Lens family
116 analyses · Growth & PortfolioAdjacency Expansion
Walgreens Spent $10 Billion Buying Its Way Into Healthcare. It Bought a Trap.
Walgreens
Nvidia Started CUDA in 2004 and Absorbed a 76% Crash Waiting for the Bet to Pay
Nvidia
Marvel's $30 Billion Flywheel Started With a Desperate $525 Million Loan
Marvel
Comcast Stacked the Whole Media Pyramid. Then It Started Taking It Apart.
Comcast
After a DKK 1,931 Million Loss, Lego Saved Itself by Killing Everything but the Brick
Lego
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
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
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
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
Best Buy Could Install the Hospital in Your Home. It Couldn't Get the Hospital to Pay.
Best Buy
Uber Eats Was a Lunch Experiment That Got Lucky. Then It Had to Grow Up.
Uber
Thomson Reuters Bought Its AI Story: $650M for Casetext, $600M for SafeSend
Thomson Reuters
A £50bn Bid Rejected Three Times, an €8bn Spin-Off: Unilever's Reshaping Was a Retreat
Unilever
Coke Paid $4.9B for Costa While the Adjacency That Moved the Needle Grew to About $7.4B
Coca-Cola
Lego Was Profitable by 2006 — Eight Years Before the Film That Gets the Credit
Lego
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