CompoSecure: Heavy Metal - [Business Breakdowns, EP.232]

More from Business Breakdowns

1. 

   E235 · 14 Nov 2025 · 59 min

   GE Aerospace: Full Throttle - [Business Breakdowns, EP.235]

   Today we are breaking down GE Aerospace. We did cover GE several years ago, but that episode focused on Larry Culp's turnaround of the conglomerate. Ramesh Narayanaswamy, co-founder and portfolio manager of Tourbillon Partners, joins me to explore what is now a pure-play aerospace business. We discuss the unique dynamics of the aerospace supply chain and the long-cycle nature that differentiates this industry. We also explore the complexity of aircraft engine manufacturing and how GE exemplifies the powerful model of selling services attached to equipment. Please enjoy our conversation on GE…

2. 

   E234 · 7 Nov 2025 · 50 min

   Alternative Investing: Alts For All - [Business Breakdowns, EP.234]

   This is Matt Reustle. Today, we are back to talk about increased access to alternative investing. My guest is Josh Clarkson, managing director at Prosek Partners. You may remember that Josh joined us last year in our primer series on private credit. He is back today to discuss what this development could mean for all the counterparties involved. We put some numbers around the opportunity, cover what asset managers might be best positioned to capture it, the strategies that most naturally fit, and some of the risks to the investor base. It is a fascinating theme that I expect to continue…

3. 

   E233 · 31 Oct 2025 · 1 hr

   Robinhood: Mobile First, Margins Later - [Business Breakdowns, EP.233]

   This is Matt Reustle. Today we are breaking down Robinhood. My guest is Arthur Olson, founding partner at Ravenswood Partners. We get into how Robinhood grew from a mobile-native brokerage idea that faced many challenges along the way into the third-largest broker in the USA. Arthur educates on how the business model has evolved and diversified away from a pure pay-for-order market. We discuss how product velocity is the foundation behind everything in Robinhood’s continued penetration and how new talent has made a material difference. Please enjoy this Breakdown of Robinhood For the full…

4. 

   E231 · 15 Oct 2025 · 54 min

   Amphenol: The Nervous System for Electronics - [Business Breakdowns, EP.231]

   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,…

5. 

   E230 · 9 Oct 2025 · 47 min

   Media M&A - [Business Breakdowns, EP.230]

   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…

6. 

   E229 · 1 Oct 2025 · 48 min

   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,…

7. 

   E248 · 27 Jul 2026 · 47 min

   Applied Intuition: A Billion Intelligent Machines - [Business Breakdowns, EP.248]

   Today, we are breaking down Applied Intuition. Our guests are co-founders Qasar Younis and Peter Ludwig, who started the company in 2017 with a mission to make a billion machines intelligent. The simplest way to understand Applied Intuition is that it builds the brains for machines, and the tools other companies use to build those brains. If a manufacturer wants its tractor, truck, or mining vehicle to drive itself, it can buy the intelligence from Applied Intuition or use its platform to develop its own. The analogy the founders use is Nvidia. Just as Nvidia sells chips into everyone else's…

8. 

   E247 · 29 May 2026 · 49 min

   Toast: Sticky SaaS - [Business Breakdowns, EP.247]

   Today, we are breaking down Toast, a name we have covered before but are revisiting because the story has changed enough to be worth telling again. Most listeners will have tapped a Toast terminal without thinking much about the business behind it. Our guest is Sean Barrett, founder, managing partner, and chief investment officer of Counter Global, who holds Toast as one of his largest positions and walks us through how a restaurant point of sale company became the operating system that runs the restaurant. He argues that Toast is best understood as the operating system for the restaurant…

9. 

   E246 · 15 May 2026 · 1 hr 5 min

   Auto1: EU-sed Car Marketplace - [Business Breakdowns, EP.246]

   Today, we are breaking down Auto1, and this is an interesting episode because we are tackling a business that most US listeners will not be familiar with, even though it resembles names they already know well. Our guest is Harrison Moot, co-founder and CIO of Sandstone, who walks us through Europe's largest vertically integrated online marketplace for used cars. Auto1 is often shorthanded as the Carvana of Europe, and the comparison directionally fits, but the differences are what make the company worth understanding on its own terms. The core of the conversation is how Harrison frames the…

10. 

    E245 · 8 May 2026 · 26 min

    Opendoor: Q1 2026 Earnings - [Business Breakdowns, EP.245]

    Today, we are breaking down Opendoor, and this is a unique episode. We recorded with Kaz Nejatian, the CEO of Opendoor, shortly after the company reported its first quarter 2026 earnings, and we covered both what is happening inside the business right now and how he is thinking about Opendoor from the seat after coming over from Shopify. The core of the conversation is how Kaz frames the company. He argues that Opendoor is a market maker rather than a prop desk or an asset manager, and that the model only works when you optimize for velocity instead of spread. Buying lots of homes and…

Every episode of Business Breakdowns →