While the online brokerage market has been decimated in recent years from fee compression, Schwab has been pivoting their business model to that of a traditional bank. With Quartr, you can access conference calls, investor presentations, transcripts, and earnings reports straight from your pocket. We cover the history of the fitness industry, how Basic-Fit has put its own spin on a successful US-based playbook, and the clustering strategy that Basic-Fit has developed for entering new markets. To break down the business, Im joined by Michael Willar, a portfolio manager at Stenham Asset Management.
[00:08:13] - The business model of Schwab itself; [00:12:51] - Can it be compared to a franchise model; To unlock the secrets, we are delighted to be joined by. To break down the business, Im joined by Chris Bloomstran. Jon wrote an extensive presentation of Dino which can be found on our website. Please enjoy this business breakdown of Afterpay. This is Dom Cooke and today we are breaking down the PGA Tour.
An asset class that undergirds and powers all modern digitally connected experiences. To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. Some of those fields are mature, some are emerging. We cover a history of fitness clubs dating back to the late 70s and early 80s, how low-cost gym models have emerged as winners and created a large addressable market, and we talk about how Basic-Fit is putting its own spin on a successful playbook from the US. 2022 Colossus, LLC. Editors note: this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. Zack Fuss - Breaking Down the Food Ecosystem. [00:03:01] - [First question] - Ben's favorite Rolex watch ever; Ben's Inside Rolex piece, [00:04:24] - What makes the Rolex Daytona such a special watch, [00:07:19] - The job-to-be-done for high-end watches beyond just telling them the time, [00:12:18] - The strategy behind marketing luxury products; The Luxury Strategy, [00:14:34] - An overview of Rolex's business, [00:38:45] - Their genius in marketing and distribution, [00:41:55] - How they make decisions and what others can learn from them, [00:47:14] - The financials of Rolex and other luxury watch brands, [00:49:02} - Most important business lessons others can learn from Rolex, [00:52:54] - Other luxury brands worth studying, [00:57:26] - What Rolex hasn't gotten right.
Were fortunate to be joined by Oak Thorne, who has led Gogo for 20 years into the success it is today. [00:02:40] - [First question] - Why he got into the crypto space and what set him down the path that would to founding Anchorage, [00:05:53] - An overview of digital security, state of it today, and where people should spend their time learning about it, [00:09:16] - A future of perfect authentication and data protection being so core to this space, [00:13:29] - How custody should be considered in the modern world and with digital assets, [00:18:59] - What it means to be a great qualified institutional custodian, [00:25:17] - The business and unit economics of Anchorage, [00:28:07] - What it was like working with their first big institutional client, [00:30:52] - Speed as a component of digital security and its implications writ large, [00:35:51] - How theyre differentiated from their competitors by expanding beyond custody, [00:39:46] - Different challenges between securing NFTs versus currencies and tokens, [00:42:43] - New behaviors he finds most interesting about institutions due to Anchorage, [00:48:46] - Breakdown of what players and services contribute to and create Anchorages clients today, [00:51:24] - The best case scenario for the future of the business, [00:53:37] - What would worry him about Anchorages development if it swayed from their original mission, [00:55:55] - Opportunities he finds most interesting that haven't materialized yet, [00:57:46] - Will we need a public blockchain to create the infrastructure needed to bring the world to a more crypto-fluid place, [01:00:07] - The kindest thing anyone has ever done for him. Netherlands based Basic-Fit is a story of rapid expansion. This episode is brought to you by Daloopa. In this episode, we will talk about a company that delivers that airbourne experience, Gogo. We cover how buy-now-pay-later compares to traditional credit cards, what differentiates Afterpay from direct peers, and how each player of its ecosystem benefits from its offering. Please enjoy this breakdown of Berkshire Hathaway. