This is Dom Cooke and today we are breaking down the PGA Tour. Alongside the four standalone majors, the PGA Tour is the pinnacle of professional golf. It’s where the best players in the world earn their living and tee it up for their place in golfing history. To break down the business behind the stars and action you see on the PGA Tour, I’m joined by Neil Schuster, co-founder of golf media business No Laying Up. Editor’s note: this conversation was recorded before the field for this week’s inaugural LIV golf invitational event was announced. 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.   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 | @jspujji | @zbfuss   Show Notes [00:02:27] - [First question] - What the PGA Tour is, it’s size today, and how it generates revenue [00:06:04] - Defining what the Tiger Tax is and its implications  [00:08:04] - When the PGA Tour was founded and the key moments leading up to today [00:15:40] - Deane Beman: Golf’s Driving Force; Changing the format of the Tour into a non-profit  [00:17:24] - Being a member run organization and player influence over the board [00:18:23] - Overview of the business structure and model of the PGA Tour  [00:22:27] - Reasons for the 72 hole stroke-play format   [00:24:43] - The distribution of over a billion dollars of revenue [00:27:59] - Why their capital allocation is unique and their incentive programs [00:31:37] - Unique pension structures of their deferred compensation plan [00:34:30] - The Champions Tour as a secondary way to make a living after the PGA tour [00:36:07] - Rival SGL and PGL tours and how they are trying to disrupt the PGA tour [00:44:42] - Having a legacy name advantage to bring players and capital in  [00:47:47] - Relying on growing viewership, ratings, and new sponsors over time [00:52:48] - Paths to becoming a more successful tour amidst the new startup tours [00:55:07] - Netflix’s partnership with the PGA Tour to try and bring in new viewers [00:56:54] - The most surprising lessons about the PGA Tour he’s learned   

This is Matt Reustle and today we are breaking down the 150 year-old investment bank – Goldman Sachs. From the outside, investment banks like Goldman are black boxes of profits and the embodiment of “Wall Street”. But as with most things, the reality sits somewhere between the polarizing designations. Goldman is neither a vampire squid nor are they doing God’s work. To break down Goldman, I am joined by longtime financials analyst Marc Rubinstein. For loyal listeners, you will remember Marc from our popular episode on Blackstone. For those who haven’t listened, I think you’ll enjoy that one in tandem with this.   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.   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 | @jspujji | @zbfuss   Show Notes [00:03:24] - [First question] - Blackstone: Beyond Buyouts; What an investment bank is, what they do, and how they make their money [00:06:48] - Matt Taibbi’s Rolling Stone article; Why Goldman is perceived as the industry villain [00:10:34] - The scale of Goldman today and how it looked fifteen years ago in light of the financial crisis [00:13:55] - Industry size that Goldman operates in and their growth factors  [00:14:58] - How investment banking deals result in profits for Goldman and their ties to macro environments  [00:17:38] - Generating revenue and bottom line dollars in sales and trading as a market maker [00:21:01] - Margin differences between investment banking and trading  [00:23:52] - Asset management and profits generated from supervising over a trillion dollars in assets [00:26:30] - How investors value banks as a whole and the metrics and multiples used [00:29:35] - The differences between varying levels of assets and how a bank’s balance sheet looks like today compared to the past [00:34:40] - Whether or not there’s a way to quantify the differences of leverage and stepping into the consumer space [00:39:02] - The leadership at Goldman over the years and what David Solomon brings to the table [00:44:31] - Goldman’s outlook, the bull case and key drivers for success in the future [00:49:34] - Build versus Buy versus Partner; other potential competitors and risks to Goldman  [00:51:32] - Thoughts on the strength of their core business and classifying them [00:54:53] - Lessons for investors when studying Goldman’s story and what he’s changed his mind to as he’s worked in this industry for so long