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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. We uncover the lessons behind every success story. Learn more at www.joincolossus.com.

Business Breakdowns

Today we are breaking down commercial real estate lending with Josh Zegen, co-founder and managing principal of Madison Realty Capital. 
Josh and his team at Madison launched in 2004 and evolved from a hard money lender when there really was no alternative industry called commercial real estate lending. They've developed into a single-source capital provider today with more than $21 billion in AUM.
Josh gets into great detail here about how it's not an all-or-nothing story when it comes to real estate. We covered some of the basics on construction loans, the life cycle of capital, and new developments. Then, we get into some of the current market dynamics, post-COVID interest rates, post-SVB, and much, much more. 
Please enjoy this Breakdown of commercial real estate lending.

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 Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
–
This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled. 
-----
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
(00:05:22) Starting Madison Realty Capital
(00:06:44) Evolution of the Lending Market
(00:10:08) Construction Lending Dynamics
(00:15:36) Risk Management and Portfolio Strategy
(00:18:49) Leveraging Private Credit
(00:30:31) Portfolio Management and Challenges
(00:33:32) COVID-19's Impact on Real Estate Projects
(00:34:49) Strategies for Loan Workouts
(00:37:38) Post-COVID Market Dynamics
(00:39:45) Opportunities in Loan Purchases
(00:42:53) Sector-Specific Real Estate Insights
(00:49:27) Impact of Work Schedules on Real Estate
(00:51:22) Interest Rates and Market Impact
(00:55:45) Future Opportunities and Market Trends

Alternative Lending in Real Estate - [Business Breakdowns, EP.195]

Today we are covering the world of fast fashion. If you don't know the name Inditex, you certainly know Zara, the core business inside Inditex. My guest, Alistair Wittet, recently launched Aecus Partners, an equity boutique specializing in European and global equities, and has followed Inditex for decades. 
He gets into how the company pivoted its business over the years from the initial store expansion, the e-commerce evolution, and what has allowed Inditex to succeed where other fast fashion peers have struggled. There are so many interesting themes here: success in no-growth industries, the power of thoughtful vertical integration, decentralized decision-making, and corporate pivots.
Please enjoy this Breakdown of Inditex.

Founders Podcast - #372 Amancio Ortega

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 Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule.
Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions.
–
This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
-----
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
(00:06:52) Overview of Inditex and Zara
(00:09:46) The Fast Fashion Model
(00:14:27) Origins and Expansion of Inditex
(00:17:22) Navigating Financial Crises and E-commerce
(00:22:30) Supply Chain and Inventory Management
(00:24:32) Revenue and Growth Dynamics
(00:29:48) Margin and Cost Structure
(00:35:35) Inditex's Financial Management Strategies
(00:36:20) Impact of COVID-19 on Inditex's Margins
(00:37:13) Free Cash Flow and Inventory Management
(00:39:43) Competitive Landscape: H&M and Shein
(00:42:57) The Role of Culture in Inditex's Success
(00:54:51) Sustainability and ESG Concerns
(00:58:43) Investment Insights and Risks
(01:00:40) Key Lessons from Inditex

Inditex: Fast Fashion - [Business Breakdowns, EP.196]

Today we‘re breaking down FilterBuy. From time to time, I come across a compelling founder who is willing to cover everything about their business and David Heacock, founder of FilterBuy, is exactly that.
We explored the psychology of David's transition from Goldman options trader to starting an air filter business in Alabama just over 10 years ago. Since then, the business has grown into something that generates over $250 million in revenue as of today, 2024. 
We discussed the economics of air filters, and David shared a great story about how he found this specific market and what makes it so unique. We also discussed various business considerations, like manufacturing location, logistics handling, and direct-to-consumer versus big box. It's really hard not to be inspired after listening to David. Please enjoy this breakdown of FilterBuy.

