Business Breakdowns

Today we have a special episode breaking down how investors are using AI.  This is a question I get from many of you, and while there is no shortage of content on the implications of AI, I know there's an appetite to learn more about tangible use cases, how to make sure you're getting the most out of these tools, how to think about advancements in the technology, and ensuring that you're keeping pace with the innovation curve. So my guest today is David Plon, Founder of Portrait Analytics. Now, David and Portrait have been partners of Business Breakdowns since last year, but I specifically asked David to do this episode because, one, he is really front and center to how investors are using and applying AI. But two, and maybe more importantly, he and his team come with a background in investing.  So while the conversation doesn’t really focus on Portrait, you’ll hear references to what he and his team are building and how they’ve shaped it for investors, you’ll very much understand when you hear David talk that he is someone who understands the pain points of an investor. I think everyone will find something in this episode that will benefit them in their day to day, and I would love to hear the feedback.  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 ⁠⁠⁠⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at ⁠⁠⁠⁠⁠portraitresearch.com⁠⁠⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit ⁠⁠⁠⁠⁠⁠⁠joincolossus.com/episodes⁠⁠⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠). Timestamps  (00:00:00) Welcome to Business Breakdowns (00:04:05) Meet David Plon: Investor to Founder (00:05:54) Pain Points in the Investment Process (00:09:08) AI as a “Smart Filter” for News (00:11:54) AI’s Role in the Pre-Buy Process (00:14:34) How AI Enables Specific Quantitative Analysis (00:17:24) Using AI for Investment Idea Generation (00:21:42) How to Write Good Prompts for LLMs (00:25:27) Structured vs. Creative Tasks (00:27:47) The Value of Experimentation & Real-Time Feedback (00:32:28) Best Practices for Deploying AI in an Institutional Setting (00:35:57) Why Documenting Decision Making is Essential (00:39:19) How Models Have Improved at Using Provided Context (00:42:02) Memory in LLMs: Near-Term Limitations, Long-Term Potential (00:46:24) Applying Agentic AI in Investment Research

Today we are breaking down Games Workshop. This episode is another examination of the business of IP. Whether it's Disney, Electronic Arts, or Nintendo, there are so many businesses built around core IP. And while Games Workshop and its Warhammer franchise may not be as familiar to our North America listeners - this episode will tell you why that may be changing very soon. My guest is Todd Wenning, President and CIO of KNA Capital. Todd shares his own personal story uncovering Games Workshop many years ago, he gets into the fun evolution of this business which ties into the vertical integration today, and he shares what lies ahead as awareness of Warhammer’s loyal enthusiasts welcome more into their world. 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 ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠⁠⁠⁠ ⁠portraitresearch.com⁠⁠⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠⁠⁠ colossus.com/episodes⁠⁠⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠). Timestamps  (00:00:00) Welcome to Business Breakdowns (00:03:55) Introduction to Games Workshop  (00:05:31) History of the Warhammer IP  (00:09:14) Games Workshop's Evolution  (00:10:59) Warhammer Retail Stores  (00:12:37) The Numbers Behind Warhammer's Popularity  (00:14:03) Geographic and Demographic Concentration  (00:16:36) Competition from Other Games & Hobbies  (00:18:49) Events and Community: Hidden Network Effects  (00:19:48) Margins and Cash Generation  (00:21:31) Growth Drivers & Prime Potential  (00:24:51) Licensing Model & Tariff Volatility  (00:26:49) Why the Business is Defensible  (00:28:33) The Relevance Risk  (00:31:43) Games Workshop's Unique Flat Structure  (00:32:52) Capital Allocation & Dividend Focus  (00:34:16) Valuing Games Workshop  (00:35:25) Three Man Risks for the Business  (00:38:33) Riches in Niches & Other Lessons

Today we’re breaking down Databricks, a $130B private company that helps companies collect, store, and process very large amounts of data, and then use that data to run analytics and train machine learning models. Databricks sits in the middle of modern data systems, connecting raw data pipelines to the tools teams use to analyze information and build AI. If you’ve worked on large-scale data or AI projects, there’s a good chance Databricks was part of the stack, often operating behind the scenes. My guest is Alan Tu, portfolio manager and analyst at WCM Investment Management, which invested in Databricks in late 2024. Alan explains what Databricks actually does for customers, why it remains one of the least understood large private software companies, and how its academic origins and founding team shaped its evolution from an early data-engineering product into a broad commercial platform. We also discuss common misconceptions about the business, how Databricks fits into the modern AI stack, what has changed since the last time we covered the company, and how its scale, product strategy, and capital position differentiate it from competitors. Note: This conversation was recorded on December 10, 2025, so all numbers are reflective of what was publicly available on that date. Please enjoy this breakdown of Databricks. 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 ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠⁠⁠⁠ ⁠portraitresearch.com⁠⁠⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠⁠⁠. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠). Timestamps  (00:00:00) Welcome to Business Breakdowns (00:02:34) Introducing Databricks and Guest Alan Tu (00:03:22) Understanding Databricks' Core Functionality (00:09:15) The Founding Story of Databricks (00:23:54) Databricks' Evolution and Product Expansion (00:30:06) Databricks vs. Snowflake: Market Competition (00:35:36) Databricks' Strategic Vision and Market Impact (00:38:14) The Rise of Big Data and Databricks' Core Value (00:39:27) Understanding Databricks Through a Credit Card Fraud Use Case (00:44:35) Databricks' Role in AI and Machine Learning (00:51:12) The Competitive Landscape and Cloud Partnerships (00:54:54) Financial Dynamics and Pricing Strategies (01:09:37) The Future of Databricks: Risks and Long-Term Vision (01:12:54) Conclusion and Final Thoughts

