Risk Management
Case studies on risk management.
10x Genomics: Protect the Platform or Trade for Certainty?
On 28 February 2023, a federal court in Delaware issued a claim-construction order in a patent case brought by 10x Genomics and Prognosys Biosciences against NanoString Technologies. The order adopted plain-and-ordinary-meaning constructions for several disputed terms and rejected a number of additional limitations proposed by NanoString. Read case
Strategy Case: 1st Source — Funding the Next Engine of Growth
For 2026 planning, 1st Source’s leadership must recommend where the bank should place its next increment of growth capacity: deepen local commercial and small-business relationships, expand selected national specialty-finance activities, or pace both through explicit line-level hurdles. The recommendation should address credit discipline and state what evidence would change it. Read case
4D Molecular Therapeutics: Focus Before the Next Readout?
4D Molecular Therapeutics is approaching a consequential allocation choice. Its lead retinal gene-therapy candidate, 4D-150, is preparing to move from Phase 1/2 evidence toward a planned Phase 3 program in wet age-related macular degeneration (wet AMD). Read case
Abacus Global Management: Funding the Next Phase of Growth
On September 25, Abacus Global Management announced a dual-tranche, investment-grade-rated securitization of life insurance policies valued at more than $400 million. The announced value includes Class A and B notes and a residual interest. The release did not state cash proceeds, note principal by class, coupons, advance rate, or the value and risk of the retained interest. Read case
Acadia Pharmaceuticals: How to Commit After Mixed Phase 2 Evidence?
On September 24, 2026, Acadia Pharmaceuticals announced topline results from RADIANT, a Phase 2 study of remlifanserin for ADP. The 60 mg dose narrowly missed the study’s primary endpoint, while a key secondary measure was nominally significant. Read case
AMD: How Much Capacity Should AMD Commit Before Demand Is Certain?
Advanced Micro Devices (AMD) enters the fall of 2026 with accelerating data-center demand, several large customer deployment announcements and substantial existing supply commitments. The company has signed an agreement to acquire AI research company World Labs, pending closing and regulatory/customary conditions. Read case
Aflac Japan: which channel gets the next investment?
By early October 2026, Aflac Japan had restored most of its policyholder website after a June data intrusion. Two online procedures remained unavailable. An agent-assisted online consultation tool had also been suspended, and Aflac had not published a separate restoration status for that tool. Read case
Air Products’ Louisiana Bet: Commit, Stage, or Stop?
On June 25, 2026, Air Products and Chemicals (APD) faced a consequential choice about its Louisiana Clean Energy Complex (LCEC). The company had described a potential partnership with Yara International that linked APD’s hydrogen production and industrial-gas capabilities with Yara’s ammonia operations and distribution network. Read case
Airbnb: What should come after the stay?
On May 8, 2024, Airbnb reported first-quarter revenue of $2.1 billion, up 18% from a year earlier. Its combined measure of Nights and Experiences Booked had increased 9.5%. The letter credited booking growth, a modest increase in average daily rates, and the timing of Easter among the factors behind revenue growth. Read case
Allstate: How fast should homeowners growth travel?
Allstate had a homeowners growth opportunity and a risk-allocation problem at the same time. Its policy count was rising, new applications were increasing, and its reported first-half homeowners underwriting result had improved sharply from the prior year. Read case
Ameren Missouri: Advancing West Alton Amid Large-Load Uncertainty
On September 28, 2026, Ameren Missouri filed a new Integrated Resource Plan (IRP). The 20-year plan responded to a sharply higher forecast of electricity demand from large customers. It also called for a large portfolio of gas-fired generation, solar, storage and nuclear resources, alongside continued demand-side programs and planned coal retirements. Read case
American International Group: The Next Dollar of Capital
At 30 June 2026, AIG reported $7.4 billion of Parent liquidity, including a $3.0 billion committed revolver. It had returned $1.2 billion through common-share repurchases and $504 million through dividends during the first half. AIG repurchased about $195 million more in July; at 31 July, $2.6 billion remained under its Board authorization. Read case
Aon and Willis Towers Watson — The Value of Scale
On 9 March 2020, Aon plc and Willis Towers Watson (WTW) announced a definitive agreement to combine in an all-stock transaction. WTW shareholders would receive 1.08 shares of the new Aon for each WTW share, a stated 16.2% premium to WTW's closing price on 6 March. Read case
Apple — Who Pays for Openness?
