We cover what it means to operate as a bank vs online broker, how Charles Schwab himself grew this business out of a newsletter, and whats on the horizon for Schwab in the future. We cover what it means to sit at the center of the capital system and the various ways a bank facilitates risk management and risk transfer. This Breakdown of Anchorage Digital has a foot in both camps, by diving into a business thats enabling traditional institutions to participate in and profit from digital assets. We cover the history of the fitness industry, how Basic-Fit has put its own spin on a successful US-based playbook, and the clustering strategy that Basic-Fit has developed for entering new markets. Web3 Breakdowns is a property of Colossus, LLC. ; Changing the format of the Tour into a non-profit. This episode is presented by Visible Alpha. This episode is brought to you by Daloopa. Please enjoy this excellent Breakdown of Rolex. Check out Blocks - the best content to keep learning on any topic. For the full show notes, transcript, and links to the best content to learn more, check out the episode page, Business Breakdowns is a property of Colossus, LLC. This episode is brought to you by Tegus. This is Matt Reustle and today we are breaking down DuPont. Follow us on Twitter: @Web3Breakdowns | @ericgoldenx | @patrick_oshag, [00:02:16] - [First question] - What Shopify itself is as an ecosystem and service, [00:05:14] - An example of interoperability and the power of platforms outside of Shopify, [00:07:02] - How interoperability and platforms come together, [00:12:08] - Where a a constraint-standard resulted in failure, [00:14:26] - Why Shopify is so heavily invested in tokengated commerce, [00:17:10] - Lessons learned about the scarcity function of tokens and how theyll work, [00:20:34] - Whether or not Shopify will be building their own crypto wallet, [00:24:48] - The important role blockchains play in tokengated economics, [00:28:16] - Overview of the mechanics and offering Shopify is building, [00:32:16] - Tokens help establish protocol adoption, [00:34:27] - Which blockchains and protocols will be mostly used in Shopifys endeavor, [00:36:33] - Why cant it be key-gated instead of tokengated, [00:39:00] - Conjuring demand and how Shopify will create demand for their new system, [00:45:46] - The differences between someone's identity and a token holder, [00:47:55] - Signals that suggest tokengated commerce will be a big thing, [00:51:02] - Why this concept hasnt been more widely adopted already, [00:54:39] - When there will be a solution to easily create and distribute tokens, [00:56:39] - Where things will go from here, [00:59:35] - Reasons why this might not have taken off in five years. Those are: Square, Cash App, Afterpay, Tidal, Spiral, and TBD. Netherlands based Basic-Fit is a story of rapid expansion. Quartr is available for both iOS and Android, so check out the app today. Please enjoy this breakdown of Anchorage Digital. Brett Maloley - Ladder: The Fitness Marketplace. . Try Visible Alpha for free by visiting visiblealpha.com/breakdowns, [00:02:52] - [First question] - What is Block and what it does as a business, [00:04:58] - How is Block organized, their scale, and how many merchants they serve, [00:08:03] - Their founding story and the insight that lead to creating Block, [00:10:49] - Major milestones in the last decade after releasing their card reader, [00:13:47] - The story behind their Cash App and what it is, [00:18:59] - What Afterpay is and how it creates connections for merchants, [00:21:23] - Overview of the payment ecosystem and where Block fits into it, [00:25:03] - The P&L of Square, its blended gross margin, and customer acquisition strategy, [00:30:42] - How Cash App makes money and its P&L, [00:35:54] - The balance sheet of Block and how theyve stood out in a competitive space, [00:38:31] - The ways their product organization allows them to move at a rapid pace, [00:40:30] - How they avoid fraud thats seemingly everywhere in financial service businesses, [00:42:01] - His thoughts on the competitive environment and how theyre succeeding, [00:47:56] - Highlights of M&A and how they reconcile them with their overall strategy, [00:54:44] - Their view on Bitcoin and crypto and how it plays into Blocks business, [00:59:09] - Things that could happen in a macro environment to aid their future growth, [01:01:30] - What could go wrong in the future and the macro environments impact, [01:03:49] - Lessons for builders and investors when studying Blocks story, [01:06:20] - Places to go to learn more about Block. Try Visible Alpha for free by visiting visiblealpha.com/breakdowns. Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. Rather than having to dig through models one by one, Visible Alpha extracts data from every line item across sell-side models so you can better understand expectations on metrics beyond just revenue and earnings. For the full show notes, transcript, and links to mentioned content, check out the episode page here. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 public traded companies. Daloopa updates these KPIs and data points in your existing Excel models in one click, regardless of your source or format. By capturing all of a company's KPIs and adjusted financials into their database - Daloopa makes it easy to quickly update your models for what matters.

