Lens family
138 analyses · Growth & PortfolioAdjacency Expansion
PMI's $16 Billion Swedish Match Deal Bought ZYN's 74% Share and a Return to America
Philip Morris International
EA Walked Away From the FIFA Name. It Kept Everything That Mattered.
Electronic Arts
UnitedHealth Stopped Being an Insurer. It Became the Road Healthcare Money Drives On.
UnitedHealth
Optum Began as a 2011 Rebrand of Three Businesses UnitedHealth Already Owned
UnitedHealth
Adobe Expanded One Standard at a Time, From PostScript to PDF to a $1.8B Analytics Bet
Adobe
Kodak Won on Its $5.1 Billion Pharma Bet and Burned Its Sharpest Decade on Arbitrage
Kodak
Crocs Paid $2.3 Billion for HeyDude, Then Took $738 Million in Impairments and an $81M Loss
Crocs
Marriott Tried Theme Parks, Cruises, and Senior Living. It Kept None of Them.
Marriott
How Three Acquisitions Turned BlackRock From a 1988 Bond Shop Into a $14 Trillion Giant
BlackRock
Samsung Bought a Near-Bankrupt Chip Maker Nine Years Before Its 'Bold' 1983 Leap
Samsung
Salesforce Bought Its Platform Check by Check: $2.5B, $2.8B, $6.5B, $15.7B, $27.7B
Salesforce
Nvidia's One Bet on Parallel Compute Was Re-Licensed From Gaming to Science to Data Centers
Nvidia
Salesforce Paid ~30x Revenue for a Slack Losing the Bundle War, ~12M Daily Users to Teams' ~115M
Salesforce-Slack
Exxon Paid a Thin 9% Premium for Pioneer, Then Doubled Its Synergy Promise Twice
Exxon-Pioneer
Game Pass Won the Revenue Bet and Lost the One That Mattered
Microsoft
Microsoft Paid a 49.5% Premium for LinkedIn to Get a Map of Who Everyone Is at Work
Microsoft
Intuit Bought $19 Billion of Adjacency. The Headline Prices Were Both Wrong.
Intuit
After 22 Quarters of Shrinking Revenue, IBM Spent $34 Billion to Rejoin the Conversation
IBM
IBM Placed Three Big Bets. One Paid, One Got Buried, One Is Still Unsettled.
IBM
Amazon's $108B Cloud Grew Out of an Infrastructure Crisis — and One Habit Rivals Failed to Copy
Amazon
Tencent's Hundred-Billion-Dollar Portfolio Is a Hands-Off Capital Machine — and Beijing Runs It
Tencent
HP Spent 76 Years Chasing the Next Business. The Split Was an Admission It Caught Too Many.
HP
iTunes to iCloud: The Software Chain Behind Apple's $96 Billion, 73.9%-Margin Lock-In
Apple
Every Google Expansion Answered a Threat to Where the Search Query Gets Typed
Alphabet (Google)
Best Buy Could Install the Hospital in Your Home. It Couldn't Get the Hospital to Pay.
Best Buy
Sears Built a Brilliant Financial Empire. It Just Forgot It Was Running a Store.
Sears
Uber Eats Was a Lunch Experiment That Got Lucky. Then It Had to Grow Up.
Uber
Uber Eats Was a Shock Absorber: Mobility Still Out-Earned Delivery $6.1B to $3.9B in 2020
Uber
Comcast Stacked the Whole Media Pyramid. Then It Started Taking It Apart.
Comcast
Thomson Reuters Bought Its AI Story: $650M for Casetext, $600M for SafeSend
Thomson Reuters
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