On 25 January 2024, Apple announced major changes to iOS, Safari and the App Store in the European Union. Among them: iPhone users would be able to install apps from alternative marketplaces, and developers could use payment providers other than Apple’s in-app purchase system. Apple also announced new EU commercial terms for developers who wanted those capabilities. Read case
AppLovin — Scaling the Flip Relationship
On 2 April 2024, AppLovin and Flip announced that Flip would soon relaunch an advertising marketplace for merchants using AppLovin’s AXON technology. AppLovin had already agreed to invest $50 million in Flip’s Series C, expected to represent about 4.1% of Flip’s fully diluted ownership, and Flip had already entered a commercial agreement to use AXON. Read case
Arch Capital Group: Returning Capital Through a Divided Insurance Market
Arch Capital Group (Arch) repurchased 12.4 million common shares for $1,165.8 million during the second quarter of 2026. The average price was $94.38 per share. At June 30, $2,158.2 million remained under its repurchase authorization. Read case
Arthur J. Gallagher & Co.: Integrating AssuredPartners
By September 2026, Arthur J. Gallagher & Co. (Gallagher) was still integrating AssuredPartners (AP), the large brokerage business it acquired in 2025. The company had also announced smaller acquisitions with different public descriptions of team location and leadership. Read case
ADP: Who sets the limits on the payroll agent?
In January 2026, ADP introduced a new set of ADP Assist agents for employees, managers, HR teams, and payroll practitioners. Read case
Becton Dickinson: Preparing for a Phasix Indication That Has Not Yet Been Proven
Imagine that you advise Becton, Dickinson and Company’s Surgery leadership on October 2, 2026. The question is how much to invest in preparing for possible U.S. prophylactic use of Phasix Mesh while a large clinical trial remains in follow-up. This is a hypothetical resource-allocation decision, not a reported management meeting or an announced BD budget. Read case
Berkshire Hathaway: How Much Optionality Should Capital Keep?
Berkshire Hathaway closed 2023 with a large balance of cash, cash equivalents and U.S. Treasury bills. Warren Buffett described ample liquidity as paramount and linked the reserve to financial strength and the ability to act during a severe market disruption. At the same time, Berkshire continued to invest in operating businesses, public securities and share repurchases. Read case
Boston Scientific: Resilience, Integration and the Next Dollar
On August 25, Boston Scientific identified a cybersecurity incident that disrupted global operations. Manufacturing, order processing and shipping were limited. The company’s first public notice said the scope and financial impact were then unknown. Read case
California BanCorp: where should the next loan come from?
On July 27, 2026, California BanCorp reported second-quarter net income of $14.3 million and $113.7 million of sequential loan growth. Nonperforming assets fell to 0.44% of total assets from 0.97% in the prior quarter. Management described growth as balanced and said it reflected new business relationships across the bank’s California footprint. Read case
California Water Service Group: How Much Revenue Protection Is Enough?
On 17 March 2026, California Water Service Group (Cal Water, NYSE: CWT) told investors that the California Public Utilities Commission (CPUC) had issued a proposed decision in the company's 2024 California general rate case. The Commission had not voted. Read case
Camden National: integrating Northway without losing the relationship franchise
On November 7, 2024, Camden National Corporation filed its latest quarterly report. The company had announced its agreement to acquire Northway Financial two months earlier. Both boards had approved the agreement, but the transaction still needed Northway shareholder and regulatory approvals. Read case
Candel Therapeutics: Should It Commit to the Next Glioblastoma Trial?
On October 2, 2026, Candel Therapeutics was preparing for a possible prostate-cancer biologics license application (BLA), starting a global pivotal lung-cancer trial, and advancing a separate viral immunotherapy for recurrent glioblastoma. Each program carried scientific promise and uncertainty. Read case
Capitol Federal: How Fast Should the Portfolio Shift?