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt, [00:03:38] - [First question] - Key products that define Duponts history and where their products show up in our everyday lives, [00:06:23] - The science that goes into developing their products and what being a speciality chemicals business looks like, [00:08:22] - Where theyre sourcing commodity chemicals from, [00:10:30] - The thought process that went into their merger with Dow in December 2015, [00:13:21] - Commodity chemicals versus speciality chemicals, [00:16:01] - The importance of patents and early products that first had them, [00:17:38] - How much effort is put into research and development today, [00:19:47] - Their economic model and profile and current businesses, [00:23:56] - How their EBITDA margins today compare to the business historically, [00:25:27] - Overview and duration of their merger supply agreements, [00:26:23] - The seasonality and customer base for a business like this, [00:27:52] - Producing on a per-order basis or on market speculation, [00:30:04] - How many of their chemicals are produced in their own manufacturing facilities, [00:31:00] - Stability and internal investment of their cash flow cycle, [00:32:28] - History of the Dupont family and key leadership changes, [00:34:24] - Thoughts on the bull case for Dupont that will put them back on the pedestal, [00:36:28] - The percentage of the market they represent today and their current competitors, [00:37:56] - Metrics used when valuing commodity and speciality chemical businesses, [00:40:03] - Prior regulatory fines and potential risks going forward, [00:46:44] - Key lessons for operators and investors from Duponts story. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 public traded companies. Please enjoy this breakdown of AppLovin. , from Insight Partners. [00:37:42] - The secret sauce behind their successful growth trajectory, [00:39:25] - The essence of Adyens culture and how it manifests in their day-to-day work, [00:42:04] - What Adyen plans to do with all of the cash they produce, [00:43:35] - What keeps him up at night and potential threats to the business. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. To breakdown Afterpay, I am joined by investor. Andrew has written extensively on Schwab, which we link to in our show notes. . Diploma is a specialist distributor of medical equipment and industrial components listed in the UK. [00:03:30] - [First question] - Why Schwab isnt well understood by the market, [00:05:18] - The story of Charles Schwab and how active he is in the company, [00:08:13] - The business model of Schwab itself; Holland Advisors Research, [00:12:51] - Can it be compared to a franchise model; Another Flywheel, [00:15:46] - What did they see in the space that convinced them to shift their business model, [00:18:19] - How Schwab benefits from their customers keeping money in cash, [00:20:18] - What stops competitors from copying the Schwab model, [00:23:12] - Where Schwab stands out with cash on the balance sheet, [00:24:17] - The reasoning behind the TD Ameritrade acquisition, [00:33:28] - Convincing new customers to transfer their accounts to Schwab, [00:37:14] - How their market share has changed over the years, [00:38:50] - Building their balance sheet, [00:46:34] - How their acquisition of TD Ameritrade helps their balance sheet, [00:49:50] - Valuing a complex business like Schwab, [00:56:43] - Key drivers of their earnings growth, [00:58:31] - How they use their net interest margin, [01:00:43] - What the market pullback this year has meant for Schwab, [01:03:43] - Major lessons learned from analyzing Schwab. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. But Baytex has production in five different operating areas spanning across the US and Canada. Over the coming months, we will breakdown a handful of companies that are key players in the digital infrastructure asset class. Sign up here. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3. Please enjoy this breakdown of Anchorage Digital. We cover how buy-now-pay-later compares to traditional credit cards, what differentiates Afterpay from direct peers, and how each player of its ecosystem benefits from its offering. Deven has been an investor in Fanatics since 2011. This is Matt Reustle and today we are breaking down DuPont. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte. To break down Fanatics, I am joined by an early investor, Deven Parekh, from Insight Partners. Brett is a founder of Ladder, a fitness market platform. To help breakdown the business, Im joined by its CEO and co-founder, Adam Foroughi. . Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. The company has been allocating cash flow between unconventional wells, conventional wells, and debt reduction in recent years. Schwab is a financial behemoth. Founded in Sydney Australia in 2015, Afterpay was a rapid success in the buy-now-pay-later market before being acquired by Block for $29bn in 2021. from Arlen House Capital, who is an investor in Basic-Fit. For the full show notes, transcript, and links to the best content to learn more, check out the episode page, Business Breakdowns is a property of Colossus, LLC. But dig a little deeper and youll find a high-quality operator generating significant free cash flow through a mix of organic and inorganic growth channels. Goldman is neither a vampire squid nor are they doing Gods work. We cover what it means to operate as a bank vs online broker, how Charles Schwab himself grew this business out of a newsletter, and whats on the horizon for Schwab in the future. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. This episode is brought to you by Visible Alpha. