Business Breakdowns

By: Colossus | Investing & Business Podcasts
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  • Summary

  • Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.
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Episodes
  • Going Activist in Japan - [Business Breakdowns, EP.185]

    Going Activist in Japan - [Business Breakdowns, EP.185]
    Oct 2 2024
    Today, we are covering what might be the most interesting investment strategy I've come across in a long time: activism in Japan. In this episode, I talk with Masumi Nishida, Partner and Managing Director for Dalton's Tokyo research office. As part of this intro, I brought on the catalyst for this episode, Nick Bartolo, founder and Managing Partner of Essential Partners. The conversation delves into the opportunities for activism in the Japanese market, highlighting the historically low valuations of Japanese equities and the cultural dynamics contributing to this scenario. We discuss corporate governance reforms and the Tokyo Stock Exchange's role in improving market efficiency and shareholder value. And, Masumi highlights several case studies that illustrate successful activist strategies, including promoting management buyouts and enhancing capital allocation. Please enjoy this unique Breakdown on Japan activism. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. --- This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions. ----- 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 (00:00:40) Understanding Japan's Market Valuation (00:02:08) Cultural Dynamics and Cash Reserves (00:03:47) Financial Literacy and Balance Sheet Optimization (00:08:27) Corporate Governance and TSE Reform (00:13:12) Challenges of Cross Shareholdings (00:18:24) Opportunities in Small to Mid Cap Companies (00:21:31) Activism Strategies and Proposals (00:26:51) Bellpost's Strategic Moves and Initial Proposals (00:27:24) Challenges with Shareholder Support in Japan (00:29:11) Management Buyouts and Capital Allocation (00:30:33) Case Study: Ihara Science's Path to Privatization (00:31:43) Financing Dynamics in Japanese MBOs (00:34:48) Case Study: Mitsuboshi Belting's Shareholder Proposals (00:40:35) Case Study: Ihara Science's MBO Success (00:45:55) Current Market Dynamics and Future Outlook
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    1 hr
  • RTW: Investing across Healthcare - [Business Breakdowns, EP.184]

    RTW: Investing across Healthcare - [Business Breakdowns, EP.184]
    Sep 27 2024
    Today we are breaking down healthcare, one of the most impactful sectors in the world, yet one of the most unique for investors. My guests are Rod Wong, founder and CIO of RTW Investments, and Stephanie Sirota, chief business officer of RTW Investments. RTW was founded in 2009 and operates a sector-specific strategy in healthcare. We discuss the evolution of their model, which feels particularly important given how much it aligns with the healthcare investment process. We cover the various phases of drug investments, the unique dynamics of founders and team building, and we get into some of the more philosophical discussions around regulation in the industry. Please enjoy this breakdown on healthcare. Editor-in-Chief application here. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. --- This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions. ----- 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 (00:07:50) Phases of Healthcare Product Lifecycle (00:09:03) Challenges and Opportunities in Biotech (00:14:01) Investment Strategies in Healthcare (00:16:47) The Evolution of RTW and Team Structure (00:20:11) Public and Private Market Dynamics (00:26:24) Gene Therapy: A Case Study (00:33:08) Future of Healthcare Innovation (00:46:11) Global Biotech Landscape: US Dominance and International Opportunities (00:48:29) Big Pharma Winners and Losers: A Decade in Review (00:51:11) Impact of the Inflation Reduction Act (IRA) on Drug Development (00:54:55) Regulatory Changes and Their Impact on Innovation (01:10:08) M&A in Biotech: A Critical Component for Success (01:15:57) GLP-1 Drugs: Market Impact and Future Prospects (01:20:38) Current Biotech Market: Opportunities and Future Outlook
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    1 hr and 7 mins
  • Sherwin-Williams: Brushstrokes of Success - [Business Breakdowns, EP.183]

    Sherwin-Williams: Brushstrokes of Success - [Business Breakdowns, EP.183]
    Sep 18 2024
    Today we are breaking down the paint giant Sherwin-Williams. Founded in 1866, Sherwin Williams is a great example of a company where everyday consumers might not appreciate just how great of a business and stock this has been. Over the last 20 years, Sherwin has compounded earnings at 14% per year. And over those 20 years, the stock has returned 26x your investment. And that's compared to the S&P at 5x your investment. This has been an incredible quiet compounder. My guest today is Todd Basnight, director of equity research at Aureus Asset Management. We discuss the business’s vertically integrated model, the focus on a particular customer base, a management team that's been thoughtful about capital allocation, and some of its big deals historically. Please enjoy this Breakdown on Sherwin-Williams. Business Breakdowns on AutoZone. Register for the Business Breakdowns x Founders Conference. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. --- This episode is brought to you by Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at https://public.com/businessbreakdowns. ----- 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 (00:04:36) Sherwin Williams' Business Model and History (00:08:46) The Paint Stores Group: Sherwin Williams' Crown Jewel (00:14:37) Professional Painters vs. DIY: Market Dynamics (00:19:43) Sherwin Williams' Controlled Distribution Model (00:28:24) The Valspar Acquisition and Consumer Brands (00:32:52) Exploring the Industrial Coatings Market (00:36:43) Sherwin's Performance in the Automotive Market (00:38:03) Sherwin's Growth and Market Share (00:39:32) Financial Overview and Store Economics (00:41:17) Sherwin's Competitive Edge and Market Dynamics (00:50:59) Capital Intensity and Free Cash Flow (01:00:00) Risks and Management Changes (01:04:24) Lessons from Sherwin-Williams
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    1 hr and 4 mins
Economics Personal Finance
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