Matt Reustle
@ReustleMatt
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CEO @joincolossus | Former: Raven Capital + GS Research
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Joined March 2021
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Listing some of my favorite “behind-the-scenes” moments/thoughts below.
I’ll admit, I was skeptical this would work as a weekly show. My fear was coordination with so many people - guests, hosts, editors, designers, etc - every week.
BUT that’s easily the most fulfilling
Exciting milestone. We have now done 150 Business Breakdowns.
Thank you for listening!
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In 2010, I showed up to GS in an oversized suit with a head-down mentality. By the time I left, I had a slightly better fitting suit, a vitamin-D deficiency, bags (under my eyes), and that weird smirk in my profile picture. But it gets 5 Glassdoor stars from me.
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There is technology…and there is TECHNOLOGY
ASML defines that second category
Their system blasts molten drops of tin with a laser 50,000 times a second - twice (of course) - which creates plasma 40 times hotter than the surface of the sun.
Do I know what any of that means?
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Tomorrow is my first official day as Head of Content
@joincolossus
. I am joining some incredible people with a goal to build something special. Sharing a bit of my backstory below... get excited for what's to come
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Brookfield was our most requested
@bizbreakdowns
and
@RumiPartners
was up to the challenge.
Public asset managers are in the "business of investing". But each has "house specialties". BAM takes owner-operator to a new level with BIP, BREP, and (once upon a time) BPY.
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The hall-of-fame burn was an intern who walked in wearing a green dress shirt - the Marshall's shirt and tie combo pack. He made it 5 steps before the record scratch killed the music - and it came:
“Yo Buddy! You playing piano at the Olive Garden later?”
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This was an incredible conversation. You get inside Towles head which is somehow better than I could have imagined. My rare 100/100 score.
Amor Towles is the modern world’s F. Scott Fitzgerald.
Here’s our full conversation — and a list of 16 lessons I learned from him about writing:
1. Write a selfish, unregulated first draft. Go on as many tangents and digressions as you want. Give your heart free rein. Satisfy
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But Research teaches you how to quantify. Everybody complains about missed forecasts. You ever try to arrive at a forecast when there’s nothing out there? The first time I said “they don’t disclose it” - my boss replied “that’s literally what you get paid to figure out”.
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Copart is another excellent case study. Most notably, Willis Johnson has that junkyard-dog in him.
The vehicle auction market is a unique duopoly (80%-90% mkt share b/w CPRT and IAA)
Insurance companies create unique supply-side of marketplace
Global buyer base creates
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When
@patrick_oshag
interviewed me for Colossus, he asked for 3 dream
@InvestLikeBest
guests.
Brad Jacobs was the first name on the list.
A CEO/Founder who thinks like an investor.
Done more M&A than most bankers.
Listen to this one
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The Convoy / Freight-tech insights from and around
@FreightAlley
are excellent. Read and bookmark his tweets and the replies for the future.
I wrote this report in 2018 and still think it holds true. Maybe tech could expand the 16-18% net margin. (math in the pictures).
But
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He's a unicorn.
You'll rarely encounter someone like
@FreightAlley
Building Freightwaves? Impressive enough
But listen to him talk about capital markets, fundraising, valuation mismatches - and THEN the connecting of the dots to the respective opportunities.
It's fluent -
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This is not hyperbole. The
@GavinSBaker
Mar 2020 episode changed my view on the power of podcasts. Investor letters offer tons of value but an "in the moment of extreme volatility" dynamic conversation really captures lessons on the psychology of investing. Incredible content.
My conversation with
@GavinSBaker
Gavin is one of my favorite investors because of his competitive and curious nature.
We cover everything: inflation, growth, markets, tech, investing
Hope it’s as fun to listen to as it was to record
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ODFL is the BEST at what they do (LTL trucking). The rare case of universal agreement across customers, shareholders, and even their competitors.
We tested a new
@bizbreakdowns
format with
@Scuttleblurb
breaking down the trucking industry (LTL vs TL) and ODFL's secret sauce.
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In an era that glorified sales growth, Home Depot outperformed the market with its own playbook.