On October 1, William Skrobacz became President of Capitol Federal Financial and Capitol Federal Savings Bank. He had helped develop and execute the company’s commercial strategy; CEO John Dicus remained chair and CEO. The transition put day-to-day responsibility for commercial operations and strategy in a new role, while the public financial picture still ended June 30. P04 Read case
Capricor Therapeutics — Readiness Before Resolution
Capricor Therapeutics was preparing for a potential U.S. launch of Deramiocel, an investigational cell therapy for Duchenne muscular dystrophy (DMD), while the FDA continued reviewing its biologics license application (BLA). Read case
Caterpillar — Building Capacity for a Power-Hungry World
In its second quarter of 2026, Caterpillar reported a $72.1 billion order backlog that it believed was firm, up $9.4 billion from the prior quarter. The increase spanned its three primary segments, with the largest increase in Power & Energy. Read case
CDW and Sirius: Building the Next Layer of Customer Solutions
In late February 2022, CDW’s leadership had a newly combined business to organize. The company had completed its acquisition of Sirius Computer Solutions on 1 December 2021. Read case
CenterPoint Energy: Sequencing Growth, Resilience, and Financial Flexibility
On October 1, CenterPoint Energy Resources Corp. (CERC), a subsidiary of CenterPoint Energy, completed the sale of its Ohio natural-gas local distribution business. Read case
CF Industries: When Should Blue Point Reach FID?
On February 14, 2024, CF Industries said it and Mitsui had completed a front-end engineering and design study for a proposed low-carbon ammonia plant at Blue Point, Louisiana. The studied design used steam methane reforming (SMR) with carbon capture and sequestration (CCS). Read case
Chubb — Underwriting Discipline after a Soft-Market Warning
By 28 July 2026, Chubb had filed its quarterly report for the three months ended 30 June. The results showed sharply different premium trends within North America Commercial P&C. The reported Major Accounts & Specialty category had contracted, while middle-market and small commercial had grown. Read case
Cintas and UniFirst: Pursue, pause, or walk away?
On January 7, Cintas publicly proposed to acquire UniFirst for $275 per share in cash. The proposal was nonbinding and required a definitive agreement. UniFirst’s board announced that it had unanimously rejected it. Cintas now has to decide whether to continue seeking a combination, pause, or redirect its attention elsewhere. Read case
CME Group — Should Energy Trade Around the Clock?
On October 2, CME Group said it was withdrawing the filing for its proposed 10-Barrel WTI Crude Oil futures contract. The company attributed the decision to discussions with industry participants who were concerned that continuous energy trading without further due diligence could create unintended consequences and additional risk. Read case
Cognizant: Governing the AI Builder at Scale
In July 2026, Cognizant said it would scale to 5,000 Frontier Certified Engineers and 10,000 Frontier Business Operators. Its first cohort was expected to be assessed and deployment-ready in the fourth quarter. The company described the roles as part of an AI Builder model that combines industry and technology expertise with client knowledge. Read case
ConocoPhillips — How Should It Adjust the 2020 Operating Plan?
On the evening of 17 March 2020, ConocoPhillips (COP) had to decide whether its 2020 operating plan could still stand. The plan had been issued before two shocks arrived together: the spread of COVID-19 was weakening expected oil demand, and the March 6 OPEC+ meeting ended without an agreement to extend production management. Read case
Constellation Energy: Governing the Next Wave of Large Loads
Assume you advise Constellation’s board in a hypothetical autumn 2026 policy discussion. Recommend how the company should evaluate future, not-yet-committed large-load proposals near its generation assets. Set approval gates for system reliability, cost allocation, customer flexibility and credit, contract risk, accountable decision-makers, exceptions, and ongoing monitoring. Read case
Cabot–Cimarex — Should Shareholders Approve the Merger?
On 13 August 2021, Cabot Oil & Gas and Cimarex Energy filed Amendment No. 1 to Form S-4, containing a preliminary joint proxy/prospectus, ahead of shareholder meetings scheduled for 29 September. Cimarex shareholders would vote on the merger; Cabot shareholders would vote on the share issuance and a charter amendment required by the transaction. Read case
Aetna and the 2025 Medicare Advantage bid
It is 1 April 2024. CMS has just released its final payment announcement for the 2025 Medicare Advantage (MA) year. Aetna is preparing its 2025 plans, and its leadership team must decide how to balance medical-cost pressure, member value and competitive position as it sets bids and benefits. Read case
DTE Energy: Building Ahead of a New Load
On July 28, DTE Energy reported that it had invested more than $2.6 billion in its utilities during the first half of 2026. The company said those investments were strengthening its electric and natural-gas infrastructure, improving reliability, and advancing cleaner energy. Read case
Edison International — SCE’s Next Wildfire-Mitigation Priorities
On March 1, 2024, a hypothetical planning group at Southern California Edison (SCE) is asked to prepare a recommendation for the next cycle of wildfire-risk mitigation. SCE already has an approved 2023–25 Wildfire Mitigation Plan (WMP), and it reported that it exceeded its 2023 covered-conductor target. Read case
Emerson and National Instruments: Escalate or Negotiate?
