01Success
Self Disruption
Netflix streaming transition
Netflix, Inc. · 2007–2020
How aggressively should Netflix fund Internet delivery while operating its DVD subscription business?
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27 successes & turnarounds27 failures809 source records648 financial tables
54 cases
02Failure
Self Disruption
Blockbuster decline
Blockbuster Inc. · 2000–2010
How should Blockbuster allocate capital among its store network, Total Access, and nascent digital delivery while preserving financial flexibility?
03Success
Operating Quality
Toyota Production System
Toyota Motor Corporation · 1950s–2010s
Should Toyota approve and publicly commit to a limited General Motors joint venture at Fremont as its next U.S. manufacturing step, build independently, or remain primarily export-led?
04Failure
Operating Quality
Boeing 737 MAX
The Boeing Company · 2011–2020
How should Boeing respond to re-engined narrowbody competition while protecting long-run aircraft safety, customer value, program economics, and financial flexibility?
05Success
Growth Economics
Amazon flywheel and AWS
Amazon.com, Inc. · 1997–2020
Should Amazon remain storage and API led, launch a bounded external-compute beta, or commit broadly to external infrastructure?
06Failure
Growth Economics
WeWork growth model
The We Company / WeWork Inc. · 2010–2019
Should WeWork launch its IPO at a reset valuation, delay and restructure while securing bridge liquidity, or halt expansion and execute a liquidity plan?
07Turnaround
Platform Transition
Apple turnaround and ecosystem
Apple Inc. · 1997–2015
Which bounded strategy should Apple adopt to stabilize liquidity, restore product and platform relevance, and preserve a viable path to durable profitability?
08Failure
Platform Transition
Nokia smartphones
Nokia Corporation · 2007–2013
Which smartphone platform strategy should Nokia adopt to restore competitiveness while protecting its customer base, distribution, cash, and strategic option value?
09Success
Capital Allocation
Berkshire Hathaway capital allocation
Berkshire Hathaway Inc. · 1965–2024
Should Berkshire pursue the remaining GEICO shares subject to independently set price, return, reserve, liquidity, and management gates; retain its existing approximately half ownership; or allocate incremental capital elsewhere?
10Success
Capital Allocation
Danaher Business System
Danaher Corporation · 1984–2020
Should Danaher pursue Pall while preparing to separate its industrial portfolio, pursue only one leg of that strategy, or continue its existing bolt-on model?
11Failure
Capital Allocation
GE complexity and capital allocation
General Electric Company · 2001–2018
Should GE authorize a binding offer for Alstom Power and Grid subject to strict price and risk gates, pursue a narrower Grid or joint-venture structure, or reject the transaction and continue simplification?
12Failure
Financial Forensics
Enron
Enron Corp. · 1997–2001
Should the equity committee exit, reduce to a de minimis verification hold while suspending new exposure, hold benchmark weight, or add to Enron after the Q2 filing and CEO transition?
13Failure
Financial Forensics
WorldCom
WorldCom, Inc. · 1999–2002
Should the investment committee exit, reduce WorldCom to a de minimis verification position, hold, or add to its equity exposure?
14Failure
Funding Liquidity
Lehman Brothers
Lehman Brothers Holdings Inc. · 2003–2008
How should Lehman change its balance sheet, capital, collateral, and liquidity posture after Bear Stearns while preserving franchise value and avoiding a self-reinforcing funding run?
15Failure
Funding Liquidity
Silicon Valley Bank
SVB Financial Group / Silicon Valley Bank · 2019–2023
What measured balance-sheet, liquidity and funding actions should the joint Board Risk and Finance Committee authorize after the first-quarter filing?
16Success
Scale Economics
Walmart logistics and rural density
Walmart Inc. · 1962–2000s
Should Wal-Mart release the next store-and-distribution capital tranche as dense, center-served clusters, proceed with the full concurrent expansion plan, shift more flow to external or supplier-direct capacity, or broaden geography before filling existing territories?
17Success
Customer Surplus
Costco membership model
Costco Wholesale Corporation · 1983–2024
Hypothetical board decision: should Costco commit its next expansion phase to the integrated membership-first, low-price operating system, execute the announced fiscal 1999 program without added gates, harvest more near-term fee or merchandise margin, or slow physical growth while testing selective partnerships and e-commerce? This is an instructional reconstruction, not a claim about an actual December 24, 1998 board meeting or vote.
