Business Breakdowns by Colossus | Investing & Business Podcasts
Colossus | Investing & Business Podcasts
Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.
Categories: Business
Listen to the last episode:
Welcome back for part two of this business breakdown on the private credit markets. I am now joined by Josh Clarkson, managing director at Prosek Partners. Our discussion with Armen was really focused on the supply & demand dynamics of private credit, where the public markets & regulatory markets have played a role, that certainty and speed of getting deals done, and how that has proved to be an advantage for private credit versus traditional solutions. In our conversation with Josh, we transition into some broader takeaways, the history of the private credit markets, and some of the wrappers and what they have meant to the private credit markets. You will often hear about business development companies (BDCs), and we get into exactly how they are differentiated from traditional solutions. We also cover differentiation within that own subsegment, the public BDCs versus the private BDCs, what has happened in times of stress, what the fundraising environment has been like, and the future market outlook. Please enjoy part two of our breakdown on private credit. Register for the Business Breakdowns x Founders Conference. 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 Public: Invest in stocks, bonds, options, crypto, and more in one place. A High-Yield Cash Account is a secondary brokerage account with Public Investing, member FINRA/SIPC. Funds from this account are automatically deposited into partner banks where they earn a variable interest and are eligible for FDIC insurance. Neither Public Investing nor any of its affiliates is a bank. US only. Learn more at public.com/disclosures/high-yield-account. This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/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 | @zbfuss | @ReustleMatt | @domcooke 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 (00:05:32) Deep Dive into Private Credit Markets: Part Two (00:06:57) Exploring the Competitive and Collaborative Dynamics of Banks and Private Credit Funds (00:10:41) The Mechanics of Leverage in Private Credit Funds (00:12:10) The Evolution of Business Development Companies (BDCs) (00:19:34) Sector-Specific Strategies in Private Credit (00:24:48) Historical Context: Life Insurance Companies as Original Credit Providers (00:26:19) The Financial Crisis: A Turning Point for Private Credit (00:28:39) The Role of BDCs in Today's Private Credit Landscape (00:31:08) Differentiating Private Credit Strategies and Structures (00:34:39) Navigating the Complex World of BDC Metrics and Valuations (00:41:47) Adapting to Rising Rates: Strategies and Opportunities (00:46:27) Looking Forward: Innovation and Growth in Private Credit Learn more about your ad choices. Visit megaphone.fm/adchoices
Previous episodes
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174 - The Evolution of Private Credit: Part 2 - [Business Breakdowns, EP.164] Wed, 15 May 2024
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173 - The Evolution of Private Credit - [Business Breakdowns, EP.163] Wed, 15 May 2024
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172 - British American Tobacco: Clearing the Air - [Business Breakdowns, EP.162] Wed, 08 May 2024
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171 - AMETEK: Industrial Excellence - [Business Breakdowns, EP.161] Wed, 01 May 2024
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170 - Gartner: Compound Insights - [Business Breakdowns, EP.160] Wed, 24 Apr 2024
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169 - Winmark: Resale at Scale - [Business Breakdowns, EP.159] Wed, 17 Apr 2024
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168 - Embraer: Defying Gravity - [Business Breakdowns, EP.158] Wed, 10 Apr 2024
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167 - Boeing (REPLAY): Turbulent Times - [Business Breakdowns] Mon, 08 Apr 2024
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166 - Duolingo: Free Speech - [Business Breakdowns, EP.157] Wed, 03 Apr 2024
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165 - Mitsubishi Corporation: A Japanese Trading Company - [Business Breakdowns, EP.156] Wed, 27 Mar 2024
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164 - Intuitive Surgical: Robotic Precision - [Business Breakdowns, EP.155] Wed, 20 Mar 2024
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163 - D.R. Horton: Building a New Model - [Business Breakdowns, EP.154] Wed, 13 Mar 2024
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162 - FTX: Inside the Restructuring - [Business Breakdowns, EP.153] Mon, 11 Mar 2024
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161 - CNX Resources: Hit the Gas - [Business Breakdowns, EP.152] Wed, 06 Mar 2024
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160 - Vulcan Materials: Rock On - [Business Breakdowns, EP.151] Wed, 28 Feb 2024