- Differentiated customer mix
- Store productivity over store count
- Eating shares for breakfast, lunch, and dinner
I had a blast breaking down HD with Sean
@IntrinsicInv
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Being a single-language speaker from New Jersey, I was a natural fit for the Emerging Market sales desk. Mornings talking to Moscow. Sundown with Sao Paulo. And a trading floor filled with Alpha personalities. I initially felt like a “one of these things doesn’t belong here” meme
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I love “hidden forces” that drive company success.
Patek Philippe is synonymous with craftsmanship. Production is limited. Watches are handmade.
Since 1839, EVERY Patek watch produced has been recorded in its archives. The archive was mostly used for internal purposes (data
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Put me in a conference room with 3 other people that find this interesting... I think we could spend a 9-5 day talking about all the angles before I get bored.
QXO, the Brad Jacobs shell company, whose current sole asset is a cash balance of $5bn, has a current market cap of... $100bn.
The $150mn that Jared Kushner invested on Monday is now worth $2,200mn:
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Now please check out the Goldman Sachs
@bizbreakdowns
episode that just with our Financials guru
@MarcRuby
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Imagine having to wear that shirt for another 13 hours around 500 people? You must consider going Chippendales style.
BTW - that intern was my roommate. I try to reference this experience as much as possible.
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The
@MakingMediaPod
is an idea that's been eating at me for years. Gimlet's "TheStartUp" podcast rivals any business book. It's a real-time look at building a business.
Impossible to replicate after the fact - ONLY achievable if you force yourself in the moment.
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This is a big idea that
@joincolossus
is working on. It's a defined section in our
@bizbreakdowns
guest guide for "what makes a great episode". Is it tucked away to be found in our audio and transcripts? Yes... but imagine if we were building a tagging system this entire time.
I want a book or website that’s just a giant catalog of how different businesses work.
Like I want to see, “Movie theaters - cost x to build, pay x per ticket, margins on food are core revenue driver…”
But for everything.
How am I supposed to learn how much water parks make?
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We recorded this Charter
@bizbreakdowns
before yesterday’s commentary. Yet the episode feels as timely as ever. Thank you to Tony Coniaris and John Sitarz from
@HarrisOakmark
for covering it all.
My notes as a cable tourist:
Understanding Fixed Wireless capacity seems like the
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If I had to assign one case study for an aspiring investor, FedEx would take the cake. A rough curriculum:
Iconic Founder Fred Smith
A founder before it was cool to be a founder. Wrote the thesis for FedEx at Yale. Got a C on the paper. Built it and never left.
Infrastructure
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Todd Combs was a great listen
@artofinvest
A great counterargument to all of the "specialization" focus today. Along with early success comes an early plateau.
Loads of good insurance stories from early 90s, GFC, and into Berkshire.
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Eventually, the game slows down. You stop finding it weird that everyone is always yelling. You don’t question why everyone needs so many computer monitors. You ask for more computer monitors. And then you start to learn.
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Make watch casebacks great again.
Chris Rock for Tina Fey
Joanne Woodward for Paul Newman
Stas Radziwill for Jackie Kennedy
John Landis for a Producer (the GOAT in this category)
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TOMORROW:
Restoration Hardware on
@bizbreakdowns
Business stories don't get much more fun than RH
People
Places
Things
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Beyond the ridiculously informative deep-dive and bull case on the Old Economy, here's your answer to "What does conviction sound like?"
My (timely) conversation with Eric Mandelblatt of Soroban Capital
We recorded this before Russia invaded Ukraine, but we talk about the industrial economy and the huge opportunity it represents
Rail, energy, commodities, supply chain and beyond
Enjoy!
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When I moved to Research I came to respect traders even more. Forget a nuanced take. The Navy Seal trader would stop your babbling and simply say “GUN TO YOUR HEAD – ARE THESE HIGHER OR LOWER TODAY”. Knowing your audience is important.
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There were a million little things about the GS experience that made it great. The caliber of my colleagues was number 1.
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Best skill ever. If you can quantify and communicate – that’s when the fun starts. You build your “full of shit” radar. You start playing offense against those bullies in S&T. You have intellectual debates with clients. People want to talk to you (...sometimes).
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Ed Wachenheim recorded a
@bizbreakdowns
Absolute legend. Episode drops this Wednesday.
He hosted me for 2 hours...
We spent 1 hour and 58 minutes talking stocks.
