Chewy

Trade shows are 50-60% margin businesses with huge moats

Begelman pitches a rescue-dog Westminster as a trade show, noting trade shows typically run 50-60% margins, scale well, and carry huge barriers to entry. The attraction (the dogs) draws crowds while a surrounding exhibit hall sells booths to brands like Chewy.

“I mean, it's basically like building a giant trade show because not only could you— and I love trade shows, they're, they're like usually like 50, 60% margin businesses and scale and have huge barriers to entry”