Business Breakdowns

This is Matt Reustle. Today, we are breaking down the industrial giant Amphenol. Amphenol pairs two of my favorite business frameworks that are often discussed on Breakdowns. Firstly, I am drawn to any company that specializes in selling mission-critical parts, which represent a small percentage of a manufacturer's total production cost. And secondly, Amphenol has a track record of M&A success underpinned by s decentralized model. There is a lot to learn from Amphenol for serial acquirers who have a proven track record and playbook for integrating businesses. I am joined by Andy Gardner [https://www.linkedin.com/in/andyjgardner/?originalSubdomain=au], Portfolio Manager at Fiera Capital. Andy details how Amphenol is making the nervous system for modern electronics. We delve into the foundational pillars that guided Amphenol over its 100-plus-year history, as well as how they are exposed to some of the most significant secular tailwinds today across smartphones, aircraft, medical devices, and AI. Please enjoy this Breakdown of Amphenol.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠⁠ here.⁠⁠⁠ [https://joincolossus.com/episode/amphenol-the-ner%E2%80%A6-for-electronics/] —- This episode is brought to you by ⁠Portrait Analytics⁠ [http://www.portraitanalytics.ai/] - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at ⁠portraitresearch.com⁠ [http://portraitresearch.com] — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠ [https://www.joincolossus.com/episodes]. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠ [https://thepodcastconsultant.com/]). Show Notes (00:00:00) Welcome to Business Breakdowns (00:03:52) Overview of Amphenol (00:04:27) Amphenol's Business Frameworks (00:08:30) Amphenol's History and Key Themes (00:09:57) Innovation and Custom Solutions (00:12:06) Decentralized Autonomy (00:14:38) Financial Discipline and Cost Control (00:16:54) Diversification and Market Exposure (00:18:52) Growth and Market Trends (00:19:37) Business Divisions and End Markets (00:33:18) M&A Strategy and Integration (00:41:56) Financial Performance and Resilience (00:47:21) Risks and Opportunities (00:51:30) Lessons From Amphenol

This is Matt Reustle. Today, we are exploring the world of media deals. My guest is Blake Saunders [https://www.linkedin.com/in/blakesaunders/]. Blake has been in media investment banking for almost two decades. When I first met him, he was a banker, so I wasn't expecting to lean into this relationship, but I often introduce Blake to others as the banker. We delve into the current deal landscape and some of the realities of the media market, exploring how companies are navigating this new era, and then determine who's best positioned for the next chapter. Please enjoy this Breakdown of Media with Blake Saunders. For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ here.⁠⁠ [https://joincolossus.com/episode/media-ma/] —- This episode is brought to you by Portrait Analytics [http://www.portraitanalytics.ai/] - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at portraitresearch.com [http://portraitresearch.com] — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠ joincolossus.com/episodes⁠⁠ [https://www.joincolossus.com/episodes]. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠https://thepodcastconsultant.com⁠⁠ [https://thepodcastconsultant.com/]). Show Notes (00:00:00) Welcome to Business Breakdowns (00:04:52) Meet Blake Saunders: Media Investment Banking Expert (00:06:53) The Evolution of Media: From Newspapers to Digital (00:08:07) Challenges and Changes in the Media Landscape (00:10:53) Blake's Career Shift and New Ventures (00:12:57) The Future of Media Deals and Buyer Dynamics (00:22:16) The Importance of Content and Premium IP (00:27:43) The Value of Sports and IP Libraries (00:28:33) Reimagining Content with Technology (00:31:22) The Role of Key Individuals in Media Brands (00:33:53) The Importance of Platform Exposure (00:36:38) The Event Cycle Post-COVID (00:43:18) The Impact of AI on Society and Economy (00:48:31) The Rise of Independent Content Creators (00:49:47) Lessons From the Media Industry

This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable household-name companies.  I am joined by Krishna Mohanraj [https://www.linkedin.com/in/krishna-mohanraj-35a760/], a portfolio manager of the International Strategy at Diamond Hill. Today, Exor is led by John Elkann, the grandson of the late Giovanni Agnelli. Elkan was named heir of his grandfather at the age of 21, and has fostered and reshaped the business to what it is today. Please enjoy this Breakdown of Exor. For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ here.⁠ [https://joincolossus.com/episode/exor-fiat-crisis-to-ferrari-glory/] —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠ joincolossus.com/episodes⁠ [https://www.joincolossus.com/episodes]. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠ [https://thepodcastconsultant.com/]). Show Notes (00:00:00) Welcome to Business Breakdowns (00:03:29) The Fascinating History of Fiat (00:05:16) Leadership Through the Ages (00:07:29) Simplifying the Family's Assets (00:09:31) Current Holdings and Investments (00:11:13) John Elkan's Influence and Strategy (00:12:39) The Role of Sergio Marchionne (00:14:09) The Evolution of Exor's Portfolio (00:17:08) Key Listed Investments (00:23:29) Valuation and NAV Discount (00:27:44) Capital Allocation and Governance (00:28:48) Investment Approach and Financial Discipline (00:32:37) Exploring the Private Portfolio (00:36:25) The Partnery Transaction Case Study (00:39:03) Future Prospects and Strategic Sectors (00:46:21) Lessons from Following Exor

This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos [https://www.linkedin.com/in/james-davolos-0a1a9a44/] from Horizon Kinetics.  We start with HK's history with these very unique businesses that are off the radar for many with TPL, Landbridge and now Water Bridge. James gets into the weeds and nuances of what this business actually doesa and why the service that they're providing is so incredibly important, particularly with US Shale and where they are in the Permian Basin. This is an interesting and timely conversation from all different angles. Please enjoy this breakdown of WaterBridge. For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠⁠ here.⁠⁠ [https://joincolossus.com/episode/waterbridge-oil-and-water/] —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠ joincolossus.com/episodes⁠⁠ [https://www.joincolossus.com/episodes]. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠https://thepodcastconsultant.com⁠⁠ [https://thepodcastconsultant.com/]). Show Notes (00:00:00) Welcome to Business Breakdowns (00:00:52) Overview of WaterBridge IPO (00:02:20) Deep Dive into WaterBridge and Landbridge (00:04:10) History and Background of Horizon Kinetics (00:06:48) Understanding the Water Infrastructure Industry (00:10:34) Challenges and Solutions in Water Disposal (00:26:27) The Role of Five Point Infrastructure (00:32:10) Understanding the Value of Land in Oil and Gas (00:32:33) The Importance of Water as a Pure Play (00:34:26) Next-Gen Opportunities in West Texas (00:39:14) Challenges in Water Disposal and Market Dynamics (00:42:06) Switching Providers and Outsourcing Trends (00:55:48) Valuation and Growth Prospects for Waterbridge (01:01:33) Key Lessons from WaterBridge

This is Matt Reustle.  Today we are breaking down the Latam e-commerce Giant, Mercado Libre. My guest is Daniel Wu [https://www.linkedin.com/in/daniel-wu-16005739/?originalSubdomain=au]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 [https://www.bristlemoonresearch.com/p/mercadolibre-meli-amazon-in-the-amazon] on Mercado Libre For the full show notes, transcript, and links to the best content to learn more, check out the episode page⁠ here.⁠ [https://joincolossus.com/episode/mercado-libre-e-commerce-empire/] —- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠ joincolossus.com/episodes⁠ [https://www.joincolossus.com/episodes]. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠ [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