Colossus

Today, we break down Kaspi.kz with its CEO and co-founder, Mikhail Lomtadze. Mikhail helped transform Kaspi from a small, traditional retail bank in Kazakhstan to the dominant super app it is today. Kaspi facilitates nearly $80 billion in payment volumes with 13.4 million monthly active users, an e-commerce marketplace with $10 billion in GMV, and a financial services business originating $20 billion in financing volumes. It does this all profitably with a bottom line growing at a 20% clip. Enjoy!

When asked, "Who listens to Business Breakdowns?" we can officially add the SEC to the list. Our episodes on private credit were cited three times in a recent SEC speech - noting the helpful overview on the asset class. Another thank you to Armen Panossian and Josh Clarkson for delivering the information. If you haven’t listened to this primer on private credit, it’s still as relevant today as it was when we released it last year. Link to the episode and transcript in the comments.?

200 episodes 1,343,808 unique listeners in the last year 2,434,083 unique listeners in the last 2 years Business Breakdowns from Colossus…more to come!

"At the bottom things are pretty dark. It's like picking up a newspaper in the crash of 1929...we try to find that good news that gives you confidence to make this a big position and invest for two, three, four years. That's what we've done with names in the past." - Jonathan Eng discussing Kering on Business Breakdowns Causeway portfolio manager Jonathan Eng has decades of experience investing in cyclical businesses. Here, he and Matthew Reustle, CFA breakdown the investment case for Kering, the luxury goods company behind brands like Gucci, Saint Laurent, and Balenciaga. Kering is a case study in how Causeway fundamental research values an underearning cyclical stock. We hope you enjoy the episode. Available at the link below and on podcast apps. https://lnkd.in/grGYk3_g To determine if a Fund is appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Fund’s full or summary prospectus, which may be obtained by calling 1-866-947-7000. Read it carefully before investing. ? Risk Disclosure ? Investing involves risk including loss of principal. There is no guarantee that the Causeway Funds will meet their stated objectives. In additional to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies involve additional risks and typically exhibit higher volatility. ? This communication expresses the portfolio managers' views as of the date it was created and should not be relied on as research or investment advice regarding any stock or sector. These views and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. ? Causeway Funds are distributed by SEI Investments Distribution Co, (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Causeway Capital Management LLC. ?

Listen in full: https://bit.ly/3DcONIw. Capital at risk.?#ActualInvestors ?? Investment manager Luke Ward describes how #SpaceX is sitting on the frontier of #Aerospace in the Colossus Business Breakdowns #Podcast.

Alistair Wittet of Aecus Partners appeared on a?Business Breakdowns podcast, explaining how Inditex created a unique business model. Listen on: - Apple: https://lnkd.in/e7RWfDVS - Spotify: https://lnkd.in/e4dfeiQi Read the transcript on: - Website: https://lnkd.in/efwVj_rQ

Josh Zegen, co-founded Madison Realty Capital in 2004, before Real Estate Private Debt was an established asset class. The Madison story (over $21bn in AUM today) is a perfect lens into how the capital markets have evolved. Josh's energy feels fresh and genuine, from 101-level questions on construction financing to today's thematic topics: rates, bank/private lending, office outlook, and more. Colossus

?? "Think of what is possible if #spacelaunches are as cost-competitive as the #postoffice." Everyone is talking about #SpaceX right now. But I doubt many people know the business in as much depth as Baillie Gifford investment manager, Luke Ward. "We've gone from the first rocket which went into #orbit being $1 million per kilogram, to talking about a #rocket which might be commercially active in five years' time - say that would be priced potentially at $10 per kilogram. That's the kind of cost which the post office offers." ? If you listen to one thing this week, I strongly recommend it is Luke's fascinating discussion with Matthew Reustle, CFA on the Colossus #BusinessBreakdowns podcast. They cover a lot of ground in an hour. Give it a listen to discover the story of SpaceX, its scientific magic, and the risks and rewards of such a capital-intensive mission. "I think we're trying to take a calculated risk that this company is a special company. This company is pioneering this industry, not just existing within it. This company has got a phenomenal culture which allows it to do things which have not been possible elsewhere. This company is accessing the last remaining frontier of engineering in the economy, which is interspace. And that potentially is an unlimited economic opportunity." ?? https://lnkd.in/g_9q-U99 Baillie Gifford first invested in #SpaceX in 2018. It is held in Scottish Mortgage Investment Trust PLC UK, Baillie Gifford US Growth Trust, Monks Investment Trust and Schiehallion Fund.

The SpaceX story is well-documented YET deserving of every feature. But how has SpaceX turned rockets into a revenue stream? Luke Ward from Baillie Gifford detailed the story of engineering innovation intersecting with business model innovation. We tapped into Luke's engineering background to cover the advancements in bringing down the cost curve, how Starlink acts as a funding mechanism for Starship’s advancements, and what lies ahead for the Space economy.

???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.