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81 companies
Lenovo
Computer Hardware & Technology
US$69.1 billion in revenue for fiscal 2024/25—a 21% leap and the second-highest in company history—validates Lenovo's scavenging strategy: acquiring c...
Professional Networking / Social Media
LinkedIn's success came from understanding germination timing: launching early in the right environment beats launching perfectly in the wrong one. Re...
Louis Vuitton
Luxury Fashion
LVMH reported €84.7 billion revenue in 2024 despite 2% year-over-year decline, with Louis Vuitton maintaining alpha status within the conglomerate thr...
LVMH
Luxury Goods
In 1984, Bernard Arnault bought Christian Dior and began building what would become the world's largest luxury goods company. Conventional wisdom said...
Lilium
Aerospace / Urban Air Mobility
German electric jet company that filed for bankruptcy twice - first in October 2024, then again in February 2025 after a rescue deal collapsed. Founde...
L.E.K. Consulting
Management Consulting
Provides strategy consulting through pattern recognition across industries, identifying successful adaptations in one sector applicable to others. Lik...
L'Oréal
Consumer Goods
L'Oréal achieved €43.48 billion revenue in 2024 (up 5.6% like-for-like) with record 20% operating margin, outperforming a normalizing global beauty ma...
L3Harris Technologies, Inc.
Aerospace & Defense
Integrates communication, sensing, and electronic warfare systems across air, sea, space, and cyber domains like nervous systems integrate sensory str...
La Famiglia
Venture Capital
La Famiglia exemplifies mutualistic symbiosis between old and new economies. Their LP base—family offices behind Valentino, Adidas, Swarovski, Hapag-L...
La Haus
Real Estate
Digitizes Latin American real estate transactions through platforms that reduce information asymmetry like cleaner fish signal service availability. T...
La Roche-Posay
Beauty & Personal Care
Formulates dermatological skincare around thermal spring water minerals that interact with skin like symbiotic bacteria colonize epithelial surfaces....
La-Z-Boy Incorporated
Consumer Goods
La-Z-Boy Incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home. The company manuf...
Labcorp Drug Development
Contract Research
Conducts clinical trials through global site networks that test drug candidates like natural selection tests genetic variants. Their protocols expose...
Labelbox
AI Infrastructure
Provides data labeling platforms that train machine learning models through supervised learning, mirroring how parent animals teach offspring to recog...
Laboratory Corporation of America (Labcorp)
Healthcare Services
Operates diagnostic testing networks that detect disease markers in biological samples like immune systems identify pathogens. Their laboratories anal...
Laboratory Corporation of America Holdings
Healthcare
Laboratory Corporation of America Holdings is a leading global life sciences company providing comprehensive clinical laboratory and end-to-end drug d...
Lacework
Cybersecurity
Secures cloud infrastructure through behavioral anomaly detection that identifies threats like immune systems distinguish self from non-self. Their pl...
Ladder Capital Corp
Financial Services
Ladder Capital Corp is a commercial real estate finance company that originates, services, and manages a diverse portfolio of commercial real estate d...
LANXESS
Chemicals
Produces specialty chemicals through controlled reactions that synthesize molecules not found in nature. Their polymer additives, pigments, and interm...
Larsen & Toubro (L&T)
Infrastructure
₹2.56 trillion in revenue, ₹5.79 trillion order book, 50% international operations—L&T operates as India's ecosystem engineer. Like termite colonies b...
LATAM Airlines
Airlines
Operates South American aviation networks that connect isolated regions like mycorrhizal fungi link forest trees. Their hub system in Santiago channel...
Lazard
Financial Services
Lazard is a leading financial advisory and asset management firm operating from offices across North America, Europe, Asia, Australia, and Latin Ameri...
LCI Industries
Auto Parts
Supplies recreational vehicle components through diverse product lines that integrate like organ systems serve organism functions. Their windows, door...
LEG Immobilien
Real Estate
Owns residential apartments across Germany through long-term holding strategies that accumulate properties like coral polyps build reefs. Their portfo...
Legacy Housing Corporation
Manufacturing
Legacy Housing Corporation builds, sells, and finances manufactured homes and tiny houses distributed through a network of independent retailers and c...
Legal & General
Insurance
Legal & General operates at the intersection of longevity risk and capital markets, executing portfolio optimization that most financial services firm...
Legend Airlines
Aviation
Legend Airlines' 2000 closure ended an all-business-class carrier operating from Dallas Love Field. The airline competed with American Airlines for Da...
Leggett & Platt
Manufacturing
Leggett & Platt is a diversified manufacturer that designs and produces engineered components and products found in homes, offices, and automobiles. T...