18Success
Platform Economics
Google search advertising
Google Inc. / Alphabet Inc. · 1998–2024
Should Google scale a CPC self-service advertising system that combines bid and click response, retain its CPM and premium model, copy highest-bid ordering, or delay for more evidence?
19Turnaround
Business Model Migration
Microsoft cloud reinvention
Microsoft Corporation · 2014–2024
Should Microsoft preserve a Windows-first distribution model, execute a staged cloud-first and cross-platform migration, or commit immediately to an ungated enterprise-wide transition?
20Success
Deep Technology Ecosystem
Nvidia CUDA platform
NVIDIA Corporation · 2006–2024
Should NVIDIA limit CUDA to graphics-adjacent and short-horizon support, sustain it as a staged external developer platform, or commit immediately to an ungated company-wide computing-platform expansion?
21Success
Deep Technology Ecosystem
TSMC pure-play foundry
Taiwan Semiconductor Manufacturing Company Limited · 1987–2024
How should TSMC preserve its dedicated-foundry position while allocating capital to 300mm, advanced process technology and capacity after the 2001 semiconductor downturn?
22Success
Demand Sensing
Inditex/Zara fast-response supply chain
Industria de Diseño Textil, S.A. · 1985–2019
Should Inditex commit to a large Zaragoza logistics expansion for Zara, stage capacity through existing and new sites, or rely more heavily on outsourced and distributed alternatives while preserving demand response?
23Success
Missing Infrastructure
MercadoLibre ecosystem
MercadoLibre, Inc. · 1999–2024
Should MercadoLibre scale MercadoEnvios across additional countries and routes, hold the initial partnered design, or release capital and subsidies in staged market cells?
24Failure
Verification Custody
Wirecard
Wirecard AG · 2015–2020
Should the institutional capital committee increase, maintain, reduce to a verification-conditioned capped position, or exit its Wirecard equity exposure after the October 15 reporting allegations?
25Failure
Verification Custody
FTX
FTX Trading Ltd. · 2019–2022
Should an institutional customer's treasury and risk committee withdraw, cap or maintain its FTX.com custody and trading exposure after the leaked Alameda balance-sheet report and the two November 6 public responses?
26Failure
Technical Validation
Theranos
Theranos, Inc. · 2003–2018
Should the board continue patient testing and retail expansion, pause for independent validation, ring-fence a narrowly validated menu, or begin a partner-controlled strategic review?
27Failure
Legacy Profit Lock In
Kodak digital transition
Eastman Kodak Company · 1990s–2012
Should Kodak approve a broad digital and acquisition program, stage the transition behind product-economic and liquidity gates, harvest the legacy portfolio, emphasize asset-light licensing and partnerships, separate the businesses, or defer a new commitment?
28Failure
M And A Integration
AOL–Time Warner
AOL Time Warner Inc. · 2000–2003
Should a Time Warner institutional shareholder approve the proposed fixed-ratio stock merger with America Online, reject it, or seek a more reversible or price-protected structure?
29Failure
Incentives Controls
Wells Fargo sales-practices controls
Wells Fargo & Company · 2011–2026
Should the board and an investor treat unauthorized-account warnings as isolated misconduct or evidence that the cross-sell KPI, incentives and control architecture are unreliable; and what gates are required before using that KPI?
30Success
Deep Technology Capital
ASML customer co-investment decision
ASML Holding N.V. · 2011–2025
After the July 9 public announcement, should ASML proceed toward approval and implementation of customer equity and R&D co-investment for EUV and 450mm, and under what governance and economic gates?
31Success
Business Model Migration
Adobe Creative Cloud subscription transition
Adobe Systems Incorporated · 2012–2025
After publicly announcing that future creative-product innovation would be exclusive to Creative Cloud, should Adobe proceed with the accelerated subscription migration, and under what retention, customer-value, cohort-economics, and cash-conversion gates?
32Failure
Operating Quality
Volkswagen emissions-control response and governance
Volkswagen AG · 2015–2017
How should Volkswagen AG's Supervisory Board govern investigation, evidence preservation, regulator and customer disclosure, remediation gates, and liquidity planning after the September 18 EPA notice and the already-announced partial U.S. sales halt?
33Turnaround
Turnaround Sequencing
Best Buy Renew Blue turnaround
Best Buy Co., Inc. · 2012–2018
At the scheduled November 13, 2012 public strategy-presentation boundary, should Best Buy authorize a staged turnaround, and under what customer-value, cost-reconciliation, omnichannel-economics, and liquidity gates? This timestamp is an event boundary selected for the case, not the first public commitment or a claim about the internal board-decision time.
