Episodios

  • The Marina Industry: Building Moats, Storing Boats - [Business Breakdowns, EP.170]

    The Marina Industry: Building Moats, Storing Boats - [Business Breakdowns, EP.170]
    Jun 19 2024
    This is Zack Fuss. Today, we are breaking down the U.S. Marina Industry. In the U.S. there are more than 11,000 marinas, grossing over $6 billion in sales. Today, there is a 12 to 1 ratio of registered boats versus the supply of rentable wet slips and dry storage spaces. Zoning regulations lead to limited supply growth, which has led to a sustained backdrop of strong, profitable growth for the industry. To break down the industry, I am joined by David Chesner, co-CEO of Grove Point Marinas, and Josh Koplewicz, managing partner of Thayer Street Partners. We discuss how Marinas are currently evolving from a largely local and independent model to one that is institutionalizing as an asset class and lowering the industry's cost of capital, helping to finance growth. And, to illustrate the unit economics, we cover the largest players in the space, including publicly traded Sun Communities’ Safe Harbor Marina business. Please enjoy this breakdown of the Marina Industry. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 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 (00:05:21) Overview of the Marina Industry (00:08:00) Revenue and Margins in the Marina Business (00:10:36) Operational Improvements and Best Practices (00:12:54) Challenges in Marina Development (00:14:10) Competitive Landscape and Market Players (00:27:02) Growth Strategies and Financial Insights (00:34:28) Risks and Resilience in the Marina Industry (00:39:08) Lessons Learned from the Marina Industry
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    43 m
  • Coupang: Korean E-Commerce Craze - [Business Breakdowns, EP.169]

    Coupang: Korean E-Commerce Craze - [Business Breakdowns, EP.169]
    Jun 12 2024
    Today, we are breaking down the South Korean e-commerce giant Coupang. If we ran through the taxonomy of investor interests, this Coupang conversation checks many boxes on that list. It is a founder-owned and operated business, a business that went through a massive pivot years into existence, a business that's replicating the Amazon model to success, and a business with healthy debates on the TAM & financial trajectory going forward. Our guest today is Drew Cohen from Speedwell Research. We want Business Breakdowns to be the most efficient way for you to learn about a company, so we pack that information as densely as possible into about an hour of each episode, but if you are itching for more on Coupang, check out Drew's full report at speedwellresearch.com. Please enjoy this Breakdown of Coupang. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 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) An Overview of Coupang (00:07:49) Coupang's Founder Story (00:10:46) The Pivot to Amazon Model (00:13:49) Coupang's Logistics and Delivery Innovations (00:17:32) Coupang's Market Position and Competition (00:25:24) Consumer Behavior and Market Dynamics (00:34:15) Understanding Gross Margins and GMV (00:36:48) Operating Leverage and Logistics Infrastructure (00:38:06) Future Growth and Market Expansion (00:41:30) Advertising and Brand Dynamics (00:48:59) Competitive Landscape and Risks (00:56:12) Valuation and Market Perception (00:59:15) Key Lessons from Coupang's Success
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    1 h y 2 m
  • Lifco: Dentistry, Demolition, and Decentralization - [Business Breakdowns, EP.168]

    Lifco: Dentistry, Demolition, and Decentralization - [Business Breakdowns, EP.168]
    Jun 5 2024
    This is Zack Fuss. Today we are breaking down Lifco, a Swedish conglomerate recognized amongst a group of notable Scandinavian serial acquirers. Lifco’s business focus is to acquire and develop market-leading niche companies that run independently and are largely self-funded business units. Carl Bennet, the current chairman, is the architect behind Lifco and was the former CEO of the famed Electrolux in the 1980s. After acquiring a business out of Electrolux with a friend, Carl formed the group that is now today's Lifco. The roots of the business are in the medical sector, specifically dental, but have since grown into a diversified conglomerate as an acquirer of dental instruments, demolition equipment, and a wide array of specialized industrial businesses. I'm joined by Adnan Hadziefendic, a portfolio manager at REQ Capital. We discuss the company’s clear philosophy centered on constant long-term growth, a focus on profitability, and an intentionally decentralized organization. Please enjoy this breakdown of Lifco. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 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 (00:05:27) Lifco's Business Model and History (00:06:29) Core Segments of Lifco’s Business and Acquisition Strategy (00:07:14) Carl Bennett's Role and Lifco's Evolution (00:09:53) Lifco's Turnaround and Expanding Outside of Dental (00:13:47) M&A Strategy and Integration (00:16:53) Lifco Playbook for Post-Acquisition (00:22:41) Decentralization as Paramount to the Lifco Culture (00:28:02) Aligning Incentives Across Acquisitions (00:34:31) The Recent Leadership Transition (00:38:56) Lifco’s Capital Allocation Strategy (00:41:10) System Solutions and Future Growth (00:47:37) Lessons from Breaking Down Lifco's
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    48 m
  • CHIPS Act: Securing Semiconductor Supply - [Business Breakdowns, EP.167]