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 Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform.
-----
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
(00:04:52) Meet David Heacock: From Goldman Sachs to FilterBuy
(00:06:36) The Journey of Entrepreneurship
(00:12:27) The Economics of Air Filters
(00:18:15) Challenges in Manufacturing
(00:23:25) Building a Team and Scaling Up
(00:26:51) Logistics and Cost Efficiency
(00:30:23) Challenges with FBA Fees
(00:31:43) Sales and Competitive Dynamics
(00:32:04) Residential vs. Commercial Air Filtration
(00:33:16) Retail Strategy and Market Expansion
(00:37:22) Building a Brand and Logistics
(00:38:09) Importance of Delivery Speed
(00:39:29) Navigating Big Box Retailers
(00:42:50) Vision for the Future
(00:51:34) Lessons Learned from FilterBuy

FilterBuy: Fresh Air - [Business Breakdowns, EP.197]

Today we have a special year-end episode of Business Breakdowns, running through some of the best ideas that were featured on the podcast. The goal of the podcast is to detail whatever business we're covering that day. But when you think about the best investors, the best business builders, they're constantly borrowing insights from the success stories that are happening around them. 
We start with a high-level theme and then explore a business's life cycle, from establishing a niche with Gartner to building a culture at Live Oak to refining operations via the lens of Trane. We go through the good and bad of business transformations told through the stories of Rolls Royce and D.R. Horton. And we cover what a clean financial model looks like through Inditex. Lastly, we wrap up with management stories that are underappreciated via Motorola and Winmark. Please enjoy this Breakdowns recap. 

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
(00:01:34) Hierarchy of Consumer Preferences
(00:06:10) Gartner's Niche Beginnings
(00:07:48) Operational Excellence at Trane
(00:10:43) Understanding Customer Needs
(00:11:46) Vulcan Materials: A Case Study
(00:13:26) Logistics in Construction Aggregates
(00:16:29) High-Touch Customer Experience at Live Oak Bank
(00:19:33) Transitioning Business Models to Financial Models
(00:20:18) Insights from Ed Wachenheim on Home Builders
(00:22:14) The Case for Asset-Light Strategy
(00:23:27) The NVR Model: A Success Story
(00:24:10) Horton's Transformation
(00:25:54) Rolls Royce: A Shift in Business Model
(00:28:51) Financial Modeling and Long-Term Success
(00:30:09) Understanding Payout Ratios
(00:33:21) Greg Brown's Leadership at Motorola
(00:37:13) Winmark's Unique Operational Approach
(00:40:05) Matt’s Wrap Up

2024 Anecdotes to Remember - [Business Breakdowns, EP.198]

Today, we are breaking down the global luxury group Kering. You know Kering from its brands Gucci, YSL, Bottega Veneta, Balenciaga, and the list goes on. It's a luxury house similar to LVMH, but LVMH over the past five years is up over 40% and Kering is down over 60%.
To break down Kering, I am joined by Jonathan Eng, portfolio manager at Causeway. We cover the owners and operators of Kering, the Pinault family. We also discuss wholesale distribution versus retail distribution and brand margin profiles. But Kering's core brand, Gucci, is different from much of what you see in luxury, and we spent a significant amount of time diving into it. What makes Gucci more cyclical than understated luxury? Where do we stand with Gucci today? And how does Jon think about all of this as an investor tapping into his historical context in the space? Please enjoy this breakdown of Kering.

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
(00:00:53) Overview of Kering and Its Brands
(00:02:13) Kering's Business Strategy and Challenges
(00:05:02) Historical Context and Family Influence
(00:07:09) Comparing Kering and LVMH
(00:10:27) Financial Performance and Market Dynamics
(00:18:05) Impact of Creative Directors and Brand Evolution
(00:21:28) Modern Analytical Approaches in Luxury Market
(00:23:29) Exploring Kering's Development Centers
(00:24:36) Decentralized Decision-Making in Luxury Brands
(00:25:04) Wholesale vs. Retail: Control and Margins
(00:27:33) Strategic Store Locations and Investments
(00:28:51) Geographical Brand Preferences
(00:30:19) Balenciaga's Advertising Fallout
(00:33:46) M&A Landscape and Future Growth
(00:37:41) Valuation and Market Position
(00:43:06) Operational Gearing and Risks
(00:43:58) Key Lessons from Studying Kering