Lego
Toys/Manufacturing
Danish toy company founded in 1932 that faced near-bankruptcy in 2003-2004 after diversifying away from core brick business into theme parks, video ga...
LEGO Group
Toys & Games
Manufactures interlocking brick systems with standardized interfaces that enable unlimited recombination, like DNA base pairs combine into endless gen...
Legrand
Industrial
Legrand posted €8.6 billion revenue in 2024 with 20.5% operating margin and €1.3 billion free cash flow, selling electrical infrastructure where data...
Lehman Brothers
Investment Banking
The fourth-largest U.S. investment bank, Lehman Brothers collapsed in September 2008 - the largest bankruptcy in U.S. history ($691 billion in assets)...
Lenovo Group
Technology
Lenovo is one of the world's largest PC manufacturers, producing computers, smartphones, servers, and smart devices with brands including ThinkPad and...
Lenovo Mobile
Technology
Lenovo's mobile phone struggles despite Motorola acquisition demonstrate that market entry through acquisition doesn't guarantee success. Lenovo acqui...
LexinFintech Holdings
Financial Services
LexinFintech Holdings is a leading online consumer finance platform in China providing financing options to young adults for online direct sales and i...
LG
Electronics
Diversifies across electronics, chemicals, and telecommunications like a conglomerate organism occupying multiple ecological niches. Each subsidiary s...
LG Chem
Chemicals
LG Chem executed the rarest corporate maneuver in 2020: surgical amputation of its most valuable limb. The company spun off LG Energy Solution—its bat...
LG Display
Display Technology
Pioneered OLED screens that emit light through organic molecules, mimicking how fireflies generate bioluminescence. Their displays achieve pixel-level...
LG Electronics
Consumer Electronics
LG Electronics achieved something most conglomerates fail at: growing platform revenue 75% year-over-year in 2024 while maintaining hardware dominance...
LG Electronics Mobile
Consumer Electronics
LG's 2021 mobile phone exit after $4.5 billion in losses over six years demonstrates how even conglomerate backing can't save uncompetitive divisions....
LG Energy Solution
Energy Storage & Batteries
LG Energy Solution is a global leader in lithium-ion batteries for electric vehicles, energy storage systems, and consumer electronics, partnering wit...
LG Household & Health Care
Consumer Goods
Markets consumer health and beauty products through brand ecosystems that occupy distinct market positions like species partition resources. Their por...
LG Mobile Division
Technology
LG's April 2021 exit from mobile phones ended a division that peaked at #3 global market share. Despite innovative designs (curved screens, modular ph...
LG Uplus
Telecommunications
Operates telecommunications networks that route data packets like ant colonies direct foragers through pheromone trails. Their infrastructure dynamica...
LGI Homes
Homebuilding
Builds entry-level housing through standardized designs that reduce construction variability like honeybees build uniform hexagonal cells. Their produ...
Liberty Media Corporation
Media & Entertainment
Liberty Media Corporation operates and owns interests in a broad range of media, communications, and entertainment businesses. The company's subsidiar...
Lidl
Retail
German discount retailer with 12% German market share, part of the entrenched competition that defeated Walmart's Germany expansion alongside Aldi (18...
Lilium (Decline)
Transportation
Lilium raised over $1B for electric air taxis, going public via SPAC at a $3.3B valuation before collapsing 90%+ as the path to certification and prof...
Linde
Industrial Gases
Linde operates global industrial gases with economies of scale in production and distribution. Network effects from on-site production facilities and...
Lindt & Sprüngli
Premium Chocolate & Confectionery
Lindt & Sprüngli's CHF 5.5 billion revenue (2024, 7.8% organic growth) demonstrates costly signaling in commodity markets: the company charges $15-30/...
LINE Corporation
Technology & Messaging
LINE is a major messaging app and platform popular in Japan, Taiwan, and Thailand, offering messaging, payments, and various digital services. The com...
Linens 'n Things
Retail - Home Goods
Linens 'n Things' 2008 liquidation preceded Bed Bath & Beyond's collapse by 15 years but shared the same fundamental weakness: a home goods format squ...
Linux
Open-Source Software
Open-source operating system kernel started by Linus Torvalds in 1991, now maintained by 10,000+ contributors from 1,000+ companies. Linux demonstrate...
Live Nation Entertainment
Media & Entertainment
Live Nation Entertainment is the world's leading live entertainment company comprising global market leaders in live music promotion, ticketing throug...
LivingSocial
E-commerce / Daily Deals
Daily deals competitor to Groupon that raised $800M and copied Groupon's model. Illustrates how Groupon's business had no moats.
Lloyds Banking
Banking
Lloyds Banking Group reported statutory profit of £4.5 billion in 2024, down 19% from 2023, but the decline masks strategic progress. The mortgage por...
