Today we are breaking down SpaceX. Luke Ward from Baillie Gifford was the perfect match for this episode, as he and his team first invested in SpaceX in 2018. We cover the story of SpaceX and its scientific magic, but we really key in on the business model. We focus on the cost curve of launches, separating manufacturing from reusability. Luke gets into how Starlink represents a key component in making the Starship program and the broader economic model click. We then use our intellectually honest galaxy brains to imagine what the space economy could look like in the future and Luke is very open and honest about the risks and rewards with such a capital-intensive mission.  Please enjoy this Breakdown on SpaceX. 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 Bond Account is a self-directed brokerage account with Public Investing, member FINRA/SIPC. Deposits into this account are used to purchase 10 investment-grade and high-yield bonds. The [6.7%] yield is the average annualized yield to maturity (YTM) across all ten bonds in the Bond Account, before fees, as of [9/05/2024]. A bond’s yield is a function of its market price, which can fluctuate; therefore a bond’s YTM is “locked in” when the bond is purchased. Your yield at time of purchase may be different from the yield shown here. The “locked in” YTM is not guaranteed; you may receive less than the YTM of the bonds in the Bond Account if you sell any of the bonds before maturity, or if the issuer calls or defaults on the bond. Public Investing charges a markup on each bond trade. See our Fee Schedule. Bond Accounts are not recommendations of individual bonds or default allocations. The bonds in the Bond Account have not been selected based on your needs or risk profile. You should evaluate each bond before investing in a Bond Account. The bonds in your Bond Account will not be rebalanced and allocations will not be updated, except for Corporate Actions. – This episode is brought to you by EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.  ----- 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 (00:05:53) SpaceX: A Blend of Business and Technology Innovation (00:06:30) Baillie Gifford's Investment Journey with SpaceX (00:09:53) Challenges and Innovations in Space Launch Costs (00:11:24) The Rise of Private Space Companies (00:15:23) SpaceX's Reusability and Cost Efficiency (00:18:25) Starship: The Future of Space Travel (00:26:05) Starlink: Revolutionizing Satellite Internet (00:32:01) The Potential of Space-Based Manufacturing (00:36:31) Competitive Advantage of Starship (00:37:19) Management and Culture at SpaceX (00:39:55) Government and Commercial Markets (00:40:45) Starlink's Future and Connectivity (00:44:11) SpaceX's Long-Term Vision (00:51:11) Regulatory and Launch Challenges (00:54:49) Valuation and Investment Insights (01:02:23) Lessons from SpaceX

Today we are breaking down Informa. At its core Informa is a live events business headquartered in the UK. While media conversations often revolve around consumer giants like Disney, Informa operates in a different realm entirely - dominating the world of business-to-business connections through the largest portfolio of trade shows and events globally. I am joined by Nick Shenton from Artemis Investment Management. With nearly 1,000 live events across industries ranging from pharmaceuticals to maritime, Informa creates the meeting places where entire supply chains come together to exchange knowledge, build networks, and do business. These industry events come with a compelling financial model, which Nick details. He also describes Informa’s academic publishing business, B2B digital services, and all of the risks involved with this unique company. Please enjoy this breakdown of Informa.  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 EightSleep, the temperature-controlled mattress cover that heats or cools your mattress to transform your sleep. The Pod 4 Ultra is the new gold standard in intelligent sleep systems. It can be added to your current mattress like a fitted sheet and is been clinically proven to give you up to an hour more quality of sleep every night. The cooling capability can cool your side of the bed to 20 degrees below room temperature, all managed by the pod's autopilot feature, which adjusts the temperature throughout the night. This holiday season go to eightsleep.com/breakdowns and use code JOYS for up to $600 off the Pod 4 Ultra when bundled.  — This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. ----- 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 (00:07:37) Informa's Business Model and Key Assets (00:09:46) Revenue Breakdown and Financial Performance (00:12:51) Historical Background and Growth (00:16:54) Impact of COVID-19 and Technological Advancements (00:20:24) Economics of Live Events (00:25:28) Challenges and Cyclicality in the Events Business (00:32:03) Informa's Publishing Arm: Taylor and Francis (00:34:39) Criticisms and Value of Publishing Models (00:36:31) Digital Transition in Publishing (00:37:45) Introduction to TechTarget (00:38:36) TechTarget's Unique Market Position (00:43:22) Financial Overview and Valuation (00:46:17) Risks and Industry Dynamics (00:50:39) M&A Strategy and Capital Allocation (00:57:22) Lessons from Informa's Success