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. Please enjoy this business breakdown of Fanatics. Get started with Coinbase Prime today at coinbase.com/prime. Follow us on Twitter: @bizbreakdowns | @JoinColossus, [00:02:23] - [First question] - The history of Diploma, what they do, and whats attractive about their business model, [00:04:39] - Size and scale of the business and their market capitalization, [00:07:03] - Overview of what their life sciences business vertical looks like, [00:10:00] - The cyclicality of the seals and controls business verticals, [00:13:45] - Returns on invested capital and thoughts on the capital intensity of seals, [00:15:06] - What allows their businesses to keep growing and what characterizes a strong acquisition target for Diploma, [00:19:14] - An example of how Diploma fits into the value chain, [00:21:24] - How Diploma acquires for low multiples when making acquisitions, [00:23:41] - How they drive quantitative and qualitative returns in their acquisitions, [00:27:35] - What management is like at Diploma and their longevity in the business, [00:33:19] - Overview of their competitive landscape, [00:35:27] - What the business does with extra cash flow in the absence of M&A activity, [00:38:01] - What Charlie finds special about Diploma and what has him excited for the future, [00:41:22] - The key risks in each vertical and what worries him about them, [00:48:07] - Lessons for investors, business executives and operators from the Diploma story. 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. Today's episode was originally featured in our Web3 Breakdowns feed. Deven has been an investor in Fanatics since 2011. Try Visible Alpha for free by visiting visiblealpha.com/breakdowns, [00:02:52] - [First question] - What is Block and what it does as a business, [00:04:58] - How is Block organized, their scale, and how many merchants they serve, [00:08:03] - Their founding story and the insight that lead to creating Block, [00:10:49] - Major milestones in the last decade after releasing their card reader, [00:13:47] - The story behind their Cash App and what it is, [00:18:59] - What Afterpay is and how it creates connections for merchants, [00:21:23] - Overview of the payment ecosystem and where Block fits into it, [00:25:03] - The P&L of Square, its blended gross margin, and customer acquisition strategy, [00:30:42] - How Cash App makes money and its P&L, [00:35:54] - The balance sheet of Block and how theyve stood out in a competitive space, [00:38:31] - The ways their product organization allows them to move at a rapid pace, [00:40:30] - How they avoid fraud thats seemingly everywhere in financial service businesses, [00:42:01] - His thoughts on the competitive environment and how theyre succeeding, [00:47:56] - Highlights of M&A and how they reconcile them with their overall strategy, [00:54:44] - Their view on Bitcoin and crypto and how it plays into Blocks business, [00:59:09] - Things that could happen in a macro environment to aid their future growth, [01:01:30] - What could go wrong in the future and the macro environments impact, [01:03:49] - Lessons for builders and investors when studying Blocks story, [01:06:20] - Places to go to learn more about Block. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. . Please enjoy this breakdown of Basic-Fit. For listeners unfamiliar with Web3 Breakdowns, the concept was inspired by Business Breakdowns but intended to be a place fully dedicated to the emerging ecosystem around blockchains, crypto assets, and everything that makes up Web3. To breakdown Afterpay, I am joined by investor Joe Magyer. How is it, for example, that Netflix, based in Seattle, is able to deliver a perfect streaming experience to your phone in the back seat of a New York City taxi cab? Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandanavian countries. This is Jesse Pujji and today were breaking down McKinsey & Company, the worlds pre-eminent management consulting firm. This Breakdown of Anchorage Digital has a foot in both camps, by diving into a business thats enabling traditional institutions to participate in and profit from digital assets. Clients have used our comprehensive investing platform to execute some of the largest trades in the industry because they are the only publicly-traded company with experience trading and custodying crypto assets at scale. To break down the business behind the stars and action you see on the PGA Tour, Im joined by Neil Schuster, co-founder of golf media business No Laying Up. [00:03:19] - [First question] - The journey of producing a barrel of oil and how Baytex fits into the oil production ecosystem, [00:05:29] - How $100 is dispersed amongst the value chain when a barrel of oil is purchased, [00:08:03] - A broad overview of Baytex today and its history, [00:13:05] - The production of a barrel of shale oil and unique characteristics of shale, [00:16:25] - The main drivers of increased productivity and optimization in oil production, [00:19:11] - What breaking even looks like today on a barrel of oil, [00:23:20] - Describing the decline rate of a shale well compared to conventional plays, [00:25:22] - Overview of the differences of oil blends and quality coming out of Texas versus Canada, [00:29:14] - Where the US still imports oil outside of Canada, [00:30:51] - A snapshot of what Baytexs Canadian