Rio Tinto

Global mining corporation founded in 1873, demonstrating 150 years of survival through commodity price cycles. The company exemplifies counter-cyclical capital allocation, investing heavily during busts when assets are cheap and restraining investment during booms. Rio Tinto operates across multiple commodities (iron ore, copper, aluminum, diamonds, lithium) that cycle at different frequencies, creating portfolio buffering effects.

The company maintains extensive institutional memory through documentation of past cycles, requiring new executives to study historical patterns. Their long-term asset ownership (50-100 year mine lifespans) allows averaging across multiple commodity cycles rather than being destroyed by any single downturn.