Today, we are breaking down one of the more impressive B2B media businesses I have come across, Doximity. It's been called “the LinkedIn for doctors.”  Jim Jones, partner and analyst at William Blair Asset Management, helped explain exactly how Doximity works as a business. Jim gets into the community engine that works for and around medical professionals. And yes, there is a social network, but it's the add-ons, such as the required continued education that doctors can complete on the platform, including script signing, and all of those little tools that make a doctor's or medical professional's life much easier. The revenue engine is advertising, and Jim delves into the nuances of how that spend works, explaining why this is the business model they've chosen. Please enjoy this Breakdown of Doximity.  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 ⁠Portrait Analytics⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠⁠ ⁠portraitresearch.com⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠. Editing 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 (00:02:52) Overview of Doximity (00:03:46) Doximity's Business Model and Revenue Streams (00:07:25) History and Evolution of Doximity (00:08:33) Competition and Market Position (00:13:27) Advertising Trends and Digital Shift (00:20:20) Doximity's Financials and Profitability (00:22:39) AI Integration and Future Prospects (00:29:32) Valuation and Market Perception (00:32:40) Lessons From Doximity

Today we are breaking down GE Aerospace. We did cover GE several years ago, but that episode focused on Larry Culp's turnaround of the conglomerate.  Ramesh Narayanaswamy, co-founder and portfolio manager of Tourbillon Partners, joins me to explore what is now a pure-play aerospace business. We discuss the unique dynamics of the aerospace supply chain and the long-cycle nature that differentiates this industry. We also explore the complexity of aircraft engine manufacturing and how GE exemplifies the powerful model of selling services attached to equipment. Please enjoy our conversation on GE Aerospace. 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 ⁠Portrait Analytics⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠⁠ ⁠portraitresearch.com⁠⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠⁠. Editing 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 (00:01:52) Overview of GE Aerospace (00:04:01) Commercial Jet Engines: Market and Segments (00:08:16) Military and Defense Applications (00:10:07) Financials and Revenue Streams (00:15:57) The Legacy and Transformation of GE (00:20:31) Jet Engine Industry and GE's Role (00:22:04) Challenges and Partnerships in Jet Engine Manufacturing (00:28:39) Revenue Models and Customer Segments (00:30:29) Understanding the OE and Aftermarket Revenue Models (00:31:50) The Profitability of Aftermarket Services (00:34:25) Revenue Models in the Aftermarket (00:36:11) Growth Strategies and Market Dynamics (00:39:38) Impact of Economic Cycles and Resilience (00:43:33) Capital Intensity and Return on Capital (00:47:12) Competitive Landscape and Technological Risks (00:55:07) Valuation Approaches and Market Perception (00:57:39) Key Takeaways and Lessons from GE

This is Matt Reustle. Today, we are back to talk about increased access to alternative investing. My guest is Josh Clarkson, managing director at Prosek Partners. You may remember that Josh joined us last year in our primer series on private credit. He is back today to discuss what this development could mean for all the counterparties involved. We put some numbers around the opportunity, cover what asset managers might be best positioned to capture it, the strategies that most naturally fit, and some of the risks to the investor base. It is a fascinating theme that I expect to continue gaining momentum. Please enjoy this Breakdown on Alternative Investing.  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 ⁠Portrait Analytics⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before. Sign-up for a free trial today at⁠ ⁠portraitresearch.com⁠⁠ — Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit⁠⁠⁠⁠ joincolossus.com/episodes⁠⁠⁠⁠. Editing 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 (00:02:47) The $4 Trillion Opportunity in Alternative Investments (00:04:13) Headlines and Market Concerns (00:07:09) Regulatory Changes and Historical Context (00:09:31) Private Wealth Channel and Product Evolution (00:10:29) Investor Education and Liquidity Considerations (00:15:34) Future of Private Markets and Alternative Investments (00:27:27) The Role of Major Players and Market Dynamics (00:45:18) Lessons From the Alternative Investing  Industry

This is Zack Fuss. Today, we are breaking down Exor. The origins of Exor date back to the end of the 19th century when Giovanni Agnelli founded the Auto Company Fiat. Over the company's 100-year-old history, a lot has changed. While some of the core assets remain the same today, Exor serves as an investment holding company. Its largest and most notable assets include Ferrari, CNH, Stellantis, Philips, and a number of other notable household-name companies.  I am joined by Krishna Mohanraj, a portfolio manager of the International Strategy at Diamond Hill. Today, Exor is led by John Elkann, the grandson of the late Giovanni Agnelli. Elkan was named heir of his grandfather at the age of 21, and has fostered and reshaped the business to what it is today. Please enjoy this Breakdown of Exor. 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. Editing 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 (00:03:29) The Fascinating History of Fiat (00:05:16) Leadership Through the Ages (00:07:29) Simplifying the Family's Assets (00:09:31) Current Holdings and Investments (00:11:13) John Elkan's Influence and Strategy (00:12:39) The Role of Sergio Marchionne (00:14:09) The Evolution of Exor's Portfolio (00:17:08) Key Listed Investments (00:23:29) Valuation and NAV Discount (00:27:44) Capital Allocation and Governance (00:28:48) Investment Approach and Financial Discipline (00:32:37) Exploring the Private Portfolio (00:36:25) The Partnery Transaction Case Study (00:39:03) Future Prospects and Strategic Sectors (00:46:21) Lessons from Following Exor