Kering: It’s Gucci - [Business Breakdowns, EP.199]

This is Zack Fuss. Today, we're breaking down Arm Holdings. Arm designs the architecture powering billions of devices, from smartphones and data centers to IoT devices and automotive systems. In this episode, we'll explore Arm's unique value proposition and how it thrives as a licensing giant in a market dominated by leading-edge manufacturers.
To break down Arm, I am joined by Jay Goldberg, who is the CEO and lead analyst at D2D Advisory, a technology and strategy consultancy. We discuss its business model, the partnerships that drive its growth, and its role in enabling companies like Apple, NVIDIA, and Qualcomm. We will also unpack Arm's business history, including its acquisition by SoftBank, its failed takeover by NVIDIA, and its IPO earlier this year. Arm currently sports a $150 billion market cap with sales approaching $5 billion, a rather robust 30x revenue multiple. Please enjoy this Breakdown of Arm.

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
(00:00:52) Introduction to Arm
(00:02:27) Arm's Business Model Explained
(00:05:05) CPU vs GPU Dynamics
(00:07:33) Arm's Competitive Landscape
(00:08:52) Historical Growth and Market Expansion
(00:14:06) RISC vs CISC: Architectural Approaches
(00:18:38) Arm's Licensing and Partnership Model
(00:22:12) Arm's Chip Design Evolution
(00:22:39) The Critical Role of Software
(00:23:34) Arm's Compatibility and Ecosystem
(00:23:41) Dramatic Recent History
(00:24:12) SoftBank's Acquisition and Nvidia's Interest
(00:25:15) Nvidia's Ambitious Bet
(00:26:25) SoftBank's Wake-Up Call
(00:27:02) Arm's Market Penetration
(00:28:07) Arm's Ubiquity in Electronics
(00:29:22) Influential Figures in Arm's Success
(00:30:33) Arm's Financials
(00:33:32) Risks and Competitive Threats
(00:40:16) Future Opportunities and Lessons
(00:41:10) Conclusion and Final Thoughts

Arm: The Silicon Blueprint - [Business Breakdowns, EP.200]

Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. Learn more and stay up to date at joincolossus.com

Welcome to Business Breakdowns

Welcome to Business Breakdowns, a new Colossus podcast featuring deep-dive conversations on individual businesses. In each episode, we will dissect a new company with investors and operators that know it best. We believe every business has secrets and lessons to learn from, and these conversations are designed to deliver that content in an entertaining and narrative format.
 
 The series launches on April 5th with Shopify. 
 
 Make sure to subscribe for new episodes and leave us a 5-star rating on Apple Podcasts if you like the show. 
 
 With each new episode, we will be releasing full episode transcripts, show notes, and the best content we could find on that business from across the internet. Check out www.joincolossus.com for more.

Business Breakdowns - Trailer

Today we will be diving into Shopify. Shopify was founded in 2004 by Tobi Lütke and Scott Lake around their original problem of why it's so hard to build an online business when they struggled to open an online snowboard equipment store. Today, Shopify's goal is to make commerce better for everyone and it's essentially an on-ramp for people looking to sell online. 
 
To help us break down Shopify, I'm joined by co-host Zack Fuss and our guest Alex Danco, who works on the Money team at Shopify.
 
To really understand Shopify, you have to understand its different business units -- Core, Merchant Services, Ecosystem, and the new Shop platform -- and the role they each play in making commerce easier and better for merchants. We begin this breakdown by covering each of those business units and how they compare to Apple's business lines. We then dive deep into how Shopify makes money through the first and second derivative of their merchant success and how Shopify thinks about friction in e-commerce. We close with an incredible analogy of Shopify and StarCraft and the tools that Shopify has built into the still-nascent world of e-commerce.
 
