I’m Zack Fuss, and today we’re breaking down AutoZone, the leading retailer and distributor of auto parts in the Americas. From the outside, AutoZone might look like a dull business in a mature industry, but once you dive into the details, you quickly realize it’s a hidden gem that echoes the best of Walmart and Costco, earns some of the highest returns on capital in retail, and has a long history of outsized shareholder returns. To help break down the business, I’m joined by Freddie Lait, founder and CIO at London-based Latitude Investment Management. Please enjoy this fascinating breakdown of AutoZone. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:02:58] - [First question] - The general state of the auto part industry and its key players[00:06:14] - Similar and differing characteristics of AutoZone, O'Reilly, and Advanced Autoparts  [00:08:04] - The history of AutoZone and how they got to where they are today[00:12:11] - ESLs involvement with AutoZone and notable moments from that partnership[00:13:29] - Unit economics, sales per store, how much a store costs, and general features[00:16:32] - Other retail businesses that rank close to the unit economics of AutoZone[00:17:43] - How a customer interacts with their business[00:19:40] - What is being sold that allows them to earn such high gross profits[00:20:57] - Ways AutoZone has kept their competitors at bay[00:23:05] - Additional opportunities in their systems that offer competitive advantages[00:24:18] - Low inventory turnover working in specialty retail merchandise[00:26:14] - How they manage their stock locally and regionally to ensure a reliable supply[00:27:36] - Supplier finance mechanics overview for retailers[00:29:12] - Some of the private label programs they’ve had success with[00:31:40] - Failure oriented parts and what products inhabit this category[00:32:58] - How management and integrated culture find opportunities in DIFM[00:36:08] - Moving up and down the call list and gaining favor as a retailer[00:38:45] - The threat electric vehicles might pose to Autozone[00:37:48] - Whether or not an eCommerce giant may penetrate and disrupt this sector[00:44:58] - Paths AutoZone has taken to return capital to its shareholders[00:49:21] - COVID’s impacts and detriments to the business[00:53:04] - What we can learn as builders and investors from studying AutoZone’s story

I’m Jesse Pujji and this is Business Breakdowns. Today we are doing a different kind of breakdown. We are covering an entire category, Amazon Aggregators. These are the companies that are buying up hundreds of Amazon’s third-party sellers. The concept of Amazon Aggregators is relatively new, tracing back to 2018 with the founding of Thrasio, but the ecosystem is already huge and growing. Most recent numbers peg it at around $300bn dollars in revenue and growing faster than Amazon itself. These aggregators have unique moats and high-quality entrepreneurs. To help break down the marketplace and business of acquiring Amazon storefronts, I’m joined by Ali Hamed, a partner of CoVenture, who is also a popular guest on Invest Like the Best. In our conversation, we discuss the three superpowers Amazon sellers have, why there’s only $8bn in funding for a market doing $50bn in EBITDA, and we go into detail on how Amazon Aggregators are structured and operate. Please enjoy this unique breakdown on Amazon Aggregators. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:23] - [First question] - What is an Amazon aggregator, and who sells through Amazon?[00:05:26] - The scale and size of the aggregator market in general[00:06:43] - The history of third-party sellers and the utility they offer Amazon[00:08:20] - When they started inviting third parties to join their network and their market share[00:09:47] - Amazon’s 40% take-rate and overview of the economic structure[00:10:24] - How many individual storefronts exist and what they look like [00:13:19] - Who is starting Amazon stores and an overview of a seller writ large[00:14:43] - The initial insight that led to incorporating third-party aggregators[00:21:17] - How many aggregators exist in the space today[00:24:41] - Why vertical integration isn’t such a primary focus for aggregators[00:26:53] - Ways aggregators find businesses and how they tend to acquire them[00:31:29] - What the top 10 aggregators look like and their acquisition frequency[00:32:25] - The common value add aggregators deliver post-acquisition[00:36:47] - Deal pipelines and other sales and marketing functions[00:40:22] - Interesting things in the space given how unique of a marketplace it is[00:43:57] - New innovations and secondary ecosystems emerging as a result of aggregators[00:45:13] - How an aggregator should think about Amazon and risks to their business[00:48:29] - Why Amazon won’t use their data and customer ownership to own the market[00:50:10] - Macro and system risks that would threaten the success of this business model[00:52:35] - What keeps Amazon up at night and potential worries about aggregators[00:53:54] - Reasons why they would pass on an acquisition opportunity[00:55:32] - Contributing factors to explosive growth that exceeded expectations[00:58:10] - Biggest takeaways for builders and investors from 3rd party aggregators[01:01:04] - Where to learn more about Amazon’s third-party aggregators

