In this discussion, Matt Brett, the lead manager of the Japan Trust at Baillie Gifford, dives into Rakuten's unique journey as a digital powerhouse in Japan since the late 90s. He explains how Rakuten's loyalty point system connects its diverse business lines, from e-commerce to telecommunications. The conversation touches on Japan's cautious funding landscape, contrasting it with the US, and delves into Rakuten's strategic challenges in mobile services. Brett also shares valuable insights for investors about balancing optimism in a complex market.

Matt Tonge, a fund manager at Liontrust Asset Management, discusses the innovative world of Renishaw, a key player in precision measurement. He breaks down how Renishaw's tools serve critical sectors like semiconductors and robotics, emphasizing their unique revenue dynamics and R&D strategy. The conversation dives into the integration of precision devices in manufacturing, future growth through software, and the competitive landscape involving rivals like Hexagon. Tonge highlights the challenges and opportunities ahead for this engineering pioneer.

Luke Bridgeman, a partner and portfolio manager at Hosking Partners, delves into the intriguing history and evolution of 3i, an investment company with roots tracing back to pre-World War II England. Bridgeman discusses how a significant portion of 3i's net asset value comes from Dutch retailer Action. He explains the transformations under investment banker Simon Burrows and contrasts 3i's disciplined strategies with typical private equity firms, highlighting its unique risk management and long-term value generation approach.

Dive into a treasure trove of insights, where investment research transforms with innovative platforms offering vast transcript libraries. Discover how giants like L'Oreal navigate market dynamics through strategic acquisitions. Explore Amitek's unique approach to niche markets, enhancing pricing power in a competitive landscape. Uncover the crucial role of geographical monopolies in hard asset industries, and witness ASML's rise as a semiconductor titan, mastering EUV technology through smart funding and patent strategies.

Jesse Pujji, an expert in business models, joins Aaron Wasserman, Managing Partner at Third Period Capital, to dissect Graco, a giant in fluid handling systems since 1926. They delve into Graco's impressive range of products, from paint sprayers to industrial lubricants, showcasing its pivotal role across various industries. The discussion also touches on Graco's strategic growth through acquisitions, exceptional financial efficiency, and the importance of cultural alignment in sustaining success. Listeners gain valuable insights into navigating business challenges and lessons for investors.

Explore the transformative role of Siemens Energy as it adapts to a renewable future. The discussion highlights the company's shift from traditional energy and the challenges in its wind segment. Discover the balancing act between gas power generation and renewables, especially in response to rising energy demands. Learn about the company's strategies for growth through grid technologies and the significance of careful financial management amid global shifts. Uncover insights into Siemens Energy's strengths and future potential in the evolving energy landscape.

Andrew Zimbalist, an author and economics Professor at Smith College, dives into the economic realities of hosting the Olympics. He unpacks the staggering costs cities face, like Paris' $9 billion expenditure with minimal returns. The discussion covers the changing bidding process, financial pitfalls, and the IOC's lucrative structure. Zimbalist also explores Brisbane's preparation challenges and debates the long-term viability of the Games, suggesting strategies for sustainability. The talk encourages rethinking the future of this iconic event.

Portfolio manager Danielle Menichella from Sands Capital Management discusses Axon's evolution from tasers to body cameras, AI tools, and software models. They explore global market opportunities, mergers, and acquisitions, showcasing Axon's innovative approach to public safety technology.

Expert Graeme Forster from Orbis Investments discusses Rolls-Royce's aerospace market dominance, duopoly in wide-body aircraft engines, economic challenges, and nuclear reactor market potential. They explore operational efficiency, strategic management, and lessons learned from investing in Rolls-Royce.

Delian Entchev, a portfolio manager, discusses Cintas Corp, America's largest uniform rental company. They explore Cintas' origins during the Great Depression, impressive growth, family ownership, and strategic business approach. Topics include service contracts, customer retention, competitive advantages, growth strategies, and partnerships with clients like Intel.