Every analysis we've published.

SAP Didn't Expand Into the Cloud. It Bought Its Way In, at a 52% Premium.

IBM Didn't Expand Into New Markets. It Kept Escaping Old Ones.

Cisco Didn't Pioneer a Single Adjacency. It Bought Its Way Out of Every Threat.

HP Didn't Plan Its Best Expansions. Its Customers Pulled It There.

Broadcom Doesn't Innovate Into New Markets. It Buys Them, Then Stops Spending.

Sony Didn't Plan Its Way Into Content. It Got Pushed, Shoved, and Betrayed Into It.

Tencent Didn't Build an Empire. It Kept Building Walls Around the Last One.

Baidu Spent Fifteen Years Building New Engines. It's Still Running on the Old One.

Block Bought Its Biggest Adjacency at $29 Billion. It Paid $14 Billion.

ServiceNow Didn't Expand Beyond IT. IT Was Just the Door It Walked In Through.

Intuit Bought Its Way Into Everything Adjacent to Taxes. Then It Had to Kill One of Its Own.

Activision Didn't Grow Into New Markets. It Bought Its Way In — Twice.

Kroger Bought Jewelry Stores and Gas Stations. Only One Kind of Adjacency Survived.

PepsiCo Made One Great Adjacency Bet. The Rest It Had to Buy Its Way Out Of.

Honda Didn't Diversify Into Cars, Lawnmowers, and Jets. It Just Kept Selling the Same Engine.

Raytheon's Boldest Expansion Was Actually a Retreat to Its Core

Chevron Never Left Its Lane. It Just Kept Widening the Road.

NextEra Looks Like a Conglomerate. It's Actually the Most Single-Minded Company in Power.

Dow Spent 120 Years Expanding. The Endgame Was Splitting Into Three.

J&J Spent 130 Years Becoming a Household Name. Then It Spun the Household Out.

Pfizer Spent Two Decades Buying Its Way Out of Its Core. Then It Bought Its Way Back.

Novartis Didn't Expand Beyond Its Core. It Spent 27 Years Walking Back to It.

UnitedHealth Stopped Being an Insurer. It Became the Road Healthcare Money Drives On.

Comcast Spent a Decade Buying the Content Its Pipes Carried. Now It's Giving the Pipes Their Walking Papers.

Richemont Kept Trying to Escape Jewellery. It Kept Getting Dragged Back.

Lululemon Spent $500M to Learn Its Moat Doesn't Fit on a Wall

BlackRock Stopped Selling Funds. It Started Selling the Plumbing.

Ford Didn't Split Into Two Companies. It Turned the Lights On in One Room.

PMI Didn't Buy Swedish Match to Diversify. It Bought a Door Back into America.

Honda Didn't Plan the Jets and Robots. It Followed the Engine.