Company Studies
Real businesses used as teaching examples. The goal is to learn how to think about a company, not to recommend buying or selling it.
Microsoft
A textbook example of recurring revenue, platform economics, and a successful pivot from licensing to cloud.
Open Study →ASML
A near-monopoly in the most critical equipment for advanced chip manufacturing, EUV lithography.
Open Study →Nvidia
A study in platform economics, cyclical capex, and how owning the developer ecosystem (CUDA) creates a moat beyond hardware.
Open Study →Apple
The defining example of brand, vertical integration, and a high-margin services flywheel built on top of hardware.
Open Study →Tesla
A case study in narrative-driven valuation, founder-led volatility, and the gap between manufacturing reality and software-style multiples.
Open Study →Palantir
Useful for studying government-heavy revenue, contract structures, and the gap between narrative-driven and fundamentals-driven valuation.
Open Study →Micron Technology
A textbook cyclical business, perfect for learning how commodity industries swing between feast and famine.
Open Study →Lockheed Martin
A study in long-cycle government contracts, geopolitical exposure, and how a 'boring' defense business generates predictable cash flow.
Open Study →Amazon
A case study in reinvesting profits, optionality, and how a retailer became one of the world's most important cloud companies.
Open Study →Meta Platforms
A clear example of advertising-driven network effects, large-scale capital allocation, and long-horizon bets like AI and AR/VR.
Open Study →TSMC
The world's most important contract chip manufacturer, a study in capital intensity, technology leadership, and geopolitical risk.
Open Study →Broadcom
A study in disciplined M&A, mission-critical infrastructure, and combining semiconductors with enterprise software.
Open Study →Visa
One of the cleanest examples of a global network business: high margins, low capital needs, and powerful network effects.
Open Study →Costco
A textbook example of a customer-aligned business model: thin product margins, strong membership economics, and unusual customer loyalty.
Open Study →Novo Nordisk
A focused pharma company built around a single therapeutic area — a clear example of concentration risk paired with deep expertise.
Open Study →LVMH
A study in brand equity, pricing power, and how a portfolio of luxury houses produces durable, premium economics across cycles.
Open Study →Ferrari
A focused luxury manufacturer using deliberate scarcity to defend pricing and brand value — closer to a luxury house than a typical automaker.
Open Study →Booking Holdings
A clear example of a marketplace business with global scale, network effects between travelers and accommodations, and meaningful cyclicality.
Open Study →Nestle
A classic defensive business: everyday products, strong brands, slow growth, and a clear lesson in pricing power versus volume.
Open Study →Toyota Motor
A capital-heavy, cyclical manufacturer that shows how operating leverage, scale and a deliberate technology strategy shape results.
Open Study →Airbus
A duopoly with a multi-year order backlog, showing how revenue visibility and delivery execution matter more than quarterly demand.
Open Study →JPMorgan Chase
The clearest way to learn how a bank actually earns money, and why banks are read through margin, credit losses and capital.
Open Study →Allianz
A large insurer that shows how underwriting discipline and investing the float combine into two very different profit engines.
Open Study →Prologis
A property owner that shows how rental income, occupancy, lease expiry and debt combine into a very different kind of business.
Open Study →