We cover how buy-now-pay-later compares to traditional credit cards, what differentiates Afterpay from direct peers, and how each player of its ecosystem benefits from its offering.

For more episodes of Web3 Breakdowns, visit joincolossus.com/episodes. Diogo started Anchorage in 2017 to meet the growing institutional need to custody and use crypto assets.

Please enjoy this breakdown of Berkshire Hathaway. We cover the common threads that have enabled Block to organically build two major ecosystems in Square and Cash App, how the recent Afterpay acquisition can strengthen the connective tissue between those businesses, and the competitive frontiers Block faces. We discuss the history of the defense industry, how Andurils business is counter positioned against the legacy cost-plus model, and what Brian has learned about selling to the DoD. Today, Schwab makes the majority of their money earning interest on customer cash deposits. [00:03:19] - [First question] - The journey of producing a barrel of oil and how Baytex fits into the oil production ecosystem, [00:05:29] - How $100 is dispersed amongst the value chain when a barrel of oil is purchased, [00:08:03] - A broad overview of Baytex today and its history, [00:13:05] - The production of a barrel of shale oil and unique characteristics of shale, [00:16:25] - The main drivers of increased productivity and optimization in oil production, [00:19:11] - What breaking even looks like today on a barrel of oil, [00:23:20] - Describing the decline rate of a shale well compared to conventional plays, [00:25:22] - Overview of the differences of oil blends and quality coming out of Texas versus Canada, [00:29:14] - Where the US still imports oil outside of Canada, [00:30:51] - A snapshot of what Baytexs Canadian operations look like, [00:35:38] - The other major Canadian assets Baytex has, [00:38:28] - The heavy oil decline rate of Canadian oil wells compared to US shale wells, [00:39:59] - What makes Clearwater such an exciting and interesting opportunity for Baytex, [00:43:30] - Identifying where oil might be and what that process looks like, [00:47:02] - His process as an investor in evaluating new projects like Clearwater, [00:56:00] - How to ascribe value to a project like Duvernay compared to Clearwater, [01:00:05] - Baytexs approach to hedging and how it differs from the rest of the industry, [01:02:15] - How the management team at Baytex manages capital allocation, [01:05:33] - Why return capital to shareholders, [01:07:41] - Metrics he uses to value an oil production company or adjacent business, [01:11:19] - Rules of thumb to consider when it comes to evaluating the asset base, [01:14:05] - Main risks that could drive stock underperformance, [01:16:38] - Lessons and takeaways from his time investing and working with Baytex. February 16th, 2022, Jonathan Abenaim - Basic-Fit: Increasing Returns to Scale. Please enjoy this breakdown of Dino Polska. Please enjoy this breakdown of Basic-Fit. An asset class that undergirds and powers all modern digitally connected experiences. To break down Goldman, I am joined by longtime financials analyst Marc Rubinstein. This is Jesse Pujji, and today we are breaking down Fanatics. We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks.

But, while the companys products are iconic, the business itself is highly secretive. To break down the business, Im joined by Chris Bloomstran. The 80,000 barrel a day producer certainly isnt a household name. reserved. This episode is brought to you in partnership with Roundhill Investments, the advisor to the Roundhill IO Digital Infrastructure ETF BYTE - which trades on the New York Stock Exchange under the ticker symbol BYTE. Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandanavian countries. [00:50:06] - Key differences between Stripe and Adyen, [00:56:23] - Lessons learned from studying Adyen and what payment service builders can learn from them, To break down the business, Im joined by.

