Long-Form Analysis
Perspective on Technology, Markets & Capital
Deep analysis on the trends, sectors, and convictions shaping the next decade — from the Winzheng research desk.
318 Articles — Page 21 of 22
Apple's OS X Launch: Why Platform Transitions Matter More Than Ever
On March 24, Apple shipped Mac OS X to little fanfare from a distracted market. While analysts debate internet valuations and bandwidth gluts, this release represents something mor
Read More →The Microsoft Antitrust Settlement: What Enterprise Software Investors Must Know
With settlement talks intensifying between Microsoft and the incoming Bush administration's DOJ, enterprise software investors face a market structure inflection point. The outcome
Read More →AOL-Time Warner: When Distribution Eats Content
The largest merger in corporate history closed this month after thirteen months of regulatory review. What appeared to be a triumphant combination of new media distribution and tra
Read More →AOL-Time Warner: The $350 Billion Question Mark
The AOL-Time Warner merger, announced in January and closed this month, represents the apotheosis of New Economy thinking applied to Old Economy assets. As the deal consummates ami
Read More →AOL Time Warner: The $350 Billion Question Mark
The AOL Time Warner combination, finalized in January and now trading below its merger price, represents more than a single deal gone sideways. It crystallizes the central question
Read More →AOL Time Warner: The Cathedral of Convergence Thinking
Six months after regulatory approval, the $165 billion AOL Time Warner combination stands as the defining transaction of our era—not for what it achieves, but for what it illuminat
Read More →Oracle's $10.3B Hostile Bid for PeopleSoft: Enterprise Consolidation Begins
Oracle's unprecedented hostile takeover attempt of PeopleSoft represents more than corporate aggression—it marks the beginning of inevitable consolidation in enterprise application
Read More →The Peapod Acquisition: What Grocery.com's Collapse Tells Us
Royal Ahold's emergency acquisition of bankrupt Peapod for $73 million this month represents more than a distressed asset purchase—it's a referendum on the fundamental economics of
Read More →AOL Time Warner: The Death of Strategic Logic in M&A
Six months after the largest merger in history closed, the AOL Time Warner combination stands as the defining case study in bubble-era deal-making. What looked like 'convergence' i
Read More →The Microsoft Antitrust Verdict: Competition Policy Meets Innovation
On June 7th, Judge Thomas Penfield Jackson ordered Microsoft split into two companies — one for operating systems, one for applications. This remedy, following April's liability fi
Read More →AOL Time Warner: When Distribution Meets Content at Peak Valuation
As the AOL Time Warner merger receives final regulatory approval and prepares to close, institutional investors face a decisive question: does this $165 billion combination represe
Read More →AOL Time Warner: The Merger That Remakes Media Economics
The recently consummated AOL Time Warner merger—the largest in corporate history—offers institutional investors far more than a cautionary tale about valuation multiples. It crysta
Read More →The AOL-Time Warner Merger: Strategic Brilliance or Peak Delusion?
Federal regulators have blessed the largest merger in corporate history. As AOL shareholders prepare to own 55% of the combined entity despite contributing less than one-fifth of h
Read More →AOL-Time Warner: The $350 Billion Question About Digital Convergence
On January 10th, America Online announced its acquisition of Time Warner for $165 billion in stock — a deal valued at $350 billion including debt. The transaction, which positions
Read More →AOL-Time Warner: The $165B Bet on Convergence and What It Reveals
America Online's acquisition of Time Warner for $165 billion represents either the validation of new media economics or the most expensive mistake in corporate history. For technol
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