Business Breakdowns
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.
Episodes
December 12, 2025 • 47 mins
Today we are breaking down Amadeus, the dominant infrastructure powering global travel bookings. If you've used a travel agent or corporate booking system, you've likely interacted with Amadeus's technology—though most of what they do happens behind the scenes in airline operations, hotel inventory management, and logistics coordination.
Ben Needham, portfolio manager at Ninety One Asset Management, explains how Amadeus built its ...
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December 5, 2025 • 32 mins
Today, we are breaking down one of the more impressive B2B media businesses I have come across, Doximity. It's been called “the LinkedIn for doctors.”
Jim Jones, partner and analyst at William Blair Asset Management, helped explain exactly how Doximity works as a business. Jim gets into the community engine that works for and around medical professionals. And yes, there is a social network, but it's the add-ons, such as the requi...
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November 14, 2025 • 59 mins
Today we are breaking down GE Aerospace. We did cover GE several years ago, but that episode focused on Larry Culp's turnaround of the conglomerate.
Ramesh Narayanaswamy, co-founder and portfolio manager of Tourbillon Partners, joins me to explore what is now a pure-play aerospace business. We discuss the unique dynamics of the aerospace supply chain and the long-cycle nature that differentiates this industry. We also explore the...
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November 7, 2025 • 50 mins
This is Matt Reustle. Today, we are back to talk about increased access to alternative investing. My guest is Josh Clarkson, managing director at Prosek Partners. You may remember that Josh joined us last year in our primer series on private credit. He is back today to discuss what this development could mean for all the counterparties involved.
We put some numbers around the opportunity, cover what asset managers might be best p...
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October 31, 2025 • 60 mins
This is Matt Reustle. Today we are breaking down Robinhood. My guest is Arthur Olson, founding partner at Ravenswood Partners. We get into how Robinhood grew from a mobile-native brokerage idea that faced many challenges along the way into the third-largest broker in the USA.
Arthur educates on how the business model has evolved and diversified away from a pure pay-for-order market. We discuss how product velocity is the foundati...
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October 24, 2025 • 56 mins
This is Matt Reustle. Today we are breaking down CompoSecure, a company that manufactures premium metal credit cards and payment cards. My guest is Parsa Kiai, Managing Partner at Steamboat Capital. What really made Parsa the ideal guest is that he has a history with CompoSecure from before the Dave Cote era, which started sometime in 2024.
We get into all of this: the niche market of premium metal credit cards, how CompoSecure h...
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October 15, 2025 • 53 mins
This is Matt Reustle. Today, we are breaking down the industrial giant Amphenol. Amphenol pairs two of my favorite business frameworks that are often discussed on Breakdowns. Firstly, I am drawn to any company that specializes in selling mission-critical parts, which represent a small percentage of a manufacturer's total production cost. And secondly, Amphenol has a track record of M&A success underpinned by s decentralized model....
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October 9, 2025 • 46 mins
This is Matt Reustle. Today, we are exploring the world of media deals. My guest is Blake Saunders. Blake has been in media investment banking for almost two decades. When I first met him, he was a banker, so I wasn't expecting to lean into this relationship, but I often introduce Blake to others as the banker.
We delve into the current deal landscape and some of the realities of the media market, exploring how companies are navig...
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October 1, 2025 • 48 mins
This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable...
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September 24, 2025 • 63 mins
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 ...
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September 5, 2025 • 73 mins
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 an...
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August 13, 2025 • 62 mins
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 ...
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August 7, 2025 • 58 mins
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 previo...
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July 23, 2025 • 60 mins
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 o...
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July 16, 2025 • 41 mins
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 manage...
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July 9, 2025 • 58 mins
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...
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July 2, 2025 • 10 mins
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 ...
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June 25, 2025 • 60 mins
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...
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June 18, 2025 • 78 mins
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, ye...
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June 4, 2025 • 64 mins
This is Zack Fuss. Today, we're tackling a giant in a controversial and incredibly complex industry, UnitedHealth Group. At its recent apex, UNH was a half-trillion-dollar market cap business, the 15th largest listed business in the United States. Today, that market cap sits at just $275 billion.
The company generates an excess of $400 billion in sales annually and produces $40 billion in EBITDA as it touches every facet of the Am...
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