Today, we’re breaking down HelloFresh. HelloFresh delivers weekly meal kits to people’s homes. With eight million active customers, the Berlin-based business is the most popular company of its kind in the world. To break down HelloFresh, I’m joined by its CEO and co-founder, Dominik Richter. We discuss the challenges of scaling an operationally intensive business, why HelloFresh is more like CPG companies than grocery stores, and what he’s learned about brand building. Meal-kits are a notoriously difficult business model to get right and this is a great example of process power; a competitive advantage you don’t come across often. Please enjoy this great breakdown of HelloFresh. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:04:07] - [First question] - What HelloFresh does for its customers[00:05:53] - How many meals are delivered a year and the scale of the business today[00:07:08] - The full customer experience of ordering a meal kit for the week[00:08:03] - What the original service was and the original version of their product[00:10:26] - Overview of the business from a P&L standpoint[00:14:09] - Their centralized and widespread manufacturing plants [00:16:35] - Attributes of a good recipe that benefits both the customers and the business[00:18:32] - Thoughts on the cost of ingredients and how they impact everything[00:20:43] - How the HelloFresh supply chain differs from traditional ones[00:23:58] - The magnitude of waste and its impact on gross margins[00:27:38] - Identifying customers, acquiring them, and retaining them[00:30:52] - Why other meal kit companies have seemingly done poorly[00:35:53] - Differences in the customer experience of HelloFresh subscribers that allowed them to thrive[00:38:38] - Managing a business that’s dependent on process power and balancing which levers to pull and when[00:41:24] - An example of a decision made to improve tiny percentages of performance[00:44:17] - How a world returning to normal might impact their pandemic propelled growth[00:47:22] - Thoughts on potentially expanding to private supply and distribution[00:50:23] - Lessons learned about successful advertising, branding, and marketing[00:52:41] - Key variables in HelloFresh’s growth for the coming years[00:57:10] - What drives the decision to acquire and build a portfolio of brands[01:00:01] - The biggest risks that the business might face in the future[01:02:27] - What his favorite meal is from their menu and why

I’m Jesse Pujji and today we’re breaking down MongoDB. The MongoDB story traces back to 2007 when the founding team was running DoubleClick, a large adtech business now owned by Google. They could not find an existing database software with the agility and scalability that the internet requires. Today, MongoDB has over 25,000 customers across 100 countries.  To help break down Mongo, I'm joined by Ro Nagpal, an investor at Holocene Advisors. Listeners will recognize Ro from our breakdown of Twilio earlier this year. During our conversation, we get a 101 on database software, talk through Mongo’s creative approach to R&D, learn about how database product advantages compound, and look at what protects Mongo from larger players like Microsoft and Amazon. Please enjoy this business breakdown of MongoDB.  For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:51] - [First question] - What MongoDB is, what they do, and their scale today[00:05:03] - The functions of a database and why they’re important[00:07:37] - The unmet market need that led to founding MongoDB and the history of the space leading up to today[00:11:13] - What big data means and how it applies to MongoDB[00:12:42] - Things that would lead customers of Oracle to leave them for MongoDB[00:13:42] - The technology stack behind a company like weather.com[00:14:52] - Types of companies and services that couldn’t exist without MongoDB[00:16:40] - State of the database marketplace today and where they fit into it[00:17:51] - How big the new market of big data is and current competitors[00:19:22] - What makes MongoDB so distinct and why they’re winning[00:21:34] - The most important metrics and numbers for the business[00:23:28] - Gross margins and why they spend so much on sales and marketing[00:24:55] - How investors can justify a company spending so much on marketing[00:26:19] - The P&L and unit economics of the business[00:26:47] - How a customer grows after they’ve been acquired[00:27:21] - Clever ways that MongoDB spends and uses their resources[00:29:26] - Different types of open source models and how they use it to their advantage[00:31:22] - One thing MongoDB does exceptionally well and something they could improve[00:34:19] - What MongoDB has managed to get so right compared to their competitors[00:36:04] - Their unique go-to-market strategy and why it worked[00:37:15] - The things that would have to go right for MongoDB to compound over a decade[00:39:00] - Market factors that may impact their future growth and potential M&A opportunities[00:40:27] - Biggest risks that may affect MongoDB’s growth trajectory over the next few years[00:41:01] - What allows them to exist in a world dominated by Google and Microsoft[00:42:34] - Lessons for builders and investors when studying MongoDB’s story[00:44:17] - Why changing their CEO was necessary and helped the company recover and thrive

