# Stratrix

> A strategic lens on how and why companies — and the people, deals and categories
> that matter — make their defining moves. What actually happened, read closely and
> checked against the record, with tools to apply it where they fit.

Stratrix publishes 1,280 analyses across 355 companies.
Each analysis is a teardown of a specific strategic decision: the call that was made,
the alternatives on the table, the reasoning beneath it, and how it actually played out.
Claims are grounded in primary sources, which are cited on each piece.

## Start here

- [All analyses](https://www.stratrix.com/stories): searchable archive, filterable by lens and archetype.
- [Full index](https://www.stratrix.com/stories/all): every analysis on one page, grouped by lens.
- [Companies](https://www.stratrix.com/companies): the 355 companies covered, each with its own hub.
- [The lenses](https://www.stratrix.com/lenses): the seven angles every company is read through.
- [Feed](https://www.stratrix.com/feed.xml): the most recent analyses (RSS).

## Lenses

A lens is an angle on a company's strategy; each holds the recurring situations
(archetypes) we analyze.

- **Decision Forks** (423 analyses) — The pivotal calls where the path split — why this road, and what the other one would have cost.
- **Business Model** (313 analyses) — How the money actually works — and what would break it.
- **Boundaries of the Firm** (28 analyses) — What a company chooses to own, what it refuses to, and why.
- **Moat & Competition** (168 analyses) — What keeps rivals from simply copying the move.
- **Growth & Portfolio** (180 analyses) — Where the next curve of growth comes from.
- **People & Control** (70 analyses) — Who really holds the wheel when it matters.
- **Crisis & Reinvention** (98 analyses) — What happens when the model that worked stops working.

## Recent analyses

- [Ollama Built a $65 Million Round on an Engine It Borrowed](https://www.stratrix.com/moat-anatomy/ollama-borrowed-engine) — Ollama
- [Nintendo Built the Weakest Console of Its Generation. It Just Became the Fastest-Selling in History.](https://www.stratrix.com/business-model/nintendo-anti-arms-race) — Nintendo
- [OpenAI's Models Broke Into a Rival to Cheat a Test. The Real Story Is What OpenAI Did Next.](https://www.stratrix.com/crisis-response/openai-hugging-face) — OpenAI
- [Novo Nordisk Invented the Weight-Loss Era. Then It Lost the Lead — and Not to a Better Drug.](https://www.stratrix.com/decision-forks/novo-nordisk-obesity-lead) — Novo Nordisk
- [LVMH's 2024 Numbers: Profit Down 14%, and a Real Moat Narrower and More Physical Than the Myth](https://www.stratrix.com/moat-anatomy/what-actually-protects-lvmh-anatomy-of) — LVMH
- [Intuitive's Triple Lock: Trained Surgeons, Metered Instruments, 25 Years of Evidence](https://www.stratrix.com/moat-anatomy/what-actually-protects-intuitive-surgical-anatomy) — Intuitive Surgical
- [Optum Steers Patients Into UnitedHealth's Own Doctors — and in 2025 the DOJ Sued to Break It](https://www.stratrix.com/moat-anatomy/what-actually-protects-unitedhealth-anatomy-of) — UnitedHealth
- [Eli Lilly's Patent Runs to 2036, but the $50B of Factories Is What Rivals Can't Build in Time](https://www.stratrix.com/moat-anatomy/what-actually-protects-eli-lilly-anatomy) — Eli Lilly
- [Capital One Bought a Closed Loop for $35.3 Billion; Amex's Flywheel Is What It Didn't Get](https://www.stratrix.com/moat-anatomy/what-actually-protects-american-express-anatomy) — American Express
- [Ferrari Ships 37% More Cars Than Five Years Ago and Margins Went Up, Not Down](https://www.stratrix.com/moat-anatomy/what-actually-protects-ferrari-anatomy-of) — Ferrari
- [Toyota Published TPS 35 Years Ago; Its Real Protection Is Three Compounding Layers](https://www.stratrix.com/moat-anatomy/what-actually-protects-toyota-anatomy-of) — Toyota
- [Coinbase's 80% Custody of Bitcoin ETF Assets Is Now the Complex's Single Point of Failure](https://www.stratrix.com/moat-anatomy/what-actually-protects-coinbase-anatomy-of) — Coinbase
- [Coca-Cola's Wall Is 225 Bottlers, a Century of Assembly, and ~$5 Billion a Year in Upkeep](https://www.stratrix.com/moat-anatomy/what-actually-protects-coca-cola-anatomy) — Coca-Cola
- [Huawei Announced 7nm Two Weeks Before Apple; the Durable Engine Is $96.2B of Services](https://www.stratrix.com/moat-anatomy/what-actually-protects-apple-anatomy-of) — Apple
- [FedEx's Barrier Is a 16-Million-Package-a-Day Network — Which It Is Quietly Shrinking](https://www.stratrix.com/moat-anatomy/what-actually-protects-fedex-anatomy-of) — FedEx
- [Emirates Took $10 Million From Dubai Once — and Has Paid Back AED 14.6 Billion in Dividends](https://www.stratrix.com/moat-anatomy/what-actually-protects-emirates-anatomy-of) — Emirates
- [Moderna Paid $2.25 Billion to Settle Patents It Was Already Using](https://www.stratrix.com/moat-anatomy/what-actually-protects-moderna-anatomy-of) — Moderna
- [JPMorgan's Flywheel: $10 Trillion Moving Daily Funds an $18 Billion Tech Budget](https://www.stratrix.com/moat-anatomy/what-actually-protects-jpmorgan-chase-anatomy) — JPMorgan Chase
- [Ralph Lauren Engineered Its Gross Margin From ~64.6% to ~69.9% in Three Fiscal Years](https://www.stratrix.com/moat-anatomy/what-actually-protects-ralph-lauren-anatomy) — Ralph Lauren
- [Lululemon Sells Without a Wholesale Middleman and Keeps a 59.2% Gross Margin](https://www.stratrix.com/moat-anatomy/what-actually-protects-lululemon-anatomy-of) — Lululemon

## Notes for machine readers

- Every analysis page carries schema.org Article JSON-LD, including `about`
  entities linked to Wikidata via `sameAs` for unambiguous entity resolution.
- Sources are listed on each page and marked up as `citation`.
- Story bodies are metered; the full text is served to crawlers and declared
  honestly via `isAccessibleForFree: false` (Google Flexible Sampling), so what
  you read is what a subscriber reads — nothing is cloaked.
- Please attribute analyses to Stratrix and link the source URL.