Business Breakdowns
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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PriceSmart: Central America’s Costco
<p>Today, we are breaking down PriceSmart, the membership warehouse club operating across Central America, the Caribbean, and South America. I came away from this episode with a new appreciation for how a single retail concept and a single family have shaped the way much of the world shops. </p> <p>When you learn that Sol Price invented the modern club store, influenced Sam Walton, the founders of Home Depot, and the founders of Target, that his Price Club merged with Costco in 1993, and that his grandson now runs a separate company replicating the model across 12 emerging market countries, you...
Altius Minerals: Royalty Check
<p>Today, we are breaking down Altius Minerals, a Canadian royalty company that stands apart from the precious metals and oil and gas names that usually define the category. 17 people in Newfoundland control royalties over Canadian potash mines that supply 90 percent of the potash used in the US, along with 2.9 gigawatts of operating renewable power.</p> <p>I am joined by Luke Bridgeman, portfolio manager at Hosking Partners based in London. We start with Brian Dalton founding the business in a university dorm 29 years ago and how the company built its edge through a project generation model that turned $13 million...
Givaudan: The Magic Ingredients
<p>Today, we are breaking down Givaudan, the Swiss fragrance and flavor giant hiding in plain sight. I came away from this episode with a new way of seeing the world around me. When you learn that a single company is behind the scent of your shampoo, the taste of your burger, and the smell of your laundry, you start to realize just how much of daily life runs through a company most people have never heard of.</p> <p>I am joined by Jeremie Fastnacht, a fund manager at Banque de Luxembourg Investments based in Luxembourg. We get into...
Apollo: Connoisseurs of Complexity
<p>This episode was originally recorded in March 2025. Today, we are breaking down the global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable.</p> <p>I am joined by Hunter Hopcroft, a financial analyst and writer based in New York. We get in...
Cognex: Vision Quest
<p>This conversation was originally released in February of 2025. We’re replaying this episode because Cognex sits right at the intersection of AI and robotics. As the market focuses more on physical AI and automation in 2026, machine vision is becoming an increasingly important part of that story.</p> <p>Today we are breaking down Cognex, the leader in machine vision. Cognex builds the cameras, sensors, and software that allow factories and logistics systems to see. Their technology inspects products, detects defects, reads barcodes, and guides robots across manufacturing lines and warehouses around the world.</p> <p>Cognex is not your ty...
ASML: Competing with Moore’s Law
<p>This conversation was originally released in June of 2023.</p> <p>Today we return to the semiconductor value chain with one of the most important companies in modern technology: ASML. The company began life as an unwanted spin-out from Philips with no real product and little expectation of success. Today, it builds the only machines capable of manufacturing the most advanced chips in the world.</p> <p>To break down ASML, I’m joined by Tom Walsh, portfolio manager at Baillie Gifford. Tom walks through how photolithography works, what’s happening inside an extreme ultraviolet machine, and how a small Dutc...
Cloudflare: Leading Cybersecurity
<p> Today we are breaking down the cybersecurity giant, Cloudflare. </p> <p>Today, Cloudflare controls over 20% of the world’s web traffic, and more impressively, absorbs 2.5mn cyber attacks per second.</p> <p>My guest is Sam Eden, Investor at Square Peg’s Global Tech Fund. And while I understood on the surface what Cloudflare does, Sam helped me get into the weeds on how the digital pipes actually work.</p> <p>So we go through the rise of Cloudflare and how they differentiated themselves vs. the incumbents and fellow upstarts. Through this story, Sam details the product offerings that led to...
How Investors are using AI
<p>Today we have a special episode breaking down how investors are using AI. </p> <p>This is a question I get from many of you, and while there is no shortage of content on the implications of AI, I know there's an appetite to learn more about tangible use cases, how to make sure you're getting the most out of these tools, how to think about advancements in the technology, and ensuring that you're keeping pace with the innovation curve.</p> <p>So my guest today is David Plon, Founder of Portrait Analytics. Now, David and Portrait have been p...
GamesWorkshop: The World of Warhammer
<p>Today we are breaking down Games Workshop. This episode is another examination of the business of IP. Whether it's Disney, Electronic Arts, or Nintendo, there are so many businesses built around core IP. And while Games Workshop and its Warhammer franchise may not be as familiar to our North America listeners - this episode will tell you why that may be changing very soon.</p> <p>My guest is Todd Wenning, President and CIO of KNA Capital. Todd shares his own personal story uncovering Games Workshop many years ago, he gets into the fun evolution of this business which...
Databricks: From Data to Decisions
<p>Today we’re breaking down Databricks, a $130B private company that helps companies collect, store, and process very large amounts of data, and then use that data to run analytics and train machine learning models. </p> <p>Databricks sits in the middle of modern data systems, connecting raw data pipelines to the tools teams use to analyze information and build AI. If you’ve worked on large-scale data or AI projects, there’s a good chance Databricks was part of the stack, often operating behind the scenes.</p> <p>My guest is Alan Tu, portfolio manager and analyst at WCM In...
