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The "No Compete" Clause That Built a $46B Empire
In 1906, 23-year-old Colbert Coldwell started a real estate firm with one weird rule: his brokers couldn't speculate or compete against clients. His competitors thought he was crazy to limit his opportunities. That "limitation" attracted the wealthiest clients and built today's largest commercial real estate empire.
Why Boeing Can't Switch Away From This 1855 Brass Foundry
Crane Company makes the components that can't fail: F-16 brakes, nuclear valves, rocket parts. Their secret? Regulatory moats that make switching suppliers take 5+ years. I break down how this 1855 brass foundry built an $11B business on vital parts and switching costs.
TruGolf Lost 95% of Its Value Trying to Be Three Companies at Once
Hardware manufacturer? Software licensor? Franchise operator? TruGolf is trying all three. Now facing NASDAQ delisting with just $5M market cap (down 95% since its SPAC), this golf simulator company offers a pivot that's worth following.
The Logistics Software Company That Bought Its Way to $668M Revenue
Network effects > features (sometimes). How Descartes Systems went from near-bankruptcy to $9B by becoming the platform where 24,000 logistics companies connect. New case study explores their 95% retention rate and self-funded acquisition strategy.
The $45B Distributor That Amazon Couldn't Kill (Yet?)
In 2017, leadership made a bet: transform the company before Amazon forced them to. It worked. Industrial distributor W.W. Grainger, selling everything from safety gloves to conveyor belts, has grown revenue 34% to $17.5B while defending against Amazon Business's $25B assault.
Mosaic's Ride on the Commodity Roller Coaster
The company has built a huge business by owning assets that are nearly impossible to replicate. But the company is a glaring example of cyclicality. Their revenue went from $12B to $19B to $13B in three years. Here's how they attempt to build competitive advantages while riding the commodity price rollercoaster. And I touch on their controversial push to impose duties on others.