The opening to his 2016 book (images below), Common Stocks and Common Sense, is so simple but so good.
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Now, Traders catch shit for lack of sophistication. But they might be the most efficient species out there. Bell to bell – every minute is maximized to move money and make money. – Once the day ends – THEN they go to the bathroom - and leave.
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NBA coverage is mostly pollyannaish but
@SherwoodStrauss
is always looking under the hood.
▪️ Viewership -50%
▪️ Media rights to 2x?
▪️ All-Stars miss >10% of games for load mgmt
▪️ Franchises trading at all-time highs?
Paging
@bizbreakdowns
for a curious case
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Could we kick off
@MakingMediaPod
with anyone other than
@patrick_oshag
? We covered:
- origins of building Colossus
- traits of a great interviewer
- lessons from media building.
If you want a taste of the debates we have at
@joincolossus
- check this out.
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Too much content ? Don't know how to filter?
Find a content dietician. A sherpa. A curator.
@LibertyRPF
took on the role for me and many others.
We tracked him down in his satellite layer to discuss some burning questions:
1. Succeeding as a generalist despite all advice to
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Year 1
Year 2
Year 3
Insert Chinese proverb.
Let’s revisit in 7 years.
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Trane Technologies?
This company embodies the irresistible allure of industrial pureplays
Thank you to Brett Larson and
@NZSCapital
for bringing this one to
@bizbreakdowns
▫️ $50bn market cap (TT) yet rarely discussed
▫️ 100+ year history of between independence and
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From the great
@matt_levine
“Very early on, my sense was that there is an expectation that weird complicated niche topics have only weird niche audiences and that doesn't seem true.
I think my readers, some of them are people who work in fairly technical areas of finance are
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Tried for over a year to lure Hilal or Ackman for a
@bizbreakdowns
on Rails. That invitation remains open (CSX and CP are waiting). But the show must go on! UNP tomorrow.
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You know the trading floor in the movies? Believe it or not…pretty accurate! And totally not ideal for a head-down approach. The verbal piranhas hunt at all hours.
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I was somewhat familiar with Thrive. But I had NO idea they sported a 1920s Yankees'esque murderer's row of investments.
No particular order: Instagram, Slack, Github, Stripe, Twitch, Warby Parker, Spotify, Carta, Plaid, Fanatics, Glossier, Compass, and I could keep going...
My conversation with
@JoshuaKushner
This is Josh’s first long-form interview of this type, so we cover as much as possible
Thrive manages $15B, invests early and late stage, and often starts companies in addition to investing
We pick it all apart:
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And don’t downplay “market-making”. AAPL stock is one thing. How about a HY bond that trades 1x/qtr? When they report a big miss– how are you sending that first run? How does one learn? These people make markets on EVERYTHING
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Every business story has lessons.
But why not learn them through the fun lens?
I present you Take-Two Interactive (TTWO).
To say I peppered Eric Kress with questions would be an understatement. He worked in the industry and as an investor - that ideal balance of understanding
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Equifax could be a 10-part series but
@NimbleOpinions
packed everything into this episode:
History of the credit bureaus
Lots of market structure talk
The regulatory "shaping" of the industry
Data verification as a business
The Work Number crown jewel
Excellent
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@rhunterh
I remember them sharing for a certain period of time. I was always surprised at the popularity of macro. Thematic was also big.
For all of the people that complain about lack of micro or smid cap stuff... those numbers would tell you all you need to know.
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The 2015
@Om
| Brunello Cucinelli interview cuts deep
We were fortunate to speak with Om about the experience.
As a natural skeptic, I was legitimately worried we’d reveal some mirage…
NOT THE CASE
Om was the proper skeptic, with the right curiosity, conducting this at a
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Twitter can stress you that it’s late innings on podcasts, newsletters/substacks, etc… It’s early days
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This was insanely good.
I honestly don't think you can create a more informative 60 minutes on Nubank, the neobank evolution, the Brazilian/LATAM banking system, NIM dynamics, regulation, risks... the full picture.
Props to
@danbakalarz
for putting on a clinic.
Earlier this year,
@patrick_oshag
asked
@dougleone
for the best 3 CEOs he knew.
1. Frank Slootman
2. David Vélez
3.