At 6:55 a.m. Eastern Time on January 17, Emerson announced a $53-per-share all-cash proposal to acquire NI, which Emerson described as an implied enterprise value of $7.6 billion. The offer was already public at the case cutoff. Emerson said it had first submitted $48 per share on May 25, 2022, then delivered the $53 proposal to NI on November 3. Read case
Entergy Louisiana: Power for growth, or flexibility for the future?
In fall 2026, Entergy Louisiana, LLC (ELL) is seeking Louisiana Public Service Commission (LPSC) approval to build two large gas-fired power stations and recover eligible costs from customers. The plants would take years to complete. The utility argues that its system needs more dispatchable capacity as demand grows and older resources retire. Read case
EOG Resources — Where Should the Next Well Go?
On 22 February 2024, EOG Resources reported 2023 results and its 2024 capital plan. The plan called for $6.0–$6.4 billion of capital expenditures, with management expecting crude-oil production to rise 3% and total production to rise 7% from 2023. Read case
Everest: How much risk should Annapurna help carry?
Everest Group has recently launched Annapurna Re Ltd., a Bermuda casualty reinsurance sidecar sponsored with Stone Point. Read case
Eversource Energy: Where Should Offshore Wind Sit in the Portfolio?
On 24 May 2023, Eversource's strategic review of its offshore-wind investments was still underway. The company had said the review could result in a sale of all or part of its 50% interest in a joint venture with Ørsted. Assume you are an outside strategy adviser preparing a recommendation for a hypothetical Eversource board discussion. Read case
Everus Construction Group: The Final Approval Gate
On 12 September 2024, Everus Construction Group, Inc. filed a registration statement with the Securities and Exchange Commission. Its attached information statement was labeled preliminary and subject to completion. Everus was still a wholly owned subsidiary of MDU Resources Group. Read case
Evolent Health: Choosing How to Share Medical-Cost Risk
On November 7, 2024, Evolent Health reported third-quarter results. Revenue was $621.4 million, and Adjusted EBITDA was $31.8 million, down from $48.7 million a year earlier. The company also reported a GAAP net loss attributable to common shareholders of $31.2 million. (, release pp. 1–2, lines 16–29, 77–101.) Read case
Evolv — Supporting Customers Under a New Constraint
On 23 January 2025, Evolv Technologies Holdings, Inc. issued a business update while a court-entered order gave a defined group of school customers a temporary right to cancel their Evolv Express contracts. The company said no eligible customer had exercised the right as of that date and that the “vast majority” of those rights were scheduled to expire by 14 March. Read case
F5: How should it commercialize NGINX One?
F5 announced general availability of NGINX One on 17 September 2024. The cloud console is designed to manage F5 NGINX instances and NGINX Open Source through one interface. F5 described visibility, policy and patch-management features, with security and optimization capabilities and integration with F5 Distributed Cloud Services. Read case
FactSet: Who Owns the Financial AI Workflow?
All company information in this case was public by the cutoff. The executive assignment and decision described below are constructed for classroom discussion; FactSet has not disclosed a meeting or pending resource-allocation decision matching this case. Read case
Federal Realty: Which Retail Tenants Should Receive More Time?
In a June 1-dated COVID-19 business update, Federal Realty Investment Trust (FRT) reported that rent collections varied sharply across property uses and retail categories. The company reported that it had entered into rent deferrals with 15% of tenants by count, representing less than 10% of annualized base rent (ABR), and negotiations were continuing. Read case
FedEx: The Next Network 2.0 Wave
In October 2026, FedEx’s U.S. parcel-network leaders must set the pace and market-selection rules for the next phase of Network 2.0. The company has said it expects to complete the U.S. implementation by the end of calendar 2027. Read case
Case: FIS after Worldpay — Where Should the Proceeds Go?
On May 6, 2024, Fidelity National Information Services, Inc. (FIS) reported first-quarter results and raised its 2024 share repurchase target by $500 million, to approximately $4.0 billion. The company had repurchased $1.4 billion of shares during the quarter. Read case
Franklin Crypto: How Much to Integrate?
