To break down the business behind the stars and action you see on the PGA Tour, Im joined by. [00:02:40] - [First question] - Why he got into the crypto space and what set him down the path that would to founding Anchorage, [00:05:53] - An overview of digital security, state of it today, and where people should spend their time learning about it, [00:09:16] - A future of perfect authentication and data protection being so core to this space, [00:13:29] - How custody should be considered in the modern world and with digital assets, [00:18:59] - What it means to be a great qualified institutional custodian, [00:25:17] - The business and unit economics of Anchorage, [00:28:07] - What it was like working with their first big institutional client, [00:30:52] - Speed as a component of digital security and its implications writ large, [00:35:51] - How theyre differentiated from their competitors by expanding beyond custody, [00:39:46] - Different challenges between securing NFTs versus currencies and tokens, [00:42:43] - New behaviors he finds most interesting about institutions due to Anchorage, [00:48:46] - Breakdown of what players and services contribute to and create Anchorages clients today, [00:51:24] - The best case scenario for the future of the business, [00:53:37] - What would worry him about Anchorages development if it swayed from their original mission, [00:55:55] - Opportunities he finds most interesting that haven't materialized yet, [00:57:46] - Will we need a public blockchain to create the infrastructure needed to bring the world to a more crypto-fluid place, [01:00:07] - The kindest thing anyone has ever done for him. [00:03:01] - [First question] - Ben's favorite Rolex watch ever; Ben's Inside Rolex piece, [00:04:24] - What makes the Rolex Daytona such a special watch, [00:07:19] - The job-to-be-done for high-end watches beyond just telling them the time, [00:12:18] - The strategy behind marketing luxury products; The Luxury Strategy, [00:14:34] - An overview of Rolex's business, [00:38:45] - Their genius in marketing and distribution, [00:41:55] - How they make decisions and what others can learn from them, [00:47:14] - The financials of Rolex and other luxury watch brands, [00:49:02} - Most important business lessons others can learn from Rolex, [00:52:54] - Other luxury brands worth studying, [00:57:26] - What Rolex hasn't gotten right. Test Daloopa for free at daloopa.com/Patrick. This podcast provides a bottom-up analysis of Basic-Fit and dives deep into its sources of competitive advantage among the wider industry. This is Jesse Pujji and todays episode is a follow up of last weeks Block episode, covering Afterpay the buy-now-pay-later giant. Get started with Coinbase Prime today at coinbase.com/prime. Try Daloopa for free at daloopa.com/Patrick. This is Matt Reustle and today were breaking down Diploma. For loyal listeners, you will remember Marc from our popular episode on. When you take Baytex and everything thats happening within that business, it offers a perfect lens to view the historically boom and bust industry of oil production. To break down Anduril, Im joined by the companys CEO and co-founder, Brian Schimpf. To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. 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. [00:02:55] - [First question] What Adyen is and what they do, [00:05:54] - General overview of how payment processing works, [00:07:29] - Flow of a transaction and how they manifest, [00:09:52] - How the business generates revenue and their revenue model, [00:11:25] - Where Adyen sits in the industry and the size of it today, [00:13:37] - The reality of processing 50-60% of their addressable market, [00:16:19] - What about their culture and founding story makes them so nimble, [00:21:18] - The competitive strengths of the business and their innovative solutions, [00:24:07] - Key revenue drivers for Adyen, [00:26:01] - What is it about Adyens business structure that enables them to grow so rapidly while still being profitable, [00:32:44] - What gives Adyen its competitive advantage over other payment providers. To break down Goldman, I am joined by longtime financials analyst Marc Rubinstein. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. [00:02:41] - [First question] - The first risk taken when creating AppLovin and how it all began, [00:05:05] - Why was there pushback against games and adtech back in 2012, [00:07:12] - What it was like in the early days to get the app in front of a customer, [00:08:54] - Building a platform and software product versus becoming an advertising agency, [00:10:47] - The major components of AppLovin and how it works, [00:15:21] - The space or areas where most people interact with them and see their work, [00:16:26] - What he considers to be the next key chapters after AppLovins early days, [00:18:25] - How they determine strategy between the app developer side of the business and app ownership, [00:25:50] - How AppLovin interacts with Apple, Android, and the relationship between products, [00:27:11] - What hes learned about the importance of scale in advertising, [00:28:58] - The major breakout points in the business that led to where he is today, [00:30:22] - Their revenue model and it how it breaks between software and apps, [00:33:55] - The margins of gaming, its business proposition, and the future value of this side of the franchise, [00:35:18] - The taxonomy of apps today and how it has changed over time, [00:38:53] - His perspective on what defines great digital marketing today, [00:40:31] - Walking through the shifts in privacy, targeting, and data as technology changes, [00:43:13] - His thoughts on emerging platforms as competitive threats and/or opportunities, [00:44:58] - How theyve kept the business nimble and very product-focused on a corporate level, [00:46:53] - Their concept of meetings and how theyve learned to run them effectively, [00:48:37] - The big lessons learned over the years becoming a big capital allocator, [00:50:24] - The missing pieces in his strategic mission that he still wants to do in five years time, [00:51:42] - What hes learned from Facebook, Google, and game studios hes worked with, [00:54:32] - How he thinks about defensibility and power in the business as they evolve and grow, [00:57:19] - His philosophy on the maturity of the business and if theyd pay dividends in the future, [00:59:32] - How he has most improved in his career during his time with AppLovin, [01:02:03] - Questions that the worlds largest bear would ask him today, [01:03:18] - The most interesting trends happening around him in the digital space, [01:04:38] - What he has learned about treating software developers well as a customer, [01:06:04] - His thoughts on the eventual impact of Facebook and Google becoming competitors rather than the collaborators they are today. Sign up, 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. Today, they operate over a 1000 clubs across 5 countries, and have 2 million combined members in their system.