@elonmusk
Today, we explore Nubank. The bank David built in the face of Brazil's goliath incumbents.
The Brazilian-based neobank has gone from nothing to
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We cover the laundry list of topics 1. Progress update; 2. Industry structure update; 3. Foreign vs Domestic funding; 4. AI impact on original plans; 5. Future milestones.
I've spoken to gov't officials across various industries. The CHIPS Act team is notably different. Biased
We're releasing a special episode today on the CHIPS Act.
@ReustleMatt
talks to Todd Fisher, a KKR veteran who is now CIO of the CHIPS Act office.
They discuss supply chain issues, incentives, capital allocation, supply/demand dynamics, and lots more.
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My favorite podcast episode ever (rankings to come one day). It jumps right into action with TSMC/Vale. Examples before frameworks was fantastic. Loads of stories/anecdotes + an unstructured mix of investing/philosophy/life that felt like a conversation, not an interview. A+
My conversation with Carl Kawaja, one of the top investors operating today
At Capital Group, he’s quietly overseen a huge portfolio for decades
He is one of my favorite people, and this is one of my all-time favorite conversations
A must, must listen
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Live Oak Bank is quite the story. Thank you to
@svafier
for bringing this one to
@bizbreakdowns
2007: LOB receives its 🇺🇸 bank charter. Timing!
FDIC Chairman, Sheila Bair, nicknames LOB "the doggy bank"
Why? They were niche. Really niche. Loans to veterinarians.
Founder,
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The ideal Colossus Universe collaboration:
@FoundersPodcast
|
@artofinvest
Working with great people makes you self-reflect. My conversations with David are a constant reminder of the power of repetition. It's the foundation for pattern matching and clarity of thought.
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Tomorrow's
@MakingMediaPod
w/ Matt Levine.
I can’t give a higher “authenticity” score….pre-recording, during recording, post-recording.
If I could have a “play-by-play team” follow me and narrate my business life, Matt would be my first pick with a lifetime contract.
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Since EVERYONE has been asking (two people asked)…these were my takeaways from
@CapitalCamp
I’d guess I spoke to ~100 people.
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And Research was a different beast. I went from Beta to Alpha by taking the elevator an extra 18 floors. On my 3rd day, a summer Friday, I wore loafers (”no snow, no socks”). It was like the dream where you show up to school naked. I got looks. Different breed.
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Enjoyed breaking down the heavily contested MTCH with
@GHadjia
on
@bizbreakdowns
We cover industry dynamics, business model dynamics, and what broke the stock.
Make sure to check out George's research as well.
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Born in Pennsylvania in the early 70s
After 20 years, migrated to Japan
And 30 years later, its back to the USA
It’s still fine-feeling, warm wool.
😘 to quality things
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This is a perfect recipe for a podcast. Host obsessed with a topic. Guests deeply entrenched in that topic. And title tells you everything.
I’ll be listening!
I've been working on a new podcast about the writing process for almost two years, and it's almost ready for launch.
You can read what an author writes anywhere, but only on this show will you hear how they write.
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Typically don’t like seeing NYC from the beach. But the photographer got an awesome shot here.
“money never sleeps, pal”
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Somehow the same senior people that you admin for in the early days are collaborating with you just a few years later. The “high profile” people not only promote your work (if it’s good) - they collaborate with you and ask you for opinions, loop you into their client convos, etc
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Pushups in a minute? Chicken nuggets in an hour? My dear friend - a fellow 1st yr - made the fateful mistake of a “nightcap” w our Aussie desk after the holiday party. Within 15 minutes of him being late the next morning – that pot was large (but paid for lunch of meatpies)
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What drove the rapid growth? Where are the biggest pockets of supply and demand? What are the biggest subsegments of private credit? These are the questions we aimed to answer
"Every time that the public market and the regulatory environment have failed to provide an adequate
Today, we release a 2 part breakdown on the $2.1 trillion Private Credit market.
First,
@ReustleMatt
speaks with Oaktree’s Co-CEO, Armen Panossian.
Then he talks with Josh Clarkson, MD at Prosek Partners.
They cover history, demand, supply, products, regulation, & much more.
