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. This episode originally ran in our. 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. Please enjoy this breakdown of Anchorage Digital. To break down Schwab, I am joined by Holland Advisors Founder and Portfolio Manager. [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.
Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. We discuss the history of the defense industry, how Andurils business is counter positioned against the legacy cost-plus model, and what Brian has learned about selling to the DoD.
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We cover how producers fit into the broader energy ecosystem, the differences between unconventional shale wells versus conventional wells, and how management teams think about capital allocation. Please enjoy this conversation on Baytex Energy. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Please enjoy our Breakdown of DuPont. [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; To break down Block, Im joined by payments expert and investor at TDM Growth Partners. 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. Our discussion covers Adyens single platform solution in detail, the driving force behind their track record of profitable growth, and why payments isnt a winner take all market. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. [00:12:18] - The strategy behind marketing luxury products; of Sohra Peak Capital Partners.
Web3 Breakdowns is a property of Colossus, LLC. Its where the best players in the world earn their living and tee it up for their place in golfing history. In this episode, we will talk about a company that delivers that airbourne experience, Gogo. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3.
We cover origins of the health clubs, the differences between franchise vs. license models, and fixing the commercial fitness industry by changing it. Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme.
[00:35:56] - Having one platform is beneficial but why isnt it a more popular approach? Business Breakdowns is a property of Colossus, LLC. [00:02:40] - [First question] - What is Fanatics and the scale of the business today, [00:04:26] - What the core business of Fanatics does, [00:05:41] - The history of Fanatics and what led to its success, [00:10:59] - Michael Rubins story and the role that GSI played in Fanatics growth, [00:13:58] - How the licensing business works and how Fanatics relationship with the leagues differs from their competitors, [00:15:34] - The landscape of this industry before Fanatics, [00:16:36] - Why the change from the best commerce experience to a broad digital sports platform, [00:19:02] - Differences of Fanatics P&L compared to others in the industry, [00:21:05] - How the real-time advantage helps drive growth in the business, [00:23:12] - Whether or not the leagues participate in gross margins and how much of a focus they place on cost optimization, [00:25:25] - Distinctive things about Fanatics from an investors perspective, [00:26:22] - Why hasnt Amazon stepped into this space yet, [00:27:30] - Which leagues have opted out of working with Fanatics and interesting team and player dynamics, [00:28:59] - Reasons behind getting involved with NFTs, trading cards, betting, and how it might evolve in the future, [00:32:22] - Ways theyre taking the core business and augmenting other branches, [00:34:36] - What will have gone right over the next five years for Fanatics to continue growing at the pace they are today, [00:37:59] - What will have gone wrong over the next five years that will hurt Fanatics growth, [00:39:59] - Lessons for builders and investors when studying Fanatics story. Anduril builds high tech defense systems for the US Department of Defense and its allies. 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. Please enjoy this business breakdown of McKinsey & Company. Editors note: this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. To break down the business, Im joined by Romeen Sheth, a McKinsey alum and the current President of Metasys Technologies. Sign up here. Today we are running a special episode in our Business Breakdowns feed. Please enjoy this business breakdown of Block. This wasn't a name on our radar at Colossus but the more we dug into the story, the more intrigued we became.
Today, they operate over a 1000 clubs across 5 countries, and have 2 million combined members in their system. Whether it was Pierre Samuel Du Pont's 1818 death fighting a fire at their powder mill, Alexis Du Ponts 1857 death in an explosion at a powder yard, or Lammot Du Ponts famous 1884 death in an explosion while experimenting with nitroglycerines. from Morningstar. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of Wall Street. [00:50:06] - Key differences between Stripe and Adyen, [00:56:23] - Lessons learned from studying Adyen and what payment service builders can learn from them, To break down the business, Im joined by. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. [00:02:52] - [First question] - The history of defense technology and the technological and competitive landscape when he set out to build Anduril, [00:08:22] - What the early experience was like when approaching the government and finding an early adopter, [00:12:44] - Necessity being the mother of invention when it came to developing drones, [00:16:37] - What its like to develop hardware and software products at the same time, [00:20:26] - How the defense business complex works economically and overview of the detailed cost plus model, [00:24:44] - The state of military technology and military conflict today writ large. Adyen was their chance to start afresh and build a modern solution to displace the patchwork legacy system that merchants were being forced to use. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. And with a market cap just north of $3 billion, its far from a mega-cap. [00:31:10] - Are we heading to a future where warfare is mostly machine against machine? For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies.
