Agilent: Back To The Lab - [Business Breakdowns, EP.223]
This is Matt Reustle. Today, we are breaking down Agilent. If you aren't familiar with Agilent, it is a $30 billion market cap company at the time of this recording, and they focus on one of the more interesting niches: equipment and instruments sold into laboratories.
Its equipment is being sold to the life sciences sector, diagnostics, applied chemical markets, and some very unique R&D work. My guest is Mark de Vos, fund manager at Troy Asset Management, and he brings us through the story of Agilent. It was born within Hewlett-Packard, which spun off a little more than 25 years ago, and Mark helps break down highly complex concepts like chromatography.
This is a deeply ingrained industry player with a unique razor and razor blade model and an evolving business. Please enjoy this breakdown of Agilent.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:02:28) Understanding Agilent's Core Business
(00:03:28) Agilent's Market and Customer Base
(00:04:55) Agilent's Historical Background
(00:08:58) Agilent's Product and Service Strategy
(00:13:51) Competition and Market Position
(00:24:29) Financial Performance and Growth
(00:28:07) New Business Segments and Innovations
(00:35:32) Valuation and Investment Insights
(00:40:07) Lessons From Agilent
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Patek Philippe: Watch Perfection - [Business Breakdowns, REPLAY]
This is Matt Reustle. Today we are replaying our Breakdown of Patek Philippe. You never own a Patek Philippe. You merely watch over it for the next generation. I'll say it's the best marketing campaign in history, a campaign appropriate for the world's premier watchmaker and a watchmaker worthy of a Business Breakdown.
Our guest today is John Reardon from Collectability. John has worked at Sotheby's, the auction house, and spent a decade at Patek Philippe in the early 2000s. He continues to write for Patek Philippe Magazine while he has launched Collectability, a brand dedicated to vintage and preowned Patek Philippe.
We cover what makes Patek such a special brand. There is an almost 200-year history in craftsmanship and countless patents (like that self-winding mechanism that powers all automatic watches today.) What Philippe Stern did in 1989 could be worthy of a 10-episode series, so there is much to learn from this episode. Please enjoy this breakdown of Patek Philippe.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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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
(00:02:41) The main differences between Patek Philippe and Rolex
(00:06:32) An introduction to Patek Philippe’s brand
(00:08:47) The founding story of the business
(00:11:14) Henry Graves and the watches that he made for the brand
(00:16:46) The production process for making a Patek Philippe watch
(00:19:56) A look at the 1989 and its importance to the business
(00:22:08) The types of people who were interested in the brand and purchasing at auction in 1989
(00:24:41) An overview of the successful marketing campaigns of the 1990s
(00:27:26) Patek’s strategy at auctions, embracing both consignment and buying
(00:30:38) The general size and scope of the Patek Philippe secondary market
(00:32:20) The brand’s perspective of the secondary market and whether it affects the way they market new items
(00:36:47) John’s personal experience working at Patek Philippe
(00:40:36) The company’s distribution strategy
(00:43:42) Breaking down the points of sale, branded dealers versus authorized dealers
(00:44:29) The mindset behind consolidating dealers and the exclusivity it created as a byproduct
(00:46:22) How the LVMH acquisition of Tiffany has affected Patek Philippe
(00:49:18) The potential of Patek Philippe being acquired by another company
(00:53:48) Lessons learned from Patek Philippe
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Alpha In Podcasts? - [Business Breakdowns, EP.222]
This is Matt Reustle. Today’s episode looks a little different. We are exploring whether podcasts can be a source of investment alpha, sparked by a Wall Street Journal article about portfolio manager Steve Schurr's success mining podcast transcripts for Millennium Management. I analyze performance data from over 200 companies covered on Business Breakdowns since 2021, revealing that while the overall "podcast portfolio" has lagged the S&P 500, individual standouts like AppLovin (540% outperformance) and General Electric (300%+ gains) tell a more compelling story. I examine momentum patterns, discuss both winners and losers, and share insights on using podcasts for investment pattern recognition rather than direct stock picks. The episode concludes with practical thoughts on how podcast insights can serve as an educational starting point for business research and understanding.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:00:52) Special Episode on Alpha
(00:02:11) Exploring Investment Insights
(00:02:50) Performance Analysis of Featured Companies
(00:04:16) Top Performers and Key Takeaways
(00:06:56) Underperformers and Lessons Learned
(00:10:10) Future Episodes
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Nexstar Media: Broadcasting's Biggest Bet - [Business Breakdowns, EP.221]
This is Zack Fuss. Today, we are breaking down Nexstar Media Group. Nexstar controls more local television stations than any other company in the US. This industry has experienced substantial consolidation, which has reshaped itself over the past decade and ultimately culminated in the emergence of businesses like Nexstar as the preeminent station group outside of the Big Four.
