Explore the FTX bankruptcy restructuring complexities, including appointing a new CEO and tracing misappropriated customer funds. Delve into safeguarding customer data in a crypto exchange facing bankruptcy and the challenges of restructuring a crypto exchange business. Gain insights into government prioritizing victim claims and navigating creditor agreements in the restructuring process. Delve into the trading of claims and distinctions between crypto and fiat claims in the bankruptcy case.

Exploring CNX's journey from coal to natural gas, strategic management, cost-effective gas production, hedging strategies, financial stability, valuation challenges in the energy sector, and lessons for investors on managing market cyclicality.

Explore Vulcan Materials, America's largest producer of construction aggregates. Learn about the dynamics of operating quarries, transportation logistics, and cyclical nature of the business. Discover the strategic considerations in geographical proximity, mergers & acquisitions, and the value of assets in the quarry industry. Dive into the stable and enduring nature of the business, focusing on strategic risks and long-term investment potential.

Discover the fascinating story of the Mendelson family and their success in building HEICO, a prominent aerospace business. Explore HEICO's role in revolutionizing the aviation parts market and its strategies for stable and profitable growth. Dive into the evolution of business relationships through mergers and acquisitions, and learn valuable lessons on management approach and sustainable growth.

Todd Ahlsten, covering semiconductors since the mid-nineties, discusses Intel's missteps in the mobile and EUV technology sectors. We explore strategies for rebuilding market share, analyze CPU market demand, and discuss the impact of software and geopolitical dynamics. Lessons from Intel include the importance of patience, seizing opportunities, and being a contrarian investor.

Mike Hayward, portfolio manager at WCM Asset Management, joins the podcast to discuss Arthur J. Gallagher, a global insurance brokerage. They delve into the company's successful acquisition strategy, the strength of the insurance brokerage industry, and the impact of shifting industry dynamics on its competitive advantage.

David Samra, Managing Director, breaks down the technology conglomerate Samsung, focusing on its profits from hardware components, vertical integration, dominance in the memory chip industry, the comparison between Samsung's chips and NVIDIA's chips, the growth of NVIDIA's AI chips and Samsung's capacity expansion, and the unique conglomerate structure and lessons for other businesses.

John Reardon, former Sotheby's employee and Patek Philippe Magazine writer, discusses the rich history and craftsmanship of Patek Philippe watches. He compares Patek Philippe to Rolex in terms of production numbers and exclusivity, highlighting the challenges of purchasing a Patek Philippe watch. The podcast also explores Patek Philippe's marketing strategies and target audience, as well as their enduring marketing campaign 'Tradition is our future.' The episode concludes with discussions on the hiring process at Patek Philippe, the New York operations, and standout lessons like diversification and effective branding.

Explore the history and appeal of the Rolex Daytona watch, the significance of mechanical watches before digital time-telling, Rolex's commitment to excellence and their partnerships with athletes, the importance of continuity in design and emotional connections, the rise of Omega and lessons for luxury brands, and the challenges of retail and finding good salespeople.

This is Zack Fuss. Today we are breaking down the largest privately-owned software business in Europe, Visma. Visma is a software company with over 15,000 employees offering accounting, payroll, and HR software products for customers across the Nordic, Benelux, and Baltic regions. Founded in Oslo in 1996, Visma grew organically and via acquisition of 178 companies.We're joined by Nic Humphries, the Senior Partner and Executive Chairman of Hg Capital, which is one of the leading software investors in Europe. Nic is intimately familiar with Visma, given Hg owns over 50% of the business and has been invested for over 17 years. Hg initially invested as part of a take-private transaction in 2006 at just a $450 million valuation and based upon the latest recap completed in December, today, the business is valued at over $21 billion.As part of this conversation, we discussed the business history, growth, and recent leadership transition. Please enjoy this breakdown of Visma.For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.-----This episode is brought to you by Tegus, the modern research platform for leading investors. Tired of running your own expert calls to get up to speed on a company? Tegus lets you ramp faster and find answers to critical questions more efficiently than any alternative method. The gold standard for research, the Tegus platform delivers unmatched access to timely, qualitative insights through the largest and most differentiated expert call transcript database. With over 60,000 transcripts spanning 22,000 public and private companies, investors can accelerate their fundamental research process by discovering highly-differentiated and reliable insights that can’t be found anywhere else in the market. As a listener, drive your next investment thesis forward with Tegus for free at tegus.co/patrick.-----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 | @ReustleMatt | @domcookeEditing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).Show Notes(00:00:00) Welcome to Business Breakdowns(00:02:44) First question - Introducing Visma and its operations(00:10:51) Identifying Visma's unique attributes in the payroll sector(00:13:32) Assessing Visma's current scale and potential for growth(00:17:45) Considering the shift to a cloud-native approach(00:20:49) Reflecting on key lessons from past errors(00:23:19) Strategies for scaling the business effectively(00:28:15) Weighing cash reinvestment against shareholder distributions(00:31:39) Øystein Moan's influence within the company(00:33:06) Deciding the right time for an IPO(00:39:23) Analyzing the risks facing Visma(00:41:22) Exploring Visma's competitive advantages