operations look like, [00:35:38] - The other major Canadian assets Baytex has, [00:38:28] - The heavy oil decline rate of Canadian oil wells compared to US shale wells, [00:39:59] - What makes Clearwater such an exciting and interesting opportunity for Baytex, [00:43:30] - Identifying where oil might be and what that process looks like, [00:47:02] - His process as an investor in evaluating new projects like Clearwater, [00:56:00] - How to ascribe value to a project like Duvernay compared to Clearwater, [01:00:05] - Baytexs approach to hedging and how it differs from the rest of the industry, [01:02:15] - How the management team at Baytex manages capital allocation, [01:05:33] - Why return capital to shareholders, [01:07:41] - Metrics he uses to value an oil production company or adjacent business, [01:11:19] - Rules of thumb to consider when it comes to evaluating the asset base, [01:14:05] - Main risks that could drive stock underperformance, [01:16:38] - Lessons and takeaways from his time investing and working with Baytex. To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. This episode is presented by Visible Alpha. Try Visible Alpha for free by visiting visiblealpha.com/breakdowns ----- This episode is brought to you by Quartr. Please enjoy this conversation on Baytex Energy. This episode is brought to you by Daloopa. Web3 Breakdowns is a property of Colossus, LLC. My guest is, from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. Todays business needs little introduction. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. We cover the DNA of bank profitability as we go through the core segments of a bank: asset management, sales & trading, and investment banking. By capturing all of a company's KPIs and adjusted financials into their database, Daloopa makes it easy to quickly update your models for what matters. 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. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. A discussion around the economics of the food business and restaurants' recent digital transformations. Today, some 100 years later, management consultants are entrenched in every part of the global economy and McKinsey continues to lead the field. This episode is brought to you by Scribe. Given the market turmoil in crypto assets, we talk about true use cases of tokengated commerce and why blockchain technology is unlocking something that was not possible otherwise. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. Diogo started Anchorage in 2017 to meet the growing institutional need to custody and use crypto assets. This episode is brought to you by Coinbase Prime. Try Daloopa for free at daloopa.com/Patrick. [00:04:02] - [First question] - Gogos history and how his history intersects with it, [00:08:03] - His background and what lead him to joining Gogo, [00:10:01] - A primary focus on US airlines and high-end air travel specifically, [00:11:37] - 30% market penetration of potential WiFi signal outfitted aircraft, [00:12:33] - What the competitive landscape looks like today and how many planes they have, [00:14:15] - Whether the formerly unaddressable planes will make their way into their fleet, [00:16:04] - Their product offerings today and the differences between them, [00:19:26] - Overview of their business economics and their digital infrastructure, [00:21:31] - Unit economics and labor and install costs, [00:23:44] - How much more traffic their existing network could handle, [00:24:17] - CapEx, service revenue, and a projected 20% system growth, [00:25:55] - Cost structure margin on their recurring service revenue, [00:26:36] - Where they are in building out their 5G network, [00:27:25] - Momentum of business growth year-over-year, [00:28:29] - How the ATG network actually works and how the 5G connection improves it, [00:30:44] - What portion of their business comes from aftermarket installations, [00:32:18] - Competitive nature of this sector and if someone could come after Gogo, [00:35:23] - Speed differentials between their varying network offerings, [00:36:48] - Price differences with competitors and the strength of their dealer network, [00:38:19] - Expensive alternatives and the customer experience of GeoSatellite services, [00:40:42] - Describing the differences between GeoSatellite and Elons Starlink, [00:46:19] - Reasons why Starlink might become a competitor, [00:48:56] - How Gogos 5G and global broadband product are offensive and defensive, [00:51:24] - Portion of new US delivery aviation planes built with in-flight WiFi solutions, [00:53:39] - Plans to become a free cash flow generating machine, [00:55:01] - How long he anticipates this growth runway to continue, [00:56:27] - Potential risks to Gogo from a legal and regulatory perspective, [00:57:33] - Legal allegations from SmartSky and using the unlicensed spectrum, [00:59:50] - Cyclicality of their clients and suspended business periods, [01:02:18] - Their channels and customer concentration, [01:03:17] - Minority shareholders and their long term vision, [01:04:57] - Two key lessons for others attempting to build and lead a company. 
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