Deven has been an investor in Fanatics since 2011. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 publicly traded companies. To break down the business behind the stars and action you see on the PGA Tour, Im joined by Neil Schuster, co-founder of golf media business No Laying Up. It starts at the macro level in Poland, a country that transitioned away from communism in 1990 so the oldest private businesses are just north of 30 years old. Given the market turmoil in crypto assets, we talk about true use cases of tokengated commerce and why blockchain technology is unlocking something that was not possible otherwise. from Morningstar. Get started with Coinbase Prime today at coinbase.com/prime. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. To break down the business, Im joined by Romeen Sheth, a McKinsey alum and the current President of Metasys Technologies. Given the reams of excellent content already out there about Buffett and Berkshire, we focused our conversation on the specific elements that make this business so special. This is Matt Reustle, and today were breaking down Europes leading low-cost gym operator, Basic-Fit. Our conversation focuses on a new concept, tokengated commerce, and how Shopify is building around this theme. We cover how producers fit into the broader energy ecosystem, the differences between unconventional shale wells versus conventional wells, and how management teams think about capital allocation. The company has been allocating cash flow between unconventional wells, conventional wells, and debt reduction in recent years. If you enjoy this episode, be sure to subscribe to Web3 Breakdowns and enjoy our growing catalog of episodes. Chris is the President and CIO of Semper Augustus and has gone as deep on Berkshire as anyone Ive ever encountered, making him the perfect person to do this with. [00:35:56] - Having one platform is beneficial but why isnt it a more popular approach? Jon wrote an extensive presentation of Dino which can be found on our website. It sells equipment that gets installed on a private aviation airplane, and then, in infrastructure like fashion, monetizes that equipment with high margin service revenue for decades. To break down the business, Im joined by Michael Willar, a portfolio manager at Stenham Asset Management. Our discussion breaks down Anchorages business, explores what great digital security looks like, and reveals what new behaviors web3 is unlocking for traditional institutions. For a prospectus and more information, please visit roundhillinvestments.com/etf/byte. Its a business you may not recognize but have likely interacted with. Want to dive deeper? Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches.

To break down Anduril, Im joined by the companys CEO and co-founder. Try Daloopa for free at daloopa.com/Patrick. This is Matt Reustle and today were breaking down Baytex Energy. Andrew has written extensively on Schwab, which we link to in our show notes. Please enjoy our Breakdown of DuPont. This inaugural episode of the Digital Infrastructure Business Breakdowns mini series will begin with one of the broadest, most important companies in the industry, DigitalBridge. The fund tracks the BYTE Index, which measures the performance of 40 leading global digital infrastructure businesses, such as towers and mobile communications, fiber and fixed line connectivity, and data centers. Netherlands based Basic-Fit is a story of rapid expansion. Editors note: this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. Please enjoy this excellent Breakdown of Rolex. To break down Fanatics, I am joined by an early investor, Deven Parekh, from Insight Partners. In the 1900s the company evolved away from their roots in gunpowder and dynamite and it's hard to find an industry they havent touched since then. If youve recently bought sports apparel online, you interacted with Fanatics.

Test Daloopa for free at daloopa.com/Patrick. Follow us on Twitter: @bizbreakdowns | @JoinColossus, [00:02:23] - [First question] - The history of Diploma, what they do, and whats attractive about their business model, [00:04:39] - Size and scale of the business and their market capitalization, [00:07:03] - Overview of what their life sciences business vertical looks like, [00:10:00] - The cyclicality of the seals and controls business verticals, [00:13:45] - Returns on invested capital and thoughts on the capital intensity of seals, [00:15:06] - What allows their businesses to keep growing and what characterizes a strong acquisition target for Diploma, [00:19:14] - An example of how Diploma fits into the value chain, [00:21:24] - How Diploma acquires for low multiples when making acquisitions, [00:23:41] - How they drive quantitative and qualitative returns in their acquisitions, [00:27:35] - What management is like at Diploma and their longevity in the business, [00:33:19] - Overview of their competitive landscape, [00:35:27] - What the business does with extra cash flow in the absence of M&A activity, [00:38:01] - What Charlie finds special about Diploma and what has him excited for the future, [00:41:22] - The key risks in each vertical and what worries him about them, [00:48:07] - Lessons for investors, business executives and operators from the Diploma story. ; What an investment bank is, what they do, and how they make their money, ; Why Goldman is perceived as the industry villain. Find out why a majority of the top firms are using Tegus on a daily basis. Todays business needs little introduction. Quartr is 100% free and includes companies from 12 markets including the US, the UK, Canada, India, and all the Scandanavian countries.



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