Today we’re breaking down Universal Music Group. As one of the largest music businesses in the world, UMG is home to many of the world’s greatest artists, including Taylor Swift, U2, and The Beatles catalog. A discussion on UMG requires a deep dive into the history of music itself, how it was historically monetized, the shift from physical to digital, and what streaming has meant for the various pieces of the ecosystem.Our guest, Arman Gokgol-Kline, a partner and investor at Ruane, Cunniff & Goldfarb, walks us through that evolution of the music industry before we dive in on UMG.In our discussion, we first break down the industry pre and post Napster, looking at the ways music was sold historically, and how that led to both record profits and a consumer revolution. We then assess streaming’s impact on the industry and how, contrary to what you might think, labels may be more important in a marketplace where it’s easier than ever for creators to record and release music. Finally, we finish with UMG’s place in the ecosystem. The primary drivers of the business, how they’re able to attract the world’s superstars, and how they think about deploying dollars to acquire new artists and timeless catalogs.Please enjoy this fantastic breakdown of Universal Music Group. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:28] - [First question] - How technology disrupted the music business and it’s evolving history[00:12:11] - What the industry of music labels looks like from the 90s to today[00:20:46] - How it feels as a high-tier artist to engage with a label directly today[00:27:47] - The revenue and business model of an artist akin to Taylor Swift[00:30:11] - The differences between UMG's main sources of revenue; music publishing and recording[00:34:35] - General margins and trends for music publishing[00:35:49] - Ownership and mechanics of monetizing an artist’s Intellectual Property [00:40:24] - How streaming revenues are divided among stakeholders[00:45:50] - History of the bargaining power of labels and streaming platforms[00:50:52] - Capital allocation, ROI, and acquiring IP and catalogs[00:57:06] - Thoughts on the growth profile of the industry as an investor[01:01:50] - Potential risks to UMG from emerging technology and new creator trends [01:08:17] - Reasons why an artist would pick UMG over other major labels[01:12:09] - Diversity and how artists are sometimes treated by labels[01:13:31] - A growing increase in music consumption across the world

Today, we’re breaking down Uber. Despite a corporate history that spans just over a decade, the ink spilled on Uber could have its own wing in a library. So rather than record with our typical Breakdown format, we decided to host two portfolio managers and familiar guests on the podcast, Mario Cibelli, and Ram Parameswaran, to walk through their bull cases on Uber stock. Uber is the case study for network effects in two-sided marketplaces but a controversial corporate culture, ongoing regulatory battles, and a debate over unit economics has made it a battleground stock since going public in 2019. During our wide-ranging conversation, we cover the opportunity for Uber’s business segments, what deteriorating service means for the product, and what COVID may have revealed regarding Ubers’ financials. While Mario and Ram are clearly Uber bulls, it’s particularly fun to hear where their views align and differ. It’s a great reminder that we can all take very different paths to arrive at the same conclusion. Please enjoy this great breakdown of Uber. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:16] - [First question] - What they find most interesting about Uber[00:04:40] - Major aspects of the business today in regards to bookings and revenue[00:07:47] - The importance of multiple use cases and what happens by exploring verticals[00:10:47] - History of getting drivers to join the company and what matters on the supply side[00:15:01] - Impact of higher wait times and ride prices and emerging trends in a post-covid era[00:17:48] - Thinking about Uber as a busted but booming model[00:22:31] - The unit economics and journey of $100 flowing into Uber[00:29:32] - Possible concerns and needs for capital Uber may have in the future[00:37:13] - The role that DoorDash plays in this ecosystem and where it’s a potential threat[00:39:01] - Is Lift an equally worthy competitor compared to DoorDash[00:41:59] - What we can learn about labor and regulation when studying Uber[00:43:44] - Thoughts on current management and capital allocation[00:49:56] - Parallels between Amazon Prime and Uber’s membership program [00:52:25] - Using the accumulated data to integrate an advertising model into their app[00:56:33] - The biggest potential threats to Uber’s growing success 