We cover Fanatics' unique vertically integrated commerce model, how they redefined their TAM, and how the company is aggressively entering NFTs, real money betting, and other expansion areas. Anduril builds high tech defense systems for the US Department of Defense and its allies.
This episode is brought to you by Coinbase Prime. While the online brokerage market has been decimated in recent years from fee compression, Schwab has been pivoting their business model to that of a traditional bank. 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. This is Matt Reustle and today we are breaking down Polish grocer, Dino Polska. 2022 Colossus, LLC. Coinbase Prime combines advanced trading, battle-tested custody, financing, and prime services in a single solution. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf.
To break down the business, Im joined by Jonathan Abenaim from Arlen House Capital, who is an investor in Basic-Fit. Editors note: this conversation was recorded before the field for this weeks inaugural LIV golf invitational event was announced. The team at Visible Alpha built a platform to analyze consensus data and financial metrics on over 6,000 public traded companies. Today's episode was originally featured in our Web3 Breakdowns feed.
[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. Quartr is available for both iOS and Android, so check out the app today. Its a business youre unlikely to be familiar with and, at first glance, may appear mundane. 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. Schwab is a financial behemoth. A discussion around the economics of the food business and restaurants' recent digital transformations. . We hope you enjoy this breakdown of Charles Schwab. This is Jesse Pujji and today were breaking down McKinsey & Company, the worlds pre-eminent management consulting firm. Vinny Pujji is a partner at Left Lane Capital. Todays business needs little introduction. 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. Daloopa uses AI to find every KPI disclosed - from charts, to text, and even from footnotes of investor presentations.
Please enjoy this breakdown of Dino Polska. But dig a little deeper and youll find a high-quality operator generating significant free cash flow through a mix of organic and inorganic growth channels. Test Daloopa for free at daloopa.com/Patrick. [00:35:56] - Having one platform is beneficial but why isnt it a more popular approach? 
We admire leaders that are in the trenches with their team members; never above any task and willing to share in risks. And with a market cap just north of $3 billion, its far from a mega-cap.
[00:02:52] - [First question] - What is Afterpay and what it does, [00:07:07] - Size and scope of Afterpay today, [00:08:27] - The founding story and their growth being such a young company, [00:12:11] - History of the buy now pay later industry, [00:13:34] - How their payment models tend to work and how these companies make money, [00:16:35] - Unit economics, transaction structure and how money is made, [00:21:44] - How Afterpay drives leads to people via their app and merchant aggregation, [00:23:39] - An early focus on fashion and expanding beyond their core clientele, [00:27:13] - Cost of sales and thoughts on taking more credit risk, [00:31:54] - Losses as a part of cost of sales and interest, [00:33:48] - Unique things that Afterpay can do given their business model that others cant, [00:35:21] - Growth levers for this business, [00:38:29] - Other major things theyre spending money on and their acquisition by Block, [00:44:28] - The competitive landscape in the BNPL industry, [00:47:54] - Afterpays flywheel and how theyve built it better than others, [00:49:34] - Whether or not regulation plays a role in this space, [00:52:21] - What will have gone right in the next five years to ensure Afterpays growth curve, [00:55:01] - What will have happened if Afterpays growth doesnt work out in the future, [00:56:31] - Whether or not interest rate risk could turn south for them, [00:57:30] - Lessons for investors, builders, and where to learn more about Afterpays story; Buy Now, Pay Later. 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. The business also owns some of the most popular mobile games in the world, which they use to feed richer data into their software platform. I am Compound248 and today we are pleased to announce and kick-off a Business Breakdowns mini-series focused on Digital Infrastructure.
Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss, [00:02:47] - [First question] - What its like to walk into a Basic-Fit gym, [00:03:50] - Their footprint today in terms of geography, members and locations, [00:04:41] - The history of gyms in the US and differences between them and European ones, [00:08:33] - Why US gym models lack influence and penetration in Europe, [00:10:58] - The key insight that led to founding Basic-Fit, [00:13:40] - Economics of building and operating a gym in general and for Basic-Fit, [00:16:47] - Typical churn for more established locations and their member demographic, [00:20:33] - When Basic-Fit breaks even on a membership and how they battle churn, [00:23:28] - Their cancellation policy and why they dont leave for typical reasons, [00:25:10] - Basic-Fits fortressing strategy and clustering philosophy, [00:28:51] - Whether or not theres data to support members using multiple gyms, [00:33:11] - The competitive landscape and whether other gyms adopt Basic-Fits strategy, [00:35:21] - What drives country localizations for a particular gym chain, [00:38:22] - Basic-Fits digital offering and at-home disruption from US brands, [00:42:31] - How they navigated the pandemic and if theres any lasting changes, [00:44:31] - The biggest threats to Basic-Fit over the next five years, [00:46:23] - Major takeaways from studying Basic-Fits story. 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.
This is Matt Reustle and today we are breaking down the financial institution known as Charles Schwab. Netherlands based Basic-Fit is a story of rapid expansion. , founder of HODINKEE, and an expert on all things luxury watches. 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. 
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