This podcast episode explores the history, culture, and business dynamics of Rolls-Royce Holdings, focusing on its transition from luxury cars to the civil aerospace industry. The company's engineering excellence and obsession with quality have shaped its reputation and success. Key segments such as civil aerospace, power systems, defense, and new markets are discussed, with the nuclear sub-program and micro-reactors standing out as significant advantages. The aerospace industry's unique dynamics, including engine sales, service agreements, and the complexity of the insurance business, are explored. The podcast also delves into Rolls-Royce's efforts to address its underperforming margin profile, extend engine lifespan through data and real-time tracking, and navigate competition and innovation dynamics in the industry. The growth potential of the aerospace engine industry, demand for flying, and the market potential of small modular reactors are highlighted. The financial outlook of Rolls-Royce and the potential impact of achieving investment-grade status are discussed, along with the challenges and lessons learned from turnaround and crisis management.