This is Matt Reustle. Today we are breaking down the Latam e-commerce Giant, Mercado Libre. My guest is Daniel Wu of Bristlemoon Capital.
I was introduced to MELI about 15 years ago when it was still the eBay of Latam, and similar to a place that you revisit after a long time away, MELI looks a lot different than those early days.
Just consider that with a $120 billion market cap, MELI is three times the size of eBay today and has clearly evolved since those early days. Daniel walks us through the business as it stands today. And how MELI paired this Amazon-like e-commerce approach with a complementary but equally impressive FinTech business to fuel the company. It's an incredibly interesting road to success. Please enjoy this Breakdown of Mercado Libre.
Read the Bristlemoon Research on Mercado Libre
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(00:01:20) Founding Story and Early Challenges(00:03:31) Evolution and IPO(00:04:41) Regional Dynamics and Tailwinds(00:09:13) Business Model Breakdown(00:12:40) Commerce Segment Deep Dive(00:15:24) Competitive Landscape and Market Share(00:25:14) Logistics and Fulfillment Expansion(00:29:39) Advertising and Future Growth Levers(00:32:39) Meli Plus Membership Benefits(00:34:34) Transition to FinTech: Mercado Pago(00:39:14) Credit Business Overview(00:43:38) Managing Credit Risk(00:52:24) Financial Performance and Growth Drivers(00:54:08) Operating Margins and Reinvestment Strategy(00:57:39) Risks and Challenges(01:02:48) Leadership and Company Culture(01:05:47) General Lessons for Investors
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1:13:08
Compass: Real Estate Revolution - [Business Breakdowns, EP.226]
This is Matt Reustle. Today, we are breaking down the real estate broker Compass. Compass itself is a fascinating business and historically a controversial stock. It was founded in 2012 by Robert Reffkin and has scaled in that short period of time to become the largest real estate brokerage in the United States.
Geoff Collette, founder of Aeon Capital Partners, is back as a guest. After his Breakdown on Goosehead, we thought it was fitting to cover another flavor of broker. Geoff and I cover the history, some of Compass’s early pivots, and the different critiques of the company.
There is a ton of interesting stuff around Compass today. We could see a broker potentially emerge from being historically a commodity business to something more powerful.
Please enjoy this Breakdown of Compass.
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) Today's Focus: Compass Real Estate Brokerage
(00:02:46) Compass's Unique Value Proposition
(00:07:10) Early Days and Evolution of Compass
(00:10:01) Financial Hygiene and Market Adaptation
(00:12:53) Current Market Position and Future Goals
(00:17:44) Industry Dynamics and Major Players
(00:25:43) Compass's Pre-Marketing Strategy
(00:47:36) Financials and Operating Leverage
(00:55:53) Risks and Future Outlook
(00:59:55) Key Lessons From Breaking Down Compass
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PE Perspective on Insurance Brokers - [Business Breakdowns, EP.225]
This is Matt Reustle. Today's Breakdown caters to both public and private investors alike. My guest is Aaron Cohen, head of the Financial Services and Technology Group at GTCR, and our topic is insurance Brokers. I was initially intrigued by Aaron and GTCR after seeing their announced $13 billion sale of Assured Partners to Arthur J.Gallagher, an incredible success story in the insurance brokerage space that we covered in a previous breakdown.
But, what I failed to appreciate, and you'll hear Aaron politely correct me in the episode, is that not only did GTCR own Assured through two separate periods, they actually built the business with CEO Jim Henderson from the ground up.
We cover GTCR's approach to scaling businesses, the nuances of their leadership strategy, and why this space is so attractive to the PE market. Please enjoy this Breakdown on the insurance brokerage space.
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) Welccome to Business Breakdowns
(00:03:34) GTCR's Investment Strategy
(00:05:31) Importance of Leadership in Investments
(00:10:04) Insurance Brokerage Industry Insights
(00:12:52) Changes and Trends in Insurance Brokerage
(00:27:49) Role of Technology in Insurance
(00:31:25) The Challenges of System Integration
(00:32:52) Revenue Growth in the Insurance Industry
(00:33:39) The Impact of Social Inflation
(00:34:25) Emerging Risks and Cybersecurity
(00:35:12) Insurance Brokers and Revenue Models
(00:40:45) Financial Metrics and EBITDA Margins
(00:42:58) Private Equity and Insurance Brokerage
(00:45:49) The Assured Partners Story
(00:54:16) Risks and Market Cycles in Insurance
(00:57:35) Regulation and Industry Stability
(00:58:49) Lessons From This Industry
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CME Group: The House Always Wins - [Business Breakdowns, EP.224]
This is Matt Reustle and today we are breaking down the Chicago Mercantile Exchange. My guest is Adam Chandler, co-PM at Claremont Global, and together we get into the nitty gritty of exchanges. We all know how integral exchanges are to the financial system but we rarely stop to understand how they operate, how they make money, and how they shape the flow of dollars. This episode aims to do just that. Please enjoy this breakdown of the Chicago Mercantile Exchange.
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) Introduction to Business Breakdowns
(00:00:51) Introducing the Chicago Mercantile Exchange
(00:01:52) Understanding the Exchange Business
(00:03:38) The Role of Clearinghouses
(00:04:29) Diving into CME's Specialization
(00:07:18) Historical Evolution of CME
(00:09:40) Modern Operations and Risk Management
(00:19:39) CME's Market Position and Growth
(00:29:13) Revenue Breakdown and Product Insights
(00:35:23) Volume Drivers: Treasuries and Interest Rate Markets
(00:36:47) Comparing CME with Other Exchanges
(00:42:10) Profitability and Cost Structure of CME
(00:45:37) Capital Allocation and Dividend Strategy
(00:47:35) Innovation and New Product Offerings
(00:49:24) Impact of Passive Investing on CME
(00:53:09) Risks and Regulatory Environment
(00:58:26) Key Lessons from CME's Business Model
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1:00:23
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
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. Join hosts Matt Reustle and Zack Fuss as they uncover the lessons behind every success story. Learn more at www.joincolossus.com.
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