A little over three months after closing its acquisition of 250 Digital, Franklin Templeton is deciding how to organize the new Franklin Crypto division over its first full year. Read case
Gilead Sciences — Where Should the Next Pipeline Inflow Come From?
Gilead Sciences develops medicines in areas including HIV, viral hepatitis, COVID-19 and cancer. At the end of 2023, HIV products accounted for approximately 67% of Gilead’s product sales. Biktarvy, a once-daily HIV treatment, generated $11.85 billion in 2023 sales, up 14% from the prior year. Read case
HCA Healthcare: where should the next dollar of growth go?
By the close of November 10, HCA’s November 9 Investor Day materials and replay were public. The presentations described a company expanding both hospitals and outpatient access points. They also pointed to a large pool of emergency visits outside HCA’s network and to long-term earnings-growth targets. Read case
Humana and the 2025 Medicare Advantage bid
Humana had weeks to finalize its 2025 Medicare Advantage (MA) bids. The national payment announcement showed an average increase, yet Humana’s leaders warned that benefits and plan choice could still come under pressure. The strategic question was which plans and benefits to protect, redesign, or leave as the company balanced affordability, member growth, and margin recovery. Read case
Invitation Homes — Choosing the Next Sourcing Channel
Invitation Homes had grown by acquiring and operating single-family rental homes across major U.S. markets. Its disclosed sourcing included purchases of existing homes and partnerships with third-party homebuilders. Read case
Jack Henry — Modernize the Core, Protect the Trust
You are an outside strategy adviser preparing a memo for an investment committee. The committee wants to assess Jack Henry & Associates' multi-year plan to modernize core banking technology through a new public-cloud-native, API-first platform while continuing to support its existing bank and credit-union systems. Read case
Jefferson Capital: Which Consumer Debt Should It Buy Next?
Jefferson Capital had built its business around acquiring consumer debt portfolios and collecting on them. Its June 2025 prospectus described U.S. purchases of performing loans as an area for expansion. The company said it had selectively acquired performing pools in 2022 and 2023 and believed its experience in distressed debt could transfer to them. Read case
Joby Aviation — Scaling Before Certification
On 1 March 2024, Joby Aviation’s leaders faced a sequencing question. The company had announced a large manufacturing plan in Dayton, Ohio, while its electric vertical takeoff and landing aircraft remained in development and FAA certification was still underway. Read case
Johnson & Johnson: Governing a Supply-Network Transition
On September 1, 2026, Tom Cavanaugh became Johnson & Johnson’s executive vice president and worldwide chairman of Innovative Medicine, succeeding Jennifer Taubert. His appointment came after J&J disclosed a new supply-chain restructuring in its second-quarter results. Read case
Johnson Outdoors — Planning for the Next Season
The fiscal year had just ended, but Johnson Outdoors had not yet reported its fourth-quarter or full-year results . The latest operating figures available were for the three and nine months ended 3 July 2026. Sales differed across the company’s three segments: Fishing and Diving were higher year over year, while Camping & Watercraft Recreation was lower. Read case
JPMorgan Chase: How much flexibility should a $50 billion buyback authorization preserve?
On June 24, 2026, JPMorgan Chase’s board authorized a new common-share repurchase program of up to $50 billion, effective July 1. The company said management would determine the amount and timing; the authorization did not require the company to buy shares on a set schedule. Read case
Keurig Dr Pepper — When Should Coffee Stand Alone?
On October 2, 2026, Keurig Dr Pepper (KDP) directors must decide whether to keep preparing for an early-2027 separation of Beverage Co. and Global Coffee Co. while KDP integrates JDE Peet’s, or to defer the separation until integration and standalone readiness are further advanced. Read case
KeyCorp — Where to Focus Relationship-Building Effort?
Imagine joining KeyCorp’s strategy team at the start of March 2024. The team is preparing its next review of customer and deposit priorities. Read case
Kinder Morgan’s Conditional Capital: When Should Approval Become Commitment?
At 4:29 p.m. Eastern on July 22, Kinder Morgan, Inc. (KMI) had just released second-quarter results. Its 4:30 p.m. earnings webcast had not yet begun. The release reported that the board had given contingent approval to nearly $400 million of projects, which were not yet included in the company’s committed project backlog. Read case
Linde’s Next Hydrogen Gate: Preserve the Option or Wait?
