46) The production process for making a Patek Philippe watch

(00:19:56) A look at the 1989 and its importance to the business

(00:22:08) The types of people who were interested in the brand and purchasing at auction in 1989

(00:24:41) An overview of the successful marketing campaigns of the 1990s 

(00:27:26) Patek’s strategy at auctions, embracing both consignment and buying

(00:30:38) The general size and scope of the Patek Philippe secondary market

(00:32:20) The brand’s perspective of the secondary market and whether it affects the way they market new items

(00:36:47) John’s personal experience working at Patek Philippe 

(00:40:36) The company’s distribution strategy 

(00:43:42) Breaking down the points of sale, branded dealers versus authorized dealers

(00:44:29) The mindset behind consolidating dealers and the exclusivity it created as a byproduct 

(00:46:22) How the LVMH acquisition of Tiffany has affected Patek Philippe

(00:49:18) The potential of Patek Philippe being acquired by another company

(00:53:48) Lessons learned from Patek Philippe

Patek Philippe: Watch Perfection - [Business Breakdowns, REPLAY]

This is Matt Reustle. Today’s episode looks a little different. We are exploring whether podcasts can be a source of investment alpha, sparked by a Wall Street Journal article about portfolio manager Steve Schurr's success mining podcast transcripts for Millennium Management. I analyze performance data from over 200 companies covered on Business Breakdowns since 2021, revealing that while the overall "podcast portfolio" has lagged the S&P 500, individual standouts like AppLovin (540% outperformance) and General Electric (300%+ gains) tell a more compelling story. I examine momentum patterns, discuss both winners and losers, and share insights on using podcasts for investment pattern recognition rather than direct stock picks. The episode concludes with practical thoughts on how podcast insights can serve as an educational starting point for business research and understanding.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

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

(00:00:52) Special Episode on Alpha

(00:02:11) Exploring Investment Insights

(00:02:50) Performance Analysis of Featured Companies

(00:04:16) Top Performers and Key Takeaways

(00:06:56) Underperformers and Lessons Learned

(00:10:10) Future Episodes

Alpha In Podcasts? - [Business Breakdowns, EP.222]

This is Zack Fuss. Today, we are breaking down Nexstar Media Group. Nexstar controls more local television stations than any other company in the US. This industry has experienced substantial consolidation, which has reshaped itself over the past decade and ultimately culminated in the emergence of businesses like Nexstar as the preeminent station group outside of the Big Four. 

My guest today is Simeon McMillan, founder of media-focused research firm Accrued Interest. He's held roles as a banker and executive within prominent television, cable, and radio businesses, including Univision Networks and Media Co. In this discussion, we will examine the foundational structure of the broadcast television industry, tracing its evolution from the pre-Internet hub-and-spoke model of the major networks, NBC, CBS, ABC, and Fox.

Simeon breaks down the revenue streams that sustain this ecosystem and how subscriber fees from multi-channel video programming distributors like YouTube TV and Comcast cable are distributed among the networks and their affiliates. We also address the impact of cord-cutting on subscribers and how those viewership metrics impact pricing power within the television ecosystem.

Please enjoy this Breakdown of Nexstar Media.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ ⁠here⁠⁠⁠⁠.

—-

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠.

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

(00:00:41) Simeon McMillan's Background in Media

(00:02:48) Understanding the Broadcast Television Industry

(00:04:15) The Evolution and Structure of Broadcast Networks

(00:08:12) Revenue Streams and Financial Dynamics

(00:14:26) Nexstar Media Group: Growth and Acquisitions(00:21:34) Financial Profile and Revenue Streams

(00:32:35) Challenges and Future of Broadcast Television

(00:47:15) Capital Allocation and Strategic Insights

(00:53:01) Key Lessons from Nexstar

Nexstar Media: Broadcasting's Biggest Bet - [Business Breakdowns, EP.221]

This is Matt Reustle. Today we are breaking down EQT, the Swedish global investment organization. Right off the top, I need to mention our guest today, Sean Barrett, who couldn't have been more perfect for this breakdown. Sean has been investing in the Alts since Blackstone christened this asset class just over a decade ago.

Sean is the founder of Counter Global, and alt investing is ingrained in its DNA. We cover the massive, yet lesser-known EQT, the Wallenberg family ties, and how this business has continued to generate returns at scale. Beyond the EQT conversation, you are going to get a masterclass on Alts investing.

Please enjoy this Breakdown of EQT.

⁠⁠⁠Subscribe⁠⁠⁠ to Colossus Review

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 Octus, formerly Reorg, is the essential credit intelligence and data provider for nearly 40,000 professionals across the world’s leading buy side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with embedded AI technology, data and workflow tools, Octus unlocks powerful truths that fuel decisive action in financial markets. Visit⁠⁠ octus.com⁠⁠ to learn how rigorously verified intelligence is delivered at speed to create a complete picture across the entire credit lifecycle. 

--

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠.

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

(00:01:38) Complexities of Alternative Asset Management

(00:04:27) Understanding EQT: A Thematic Private Markets Investment Manager

(00:06:36) The Wallenberg Legacy and EQT's Origins

(00:11:54) EQT's Differentiation and Investment Strategy

(00:20:36) Leadership and Succession Planning at EQT

(00:25:15) Regulatory Environment and Strategic Focus

(00:31:15) EQT's Private Equity and Asia Strategies

(00:37:39) EQT's Strategic Use of M&A

(00:39:49) EQT's Infrastructure Business

(00:42:01) EQT's Real Estate Business

(00:45:28) Innovative Exit Strategies

(00:49:08) Fundraising Success and Future Prospects

(00:59:31) Financial Model and Valuation

(01:06:46) Key Risks and Opportunities

(01:16:15) Lessons from EQT

WaterBridge: Oil and Water - [Business Breakdowns, EP.228]

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