Every company has an official story.We tell the real one.
How the defining moves in business actually happened, and why — the official line vs. what really happened, checked against the record.
“A bold, visionary bet on streaming.”
They strangled their own DVD cash cow first — before anyone else could.
Knowing what happened is easy. Knowing why is the whole game.
Anyone can tell you Netflix ran ads, or that Intel passed on the iPhone. The part that makes you sharper is the why — the bet on the table, the road not taken, the thing that finally forced the call. Headlines skip it. Chatbots invent it. We dig it out, check it against the record, and hand it to you straight.
Real decisions, explained. Underlying strategies, unraveled.
The World's Largest Accommodation Company Owns No Rooms
Airbnb offers more places to stay than the biggest hotel chains combined, and it owns none of them. That's not a loophole - it's the entire strategy. But owning nothing cuts both ways, and the bet that let Airbnb scale at impossible speed is the same one that leaves it exposed.
Read it →Amazon · Moat & CompetitionThe Loop That Ate Retail: How Amazon's Flywheel Turns Low Prices Into an Unstoppable Machine
Jeff Bezos sketched it on a napkin: lower prices bring more customers, more customers bring more sellers, more sellers lower costs, and lower costs fund lower prices. No beginning, no end - just a wheel that spins faster the bigger it gets. Here's why a self-reinforcing loop is the hardest moat to fight.
Read it →Apple · Growth & PortfolioApple Killed Its Own Cash Cow on Purpose: The iPod, the iPhone, and the Courage to Cannibalize
By 2006, the iPod was a juggernaut - around 40% of Apple's revenue. So Apple built a product designed to destroy it. The decision looked reckless and was actually the most disciplined move in the company's history, governed by a single rule: if you don't cannibalize yourself, someone else will.
Read it →Apple · Decision ForksApple Didn't Switch to Its Own Chips for Speed. It Switched for Control.
In 2020 Apple walked away from Intel after fifteen years and began designing the Mac's brain itself. The world called it a speed story - the M1 was fast. That missed the point. Apple wasn't buying performance; it was buying the right to stop letting the most important part of its computer be designed by someone else.
Read it →Berkshire Hathaway · People & ControlWhat Happens to a Company Built Around One Irreplaceable Person? Berkshire After Buffett
For sixty years Berkshire Hathaway was, in effect, Warren Buffett. On January 1, 2026, it stopped being - Greg Abel took over as CEO. The handover is the ultimate test of the hardest question in business: can a company that is one person's masterpiece outlive the person?
Read it →Coca-Cola · Business ModelThe Price That Wouldn't Move: How Coca-Cola Got Trapped at a Nickel for 70 Years
From 1886 to 1959, a bottle of Coke cost five cents - through two world wars, the Depression, and decades of inflation. It's the most studied frozen price in economic history, and a masterclass in how the machinery you build to sell something can end up dictating what you charge.
Read it →Choose a lens. Follow the strategy across companies.
A lens is an angle on a company's strategy — the decision made, the rationale beneath it, and how it actually played out. Pick the one you're chewing on and follow it across the companies that show it best, with the reasoning we unravel underneath.
A few good ways in.
Companies
The companies, read through the decisions that shaped them.
Open companies →By questionStrategic lenses
Angles on a strategy — come in through the question you're chewing on.
Browse lenses →Across the fieldDirectory
The companies we track, mapped by sector and the moves that define them.
Open the directory →Learn the modelsStrategy Frameworks
The frameworks we read companies through — explained plainly, and where each one misleads.
Browse frameworks →Take it with youStrategy Templates
The canvases and worksheets behind the analysis — filled for the story, blank for you.
Browse templates →Work it yourselfStrategy tools
Don't just read the move — run the same diagnostic on your own business.
Open tools →Unravel the strategy behind the story.
Members get every new teardown as it lands — the stated narrative set against what the record actually shows, and the strategy unraveled underneath. The official line is everywhere. The reasoning beneath it is what you come here for.