On the afternoon of October 31, Linde’s strategy committee must decide how to handle a possible next stage of its relationship with Dow’s Path2Zero project in Alberta, Canada. Linde signed a long-term supply agreement for Phase 1 and announced an investment exceeding $2 billion in a new industrial-gas complex. Read case
Lockheed Martin — Turning Backlog into Deliveries
Imagine you advise Lockheed Martin’s leadership on the next increment of production-response investment. The company has a substantial reported backlog, but the public evidence also points to supplier shortages, F-35 delivery delays, longer build times, and risks from labor and supplier costs. Read case
LyondellBasell — Rebuilding the Circular Plastics Path?
LyondellBasell Industries N.V. (LYB) was balancing portfolio change, cash discipline and a long-term circularity strategy. Its first commercial-scale MoReTec chemical-recycling plant was under construction in Wesseling, Germany; the company expected it to begin operating in 2027 at a stated capacity of 50,000 metric tons per year. Read case
Marsh: One Platform, Four Kinds of Expertise?
In October 2025, Marsh McLennan announced a new Business and Client Services unit (BCS) to centralize investments in operational excellence, data, artificial intelligence, and analytics. The company also began a brand transition that took effect in January 2026. A hypothetical leadership team is now preparing its next cycle of operating priorities. Read case
Meta’s 2024 Infrastructure Bet: How Fast to Build?
At 4:15 p.m. Eastern on February 1, Meta Platforms had just released its fourth-quarter and full-year 2023 results. Investors had seen the numbers and a new range for 2024 capital expenditures. Meta’s earnings call was scheduled to begin at 4:30. Read case
MetLife: Reaching the Sponsor, the Adviser, and the Employee
MetLife’s New Frontier strategy names Group Benefits as a growth priority. In its 2025 Form 10-K, the company said employers have been emphasizing voluntary products and that it had increased communication and marketing to employees to foster sales. Read case
Mettler-Toledo — Keeping Precision in Motion
On 8 February 2024, Mettler-Toledo reported that fourth-quarter sales had been affected by approximately $58 million of shipping delays “with a new external European logistics service provider.” Management expected the delayed sales to be largely recovered in the first quarter of 2024. Read case
MGM Resorts International: Allocating Capital After the Bid Ends
On September 23, 2026, MGM Resorts International told investors that People Incorporated had withdrawn its proposal to acquire the shares of MGM it did not own. MGM said a special committee had negotiated with People for several months and that the board remained committed to executing MGM's strategy as a standalone company. Read case
Microchip Technology: Capacity Choices Through a Downturn
On March 1, 2024, Microchip Technology’s operating and strategy leaders are reviewing how to plan capacity as customers work through excess inventory. Management says most factory expansion activity remains paused, while the company continues selective equipment and facility investment. Read case
MSCI: One climate-risk workflow—or interoperable specialist tools?
On August 3, 2026, MSCI announced it had completed its acquisition of First Street, a provider of physics-based physical climate-risk data and analytics. The deal was closed. What remained unsettled in the public record was what the combined product and operating design would look like in practice. Read case
NVR: Controlling Finished Lots Through the Housing Cycle
On March 1, 2024, NVR’s strategy team is preparing to review the company’s land and community approach. NVR generally buys finished lots from third-party developers under fixed-price lot purchase agreements (LPAs), rather than directly owning and developing land. It also has limited joint-venture (JV) and directly owned land positions. Read case
Old Dominion Freight Line: How Much Capacity, and When?
Old Dominion Freight Line (ODFL) entered the second half of 2026 with an enlarged capital-spending forecast and mixed operating signals. On August 5, its second-quarter filing raised the estimated FY2026 capital expenditure plan from the $265 million disclosed in its 2025 annual report to approximately $380 million. Read case
Ondas Inc.: Integrate, Scale, or Add Another Capability?
