Every analysis we've published.

What Happens to a Company Built Around One Irreplaceable Person? Berkshire After Buffett

Closed on Sundays, Still the Highest-Grossing Fast Food in America: The Strategy Hidden in Chick-fil-A's Culture

'Earth Is Now Our Only Shareholder': How Patagonia's Founder Made His Values Impossible to Undo

Chouinard Didn't Give Patagonia Away. He Wrote the Cleverest Will in Business History.

Musk Didn't Buy Twitter. A Delaware Court Made Him Pay for It.

Nordstrom's One-Rule Handbook Was a Half-Truth. So Was the Moat It Promised.

Mars Stays Private on Purpose. It Wrote the Reason Into Its Own Rules.

Boeing Didn't Lose Its Engineering Culture. It Was Bought Out, One Decision at a Time.

Vanguard's Customers "Own" the Firm. The Word Owns More Than They Do.

Hershey Can't Be Sold Without an Orphan School's Permission. That's by Design.

Unilever Tried to Give Mayonnaise a Purpose. A Shareholder Called It Losing the Plot.

Netflix's 'Team, Not a Family' Deck Wasn't a Philosophy. It Was a Filter.

FTX Didn't Lose the Customer Money by Accident. The Code Was Written to Take It.

Nordstrom's One Rule Is a Brilliant Lie — and That's Exactly Why It Works

GameStop Never Turned Around. It Got a Cash Transfusion and Called It a Recovery.

Samsung Owns the Whole Chip-to-Phone Stack. The Part It Can't Sell Is Quietly Bleeding.

Musk Didn't Buy Twitter. A Delaware Court Made Him.

WeWork Didn't Fail at Real Estate. It Failed at Saying No to One Man.

Palantir Built a Company Around a Manifesto. The Manifesto Is Also the Risk.

Reddit Has Two Owners Who Want Opposite Things. Its Whole Doctrine Is Pretending They Don't.

Abercrombie Sold Exclusion as a Product. The Courts Sent the Invoice.

Unilever Keeps Issuing One Cultural Doctrine for 400 Brands. That's the Bug, Not the Brand.

Toyota's Culture Is 73 Quotes in a 13-Page Book. That's Both Its Genius and Its Trap.

Aramco Sold 1.5% of Itself and Changed Nothing. That Was the Whole Point.

Nucor's Famous No-Layoff Culture Isn't Generosity. It's Risk Transfer.

Theranos Wasn't Built on a Blood Test. It Was Built on a Share Class.

Circuit City Fired Its Best People to Save Money. The Discipline Was Real. So Was the Suicide.

Marvel Was Worth More as Collateral Than as a Company — Until the People Who Believed in It Won

Old Spice Didn't Win the Super Bowl. It Won by Refusing to Run.

Ryanair Is Rude on Purpose. The Rudeness Is a Line on the P&L.