Today, we are breaking down John Deere. With a history dating back almost two centuries, Deere has been a mainstay in the agriculture industry for generations. And despite its rich history as an incumbent, Deere is also on the leading edge of technology and innovation in ag-tech. To help break down John Deere, Zack Fuss is joined by Matt Coutts. Matt comes from a multi-generation family of farmers, and brings a unique ability to connect finance and farming. During our conversation, we discuss what the ag ecosystem looks like today, what drives farming economics, and why Deere holds such a strong competitive advantage that seems to only be growing. Please enjoy this breakdown of John Deere. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, Inc. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:04] - [First question] - What Matt does as a farmer and where he spends his time[00:03:54] - How big the global crop production and agriculture industry is [00:05:48] - Key considerations in production efficiency with such a large market[00:08:15] - John Deere’s role in the global agriculture industry[00:08:58] - Deere’s business model and how they generate revenue[00:10:14] - What farmers tend to buy and how distribution works[00:12:06] - How a farmer traditionally thinks about their business[00:13:18] - Some of the large machine purchases that a farmer needs[00:14:11] - What a combine does and its role in crop production[00:14:53] - The landscape and types of family farms [00:15:57] - Whether or not farmers can earn above industry returns through any cycle[00:18:18] - The role Deere plays in controlling variable costs to improve returns[00:20:38] - The things Matt’s most focused on as a farmer and how Deere optimize outcomes[00:22:48] - Brand loyalty and mixing and matching machines from different brands[00:24:55] - What precision agriculture actually means[00:27:55] - Overview of a harvest and how Deere equipment interacts with it[00:31:16] - Unit economics and how their recurring relationship generates profit[00:34:01] - Interpreting data, who owns the data, and digital agriculture analytics[00:35:55] - What enables Deere to generate such large margins as an industrial manufacturer[00:40:35] - Is Deere a higher-priced product than its competitors?[00:41:16] - Recent acquisitions and what it says about their growth[00:43:17] - The John Deere API and potential third party integration [00:44:28] - Will farmers even be physically operating machinery in the future?[00:46:35] - Lessons learned as a builder and an investor from John Deere’s story 

Today, we are breaking down the cloud and SaaS trailblazer, Salesforce. Founded by Marc Benioff in 1999, Salesforce has grown rapidly to become the global leader in the $100 billion CRM market. The business has 150,000 customers, including 90% of the Fortune 500, and is currently valued north of $270 billion.To break down Salesforce, Patrick O’Shaughnessy is joined by Matt Garratt, general partner at VC firm CRV and former head of Salesforce Ventures, where he led investments in companies like Snowflake, Twilio, and Zoom.In our conversation, we discuss the attributes that make Marc Benioff special, how he pushed against convention to usher in a new era of cloud-based businesses, and ways in which he has built a world around Salesforce’s product lines. We also cover decision-making in the company, why its culture derives from the beaches of Hawaii, and how it’s transitioning from builder to buyer. Please enjoy this breakdown of Salesforce.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, Inc. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:03:14] - [First question] - What Salesforce is and what it does[00:04:55] - The scale and revenue scope of the business today[00:06:13] - Driving variables of revenue growth and their current model[00:09:10] - The unique founding story and becoming the first SaaS company[00:11:06] - What about Marc Benioff made him so compelling and successful[00:14:20] - An experience in his time at Salesforce that changed and moved him[00:15:16] - The first buyer and what they were served as a product[00:17:07] - Overview of Salesforce as a software platform[00:19:58] - The core database that powers their infrastructure and user experience[00:21:26] - Transitioning from being mostly a builder to largely a buyer and acquirer[00:23:46] - Why building trust early on is so crucial when doing something new[00:25:45] - What is Dreamforce, and how it’s evolved over time[00:27:24] - The connection between Hawaiian culture and Salesforce[00:29:14] - How they continue to market and acquire customers and spend so much on marketing[00:30:44] - Their current addressable market and plans to expand into those areas[00:35:05] - How priorities are set, picked, and followed through on [00:35:58] - What is V2MOM and the role it plays with the executive team [00:38:08] - The philosophy behind Salesforce Ventures and the function it serves[00:40:27] - Potential risks the business faces going forward[00:44:24] - Key characteristics that separate Salesforce from other businesses out there[00:46:47] - Lessons for investors and builders when studying Salesforce’s story