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
-----
Business Breakdowns is a property of Colossus, Inc. 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
 
Show Notes
[00:03:03] - [First question] - What Shopify is as a product
[00:04:58] - Product pillar 1: Core[00:06:58] - Product pillar 2: Merchant services[00:09:02] - Product pillar 3: Ecosystem
[00:11:04] - Product pillar 4: Shop
[00:13:08] - The evolution of commerce with the rise of the internet
[00:20:01] - Differences between high and low trust commerce
[00:24:48] - The role of friction and trust in stakeholder variety
[00:29:18] - Overview of all four product pillars’ business models
[00:32:10] - Shopify App Store
[00:33:16] - How Shopify competes and partners with their competitors
[00:35:53] - Shop Pay expands to Facebook and Instagram
[00:37:49] - Key areas where Shopify will continue to grow across their product pillars
[00:41:52] - Affirm, Klarna, Afterpay
[00:42:56] - Potential pitfalls of having such a high self-imposed quality bar 
[00:44:12] - Conway’s law[00:44:12] - Aggregators versus platforms
[00:52:35] - Unique marketing aspects for Shopify’s sales and marketing with their subscription model 
[00:55:37] - Shopify: A StarCraft Inspired Business Strategy

Shopify: The E-commerce On-Ramp - [Business Breakdowns, EP. 01]

Today we will be diving into Chipotle, the fast-casual food chain known for its burritos. It was started in 1993 by Steve Els, an entrepreneur who is actually a classically trained chef and dreamed of opening a fine dining restaurant. 
 
He started Chipotle to earn cash for that dream, but the well-known chain took off and made TexMex fast-casual food an American staple. Over the past two decades, Chipotle has expanded nationwide to over 2000 owned and operated stores. Its significant growth is tied to its simple restaurant decor and efficient operations. Nevertheless, the beloved fast-casual chain was plagued with a series of foodborne illnesses from 2015 to 2018. Since then, the chain has been adapting rapidly to regain the trust of customers nationwide. 
 
In this breakdown, we discuss Chipotle's origin stories, its hypergrowth, its focus on simplicity and innovation. We'll also go into details around how they navigated COVID and their national food safety outbreaks. 
 
To help me break down Chipotle, I'm joined by Zack Fuss, an investor at Continental Grain and an expert on all things food and restaurant-related.
 
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
 
-----
Business Breakdowns is a property of Colossus, Inc. 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
 
Show Notes
[00:03:13] - [First question] - What is Chipotle
[00:04:24] - Chipotle’s scale compared to its competitors
[00:05:36] - The origin story of Steve Ells and Chipotle
[00:06:47] - Carving out the fast-casual restaurant niche
[00:09:02] - Unique themes that have been carried into today
[00:10:22] - Unit economics in fine dining versus fast-casual dining
[00:11:56] - Gross margins and their similarities across establishments
[00:14:53] - An ideal payback period for a restaurant
[00:16:00] - What allows for Chipotle to have such an optimized payback period
[00:18:29] - Owned and operated versus franchised 
[00:20:49] - Pros and cons to franchising or being an owner-operator 
[00:22:11] - Key factors to consider when choosing to franchise or not
[00:23:31] - Chipotle taking $350 million in growth capital from McDonald’s
[00:25:58] - Differences between McDonald’s and Chipotle’s food
[00:27:08] - The E Coli outbreak in late 2015 
[00:28:17] - Sweetgreen, Cava, Zoes Kitchen, Noodles & Co.
[00:30:09] - Pershing Square’s investment in Chipotle post-outbreak 
[00:31:51] - Technology and its effects on the restaurant industry
[00:33:39] - Digital orders and profit margin variance
[00:35:53] - Launching a Digital-Only quesadilla menu item
[00:36:33] - Internet aggregators, dark kitchens, and future food tech trends
[00:39:52] - How Chipotle beat out Qdoba
[00:41:32] - Blaze Pizza, Tasty Made, Panda Express 
[00:43:38] - Dark kitchens and network expansion
[00:45:01] - Lessons builders can take away from Chipotle’s story
[00:45:01] - Lessons investors can take away from Chipotle’s story

Welcome to Business Breakdowns

Welcome to Business Breakdowns

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