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Neighbor just asked me if Santa could hide his son’s bike in our garage for the night… I’ve gone full softie but this stuff puts me in an absurdly good mood
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Listen to today's
@MakingMediaPod
at 1.3x and you'll learn everything you need to know about media in 20 minutes. 7 guests on 7 topics:
👁🗨Industry Structure
👁🗨Brand vs. Institution
👁🗨Buy vs. Build
👁🗨IP building
👁🗨Good/Bad content
👁🗨Niche topics
👁🗨Getting your hat on Jay-Z's head
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Aesthetically pleasing time of year.
Enjoy that green pop prior to any color blooms.
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A franchise breakdown w/
@franchisewolf
was on my list for a long time. Hard to find a better example of "owning your niche" than him.
@orangetheory
was an awesome topic. If you've considered pursuing the franchise path, here's a primer for you.
Don't start Friday with FOMO
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Today's
@InvestLikeBest
with
@MikeSimanovsky
joins Eric Mandelblatt's episode to form my "Investor Epics" collection
He has a clear framework for investing (capital cycle), he shows you the depth of his analysis (with numbers), gives views on the current market opportunity
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Michael-M, if you're out there. Today's
@bizbreakdowns
is for you.
5-star fans get 5-star experiences.
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Giving token support can make things worse. He really tries to convince him. Impressive.
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Dolby on
@bizbreakdowns
? Now that’s a sound proposition! Tomorrow.
“Mainly, though, I was fascinated by the technology of music; how organs worked, how reeds vibrated, why things sounded the way they did.”
- Ray Dolby
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I did not expect such an open and honest conversation. Lots of reflection on how markets have shifted + views on today.
Also crazy to think about how much the opportunity with index adds/drops has completely reversed.
My conversation with
@davidein
We discuss:
- span of his whole career at Greenlight
- jelly donut theory or monetary policy
- alpha and where it comes from
- how markets have changed
- Apple, Airlines, Insurance
- tons more
Enjoy!
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The difference between networking and relationships is captured so perfectly here:
"The first meeting is easy. Anyone can get a first meeting. It's the fifth meeting and how you're perceived that's critical.
If there's no consistency and follow-up, there's no building on the
My conversation with Michael Ovitz
We cover his career in both entertainment and investing
He’s known as the founder of CAA, but since the 90s he has also invested early with now famous firms and companies
So fun and so much to learn. Enjoy!
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"Having opinions about facts is what makes markets"
Might get that framed. Excellent episode with market views + broader wisdom.. Kudos to
@compound248
for EXCELLENT steering.
There was a lot of pattern triggering here:
👁🗨Growth/Maintenance capex = 15/16
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"[Insert Name] is a markets junkie". I save that designation for very few. A list I can count with my fingers.
Drew from
@Speedwell_LLC
is on that list. Fun to see him emerge from the shadows of big finance for
@bizbreakdowns
and Floor & Decor
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@domcooke
@patrick_oshag
“If you’re on vacation at a hotel with a great free breakfast buffet from 7AM-9AM - what’s your strategy?”… This tells you more than you’d ever imagine
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Trip Hawkins built EA to find the best independent game makers, publish their work, and turn them into stars.
It was a blast to talk EA w/
@the10thmanbb
Can't wait to fire up my son's first game and say, "just so you know...this ain't your daddy's EA"
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There's a fun mix of business strategy and "personality" for our
@bizbreakdowns
on
@Ryanair
We brought back
@andrewhollingw
to cover the challenges of airlines, a deep-dive on the business model, and....Mr. O'Leary
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New
@MakingMediaPod
with
@DougDeMuro
We hit:
•Earning the respect of aficionados
•Covering Ferraris without being flashy
•Taming + harnessing the wild beast (The ALGO)
•The importance of graduating from YouTube
A playbook for content-to-commerce.
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Big content week. Let's drop a bonus
@bizbreakdowns
. A business that can't be explained with economic textbooks.
"We're making new billionaires all the time. We're not making new franchises."
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I try not to romanticize business but this one got me.
Incredible founder backstory (reCAPTCHA)
Using gamification for good
Tinder'esque organic growth
FCF generator (yes, we talk about SBC)
Hard not to see them increasing TAM.
I'll accept debate on valuation, returns, etc.
Today, we break down Duolingo.
The company was founded by Luis von Ahn in 2011 and has helped over 500 million people learn languages since then.