Today, we are breaking down Solana. Founded in 2017 by an ex-wireless engineer from Qualcomm, Solana is a layer one blockchain like Bitcoin and Ethereum that has been built to process transactions as quickly and cheaply as possible. Where Bitcoin can process about ten transactions per second and Ethereum around 30, Solana can handle over 60,000 transactions per second, and it can do so at a fraction of the cost. Unsurprisingly, Solana’s network has attracted huge interest from developers, users, and investors alike over the last year. In this breakdown, we cover the killer app for decentralized ledgers, the history of on-chain transaction speeds, and the fundamental difference between software and blockchain technology. We then delve into the architecture that has enabled Solana’s speed unlock and look at the platform’s potential to become a huge piece of the world’s financial infrastructure.To help me break down Solana, I’m joined by Kyle Samani, co-founder and managing partner at Multicoin Capital. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.----- Business Breakdowns is a property of Colossus, Inc. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:02:49] - [First question] - How he views the opportunity set of blockchain technology  [00:06:37] - The evolution of transactions-per-second from Bitcoin to new cryptocurrencies[00:13:43] - Why does decentralized finance matter versus centralized finance[00:18:34] - What is Solana and the scope and scale of it today[00:20:31] - Reintroducing costs with DeFi software compared to prior zero marginal costs[00:24:13] - How to go from 30 transactions a second to 30,000 and make the system work[00:31:03] - What about Solana’s design code that allows it to take advantage of parallelism[00:33:05] - Differences between proof of history and proof of work[00:39:05] - The tokenomics of Solana, their distribution setup, and what owning SOL offers[00:46:24] - What Solana’s blockchain will enable for application development[00:55:15] - The emerging adoption and creation of social tokens  [00:57:40] - Thoughts on regulation and security in regards to Solana[00:59:41] - Competition that Solana may face and layer one blockchains in general[01:04:54] - What has him most excited about Solana and the landscape writ large[01:08:11] - Lessons for builders and investors when studying the Solana story[01:11:23] - Leaning into your differences and the team behind the project  

Today, we are breaking down Taboola, a company you may not know but one you’ve definitely seen. When you read articles on CNBC, Bloomberg, or the Independent, Taboola powers the sidebar and banner recommendations for what you should read next. The company works with publishers and advertisers to help readers discover what’s new and interesting. Founded in 2007, Taboola recently went public and is now the leading recommendation engine for the open web, serving over 500 million users a day. To break down the business, host Jesse Pujji is joined by Taboola’s founder and CEO, Adam Singolda. During our conversation, we cover the ways in which Taboola’s value prop differs from Facebook and Google, unpack the advertising concepts of Yield and ex-TAC, and dive into Adam’s vision for Taboola to recommend anything, anywhere. Please enjoy this breakdown of Taboola. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- Business Breakdowns is a property of Colossus, Inc. For more episodes of Business Breakdowns, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss Show Notes[00:02:48] - [First question] - What is Taboola? [00:03:35] - The scale of the business, revenue, impressions, and payouts to date[00:05:18] - What problem Taboola solves for advertisers and their user experience[00:07:22] - Comparing the advertising differences between Taboola and Facebook[00:09:15] - Why a publisher would choose Taboola and what they solve for them[00:11:06] - Reasons why advertising through Taboola is desirable[00:14:41] - The founding insight and early struggles of building Taboola[00:18:42] - Important metrics when evaluating their business and what generates revenue[00:20:32] - What they offer to both sides of the marketplace to grow their business[00:22:26] - Defining yield and how they position their rates[00:25:38] - Things they do to improve the value proposition for clients[00:29:29] - What allows Taboola to grow and remain competitive [00:30:37] - Prioritizing sales and marketing spend to ensure their long term success[00:32:24] - Positive and negative factors in relation to scaling a business like this[00:34:11] - Reasons why they wanted to merge with Outbrain[00:35:16] - Their latest deal with Connexity and his thoughts on M&A for the future[00:37:50] - The top things that would maximize their success over the next decade[00:40:05] - Cookies, privacy, and the role they might play in years to come[00:42:09] - The biggest threats and risks for the future of Taboola[00:44:14] - The competitive landscape of advertising and content placement[00:46:09] - Lessons for builders and investors when studying Taboola’s story  [00:47:47] - Where to go if you want to learn more about Taboola