Companies · 20 Oct
Costcoâs real product is the membership card
The warehouse sells groceries and TVs at thin markups. The profit comes from the annual fee most members keep paying.
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Explainer · 19 Oct
What TSMC actually does in the chip industry
Chip design and chip manufacturing are different businesses, and TSMCâs foundry model connects the two.
Companies · 18 Oct
Off-price retail: how TJX profits from other storesâ mistakes
TJX buys excess inventory from brands and department stores at deep discounts and sells it to bargain hunters.
Explainer · 18 Oct
How oil majors are affected by crude pricesâand why refining is a different business
Integrated energy giants combine oil drilling with fuel refining and chemicals to smooth out the wild swings of commodity markets.
Learn · 17 Oct
Dividend kings: what 50 years of raises do and donât tell you
A long streak of rising dividends says a lot about a companyâs habits. It says much less about whether the stock is worth buying today.
Analysis · 16 Oct
Why weight-loss drugs changed the outlook for pharmaceutical makers
GLP-1 medicines turned obesity treatment into one of the largest commercial markets in healthcare history, reshaping how investors value drug companies.
Explainer · 16 Oct
Why McDonaldâs is really a real-estate and franchising business
McDonaldâs earns most of its money by owning land and collecting fees from franchisees who run the restaurants.
Learn · 16 Oct
Why Micronâs memory business moves in cycles
Memory demand can rise over time while chipmakers still face sharp swings in prices, inventories and profits.
Analysis · 14 Oct
The economics of streaming: subscribers, ads and content costs
Netflix and Disney balance subscription fees, advertising and expensive content libraries to keep viewers watching.
Explainer · 14 Oct
Float: why the best insurers get paid to hold your money
Insurers collect premiums long before they pay claims. The ones that price risk well get to invest that money for free.
Explainer · 14 Oct
How US health insurers make money and why medical costs move their shares
Understanding the medical care ratio, pharmacy benefit managers, and why a small shift in hospital visits can rattle healthcare stocks.
Explainer · 13 Oct
How Appleâs services business works
Apple earns money long after selling a device, but its services business combines several revenue streams with different opportunities and risks.
Explainer · 12 Oct
How Google and Meta turn free products into advertising profits
Google and Meta give away search, social media and maps, then charge advertisers to reach the people who use them.