Lens family
187 analyses · Growth & Portfolio
Thermo Fisher Didn't Invent a Platform. It Bought One Adjacency at a Time.
Thermo Fisher
Netflix Didn't Choose to Make Korean TV. The Math Chose for It.
Netflix
Block Didn't Climb a Ladder From Card Readers to Bitcoin. It Got Lucky Three Times.
Block (Square)
Pfizer Made $57 Billion From COVID. Then It Spent $43 Billion to Replace Itself.
Pfizer
Target Didn't Fail in Canada. It Failed Before a Single Canadian Walked In.
Target
Walgreens Spent $12 Billion Buying Its Way Into Healthcare. It Bought a Trap.
Walgreens
ASML Was Told to Close the Door to China. So China Walked Through It While It Was Still Open.
ASML
Apple Isn't Leaving China. It's Threading a Needle Between Two Superpowers.
Apple
Cisco Didn't Build a Growth Engine by Buying Companies. It Built Two — and Only One Works.
Cisco
Salesforce Bought the Plumbing, the Dashboard, and the Chat. Two of Three Paid Off.
Salesforce
Sears Didn't Diversify Into Finance. It Was Quietly Abandoning Retail.
Sears
SAP Didn't Expand Into the Cloud. It Bought Its Way In, at a 52% Premium.
SAP
IBM Didn't Expand Into New Markets. It Kept Escaping Old Ones.
IBM
Cisco Didn't Pioneer a Single Adjacency. It Bought Its Way Out of Every Threat.
Cisco
HP Didn't Plan Its Best Expansions. Its Customers Pulled It There.
HP
Broadcom Doesn't Innovate Into New Markets. It Buys Them, Then Stops Spending.
Broadcom
Sony Didn't Plan Its Way Into Content. It Got Pushed, Shoved, and Betrayed Into It.
Sony
Tencent Didn't Build an Empire. It Kept Building Walls Around the Last One.
Tencent
Baidu Spent Fifteen Years Building New Engines. It's Still Running on the Old One.
Baidu
Block Bought Its Biggest Adjacency at $29 Billion. It Paid $14 Billion.
Block (Square)
ServiceNow Didn't Expand Beyond IT. IT Was Just the Door It Walked In Through.
ServiceNow
Intuit Bought Its Way Into Everything Adjacent to Taxes. Then It Had to Kill One of Its Own.
Intuit
Activision Didn't Grow Into New Markets. It Bought Its Way In — Twice.
Activision Blizzard
Home Depot Opened With Empty Boxes on the Shelves. The Format Was Still Unbeatable.
Home Depot
Kroger Bought Jewelry Stores and Gas Stations. Only One Kind of Adjacency Survived.
Kroger
PepsiCo Made One Great Adjacency Bet. The Rest It Had to Buy Its Way Out Of.
PepsiCo
KFC Didn't Crack China With a Playbook. It Won a Lottery Nobody Can Buy a Ticket For.
Yum Brands
Shake Shack Didn't Sell Burgers First. It Sold a Park You Couldn't Copy.
Shake Shack
Nestlé Doesn't Sell Into a New Market. It Builds the Farm First.
Nestle
Honda Didn't Diversify Into Cars, Lawnmowers, and Jets. It Just Kept Selling the Same Engine.
Honda