Lens family
324 analyses · Business Model
Roku Loses Money on Every Box It Sells. That's the Plan, and It's Working.
Roku
Booking Pays Google $7 Billion to Rent Customers It Then Tries to Buy Back for Free
Booking Holdings
Walmart's Low Prices Aren't a Pricing Strategy. They're a Logistics Machine in Disguise.
Walmart
7-Eleven Looks Asset-Light. Its Fresh-Food Ambition Is Quietly Heavy.
7-Eleven
Wayfair Never Touches the Couch. The Problem Is Everything It Has to Touch Anyway.
Wayfair
Chewy Says 83% of Its Sales Are 'Autoship.' Read That Number Again.
Chewy
Etsy Didn't Lose Its Handmade Soul. It Has Quietly Resold It Three Times.
Etsy
H&M's Inventory Glut Wasn't a Shein Problem. It Was a Currency Mirage and a Self-Inflicted One.
H&M
Uniqlo's Real Secret Isn't LifeWear. It's a 1987 Decision Nobody Can Copy.
Uniqlo (Fast Retailing)
Shein's Real Edge Isn't a Tariff Loophole. It's Never Guessing What You'll Want.
Shein
Temu Paid You About $30 to Shop. It Was Renting a Habit on a Clock.
Temu
Pepsi Didn't Out-Strategize Coke on Snacks. It Got Lucky, Then Got Out of Its Own Way.
PepsiCo
McDonald's Sells Burgers So Its Tenants Can Make Rent
McDonald's
Yum Owns Almost No Restaurants. Its Biggest Bet Is on One Company It Can't Control.
Yum Brands
Subway Built 27,000 Stores by Selling Franchises. The Stores Were the Product.
Subway
Shake Shack Sells a $9 Burger With Fine-Dining DNA. It Still Barely Makes a Dime.
Shake Shack
Diageo Bet the House on Drinkers Trading Up. Then They Stopped.
Diageo
BMW's Pricing Power Is Real. It Just Found Out It Was Renting It in One Country.
BMW
Mercedes Climbed Up-Market to Escape Volume. In 2024 Volume Came Back to Collect.
Mercedes-Benz
Ferrari Says It Sells One Less Car Than the Market Wants. It Sold 13,752 Last Year.
Ferrari
Hyundai Climbed From 36th in Quality to the Top. Then It Quietly Stopped Selling Cheap.
Hyundai
NIO Sells You a Car Without the Battery. The Battery Is the Whole Business.
NIO
Lockheed Owns the F-35's Blueprints. That's Its Moat — and Its Single Point of Failure.
Lockheed Martin
Chevron's 'Capital Discipline' Is a Promise to Pay You, Not Proof It Invests Well
Chevron
Aramco Is the World's Most Profitable Company. It's Also Not Really a Company.
Saudi Aramco
Mastercard Sets the Interchange Fee and Keeps None of It. That's Not a Bug — It's the Whole Game.
Mastercard
American Express Charges Its Best Customers a Fee to Be Customers. That's the Whole Machine.
American Express
BlackRock Didn't Win by Believing in Index Funds. It Bought the Toll Road and Sold the Map.
BlackRock
Vanguard Built a Money Machine That Refuses to Make Money. That's the Whole Trick.
Vanguard
Schwab Didn't Give Away Trading. It Aimed a Bullet at Its Biggest Rival.
Charles Schwab