Before starting Duolingo, Luis invented reCAPTCHA, which he sold to Google in 2009.
Duolingo's mission is to offer free education,
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MIR is the most interesting "stock" I've come across in years. Unique end-market (nuclear) yet diversified (med/industrial). 15+ year organic + acquisitive track record w/ resilient EPS profile through downturns. Limited sellside coverage and thrown into "SPAC" pile. Good listen
[NEW PODCAST] Mirion isn't the average de-SPACed company.
@MirionHQ
's chairman, Larry Kingsley, is a successful company builder & $MIR is profitable. In this episode, CEO Tom Logan & I discuss the path to building a world-class industrial tech company.
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NYC parking garages are a cult investment class. Just read 125 Perry St traded at $65mn last year…. built in 31, renovated in 86.
I honestly doubt that thing spit off cash flow - I bet it sprayed like fire from a dragon’s mouth.
Yet, it’ll surely be converted. NYC parking
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As the great Primetime once said, "if you look good, you feel good, if you feel good, you play good, if you play good, they pay good."
I knew the beauty market wasn't going anywhere - but I did not appreciate the barriers that exist to battle titans like L'Oreal.
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Over the years, I've heard a handful of investors express insecurity about their modeling skills. Almost every one is very good at actual investing (measured by performance).
These people have 10-15 years of experience. Mostly public investors (though I have 2 private equity
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Want to know what’s most on-my-mind re: Media as a business? Listen to this convo
Ask the important question. Share your view. Share the feedback.
@AdamRy_n
is uniquely good at doing this.
Why, despite the cultural impact, is media allergic to enterprise value?
It’s a question
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Loved this from Tom Hanks on competition (slightly edited)
"In auditions, if there were 100 people, I'd say I'm better than 50 of you and just as good as 45 of you. There's 5 of you that I cannot touch because you're geniuses.. but if I watch carefully, I can hit that level."
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Another excellent
@artofinvest
discussion. We are truly lucky to get
@honam
insights whenever and wherever they come.
Some neat Starbucks stories. Who knew 1991 was a choppy IPO market!
But this was the section that caught my ear the most:
"And again, the lessons that you
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It was a true pleasure to host Bill Nygren and Alex Fitch on
@bizbreakdowns
They fused timeless lessons on bank investing with the timely First Citizens story. Many of us first dove into FCNCA after SVB, while Oakmark had owned it for years.
Listen:
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We've covered leagues. Let's break down some teams.
Bayern Munich is the biggest club in Germany by any measure. The 3rd biggest in the world by revenue.
It earns the most of any club in the world from commercial partnerships. The shirt alone is worth over €100 mill.
+ They've won 32 national titles & 6 Champions Leagues!
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This conversation has all of the important nuance required for the bold claim. There is a really neat intersection of art and science here. I can't remember constantly stopping a podcast to stop and think about how this applies to me/the business/the world.
My conversation with
@kenneth0stanley
about why you shouldn’t pursue big hairy audacious goals
I hope this stirs up some controversy b/c the implications of the concept are large
That he “discovered” this idea via AI research fascinates me
Enjoy!
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After this episode + the
@VitalikButerin
episode w/
@tferriss
@naval
, I finally found a "blockchain" investment that has me itching to learn more. But as
@drakefjustin
alludes, this rabbit hole just happens to come with a lot of Wonderland'esque characters.
Ethereum has become the engine for many other crypto applications, from DeFi to NFTs
In this breakdown with
@drakefjustin
we explain how it works in detail, and explore whether Ethereum will become “ultrasound money“
This is a mind bender 🦇🔊🤯
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Update on the podcast SEO debate that shook up
@MakingMediaPod
If you watch this clip, we all know who won the debate.
Please note the facial expressions at: 0:30, 1:11, 2:25. 3:12, 3:33. That is conviction.
But the audience has spoken
…a SHOCKING amount of people use search
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24 hours later, I can gladly report I have more friends interested in buying a marina than buying a boat.
Today, we dive into the wet world of marinas.
A few numbers to anchor the expectations:
- 10,000 marinas in the US
- Estimated $6bn market
- 12:1 ratio of registered boats to available space
- Over 90% of US marinas are NOT institutionally owned
@zbfuss
hosted operator David
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