34Failure
Turnaround Sequencing
J.C. Penney Fair and Square transformation
J. C. Penney Company, Inc. · 2011–2013
Should J. C. Penney Company, Inc. publicly commit to a broad and immediate fiscal-2012 pricing and promotion reset while beginning a phased merchandise-shop and store redesign, or stage the workstreams behind customer-response, gross-margin-dollar, inventory, systems, and downside-liquidity gates?
35Success
Pivotal Validation And Scale
Moderna mRNA-1273 pivotal validation and at-risk scale
Moderna, Inc. · 2020–2021
At an instructor-defined public Phase 3 launch boundary on July 27—not a claim about an internal board-decision time—and using only evidence public through the end of July 26 Eastern time before first-dose execution, should Moderna proceed with pivotal validation and at-risk manufacturing, and under what clinical, funding and release gates?
36Failure
Pivotal Validation And Scale
CureVac CVnCoV pivotal validation and first-generation scale
CureVac N.V. · 2020–2021
At a conservative constructed public-information boundary before the contemplated year-end pivotal start, how should CureVac sequence first-generation CVnCoV validation and irreversible manufacturing and commercial scale commitments?
37Success
M And A Integration
Priceline–Booking.com post-close integration governance
priceline.com Incorporated · 2005–2011
As a simulated public-evidence governance and public-equity adviser one second after SEC acceptance and six days after the acquisition closed, how should Priceline govern the integration of Bookings B.V., and what, if any, shareholder exposure recommendation is supportable when audited target economics, closing liquidity, integration cost, and point-in-time valuation inputs remain incomplete?
38Failure
M And A Integration
eBay–Skype post-signing integration governance
eBay Inc. · 2005–2011
As a simulated public-evidence integration adviser, with eBay contractually committed to acquire Skype but before closing, should eBay prepare for immediate deep integration after close, protect Skype as a standalone operation, or use staged and reversible integration pilots through the issuer's stated Q4-2006 pro-forma breakeven milestone; and what KPI owners, scale-or-stop gates, and re-underwriting triggers should govern the plan?
39Success
Capital Return Discipline
AutoZone repurchase and reinvestment discipline
AutoZone, Inc. · 2000–2024
As a simulated public-evidence capital-allocation adviser immediately after the conservative date-only availability boundary for AutoZone's Q1 FY2001 Form 10-Q, whether and how should the existing repurchase program continue, how should open equity-instrument commitments be governed, and what reinvestment, operating-cash-flow, debt, interest, covenant, refinancing, share-count, valuation, and position-sizing gates must constrain the decision?
40Failure
Capital Return Discipline
Bed Bath & Beyond accelerated repurchase and liquidity
Bed Bath & Beyond Inc. · 2021–2023
In a simulated post-announcement capital-release governance review, should Bed Bath & Beyond execute the remaining USD 400 million on the accelerated fiscal 2021 schedule, retain the original fiscal 2023 schedule, or suspend discretionary repurchases pending fresh evidence and approval?
41Success
Biopharma Asset Validation
Gilead–Pharmasset HCV nucleotide acquisition and asset validation
Gilead Sciences, Inc. · 2011–2015
After Gilead's definitive Pharmasset agreement is already signed and public, should a public-equity underwriting committee increase, maintain bounded or reduce exposure to Gilead, and which financing, clinical, regulatory and commercial gates must clear before treating PSI-7977 as a validated asset?
42Failure
Biopharma Asset Validation
Bristol-Myers Squibb–Inhibitex HCV nucleotide acquisition and asset validation
Bristol-Myers Squibb Company · 2012
How should a public adviser to BMS shareholders assess continued exposure immediately after the Schedule 14D-9 became public and recommend post-signing clinical, integration, and capital gates without pretending that the already signed acquisition is freely reversible?
43Success
Cyclical Capacity Resilience
Nucor downturn resilience and countercyclical capacity
Nucor Corporation · 2001–2005
For a simulated long-only public-equity committee using only information public by June 20, 2001, should existing Nucor exposure be added to, maintained, reduced, or conditioned, and what operating, liquidity, capacity, and capital- release gates must govern the decision?
44Failure
Cyclical Capacity Resilience
Bethlehem Steel downturn resilience and fixed obligations
Bethlehem Steel Corporation · 2001–2003
Should a public-equity underwriting committee add to, maintain, reduce to a minimum monitoring position or otherwise condition exposure to Bethlehem Steel at the June 21 2001 boundary, and which financing, liquidity, operating and retirement-obligation gates must clear before restoring exposure?