    CHIPS Act: Securing Semiconductor Supply - [Business Breakdowns, EP.167]
    May 31 2024
    We have a special episode today, breaking down the CHIPS Act. We've covered the semiconductor space in depth on Business Breakdowns, but in this conversation, we go broader. We discuss the CHIPS Act, enacted by Congress in 2022, which aimed at boosting the US's semiconductor manufacturing capabilities to better compete with East Asia. America had been dependent on that foreign manufacturing which created massive shortages, having implications across some of our most important resources and defense systems. The CHIPS Act itself provides just under $53 billion in subsidies for US companies and the goal is to build out these capabilities with leading edge logic and memory fabrication, advanced packaging facilities, and advanced capacity for current generation semiconductors. My guest today is Todd Fisher, CIO of the CHIPS Act office. We discuss some of the broader questions any investor might have about subsidized industry programs and how that will shift to the natural free market supply & demand dynamics that you would typically see in industries like semiconductors. It's truly a wide range of conversation and particularly timely with the recent funding announcements from the team. Please enjoy this breakdown of the CHIPS Act. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 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 (00:05:23) Current State of the Semiconductor Supply Chain (00:08:50) Funding and Incentives Breakdown (00:11:23) Sustainability and Long-term Viability of Projects (00:15:54) Building Economic and National Security (00:18:25) Massive Undertakings in Fab Construction (00:20:49) Vision for Success and Leading Edge Fabrication (00:29:54) Workforce Development and Environmental Considerations (00:36:55) Future Milestones and Program Success Metrics (00:44:00) TSMC Moving Capacity Into the USA (00:48:43) The Effect of the Upcoming Election on the CHIPS Act
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    49 m
  • InterDigital: Setting Wireless Standards - [Business Breakdowns, EP.166]

    InterDigital: Setting Wireless Standards - [Business Breakdowns, EP.166]
    May 29 2024
    Today we are breaking down InterDigital, a really interesting business that sits completely under the radar for most investors. InterDigital has the foundational patented technology that makes mobile phone communication and device-to-device communication possible. Everything revolving around 2G, 3G, 4G, 5G, the Internet of Things, and all of these devices in the world that communicate with one another is underpinned by InterDigital technology. My guest is Jenny Wallace, co-founder and CIO of Summit Street Capital Management. We discuss InterDigital's five decades of history, what it takes to maintain its patent portfolio of 30,000 patents, and much more. Please enjoy this Breakdown on InterDigital. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @ReustleMatt | @domcooke | @zbfuss 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 (00:04:40) The History and Evolution of InterDigital (00:05:49) InterDigital's Impact on Wireless Communication (00:10:12) Exploring the Patent Portfolio and Business Model (00:16:13) Technology as the DNA of the Company (00:20:45) An Evolving Business Model and Maintaining 30,000 Patents (00:25:00) InterDigital's Legal Battles and Financial Health (00:31:12) Volatility in InterDigital’s Revenue Stream (00:37:21) R&D Spend as a Key Focus (00:41:13) The Future of InterDigital: Opportunities and Challenges (00:48:57) Investment Perspectives and Valuation Insights (00:53:46) Lessons Learned From InterDigital
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    54 m
  • Bajaj Finance: Strategies of a Lending Giant - [Business Breakdowns, EP.165]

    Bajaj Finance: Strategies of a Lending Giant - [Business Breakdowns, EP.165]
    May 22 2024
    Today, we break down India's largest non-banking financial company, Bajaj Finance. Bajaj has a market cap of over $50 billion, which can largely be attributed to the significant growth over the past two decades. One of the headline numbers that immediately caught my attention from Bajaj is that the loan book compounded 40% from 2009 to 2022. To break down Bajaj I'm joined by Saurabh Mukherjea, the founder and CIO of Marcellus Investment Managers. Saurabh previously joined us for a breakdown on Titan and returned to dive into this specialized lender. Please note: Marcellus also holds shares in Microsoft and Amazon. Register for the Business Breakdowns x Founders Conference. 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 Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke 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 (00:06:00) The Innovative Lending Model of Bajaj Finance (00:10:18) Origins and Evolution of Bajaj Finance (00:19:33) The Competitive Edge: Technology and Culture at Bajaj (00:27:01) Underwriting and Risk Management Strategies (00:29:26) Exploring Bajaj Mall's Competitive Edge (00:32:24) Geographical Expansion and Market Adaptation (00:33:23) Leveraging Mobile Data for Digital Transformation (00:38:12) Financial Model and Profitability Analysis (00:40:27) Customer Retention and Business Segmentation (00:43:23) Strategic Capital Allocation and Growth Plans (00:48:10) Navigating Regulatory Challenges and Future Risks (00:56:14) Key Lessons from Bajaj Finance
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    1 h
  • The Evolution of Private Credit: Part 2 - [Business Breakdowns, EP.164]

