Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. Andrew has written extensively on Schwab, which we link to in our show notes. They report over $8 trillion in assets under custody and a market cap scratching $120 billion but I think the most fascinating part about this breakdown is the strategic pivot taken by Schwab. 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. Try Visible Alpha for free by visiting visiblealpha.com/breakdowns. This episode is brought to you by Daloopa. Jonathan Abenaim is an investor at Arlen House Capital. [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. [00:03:24] - [First question] - Blackstone: Beyond Buyouts; What an investment bank is, what they do, and how they make their money, [00:06:48] - Matt Taibbis Rolling Stone article; Why Goldman is perceived as the industry villain, [00:10:34] - The scale of Goldman today and how it looked fifteen years ago in light of the financial crisis, [00:13:55] - Industry size that Goldman operates in and their growth factors, [00:14:58] - How investment banking deals result in profits for Goldman and their ties to macro environments, [00:17:38] - Generating revenue and bottom line dollars in sales and trading as a market maker, [00:21:01] - Margin differences between investment banking and trading, [00:23:52] - Asset management and profits generated from supervising over a trillion dollars in assets, [00:26:30] - How investors value banks as a whole and the metrics and multiples used, [00:29:35] - The differences between varying levels of assets and how a banks balance sheet looks like today compared to the past, [00:34:40] - Whether or not theres a way to quantify the differences of leverage and stepping into the consumer space, [00:39:02] - The leadership at Goldman over the years and what David Solomon brings to the table, [00:44:31] - Goldmans outlook, the bull case and key drivers for success in the future, [00:49:34] - Build versus Buy versus Partner; other potential competitors and risks to Goldman, [00:51:32] - Thoughts on the strength of their core business and classifying them, [00:54:53] - Lessons for investors when studying Goldmans story and what hes changed his mind to as hes worked in this industry for so long. For loyal listeners, you will remember Marc from our popular episode on. To break down Schwab, I am joined by Holland Advisors Founder and Portfolio Manager, Andrew Hollingworth. Please enjoy this business breakdown of McKinsey & Company. This episode is brought to you by Daloopa. [00:47:54] - Is there a chance anyone could build a platform comparable to Adyen? Check out Blocks - the best content to keep learning on any topic. Jon wrote an extensive presentation of Dino which can be found on our website. 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. Today's episode was originally featured in our, feed. Please enjoy this business breakdown of Afterpay.
This episode is presented by Visible Alpha. 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. For those who havent listened, I think youll enjoy that one in tandem with this. Visit kensho.com/breakdowns to learn more and unlock your free trial. maintenance caterquip planned Over the coming months, we will breakdown a handful of companies that are key players in the digital infrastructure asset class. My guest today is Diogo Monica, co-founder and President of Anchorage Digital. This episode is brought to you by Quartr. , co-founder and President of Anchorage Digital. [01:05:38] - Where Romeen would direct people to go for further study; To break down Fanatics, I am joined by an early investor. A discussion around the economics of the food business and restaurants' recent digital transformations. Quartr is available for both iOS and Android, so check out the app today. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3. To breakdown Afterpay, I am joined by investor Joe Magyer. Netherlands based Basic-Fit is a story of rapid expansion. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. Please enjoy this business breakdown of Block. They power the entire digital commerce experience for the NFL, MLB, NBA, NHL, and hundreds of other sports leagues around the world. . All rights Netherlands based Basic-Fit is a story of rapid expansion. Please enjoy this business breakdown of Fanatics. This episode is brought to you by Coinbase Prime. Given the reams of excellent content already out there about Buffett and Berkshire, we focused our conversation on the specific elements that make this business so special. Now what does that mean? To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. This is Matt Reustle and today we are breaking down the 150 year-old investment bank Goldman Sachs. 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.
[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. Please enjoy this breakdown of Berkshire Hathaway. Seth covers what separates commodity chemicals from specialty chemicals, we get some quick chemistry lessons on what's happening to create these well-known products like Nylon and Tyvek, and why after all of the years as a behemoth in the industry, DuPont has "unbundled" into several independent companies. 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. this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. Please enjoy this business breakdown of Block. Digital Infrastructure powers that experience. Web3 Breakdowns is a property of Colossus, LLC. Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandanavian countries. Those are: Square, Cash App, Afterpay, Tidal, Spiral, and TBD. This episode is brought to you by Daloopa. [00:02:52] - [First question] - What is Afterpay and what it does, [00:07:07] - Size and scope of Afterpay today, [00:08:27] - The founding story and their growth being such a young company, [00:12:11] - History of the buy now pay later industry, [00:13:34] - How their payment models tend to work and how these companies make money, [00:16:35] - Unit economics, transaction structure and how money is made, [00:21:44] - How Afterpay drives leads to people via their app and merchant aggregation, [00:23:39] - An early focus on fashion and expanding beyond their core clientele, [00:27:13] - Cost of sales and thoughts on taking more credit risk, [00:31:54] - Losses as a part of cost of sales and interest, [00:33:48] - Unique things that Afterpay can do given their business model that others cant, [00:35:21] - Growth levers for this business, [00:38:29] - Other major things theyre spending money on and their acquisition by Block, [00:44:28] - The competitive landscape in the BNPL industry, [00:47:54] - Afterpays flywheel and how theyve built it better than others, [00:49:34] - Whether or not regulation plays a role in this space, [00:52:21] - What will have gone right in the next five years to ensure Afterpays growth curve, [00:55:01] - What will have happened if Afterpays growth doesnt work out in the future, [00:56:31] - Whether or not interest rate risk could turn south for them, [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; Buy Now, Pay Later. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. To break down DuPont, we are joined by Seth Goldstein from Morningstar. 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. Please enjoy my conversation with Alex Danco.
