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The Company That Generates $1.19 for Every $1 of Profit
Church & Dwight's 119% free cash flow conversion really stands out. This 178-year-old baking soda company now generates $6.1B annually by spending just 2% on capital (vs 5% for competitors) while maintaining 45%+ gross margins. Plus: why their brand extension strategy works when everyone else's fails.

The Bus Insurance Startup That Built a $26 Billion Empire (By Serving Customers Nobody Wanted)
While competitors fight over car insurance scraps, Markel quietly built a Fortune 500 company insuring things like thoroughbred horses and marina operators. But here's where it gets weird: they also own 21 random businesses and manage a $34B investment portfolio.

Michigan's $16B Debt-Fueled Monopoly: What CMS Energy Teaches About Regulatory Capture
Michigan's Attorney General calls CMS Energy's habit of requesting rate hikes every single year a "never-ending cycle". Yet they've delivered 22 consecutive years of earnings growth. We decode how they turned poles and wires into a profit machine, why their $700M interest bill matters, and what entrepreneurs can learn from their business.