45Success
Ltl Network Density And Service Capital
Old Dominion network density, service capital, and operating compounding
Old Dominion Freight Line, Inc. · 2009–2022
For a simulated long-only public-equity committee using only evidence public by March 16, 2010, should any new Old Dominion exposure be initiated or added, and what service, density, capital, covenant, and evidence gates should govern human re-underwriting of any existing holding?
46Failure
Ltl Network Density And Service Capital
YRC network integration, liquidity, and fixed-obligation failure
YRC Worldwide Inc. / Yellow Corporation · 2009–2023
For a simulated long-only public-equity committee using only evidence public by March 16, 2010, should YRC Worldwide exposure be initiated, added to, maintained, or escalated for re-underwriting after the FY2009 filing and completed debt-for-equity exchange, and what service, density, integration, liquidity, covenant, and fixed-obligation gates must govern any exposure?
47Turnaround
Semiconductor Roadmap And Capital Execution
AMD compute-roadmap and funding turnaround
Advanced Micro Devices, Inc. · 2015–2025
For a simulated long-only public-equity committee using only evidence public by May 2, 2016, should it initiate or add AMD exposure, maintain an existing holding without new gates, defer and re-underwrite, or route a possible reduction to an authorized human, and what six evidence gates must govern any later capital action?
48Failure
Semiconductor Roadmap And Capital Execution
Intel compute-roadmap and capital-economics failure
Intel Corporation · 2015–2025
For a simulated long-only public-equity committee using only evidence public by May 2, 2016, should any new Intel exposure be initiated or added, and what technical, roadmap, segment, manufacturing, funding, and valuation gates should govern human re-underwriting of any existing holding?
49Success
Serial Acquirer Economics And Governance
TransDigm proprietary-aftermarket acquisition compounding
TransDigm Group Incorporated · 2014–2025
After TransDigm's Q1 FY2015 filing and the signed Telair agreement were public, should a public-equity underwriting committee initiate, add, maintain, defer, reduce or avoid exposure, and which product, organic-growth, acquisition-return, accounting, funding, governance and valuation gates must clear first?
50Failure
Serial Acquirer Economics And Governance
Valeant acquisition, pricing, accounting, and leverage failure
Valeant Pharmaceuticals International, Inc. / Bausch Health Companies Inc. · 2014–2025
After Valeant's Salix agreement and FY2014 filing were public, should a public-equity underwriting committee increase, maintain bounded or reduce Valeant exposure, and which product, organic-growth, integration, accounting, financing and governance gates must clear before increasing exposure?
51Success
Transformative Acquisition Underwriting And Integration
Microsoft–LinkedIn platform acquisition and integration
Microsoft Corporation / LinkedIn Corporation · 2016–2026
After Microsoft and LinkedIn announced a signed transaction, should a public-equity underwriting committee initiate, add, maintain, defer, reduce or avoid Microsoft exposure, and which acquisition and integration gates must clear before capital is authorized?
52Failure
Transformative Acquisition Underwriting And Integration
HP–Autonomy acquisition diligence and impairment failure
Hewlett-Packard Company / Autonomy Corporation plc · 2011–2025
As a simulated public-evidence public-equity underwriting committee one second after SEC acceptance of HP's signed Autonomy offer, should an adviser add or retain HP exposure, and what acquisition-diligence and integration risks should it monitor, when complete valuation, capitalization, signing-date liquidity, target interim cash-flow, and integration-cost inputs remain unavailable?
53Success
Transformative Acquisition Underwriting And Integration
Disney–Pixar acquisition and bounded creative-franchise continuity
The Walt Disney Company / Pixar · 2006–2024
After the first SEC-accepted signed-deal disclosure, should a public-equity underwriting committee initiate, add, maintain, defer, reduce or avoid Disney exposure, and which acquisition and integration gates must clear before capital is authorized?
54Failure
Transformative Acquisition Underwriting And Integration
Daimler–Chrysler merger, operating deterioration, and control transfer
Daimler-Benz AG / Chrysler Corporation / DaimlerChrysler AG · 1998–2007
After the first filed signed combination agreement, should a public-equity underwriting committee initiate, add, maintain, defer, reduce or avoid Daimler-Benz or Chrysler exposure, and which transaction and integration gates must clear before capital is authorized?