LNG Energy
Oil & Gas
LNG Energy's 2016 bankruptcy illustrates how commodity price collapse can instantly kill highly-leveraged exploration companies. The natural gas produ...
loanDepot (Decline)
Financial Services
loanDepot's stock collapsed 95% from its 2021 IPO as rising interest rates killed refinancing demand. The mortgage lender had IPO'd at peak refinancin...
Lockheed Martin
Aerospace & Defense
Lockheed Martin maintains defense contracting dominance through vertical integration of aerospace and weapons systems. First-mover advantage in stealt...
Logan's Roadhouse
Restaurant
Logan's Roadhouse's April 2020 bankruptcy came weeks into COVID after the chain made an aggressive decision: it furloughed 18,000 employees and immedi...
Logitech
Computer Peripherals & Accessories
Logitech survived 40+ years in computer peripherals—one of tech's most commoditized categories—by mastering ecological succession: riding technology w...
LogMeIn
Technology
LogMeIn provides cloud-based remote connectivity, collaboration, and customer engagement solutions for businesses and IT service providers. The compan...
Long-Term Capital Management
Hedge Fund
LTCM's 1998 collapse—requiring Fed-coordinated rescue by 14 banks—demonstrates how leverage combined with crowded trades creates systemic risk. The he...
LONGi Green Energy Technology
Solar Energy
LONGi is the world's largest manufacturer of monocrystalline silicon wafers and modules for solar photovoltaic systems, driving down solar panel costs...
Lonza
Pharmaceutical Manufacturing (CDMO)
Lonza executed one of industrial biotech's most dramatic niche shifts: from commodity chemical producer (founded 1897 making calcium carbide) to becom...
Loon (Alphabet)
Telecommunications
Each balloon cost tens of thousands of dollars and lasted five months. Alphabet shut down Project Loon in January 2021 after burning $100 million annu...
Lord & Taylor
Department Store
Lord & Taylor's 2020 bankruptcy ended America's oldest department store after 194 years. Le Tote, a fashion rental startup, had acquired the chain for...
Lotte Corporation
Conglomerate & Retail
Lotte is a major conglomerate with businesses spanning retail, food, entertainment, chemicals, and hospitality across Korea and Japan. The company ope...
Louisiana-Pacific Corporation
Manufacturing
Louisiana-Pacific Corporation manufactures and distributes building products primarily for use in new home construction, repair and remodeling, and ou...
Lowe's Companies
Home Improvement Retail
The asymmetry defines the rivalry: Home Depot commands 47% market share with $163 billion revenue and 2,350+ stores, while Lowe's holds 28% share with...
LPL Financial Holdings
Financial Services
LPL Financial Holdings is the nation's largest independent broker-dealer providing an integrated platform of proprietary technology, clearing, complia...
LSB Industries
Chemicals
Manufactures industrial chemicals and fertilizers through processes that fix atmospheric nitrogen like legume root nodules harbor bacteria. Their ammo...
LSEG
Financial Services
LSEG's 2024 results—$11.8B revenue, 9.1% EBITDA growth, 363.5p adjusted EPS up 12.2%—demonstrate what happens when a predator successfully digests its...
LTC Properties, Inc.
Healthcare Real Estate
Owns skilled nursing and assisted living facilities through long-term leases that generate income like rent-seeking organisms occupy territories. Thei...
LTV Steel
Steel Manufacturing
LTV Steel's 2000 bankruptcy and subsequent liquidation was the third chapter for a company that had already filed bankruptcy twice (1986, 2000). The s...
Luby's Inc
Restaurant
Luby's November 2020 announcement of liquidation ended a 74-year-old Texas cafeteria chain. The company operated 32 Luby's cafeterias and 85 Fuddrucke...
Lucent Technologies
Telecommunications Equipment
Lucent Technologies, spun off from AT&T in 1996, became one of the biggest casualties of the dot-com crash. The telecom equipment maker was worth $275...
Luckin Coffee
Food & Beverage
Chinese coffee chain founded in 2017 that demonstrates deception collapse and frequency-dependent fraud. Grew explosively to challenge Starbucks but w...
Lucky Brand
Retail
Lucky Brand's July 2020 bankruptcy ended the denim brand's independence after declining for years. The company had been sold by Liz Claiborne to Leona...
Lululemon
Athletic Apparel
Lululemon creates premium athletic apparel through vertical integration and community building. Mutualistic networks with ambassadors and resource par...
Lundin Mining
Mining
Vancouver-based Lundin demonstrates portfolio assembly through serial acquisition, building a 6,195-employee base metals producer from strategic mine...