Released February 16th, 2022
Jonathan Abenaim - Basic-Fit: Increasing Returns to Scale
Jonathan Abenaim is an investor at Arlen House Capital. We cover the history of the fitness industry, how Basic-Fit has put its own spin on a successful US-based playbook, and the clustering strategy that Basic-Fit has developed for entering new markets.
Professional Investors
Public Equity
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Vinny Pujji - Peloton: Reinventing the Wheel
Vinny Pujji is a partner at Left Lane Capital. We cover Peloton’s success in creating a new fitness category, the impact of the pandemic on its financials, and why it might make sense for Peloton to build its own music label.
Brett Maloley - Ladder: The Fitness Marketplace
Brett is a founder of Ladder, a fitness market platform. We cover origins of the health clubs, the differences between franchise vs. license models, and fixing the commercial fitness industry by changing it.
Zack Fuss - Breaking Down the Food Ecosystem
A discussion around the economics of the food business and restaurants' recent digital transformations.
Vadim Perelman's Basic-Fit thesis
This podcast provides a bottom-up analysis of Basic-Fit and dives deep into its sources of competitive advantage among the wider industry.
The Planet Money Workout
A brief introduction to the economics of the fitness industry, covering why the ideal gym customer is one that rarely uses the service.
Investment Memo
Basically Fit to Compound
Jonathan Abenaim pitches a bull thesis for Basic-Fit as a market leader with dominant share and high durable margins.
Investment Memo
1 Main Capital Q4'21 Letter
This quarterly letter outlines the bull thesis for Basic-Fit, centering on its status as a low cost provider in an under-penetrated market.
Learning from Nick Sleep
Examines the philosophy successfully used by Nomad Investment Partnership to identify compounding machines and deliver outsized returns.