    The Evolution of Private Credit: Part 2 - [Business Breakdowns, EP.164]
    May 15 2024
    Welcome back for part two of this business breakdown on the private credit markets. I am now joined by Josh Clarkson, managing director at Prosek Partners. Our discussion with Armen was really focused on the supply & demand dynamics of private credit, where the public markets & regulatory markets have played a role, that certainty and speed of getting deals done, and how that has proved to be an advantage for private credit versus traditional solutions. In our conversation with Josh, we transition into some broader takeaways, the history of the private credit markets, and some of the wrappers and what they have meant to the private credit markets. You will often hear about business development companies (BDCs), and we get into exactly how they are differentiated from traditional solutions. We also cover differentiation within that own subsegment, the public BDCs versus the private BDCs, what has happened in times of stress, what the fundraising environment has been like, and the future market outlook. Please enjoy part two of our breakdown on private credit. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- 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 | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke 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 (00:05:32) Deep Dive into Private Credit Markets: Part Two (00:06:57) Exploring the Competitive and Collaborative Dynamics of Banks and Private Credit Funds (00:10:41) The Mechanics of Leverage in Private Credit Funds (00:12:10) The Evolution of Business Development Companies (BDCs) (00:19:34) Sector-Specific Strategies in Private Credit (00:24:48) Historical Context: Life Insurance Companies as Original Credit Providers (00:26:19) The Financial Crisis: A Turning Point for Private Credit (00:28:39) The Role of BDCs in Today's Private Credit Landscape (00:31:08) Differentiating Private Credit Strategies and Structures (00:34:39) Navigating the Complex World of BDC Metrics and Valuations (00:41:47) Adapting to Rising Rates: Strategies and Opportunities (00:46:27) Looking Forward: Innovation and Growth in Private Credit
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    46 m
  • The Evolution of Private Credit - [Business Breakdowns, EP.163]

    The Evolution of Private Credit - [Business Breakdowns, EP.163]
    May 15 2024
    Today, we have a special two-part episode on private credit. In 2023, the global private credit market topped $2.1 trillion in assets and committed capital. Rather than making blanket statements like private credit is an emerging bubble, we wanted to explore the various segments of private credit and ask simple questions like “Where is this growth coming from?”, take a closer look at supply and demand, and capture some of the nuance that is so important to any analysis of these emerging markets. To start, we use the lens of a successful fund manager in the space, Armen Panossian, the co-CEO of Oaktree. Beyond Howard Mark's famous memos, Oaktree is a $192 billion asset manager known for its long history in credit. We hope these conversations give you a better sense of what's happening in the private credit ecosystem, the difference between strategies and wrappers, the demand for private credit solutions, how regulations have impacted this market, and much more. Please enjoy this breakdown on private credit. Register for the Business Breakdowns x Founders Conference. 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 High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Follow us on Twitter: @JoinColossus | @patrick_oshag | @zbfuss | @ReustleMatt | @domcooke 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 (00:06:32) - Deep Dive into Private Credit: A Growing Market (00:08:47) - Exploring the Dynamics of Supply and Demand in Private Credit (00:11:38) - The Evolution of Private Credit Since the Global Financial Crisis (00:15:58) - The Role of Private Equity and Banks in Private Credit (00:19:33) - Building a Sustainable Advantage in Private Credit Strategies (00:24:02) - Innovative Financing: The Case of Life Sciences Lending (00:27:53) - Identifying New Opportunities: Infrastructure Lending and Rescue Financing (00:30:40) - The Importance of Fund Size in Private Credit Strategies (00:33:02) - Oaktree's Approach to Private Credit Products (00:36:55) - Investment Strategy and Allocation Across Funds (00:39:42) - Risk Management and Restructuring Expertise in Private Credit (00:42:19) - Navigating the Secondary Market for Private Loans (00:44:06) - Evolving Landscape of the Distressed Debt Market (00:47:43) - Impact of COVID on Private Credit Valuations (00:51:46) - Oaktree and Brookfield: A Strategic Partnership (00:53:33) - Future Considerations: Rates, Elections, and Economic Implications
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    54 m