Every analysis we've published.

Intuitive Doesn't Give Away the Razor. It Sells the Blade a Chip Won't Let You Refuse.

Thermo Fisher Sells Pipettes. Its Real Business Is Renting Out the Lab.

Theranos Wasn't a Dream That Failed. It Was a Lie That Worked for a Decade.

Purdue Didn't Slip Through the Cracks. The Government Helped Build the Door.

23andMe Sold Spit Kits to Buy a Drug Company. The Drug Company Never Arrived.

Bayer Paid $63 Billion for a Lawsuit It Could Read in Advance

Warner Bros. Discovery Renamed Its Streaming Service Three Times. The Real Story Was the $41.5 Billion It Inherited.

Paramount Didn't Lose the Streaming War. It Lost an Argument With Arithmetic.

Comcast Isn't a Media Company. It's a Broadband Toll Booth Bankrolling One.

AT&T Spent $100 Billion to Become a Media Company. It Lasted Four Years.

Verizon Won the Network 35 Times Running. Then It Tried to Be Google.

Fox Didn't Choose to Be a Live-Only Network. The FCC Chose for It.

The New York Times Didn't Organically Cross 10 Million Subscribers. It Bought the Last Mile.

Universal Music's Real Asset Isn't the Next Hit. It's the Songs Nobody Notices It Owns.

Live Nation Built a Loop Antitrust Law Couldn't Pry Open. It Took Two Decrees and a Jury to Try.

Quibi Raised $1.75 Billion Before It Had a Single Subscriber. That Was the Bug, Not the Bridge.

Vice Was Worth $5.7 Billion. It Sold for $350 Million — and Even That Was Paid in IOUs.

BuzzFeed Wasn't a Media Company. It Was a Spread Trade on Someone Else's Traffic.

Hermès Killed the Birkin Waitlist in 2010. The Scarcity Got Worse on Purpose.

Kering Looks Like a Luxury Portfolio. It's a Leveraged Bet on One House's Mood Swings.

Richemont Isn't a Watch-and-Jewelry Empire. It's Two Jewelers Carrying a Watch Habit.

Chanel Doubled the Price of a Handbag in a Decade. Inflation Explains Almost None of It.

Estée Lauder Didn't Bet on China. It Bet on a Loophole — and Stayed Quiet When Beijing Closed It.

L'Oréal Doesn't Buy Brands. It Buys Empty Rungs on a Ladder It Already Built.

Marriott Owns Almost None of Its Hotels. Then It Was Forced to Buy One for $500 Million.

Hilton Owns Almost No Hotels. It Sells Owners the One Thing They Can't Get Anywhere Else.

United Doesn't Sell Flights. It Sells Miles to a Bank — and Flies You as a Side Effect.

Emirates Didn't Find a Hub. It Built One Where the World Has to Change Planes.

FedEx Didn't Win on a Bright Idea. It Won When Washington Let It Fly Bigger Planes.

UPS Just Fired Its Biggest Customer. That's the Whole Strategy.