Today, were breaking down one of the strongest brands in the world - Rolex. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. 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. Owned by a Foundation and run as a non-profit entity, little is known about Rolex. 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 this breakdown of Adyen. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. Test Daloopa for free at daloopa.com/Patrick. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector.
If you enjoy this episode, be sure to subscribe to. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of Wall Street. Scribe is the trusted transcription provider for the business and investing community. 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. This episode is brought to you by Visible Alpha. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. My guest is, from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. Please enjoy this breakdown of Basic-Fit. Please enjoy this excellent Breakdown of Rolex. Find out why a majority of the top firms are using Tegus on a daily basis. Its where the best players in the world earn their living and tee it up for their place in golfing history. 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. The Du Pont family pushed the limits. And we talk about culture the mystery and the prestige that has followed Goldman since its days as a private partnership. , of Bison Interests. This is Matt Reustle and today were breaking down Baytex Energy. , a McKinsey alum and the current President of Metasys Technologies. 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 breakdown of Goldman Sachs.
This episode is presented by Visible Alpha. 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. For those who havent listened, I think youll enjoy that one in tandem with this. Visit kensho.com/breakdowns to learn more and unlock your free trial. maintenance caterquip planned Over the coming months, we will breakdown a handful of companies that are key players in the digital infrastructure asset class. My guest today is Diogo Monica, co-founder and President of Anchorage Digital. This episode is brought to you by Quartr. , co-founder and President of Anchorage Digital. [01:05:38] - Where Romeen would direct people to go for further study; To break down Fanatics, I am joined by an early investor. A discussion around the economics of the food business and restaurants' recent digital transformations. Quartr is available for both iOS and Android, so check out the app today. The business has since grown into a full-service financial platform for institutions, allowing them to securely participate in web3. To breakdown Afterpay, I am joined by investor Joe Magyer. Netherlands based Basic-Fit is a story of rapid expansion. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. Please enjoy this business breakdown of Block. They power the entire digital commerce experience for the NFL, MLB, NBA, NHL, and hundreds of other sports leagues around the world. . All rights Netherlands based Basic-Fit is a story of rapid expansion. Please enjoy this business breakdown of Fanatics. This episode is brought to you by Coinbase Prime. Given the reams of excellent content already out there about Buffett and Berkshire, we focused our conversation on the specific elements that make this business so special. Now what does that mean? To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. This is Matt Reustle and today we are breaking down the 150 year-old investment bank Goldman Sachs. 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.
[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. Please enjoy this breakdown of Berkshire Hathaway. Seth covers what separates commodity chemicals from specialty chemicals, we get some quick chemistry lessons on what's happening to create these well-known products like Nylon and Tyvek, and why after all of the years as a behemoth in the industry, DuPont has "unbundled" into several independent companies. 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. this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. Please enjoy this business breakdown of Block. Digital Infrastructure powers that experience. Web3 Breakdowns is a property of Colossus, LLC. Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandanavian countries. Those are: Square, Cash App, Afterpay, Tidal, Spiral, and TBD. This episode is brought to you by Daloopa. [00:02:52] - [First question] - What is Afterpay and what it does, [00:07:07] - Size and scope of Afterpay today, [00:08:27] - The founding story and their growth being such a young company, [00:12:11] - History of the buy now pay later industry, [00:13:34] - How their payment models tend to work and how these companies make money, [00:16:35] - Unit economics, transaction structure and how money is made, [00:21:44] - How Afterpay drives leads to people via their app and merchant aggregation, [00:23:39] - An early focus on fashion and expanding beyond their core clientele, [00:27:13] - Cost of sales and thoughts on taking more credit risk, [00:31:54] - Losses as a part of cost of sales and interest, [00:33:48] - Unique things that Afterpay can do given their business model that others cant, [00:35:21] - Growth levers for this business, [00:38:29] - Other major things theyre spending money on and their acquisition by Block, [00:44:28] - The competitive landscape in the BNPL industry, [00:47:54] - Afterpays flywheel and how theyve built it better than others, [00:49:34] - Whether or not regulation plays a role in this space, [00:52:21] - What will have gone right in the next five years to ensure Afterpays growth curve, [00:55:01] - What will have happened if Afterpays growth doesnt work out in the future, [00:56:31] - Whether or not interest rate risk could turn south for them, [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; Buy Now, Pay Later. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. To break down DuPont, we are joined by Seth Goldstein from Morningstar. 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. Please enjoy my conversation with Alex Danco.
Today, were breaking down one of the strongest brands in the world - Rolex. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. 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. Owned by a Foundation and run as a non-profit entity, little is known about Rolex. 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 this breakdown of Adyen. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. Test Daloopa for free at daloopa.com/Patrick. With oil prices hovering over $100 a barrel, we thought it was a particularly good time to revisit this sector.
If you enjoy this episode, be sure to subscribe to. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of Wall Street. Scribe is the trusted transcription provider for the business and investing community. 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. This episode is brought to you by Visible Alpha. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. My guest is, from Shopify - who you may remember from our Business Breakdown on Shopify in 2021. Please enjoy this breakdown of Basic-Fit. Please enjoy this excellent Breakdown of Rolex. Find out why a majority of the top firms are using Tegus on a daily basis. Its where the best players in the world earn their living and tee it up for their place in golfing history. 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. The Du Pont family pushed the limits. And we talk about culture the mystery and the prestige that has followed Goldman since its days as a private partnership. , of Bison Interests. This is Matt Reustle and today were breaking down Baytex Energy. , a McKinsey alum and the current President of Metasys Technologies. 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 breakdown of Goldman Sachs.