Business Breakdowns

Ramesh Narayanaswamy, co-founder of Tourbillon Partners, shares his expertise on GE Aerospace, a pure-play aerospace business. He dives into the complexities of the aerospace supply chain and the unique dynamics of aircraft engine manufacturing. Listeners will learn about GE's impressive revenue scale, the importance of aftermarket services, and how military programs differ from commercial ones. Ramesh also discusses the significant role of the LEAP engine and the future growth potential amid industry challenges.

In this discussion, Josh Clarkson, Managing Director at Prosek Partners and a private markets expert, dives into the expanding world of alternative investments. He highlights Morgan Stanley's $4 trillion opportunity and explains how retail access is evolving through regulatory changes. Clarkson also breaks down various investment products like non-traded REITs and interval funds, emphasizing their appeal for retirement accounts. He shares insights on which strategies will thrive in this new landscape and the advantages held by larger asset managers.

Arthur Olson, a founding partner at Ravenswood Partners, dives into the evolution of Robinhood, which transformed from a mobile-centric platform into the third-largest U.S. broker. He explains how payment for order flow revolutionized commission-free trading and discusses the importance of product experience in attracting users. Arthur also highlights Robinhood's strategic pivot to serve active traders and diversify revenue streams, alongside the impact of the 2021 meme-stock event. Insightful analysis of their regulatory positioning and future growth opportunities round out this engaging conversation.

In this engaging discussion, Parsa Kiai, Managing Partner at Steamboat Capital and expert in the premium metal card industry, shares insights on CompoSecure's rise and dominance. He delves into the shift brought by Dave Cote's leadership, the lucrative appeal of premium metal cards for banks, and the market's growth potential. Parsa discusses the challenges posed by mobile wallets, competitive pressures, and strategic M&A opportunities as CompoSecure aims to enhance its offerings and profitability. A must-listen for insights on a niche yet booming sector!

Andy Gardner, a Portfolio Manager at Fiera Capital and expert in industrials, joins to discuss Amphenol's vital role in modern electronics. They explore Amphenol's unique decentralized model, empowering local managers for tailored decision-making. Andy highlights the company’s robust M&A strategy, blending disciplined acquisitions while maintaining customer-centricity. With insights into their diverse markets, including automotive and aerospace, he examines how trends like electrification fuel Amphenol's growth, while discussing potential risks and financial strategies that make it a compelling business.

In this engaging discussion, Blake Saunders, a media investment banking expert with two decades of experience, dives into the shifting landscape of media M&A. He explores how the internet has transformed media ownership and the rise of VC-driven models. Blake highlights the importance of monetization strategies on platforms like YouTube and the value of premium IP. He also discusses the significance of live sports as appointment-viewing content and the impact of AI on the media industry, predicting that independent creators will thrive in this new environment.

Krishna Mohanraj, a portfolio manager at Diamond Hill, dives into the fascinating evolution of Exor, the Agnelli family's investment powerhouse. He details how John Elkann reshaped Exor after inheriting it at just 21 years old and discusses its diverse holdings including Ferrari and Stellantis. Krishna highlights Ferrari's dual identity as both a car manufacturer and a luxury brand. He also explores Exor's strategic focus on healthcare, luxury, and technology while reflecting on lessons in decisiveness and active portfolio management.

James Davalos, an investment professional at Horizon Kinetics, dives into the fascinating world of Waterbridge and Landbridge, two key players in oil and water infrastructure. He discusses the critical role of Waterbridge as a leading produced-water disposal operator in Texas, the unique challenges of water disposal from shale operations, and the importance of land value in this sector. With insights on contract structures, the economics of water management, and next-gen opportunities in West Texas, Davalos paints a compelling picture of this often overlooked industry.

Daniel Wu, a partner at Bristlemoon Capital, dives into the evolution of Mercado Libre, now a $120 billion e-commerce titan in Latin America. He discusses how the platform has grown from a regional competitor to a giant, blending e-commerce with fintech for a uniquely powerful model. Key topics include their logistics innovations, the rise of the Melly Plus loyalty program, and the competitive landscape against rivals like Shopee. Wu highlights the importance of strategic reinvestment and the challenges of managing credit in today's volatile market.

Geoff Collette, founder of Aeon Capital Partners, returns to discuss Compass, the largest real estate brokerage in the U.S. He highlights Compass's tech-driven approach, which aims to revolutionize traditional brokerage models. The conversation dives into the company's early pivots and adaptations to market challenges. Geoff outlines how technology is reshaping agent productivity and client outcomes. He also addresses the risks involved in the market and the potential for Compass to emerge stronger despite industry criticisms.