Today we are breaking down FedEx. FedEx has a more direct impact on the U.S. economy than 99.9% of U.S. businesses - an actual statistic from Dun & Bradstreet. It was a business started in 1973 by the famous Fred Smith, as his planes delivered 186 packages to 25 cities. Today, FedEx moves about 15 million packages a day, all over the world. To break down the business, I'm joined by Staley Cates, Vice Chairman of Southeastern Asset Management. We cover the business of FedEx, how this network operates, the integration of Express and Ground services, and its history and valuation relative to UPS. Please enjoy this breakdown of FedEx. Founders Podcast: #151 Frederick Smith (FedEx) 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 Tegus, the modern research platform for leading investors. Stretch your research budget with flexible expert calls you can trust. At a fraction of the cost of traditional expert networks, Tegus customers pay only what an expert charges – with zero markups and no confusing call credits – netting an average 70% savings. Don’t want to conduct a full hour call? Tegus offers the ability to schedule 30-minutes, an offer you won’t find anywhere else. And they don’t stop there. With white-glove custom sourcing for every project and robust compliance measures, including a dedicated 50+ analyst team that vets every call transcript, Tegus ensures your privacy and protection. As the industry innovator for qualitative insights, Tegus helps you find the right experts you need at a quality and speed that can’t be matched. For a limited time, as a listener, you can trial Tegus for free by visiting tegus.co/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 | @jspujji | @zbfuss | @ReustleMatt | @domcooke Show Notes: (00:04:27) - First question - An overview of Staley’s relationship with FedEx (00:05:06) - How FedEx is doing as a business in general (00:06:46) - A look at the different segments of FedEx’s business (00:08:08) - The differences between FedEx’s express and ground services (00:09:51) - A brief history of Fred Smith, the founder of FedEx and the opportunity he saw in the market (00:14:03) - How eCommerce and other trends have affected FedEx over the years (00:18:36) - FedEx’s position on whether to battle UPS for Amazon’s shipping alternative option (00:20:25) - A look at the United States Postal Service and its role in the overall eCommerce system (00:21:39) - The reasons behind the upside in FedEx Ground margins  (00:26:07) - A look at LTL margins when it comes to FedEx Express services (00:28:20) - Potential opportunities for FedEx moving forward (00:31:24) - The re-fleeting of FedEx planes and other potential areas in FedEx’s business that may require capital expenditures (00:33:19) - The challenges FedEx faced when integrating the acquisition of TNT (00:36:04) - Bringing together FedEx’s different businesses to get an overview of the entire organization (00:38:34) - Wage inflation and how that will affect FedEx’s margin profile overall (00:42:56) - The potential for FedEx to compete with Amazon more directly (00:45:42) - FedEx’s current stock price and its potential  (00:50:29) - FedEx’s use of railroads and its expansion over the past two decades (00:52:54) - An overview of the risks FedEx could face in the future (00:54:19) - The lessons learned from studying FedEx

This is Matt Reustle and today we are breaking down the giant of online dating. Even if you found love the old-fashioned way, you're likely familiar with the Match brands like Tinder and Hinge, amongst many others. To break down Match, I'm joined by George Hadjia, founder of Bristlemoon Capital. George goes through a background on this industry, what made Match who it is today, and all of the key debates that are driving this stock and all the commentary around it. Please enjoy this breakdown of Match Group. Read the Bristlemoon Capital MTCH Report. Interested in hiring from the Colossus Community? Click here. 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 Tegus Converge — the first virtual event centered on the world of investor research. When twin brothers Tom and Mike Elnick realized that the research process for investors was broken, they founded Tegus to fix it. Now the people behind the most trusted research platform are bringing institutional investors together to investigate the state — and the future — of fundamental research. On November 8th, join industry luminaries like IGSB Founder Reece Duca and Daniel Gross, AI Expert, Entrepreneur and Investor, to dig into the latest research trends and breakthrough technologies shaping the investment landscape. Register today at tegus.com/register. ----- 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 | @ReustleMatt | @domcooke Show Notes (00:03:10) - (First question) - George’s response since releasing his recent report on Match (00:04:55) - A general overview of the online dating market (00:10:55) - Comparing the different brands within the dating app industry   (00:14:10) - The reason for the existence of so many niche brands in the market (00:18:55) - The different avenues for these brands when it comes to monetization  (00:21:25) - The breakdown of revenue per customer and the different tiers dating apps offer  (00:24:10) - Customer turnover due to the nature of dating and how the retention rate differs between the different apps (00:28:40) - A snapshot of how the industry has been growing over recent years (00:29:50) - Determining normalized earning profiles and margins when taking into account the lack of marketing spend historically (00:32:40) - The historical percentage of revenue that goes into marketing expenses (00:35:10) - How Bumble’s advertising expenditure differs from Match Group brands (00:36:40) - Price competition between different brands and a look at Tinder’s introduction of premium monetization tiers (00:39:20) - Dissecting top-line growth and the percentage due to recent price increases  (00:40:10) - An overview of the business’ capital allocation and how they intend to invest in the growth of the business (00:42:50) - The new management team’s strategy and how it differs from the previous regimes (00:46:25) - Potential changes to Apple app store fees and how it could affect the business  (00:51:10) - A forward outlook at where George expects the business to go in the coming years (00:54:40) - The key risks to the business moving forward (00:57:20) - The threat that Facebook poses in terms of its entry into the market  (01:02:20) - The lessons learned from researching Match