This is Matt Reustle and today we are breaking down DuPont. And we talk about culture the mystery and the prestige that has followed Goldman since its days as a private partnership. Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. My guest is Alex Danco from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. 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. , of Bison Interests. from Arlen House Capital, who is an investor in Basic-Fit. , an investor in the business and Head of Equities at, This is Dom Cooke and today we are breaking down the PGA Tour. An accountant by trade, James McKinsey, took inspiration from a range of well-established professions like engineers, doctors, and lawyers to create a new category. This episode is brought to you by Tegus. Please enjoy this business breakdown of Afterpay. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations.
This episode is brought to you by Coinbase Prime.
But, while the companys products are iconic, the business itself is highly secretive. Today, were breaking down one of the strongest brands in the world - Rolex. Today's episode was originally featured in our, feed. [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. ; Changing the format of the Tour into a non-profit. 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. ; What an investment bank is, what they do, and how they make their money, ; Why Goldman is perceived as the industry villain. Get started with Coinbase Prime today at coinbase.com/prime. To break down Diploma, Im joined by Charlie Huggins, an investor in the business and Head of Equities at WealthClub. This inaugural episode of the Digital Infrastructure Business Breakdowns mini series will begin with one of the broadest, most important companies in the industry, DigitalBridge. I am @Compound248 and this is the next installment in our Business Breakdowns mini-series focused on Digital Infrastructure, where we are breaking down a handful of companies that are key players in the digital infrastructure asset class. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. , co-founder and President of Anchorage Digital. This is Matt Reustle and today we are breaking down the 150 year-old investment bank Goldman Sachs. This episode is brought to you by Daloopa.
Visit kensho.com/breakdowns to learn more and unlock your free trial. This episode is brought to you by Visible Alpha. [00:02:26] - [First question] - What Berkshire has taught the world about float, [00:14:00] - How much of Berkshire's success was predicated on insurance, [00:23:17] - Whether or not Berkshires capital source has been more important than stock selection, [00:30:04] - Why theres such a disparity between good stock pickers and holding companies, [00:36:24] - What the major signposts of durability are when evaluating companies, [00:38:29] - Acquiring Alleghany and using that as a case study that reflects their values, [00:47:22] - The role that energy has played in Berkshires growth, [00:59:54] - Thoughts about the major pieces of Berkshire and the future of the company, [01:05:46] - Important lessons learned about investing and business from Berkshires story. To break down Dino I am joined by Jon Cukierwar of Sohra Peak Capital Partners. 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.
Crucially, it does so with speed that emanates from Silicon Valley. Please enjoy this business breakdown of McKinsey & Company.
Please enjoy this breakdown of Basic-Fit. Founded in 2012, AppLovin provides a platform for developers to market and monetize their mobile apps. [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. Please enjoy this breakdown of Adyen. For more episodes of Business Breakdowns, visit, 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. This episode is brought to you by Visible Alpha. Quartr is available for both iOS and Android, so check out the app today. Known for its eponymous inflight WiFi service, Gogo is frequently misunderstood, having undergone a transformation to focus purely on the business, or private, aviation industry.
