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🎙️Our very own Gregory Zamfotis sat down with Matthew Reustle, CFA on the Business Breakdowns (Colossus) podcast to share his journey into the coffee world, how Gregorys Coffee came to life, and his insights into the business and economics of the coffee industry.🎙️ The episode is out NOW on Apple and Spotify - check it out! In NYC? Head to one of our Gregorys locations to get your hands on a Business Breakdowns sleeve.
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The NYC coffee shop equation with Gregory Zamfotis of Gregorys Coffee: What does it cost to open a store? How many cups a day to break even? Full episode tomorrow on the Colossus Business Breakdowns feed. We cover launching, scaling, and innovating the brand. And needless to say, Greg displays a special DNA.
Our latest Breakdown covers the ongoing evolution of Japanese markets and a unique approach to capturing the opportunity.
Today's Business Breakdown has lived in my brain since recording. A major thank you to Nick Bartolo for introducing me to Masumi Nishida from Dalton Investments Nick said "Matt sounded ready to move to Japan and I don’t blame him!" after listening. Saying Japan trades super cheap is quoting Captain Obvious. But the government's recent corporate reform policies could be summarized as: "Make capital efficiency and profitability great again" It may be happening organically - but you know who can speed it up? Activists I rarely take sides on these episodes but I can confidently say there is low-hanging fruit. ~600 companies trade <6X EV/EBITDA. Banks will finance MBOs up to 6x EBITDA at ~3%. (Take private with zero equity dollars?!) ~40% of Japanese companies trade <1x book value (compared to <~5% in the US). And it's starting to play out. 2014-2016: 12 activist proposals (combined) 2023: 67 activist proposals We covered the foundational changes that have created this opportunity, the subset of the market that screens interesting, and we hit on a few case studies. Colossus
Today, we break down the Healthcare Industry. Matthew Reustle, CFA, is joined by Roderick Wong and Stephanie A. Sirota of RTW Investments, LP to explore the drug phase cycle, the merits of private/public crossover investing, and why the innovation in recent modalities creates a unique setup in healthcare not seen in decades. Link: https://lnkd.in/e8fqk4xC
Today, we break down Sherwin-Williams. Founded in 1866, this vertically integrated paint company has quietly compounded at 14% per year for the past 20 years (26x return). Matthew Reustle, CFA, is joined by Todd Basnight of Aureus Asset Management to explore its pro-consumer focus, thoughtful capital allocation, and vertically integrated model. https://lnkd.in/eQC2j-q8
This week, we break down the public investment company, 3i Group plc. 3i has become best known for its investment in European retailer - Action. In 2011, it invested ~£106 million. It has since received back £2.9 billion, or 25 times what it put in, and the value of its investment today is £14 billion, a return of over 100 times the original investment. It's a fascinating business and Luke Bridgeman, Portfolio Manager at Hosking Partners, does a great job explaining it. https://lnkd.in/eM5sUn_S Matthew Reustle, CFA
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For your consideration this weekend! I make an appearance on the Making Markets podcast, hosted on the Colossus platform, talking all things India and India venture / startups. Enjoyed chatting with host Eric Golden, CFA unpacking the Indian venture and startup ecosystem for Eric. Enjoy! https://lnkd.in/gV46nTuN
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Both Sam Zell and Charlie Munger gave me the same advice: Invest heavily in building relationships with other high value people. Charlie Munger said (1) Ben Franklin and Andrew Carnegie did this and (2) that he followed their example. At the first Founders Podcast event 150 founders, investors, and executives spent 2 days building relationships with each other. Countless investments, partnerships, and friendships have formed as a result. Because the first event was so successful at helping listeners of Founders build relationships with each other, I am hosting another one July 29th-31st in beautiful Scott’s Valley, California. I believe being together in person is the way to seed relationships. Come hang out with me for 2 days and meet other high value people at the next Founders event. You can apply to attend at the link below. I hope to see you there! — I’m doing this event in partnership with Rick Buhrman and Paul Buser founders of a $500 million holding company Sator Grove Holdings. They will be leading a session on building a permanent capital holding company, investing in world class entrepreneurs, and the power of relationships (they know everyone!). Don’t miss it!
Today, we break down LIFCO AB (PUBL). Lifco is a high-performing conglomerate from Sweden. It is a fascinating business, best exemplified by its previous CEO, who bought shares immediately after being fired because the stock was down 8%. Since 1995, Lifco has compounded its capital 413x. Adnan Hadziefendic explains everything you need to know to Zack Fuss: https://lnkd.in/eU28YDcS