This is Matt Reustle. Today, we are exploring the world of media deals. My guest is Blake Saunders. 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.
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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
(00:04:52) 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
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Exor: Fiat Crisis to Ferrari Glory - [Business Breakdowns, EP.229]
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, 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.
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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
(00:03:29) 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
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WaterBridge: Oil and Water - [Business Breakdowns, EP.228]
This is Matt Reustle. Today we are breaking down the recent IPO WaterBridge. I am joined by James Davolos 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.
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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) 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 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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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
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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