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159 - HEICO: Parts for Planes - [Business Breakdowns, EP.150] Wed, 21 Feb 2024
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158 - Intel: Cyclical Recovery or Secular Demise? - [Business Breakdowns, EP.149] Wed, 14 Feb 2024
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157 - Arthur J. Gallagher: Insurance Broking - [Business Breakdowns, EP.148] Wed, 07 Feb 2024
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156 - Samsung: Semiconductors over Smartphones - [Business Breakdowns, EP.147] Wed, 31 Jan 2024
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155 - Patek Philippe: Watch Perfection - [Business Breakdowns, EP.146] Wed, 24 Jan 2024
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154 - Rolex: Timeless Excellence - [Business Breakdowns, Forever Episode] Mon, 22 Jan 2024
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153 - Visma: Mission Critical European Software - [Business Breakdowns, EP.145] Wed, 17 Jan 2024
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152 - Trane Technologies: Hot and Cold - [Business Breakdowns, EP.144] Wed, 10 Jan 2024
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151 - Live Oak: The Small Business Bank - [Business Breakdowns, EP.143] Wed, 03 Jan 2024
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150 - Moody’s: Aaa Business Model - [Business Breakdowns, EP.142] Wed, 27 Dec 2023
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149 - Pernod Ricard: Luxury Liquor - [Business Breakdowns, EP.141] Wed, 20 Dec 2023
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148 - Ferrari: Magic from Maranello - [Business Breakdowns, EP.140] Wed, 13 Dec 2023
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147 - Charter Communications: Cable Cash Flows - [Business Breakdowns, EP. 139] Wed, 06 Dec 2023
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146 - Vistra Corp: Full Stack Energy Provider - [Business Breakdowns, EP.138] Wed, 29 Nov 2023
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145 - Entegris: Solutions for Semiconductors - [Business Breakdowns, EP.137] Wed, 22 Nov 2023
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144 - The Coca-Cola Company - [Business Breakdowns, EP.136] Wed, 15 Nov 2023
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143 - FedEx: Anytime, Anywhere - [Business Breakdowns, EP.135] Wed, 08 Nov 2023
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142 - Databricks: Data Based Decisions - [Business Breakdowns, EP.134] Wed, 01 Nov 2023
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141 - Match Group: The Business Behind Tinder - [Business Breakdowns, EP.133] Wed, 25 Oct 2023
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140 - Olin: Chemistry and Cash Flows - [Business Breakdowns, EP.132] Wed, 18 Oct 2023
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139 - WEX: Fleet Cards - [Business Breakdowns, EP.131] Fri, 13 Oct 2023
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138 - Equifax: Your Score & More - [Business Breakdowns, EP.130] Wed, 04 Oct 2023
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137 - Boeing: Turbulent Times - [Business Breakdowns, EP.129] Wed, 27 Sep 2023
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136 - Kingspan: Influential Irish Insulation - [Business Breakdowns, EP.128] Wed, 13 Sep 2023
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135 - Padel: Causing a Racket - [Business Breakdowns, EP.127] Wed, 06 Sep 2023
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134 - The Business of Football - [Business Breakdowns, EP.126] Wed, 30 Aug 2023
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133 - Casey’s General Stores: Fueling Convenience - [Business Breakdowns, EP.125] Wed, 23 Aug 2023
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132 - Take-Two Interactive: GTA and NBA 2K - [Business Breakdowns, EP.124] Wed, 16 Aug 2023
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131 - Nubank: David vs Goliaths - [Business Breakdowns, EP.123] Wed, 09 Aug 2023
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130 - Argenx: Changing Lives with Llamas - [Business Breakdowns, EP.122] Wed, 02 Aug 2023
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129 - Copart: The Car Undertaker - [Business Breakdowns, EP.121] Wed, 26 Jul 2023
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128 - Lululemon Athletica: The Athleisure Leader - [Business Breakdowns, EP.120] Wed, 19 Jul 2023
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127 - Toast: The Restaurant Operating System - [Business Breakdowns, EP.119] Wed, 12 Jul 2023
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126 - Applied Materials: Sanding Atoms - [Business Breakdowns, EP.118] Wed, 05 Jul 2023
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125 - ASML: Competing with Moore’s Law - [Business Breakdowns, EP.117] Wed, 28 Jun 2023