Daloopa streamlines a major pain point for investors. Please enjoy this breakdown of Goldman Sachs. To help breakdown the business, Im joined by its CEO and co-founder, Adam Foroughi. Scribe is designed to accurately transcribe messy, real-world audio and is unique in that its optimized for the complexities of enterprise audio, such as company and product names, currencies, accents and numbers. Chris is the President and CIO of Semper Augustus and has gone as deep on Berkshire as anyone Ive ever encountered, making him the perfect person to do this with. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 public traded companies. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes [00:02:47] - [First question] - What its like to walk into a Basic-Fit gym [00:03:50] - Their footprint today in terms of geography, members and locations [00:04:41] - The history of gyms in the US and differences between them and European ones [00:08:33] - Why US gym models lack influence and penetration in Europe [00:10:58] - The key insight that led to founding Basic-Fit [00:13:40] - Economics of building and operating a gym in general and for Basic-Fit [00:16:47] - Typical churn for more established locations and their member demographic [00:20:33] - When Basic-Fit breaks even on a membership and how they battle churn [00:23:28] - Their cancellation policy and why they dont leave for typical reasons [00:25:10] - Basic-Fits fortressing strategy and clustering philosophy [00:28:51] - Whether or not theres data to support members using multiple gyms [00:33:11] - The competitive landscape and whether other gyms adopt Basic-Fits strategy [00:35:21] - What drives country localizations for a particular gym chain [00:38:22] - Basic-Fits digital offering and at-home disruption from US brands [00:42:31] - How they navigated the pandemic and if theres any lasting changes [00:44:31] - The biggest threats to Basic-Fit over the next five years [00:46:23] - Major takeaways from studying Basic-Fits story, Invest Like the Best with Patrick O'Shaughnessy. My guest is, from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. To help break down Baytex, Im joined by oil and gas investor.
Please enjoy this breakdown of Berkshire Hathaway. This is Matt Reustle and today we are breaking down Polish grocer, Dino Polska. Why Baytex Energy? Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. Please enjoy this breakdown of Anchorage Digital. 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. Please enjoy my conversation with Alex Danco. [00:33:34] - Comparing the ghost drone system to predator drones, [00:38:40] - Guiding principles as a firm and deciding on their product roadmap, [00:43:25] - An overview of their product lineup and what theyve built so far, [00:48:13] - Having an open innovation policy to promote competition, [00:49:37] - The nuance of politics when it comes to building and running their business, [00:51:56] - Most difficult decisions hes had to make through Andurils history, [00:53:51] - How he overcame Andurils lowest points and biggest challenges, [00:58:38] - Thoughts on effectively compounding hardware innovation, [01:02:23] - A moment hes most proud of and regrets most in Andurils history, [01:04:20] - Lessons learned from observing Palantir and SpaceX, [01:08:37] - The kindest thing anyone has ever done for him.
To break down Fanatics, I am joined by an early investor, Deven Parekh, from Insight Partners. 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. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. Founded in 2017 by Palmer Luckey, who previously built and sold Oculus to Facebook, Anduril has achieved the rare feat of challenging the established order in the defense industry.
I learned a ton through this conversation, and I think you will too. To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit.
It starts at the macro level in Poland, a country that transitioned away from communism in 1990 so the oldest private businesses are just north of 30 years old.
With Quartr, you can access conference calls, investor presentations, transcripts, and earnings reports straight from your pocket. Deven has been an investor in Fanatics since 2011. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte. Sign up here. Todays business needs little introduction. An asset class that undergirds and powers all modern digitally connected experiences.
We cover Fanatics' unique vertically integrated commerce model, how they redefined their TAM, and how the company is aggressively entering NFTs, real money betting, and other expansion areas. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag, [00:02:16] - [First question] - What Shopify itself is as an ecosystem and service, [00:05:14] - An example of interoperability and the power of platforms outside of Shopify, [00:07:02] - How interoperability and platforms come together, [00:12:08] - Where a a constraint-standard resulted in failure, [00:14:26] - Why Shopify is so heavily invested in tokengated commerce, [00:17:10] - Lessons learned about the scarcity function of tokens and how theyll work, [00:20:34] - Whether or not Shopify will be building their own crypto wallet, [00:24:48] - The important role blockchains play in tokengated economics, [00:28:16] - Overview of the mechanics and offering Shopify is building, [00:32:16] - Tokens help establish protocol adoption, [00:34:27] - Which blockchains and protocols will be mostly used in Shopifys endeavor, [00:36:33] - Why cant it be key-gated instead of tokengated, [00:39:00] - Conjuring demand and how Shopify will create demand for their new system, [00:45:46] - The differences between someone's identity and a token holder, [00:47:55] - Signals that suggest tokengated commerce will be a big thing, [00:51:02] - Why this concept hasnt been more widely adopted already, [00:54:39] - When there will be a solution to easily create and distribute tokens, [00:56:39] - Where things will go from here, [00:59:35] - Reasons why this might not have taken off in five years.
Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. We discuss the history of the defense industry, how Andurils business is counter positioned against the legacy cost-plus model, and what Brian has learned about selling to the DoD.
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We cover how producers fit into the broader energy ecosystem, the differences between unconventional shale wells versus conventional wells, and how management teams think about capital allocation. Please enjoy this conversation on Baytex Energy. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. Please enjoy our Breakdown of DuPont. [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; To break down Block, Im joined by payments expert and investor at TDM Growth Partners. 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. Our discussion covers Adyens single platform solution in detail, the driving force behind their track record of profitable growth, and why payments isnt a winner take all market. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. [00:12:18] - The strategy behind marketing luxury products; of Sohra Peak Capital Partners.
Web3 Breakdowns is a property of Colossus, LLC. Its where the best players in the world earn their living and tee it up for their place in golfing history. In this episode, we will talk about a company that delivers that airbourne experience, Gogo. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3.
We cover origins of the health clubs, the differences between franchise vs. license models, and fixing the commercial fitness industry by changing it. Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme.
[00:35:56] - Having one platform is beneficial but why isnt it a more popular approach? Business Breakdowns is a property of Colossus, LLC. [00:02:40] - [First question] - What is Fanatics and the scale of the business today, [00:04:26] - What the core business of Fanatics does, [00:05:41] - The history of Fanatics and what led to its success, [00:10:59] - Michael Rubins story and the role that GSI played in Fanatics growth, [00:13:58] - How the licensing business works and how Fanatics relationship with the leagues differs from their competitors, [00:15:34] - The landscape of this industry before Fanatics, [00:16:36] - Why the change from the best commerce experience to a broad digital sports platform, [00:19:02] - Differences of Fanatics P&L compared to others in the industry, [00:21:05] - How the real-time advantage helps drive growth in the business, [00:23:12] - Whether or not the leagues participate in gross margins and how much of a focus they place on cost optimization, [00:25:25] - Distinctive things about Fanatics from an investors perspective, [00:26:22] - Why hasnt Amazon stepped into this space yet, [00:27:30] - Which leagues have opted out of working with Fanatics and interesting team and player dynamics, [00:28:59] - Reasons behind getting involved with NFTs, trading cards, betting, and how it might evolve in the future, [00:32:22] - Ways theyre taking the core business and augmenting other branches, [00:34:36] - What will have gone right over the next five years for Fanatics to continue growing at the pace they are today, [00:37:59] - What will have gone wrong over the next five years that will hurt Fanatics growth, [00:39:59] - Lessons for builders and investors when studying Fanatics story. Anduril builds high tech defense systems for the US Department of Defense and its allies. 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. Please enjoy this business breakdown of McKinsey & Company. Editors note: this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. To break down the business, Im joined by Romeen Sheth, a McKinsey alum and the current President of Metasys Technologies. Sign up here. Today we are running a special episode in our Business Breakdowns feed. Please enjoy this business breakdown of Block. This wasn't a name on our radar at Colossus but the more we dug into the story, the more intrigued we became.
Today, they operate over a 1000 clubs across 5 countries, and have 2 million combined members in their system. Whether it was Pierre Samuel Du Pont's 1818 death fighting a fire at their powder mill, Alexis Du Ponts 1857 death in an explosion at a powder yard, or Lammot Du Ponts famous 1884 death in an explosion while experimenting with nitroglycerines. from Morningstar. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of Wall Street. [00:50:06] - Key differences between Stripe and Adyen, [00:56:23] - Lessons learned from studying Adyen and what payment service builders can learn from them, To break down the business, Im joined by. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. [00:02:52] - [First question] - The history of defense technology and the technological and competitive landscape when he set out to build Anduril, [00:08:22] - What the early experience was like when approaching the government and finding an early adopter, [00:12:44] - Necessity being the mother of invention when it came to developing drones, [00:16:37] - What its like to develop hardware and software products at the same time, [00:20:26] - How the defense business complex works economically and overview of the detailed cost plus model, [00:24:44] - The state of military technology and military conflict today writ large. Adyen was their chance to start afresh and build a modern solution to displace the patchwork legacy system that merchants were being forced to use. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector. And with a market cap just north of $3 billion, its far from a mega-cap. [00:31:10] - Are we heading to a future where warfare is mostly machine against machine? For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies.
