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. We uncover the lessons behind every success story. Learn more at www.joincolossus.com.
Episodes
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 Cher'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 th...
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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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May 30, 2025 • 59 mins
Today we are breaking down Moncler, the high-end outerwear brand. Known for their down jackets and stylized M logo, it’s a mix of style and substance that blends into the brand history and evolution of Moncler.
I am joined by Chris Davies, investment manager at Baillie Gifford to cover Moncler’s story, particularly in the hands of Remo Ruffini. We get into its push to define luxury outerwear and extend outward into other product...
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May 21, 2025 • 52 mins
Today, we are replaying our Breakdown on Vulcan Materials. Vulcan is America's largest producer of construction aggregates. This includes all of the crushed rock, sand, and gravel, which gets used for the foundation of nearly everything around us. Think of all of the buildings, the roads, and the infrastructure that define the physical footprint of America.
To break down Vulcan, I am joined by Rob Hansen, Senior Analyst at Vonto...
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May 13, 2025 • 77 mins
Today we are breaking down the work management software platform monday.com. Founded in February 2012, today monday.com has a market cap of over $14 billion. The platform has transformed a simple task management tool to a versatile platform serving numerous industries and use cases.
I am joined by Ben Hensman, Portfolio Manager of the Global Tech Fund at Square Peg. He takes us through the story of monday.com and how they emerged...
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May 9, 2025 • 45 mins
This is Zack Fuss. Today, we are breaking down Interactive Brokers, widely recognized as IBKR. Founded in 1978, Interactive Brokers evolved from a market maker on the American Stock Exchange to a global, cutting-edge electronic brokerage firm. Its founder, Thomas Peterffy, remains far and away its largest shareholder and has earned his place as one of the wealthiest people in the world.
To break down IBKR, I'm joined by Freddie La...
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May 1, 2025 • 45 mins
This is Zack Fuss. Today we are breaking down Chemed. Chemed represents the union of two seemingly distinct businesses: end-of-life healthcare and plumbing services. As our guest aptly puts it, old houses and old people. The two underlying businesses, VITAS and the widely recognized Roto-Rooter, both offer interesting stories in their own right.
The strength of this business has been its intentional and well-executed capital all...
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April 23, 2025 • 41 mins
Today we are breaking down Ecolab, a global sustainability leader offering water, hygiene, and infection prevention solutions that protect people & the resources vital to life. As of this recording, Ecolab has a $66 billion market cap and protects over 36% of the world's packaged food supply and over 44% of the global milk supply.
My guest is Todd Wenning, founder of KNA Capital Management, who has a knack for finding interesting b...
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April 16, 2025 • 46 mins
Today, we explore the world of tools to break down Snap-on. Snap-on has been around for over 100 years and operates with over a $17 billion market cap. It has continuously evolved the straightforward model of selling tools to specialists, like mechanics, into a durable business model while carving out a leadership position in the professional tools market.
My guest is Matt Fleming, portfolio manager at William Blair. Matt gets into...
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April 9, 2025 • 69 mins
Today we are breaking down Goosehead Insurance. I always enjoy hearing about how a new entrant has effectively carved out a niche in a world of incumbents and Goosehead fits that billing perfectly.
I'm joined by Geoff Collette, founder and PM of Aeon Capital Partners, and he walks us through the story of Goosehead identifying a bottleneck in the home-buying process.
We also cover the evolving market, where captives like State Far...
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April 2, 2025 • 58 mins
Today, we are breaking down the food catering giant Compass Group. Whether it's your corporate cafeteria, the food stands at a sporting event, or the old hospital food tray, the food services industry is all around you. Compass is the giant in this space, with a history that dates back to the emergence of this outsourced trend.
My guest is Asif Jeevanjee, Chief Executive of Oakmount Capital. Asif talks through both the business an...
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March 26, 2025 • 44 mins
Today we are breaking down EssilorLuxottica, a global leader in the eyewear industry, formed by the merger of Essilor and Luxottica in 2018. Today the business sports a nearly $130 billion market cap. EssilorLuxottica represents a vertically integrated business, encompassing design, manufacturing, distribution, and retail operations across both vision care and eyewear fashion segments.
To break down EssilorLuxottica, I am joined b...
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March 19, 2025 • 55 mins
Today we are breaking down Watsco, the market leader in HVAC distribution with a unique value proposition. If you've ever had an air conditioning issue, there's a decent chance it was a Watsco distributor on the other side of that phone call.
My guests today are Lucy Adams, Investment Director at Caledonia Investments, and Alan Murran, Co-Head of Public Companies at Caledonia Investments. Lucy and Alan help track the history of ...
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March 14, 2025 • 73 mins
Today, we are breaking down the global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable...
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February 26, 2025 • 43 mins
Today we are breaking down machine vision leader, Cognex. Cognex Corporation is an American manufacturer of machine vision systems, software and sensors used in automated manufacturing to inspect and identify parts, detect defects, verify product assembly, and guide assembly robots. It is not your typical reoccurring revenue story. They are a self proclaimed cyclical that has tended to focus on a specific customer segment over time...
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February 19, 2025 • 54 mins
Today, we are breaking down Rolls-Royce. A fair warning to those expecting to hear about luxury automobiles, that division was split from this business in the 1970s. But as we discuss the history of Rolls-Royce on this episode, you will hear how the DNA of this company still ties together from its early 1900s origins.
Our guest is Graeme Forster from Orbis Investments. Graeme walks us through the core business of Rolls-Royce in the...
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February 12, 2025 • 54 mins
Today, we are replaying one of our favorites, breaking down the industrial conglomerate AMETEK. AMETEK is a great pairing with last week's episode on Jack Henry. These are two businesses with very long track records executing a playbook.
AMETEK is one of eight companies that Mark Leonard and his team at Constellation Software studied as they built their own empire. And it's one well worthy of a discussion as you'll hear.
To break ...
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February 5, 2025 • 61 mins
Today, we are breaking down Jack Henry. If you're not familiar with it, Mark Leonard of Constellation Software once referred to this business as their ‘gold standard.’ Jack Henry is a true best in class operator within the vertical market software space.
To break down the business, I'm joined by Bob Desmond, Portfolio Manager and Head of Claremont Global. Jack Henry sells full operating system software that powers small and mid-s...
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