My guest today is Simeon McMillan, founder of media-focused research firm Accrued Interest. He's held roles as a banker and executive within prominent television, cable, and radio businesses, including Univision Networks and Media Co. In this discussion, we will examine the foundational structure of the broadcast television industry, tracing its evolution from the pre-Internet hub-and-spoke model of the major networks, NBC, CBS, ABC, and Fox.
Simeon breaks down the revenue streams that sustain this ecosystem and how subscriber fees from multi-channel video programming distributors like YouTube TV and Comcast cable are distributed among the networks and their affiliates. We also address the impact of cord-cutting on subscribers and how those viewership metrics impact pricing power within the television ecosystem.
Please enjoy this Breakdown of Nexstar Media.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:00:41) Simeon McMillan's Background in Media
(00:02:48) Understanding the Broadcast Television Industry
(00:04:15) The Evolution and Structure of Broadcast Networks
(00:08:12) Revenue Streams and Financial Dynamics
(00:14:26) Nexstar Media Group: Growth and Acquisitions(00:21:34) Financial Profile and Revenue Streams
(00:32:35) Challenges and Future of Broadcast Television
(00:47:15) Capital Allocation and Strategic Insights
(00:53:01) Key Lessons from Nexstar
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EQT: Returns at Scale - [Business Breakdowns, EP.220]
This is Matt Reustle. Today we are breaking down EQT, the Swedish global investment organization. Right off the top, I need to mention our guest today, Sean Barrett, who couldn't have been more perfect for this breakdown. Sean has been investing in the Alts since Blackstone christened this asset class just over a decade ago.
Sean is the founder of Counter Global, and alt investing is ingrained in its DNA. We cover the massive, yet lesser-known EQT, the Wallenberg family ties, and how this business has continued to generate returns at scale. Beyond the EQT conversation, you are going to get a masterclass on Alts investing.
Please enjoy this Breakdown of EQT.
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For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.
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
(00:01:38) Complexities of Alternative Asset Management
(00:04:27) Understanding EQT: A Thematic Private Markets Investment Manager
(00:06:36) The Wallenberg Legacy and EQT's Origins
(00:11:54) EQT's Differentiation and Investment Strategy
(00:20:36) Leadership and Succession Planning at EQT
(00:25:15) Regulatory Environment and Strategic Focus
(00:31:15) EQT's Private Equity and Asia Strategies
(00:37:39) EQT's Strategic Use of M&A
(00:39:49) EQT's Infrastructure Business
(00:42:01) EQT's Real Estate Business
(00:45:28) Innovative Exit Strategies
(00:49:08) Fundraising Success and Future Prospects
(00:59:31) Financial Model and Valuation
(01:06:46) Key Risks and Opportunities
(01:16:15) Lessons from EQT
Learn how companies work from the people who know them best. Each episode dissects a single business - from its origins and model to its financials and competitive edge. We uncover the lessons behind every success story. Learn more at www.joincolossus.com.
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