This is Matt Reustle and today we are breaking down DuPont. And we talk about culture the mystery and the prestige that has followed Goldman since its days as a private partnership. Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. My guest is Alex Danco from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. 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. , of Bison Interests. from Arlen House Capital, who is an investor in Basic-Fit. , an investor in the business and Head of Equities at, This is Dom Cooke and today we are breaking down the PGA Tour. An accountant by trade, James McKinsey, took inspiration from a range of well-established professions like engineers, doctors, and lawyers to create a new category. This episode is brought to you by Tegus. Please enjoy this business breakdown of Afterpay. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations.
This episode is brought to you by Coinbase Prime.
But, while the companys products are iconic, the business itself is highly secretive. Today, were breaking down one of the strongest brands in the world - Rolex. Today's episode was originally featured in our, feed. [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. ; Changing the format of the Tour into a non-profit. 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. ; What an investment bank is, what they do, and how they make their money, ; Why Goldman is perceived as the industry villain. Get started with Coinbase Prime today at coinbase.com/prime. To break down Diploma, Im joined by Charlie Huggins, an investor in the business and Head of Equities at WealthClub. This inaugural episode of the Digital Infrastructure Business Breakdowns mini series will begin with one of the broadest, most important companies in the industry, DigitalBridge. I am @Compound248 and this is the next installment in our Business Breakdowns mini-series focused on Digital Infrastructure, where we are breaking down a handful of companies that are key players in the digital infrastructure asset class. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. , co-founder and President of Anchorage Digital. This is Matt Reustle and today we are breaking down the 150 year-old investment bank Goldman Sachs. This episode is brought to you by Daloopa.
Visit kensho.com/breakdowns to learn more and unlock your free trial. This episode is brought to you by Visible Alpha. [00:02:26] - [First question] - What Berkshire has taught the world about float, [00:14:00] - How much of Berkshire's success was predicated on insurance, [00:23:17] - Whether or not Berkshires capital source has been more important than stock selection, [00:30:04] - Why theres such a disparity between good stock pickers and holding companies, [00:36:24] - What the major signposts of durability are when evaluating companies, [00:38:29] - Acquiring Alleghany and using that as a case study that reflects their values, [00:47:22] - The role that energy has played in Berkshires growth, [00:59:54] - Thoughts about the major pieces of Berkshire and the future of the company, [01:05:46] - Important lessons learned about investing and business from Berkshires story. To break down Dino I am joined by Jon Cukierwar of Sohra Peak Capital Partners. 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.
Crucially, it does so with speed that emanates from Silicon Valley. Please enjoy this business breakdown of McKinsey & Company.
Please enjoy this breakdown of Basic-Fit. Founded in 2012, AppLovin provides a platform for developers to market and monetize their mobile apps. [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. Please enjoy this breakdown of Adyen. For more episodes of Business Breakdowns, visit, 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. This episode is brought to you by Visible Alpha. Quartr is available for both iOS and Android, so check out the app today. Known for its eponymous inflight WiFi service, Gogo is frequently misunderstood, having undergone a transformation to focus purely on the business, or private, aviation industry.
Daloopa streamlines a major pain point for investors. Please enjoy this breakdown of Goldman Sachs. To help breakdown the business, Im joined by its CEO and co-founder, Adam Foroughi. Scribe is designed to accurately transcribe messy, real-world audio and is unique in that its optimized for the complexities of enterprise audio, such as company and product names, currencies, accents and numbers. Chris is the President and CIO of Semper Augustus and has gone as deep on Berkshire as anyone Ive ever encountered, making him the perfect person to do this with. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 public traded companies. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes [00:02:47] - [First question] - What its like to walk into a Basic-Fit gym [00:03:50] - Their footprint today in terms of geography, members and locations [00:04:41] - The history of gyms in the US and differences between them and European ones [00:08:33] - Why US gym models lack influence and penetration in Europe [00:10:58] - The key insight that led to founding Basic-Fit [00:13:40] - Economics of building and operating a gym in general and for Basic-Fit [00:16:47] - Typical churn for more established locations and their member demographic [00:20:33] - When Basic-Fit breaks even on a membership and how they battle churn [00:23:28] - Their cancellation policy and why they dont leave for typical reasons [00:25:10] - Basic-Fits fortressing strategy and clustering philosophy [00:28:51] - Whether or not theres data to support members using multiple gyms [00:33:11] - The competitive landscape and whether other gyms adopt Basic-Fits strategy [00:35:21] - What drives country localizations for a particular gym chain [00:38:22] - Basic-Fits digital offering and at-home disruption from US brands [00:42:31] - How they navigated the pandemic and if theres any lasting changes [00:44:31] - The biggest threats to Basic-Fit over the next five years [00:46:23] - Major takeaways from studying Basic-Fits story, Invest Like the Best with Patrick O'Shaughnessy. My guest is, from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. To help break down Baytex, Im joined by oil and gas investor.
Please enjoy this breakdown of Berkshire Hathaway. This is Matt Reustle and today we are breaking down Polish grocer, Dino Polska. Why Baytex Energy? Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. This software and financial services business was founded by Jack Dorsey and Jim McKelvey in 2009. Please enjoy this breakdown of Anchorage Digital. 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. Please enjoy my conversation with Alex Danco. [00:33:34] - Comparing the ghost drone system to predator drones, [00:38:40] - Guiding principles as a firm and deciding on their product roadmap, [00:43:25] - An overview of their product lineup and what theyve built so far, [00:48:13] - Having an open innovation policy to promote competition, [00:49:37] - The nuance of politics when it comes to building and running their business, [00:51:56] - Most difficult decisions hes had to make through Andurils history, [00:53:51] - How he overcame Andurils lowest points and biggest challenges, [00:58:38] - Thoughts on effectively compounding hardware innovation, [01:02:23] - A moment hes most proud of and regrets most in Andurils history, [01:04:20] - Lessons learned from observing Palantir and SpaceX, [01:08:37] - The kindest thing anyone has ever done for him.
To break down Fanatics, I am joined by an early investor, Deven Parekh, from Insight Partners. 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. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. Founded in 2017 by Palmer Luckey, who previously built and sold Oculus to Facebook, Anduril has achieved the rare feat of challenging the established order in the defense industry.
I learned a ton through this conversation, and I think you will too. To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit.
It starts at the macro level in Poland, a country that transitioned away from communism in 1990 so the oldest private businesses are just north of 30 years old.
With Quartr, you can access conference calls, investor presentations, transcripts, and earnings reports straight from your pocket. Deven has been an investor in Fanatics since 2011. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte. Sign up here. Todays business needs little introduction. An asset class that undergirds and powers all modern digitally connected experiences.
We cover Fanatics' unique vertically integrated commerce model, how they redefined their TAM, and how the company is aggressively entering NFTs, real money betting, and other expansion areas. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag, [00:02:16] - [First question] - What Shopify itself is as an ecosystem and service, [00:05:14] - An example of interoperability and the power of platforms outside of Shopify, [00:07:02] - How interoperability and platforms come together, [00:12:08] - Where a a constraint-standard resulted in failure, [00:14:26] - Why Shopify is so heavily invested in tokengated commerce, [00:17:10] - Lessons learned about the scarcity function of tokens and how theyll work, [00:20:34] - Whether or not Shopify will be building their own crypto wallet, [00:24:48] - The important role blockchains play in tokengated economics, [00:28:16] - Overview of the mechanics and offering Shopify is building, [00:32:16] - Tokens help establish protocol adoption, [00:34:27] - Which blockchains and protocols will be mostly used in Shopifys endeavor, [00:36:33] - Why cant it be key-gated instead of tokengated, [00:39:00] - Conjuring demand and how Shopify will create demand for their new system, [00:45:46] - The differences between someone's identity and a token holder, [00:47:55] - Signals that suggest tokengated commerce will be a big thing, [00:51:02] - Why this concept hasnt been more widely adopted already, [00:54:39] - When there will be a solution to easily create and distribute tokens, [00:56:39] - Where things will go from here, [00:59:35] - Reasons why this might not have taken off in five years.