At 8:26 a.m. Eastern on August 13, 2026, the SEC accepted Ondas Inc.’s second-quarter results filing. The company’s release scheduled its earnings call for 8:30 a.m. The public filing reported rapid growth, a larger order book, acquisitions completed after quarter-end, and a much larger operating platform. Read case
OneMain Holdings: Growth, Credit Risk, and Capital Returns
At the end of August 2026, OneMain had several reasons to continue growing its consumer-credit portfolio—and reasons to protect its ability to absorb losses and fund that growth. In the second quarter, originations increased 10% year over year. Management’s non-GAAP capital-generation measure rose to $229 million from $222 million. Read case
PG&E: Choosing the Next Wildfire-Risk Mitigation Tranche
Assume you advise a hypothetical PG&E strategy team planning its next tranche of distribution wildfire-risk mitigation. Recommend how the team should prioritize work among (1) undergrounding selected high-risk circuit segments, (2) overhead hardening such as covered conductor and stronger poles, and (3) operational measures such as EPSS, PSPS, detection and monitoring. Read case
Procter & Gamble: Where Should the Next Consumer Dollar Go?
On September 4, a hypothetical P&G strategy committee is preparing priorities for fiscal 2027. Its assignment is to decide where incremental consumer-facing attention should go: product and packaging innovation, accessible price-pack choices, brand communication, or retailer-specific execution. The committee must also decide what evidence should unlock further investment. Read case
Prudential Financial: what should the next longevity-risk opportunity have to prove?
In the fourth quarter of 2023, Prudential Financial reported $14.3 billion in Institutional Retirement sales, including a $9.2 billion Netherlands longevity-risk-transfer transaction. On December 19, NN Group announced that it had completed two longevity transactions, one with a Prudential insurance subsidiary; the risk transfer was effective December 31, 2023. Read case
PulteGroup: How much land should the builder own?
In July 2026, PulteGroup (PHM) had 228,241 lots under its control: 102,323 owned and 125,918 optioned. Management said options let the company defer land acquisition until it decides whether and when to exercise, reducing risks associated with holding land for a long time. At the same time, management described competition for well-positioned land as robust. Read case
Sempra: SDG&E’s Next Wildfire-Mitigation Sequence
San Diego Gas & Electric (SDG&E), a Sempra subsidiary, already has an approved 2023–2025 Wildfire Mitigation Plan (WMP). On October 13, 2023, California’s Office of Energy Infrastructure Safety (Energy Safety) approved the plan. Read case
Solid Biosciences: Choosing the Next DMD Gene-Therapy Bet
By September 2022, Solid Biosciences had two Duchenne muscular dystrophy (DMD) gene-therapy programs at very different stages. SGT-001 had already been dosed in people and had generated encouraging but small, uncontrolled interim observations alongside a serious safety history. Read case
The Southern Company: How Much Credit for Flexible Demand?
Georgia Power serves a fast-growing state while planning resources years ahead of when they can operate. A newly announced, very large customer brings a second question: how much should a utility count a customer’s promise to reduce electricity use when it plans for peak demand? Read case
Southern Missouri Bancorp: how fast should it use its buyback authority?
Southern Missouri Bancorp closed its fiscal year on June 30 with a new repurchase authorization already in place. Approved by the Board on January 20, the program allowed the company to buy up to 550,000 shares, which management described as approximately 5% of shares outstanding. Read case
STERIS: Governing the Mentor manufacturing transition
On May 11, STERIS announced that it would invest approximately $60 million over two years in a new sterility-assurance manufacturing plant in Mentor, Ohio. The plant is intended to consolidate existing U.S. production and was expected to be operational in late calendar 2027. The investment is announced; the operating transition still has to be designed. Read case
Texas Instruments: When Should Modular Capacity Become Installed Capacity?
In October 2026, Texas Instruments (TI) was entering a new phase of its manufacturing program. The company had spent heavily on U.S. fabrication sites and was now describing a more modular approach: build or prepare the physical space, then install equipment and ramp production as customer demand justified it. Read case
Trimble Inc. — Sequencing the AGCO Joint-Venture Interfaces
On September 28, 2023, Trimble and AGCO signed an agreement to combine much of Trimble’s precision-agriculture business with AGCO’s JCA Technologies business in a joint venture. Trimble agreed to contribute its precision-agriculture business, excluding certain GNSS and guidance technologies, and AGCO agreed to contribute JCA. AGCO would own 85% and Trimble 15% after closing. Read case
Truist Financial: What Should It Do With Insurance?
In early November 2023, Truist Financial had two sizable businesses with different economics. Its bank held $400.0 billion in deposits and reported a preliminary Common Equity Tier 1 (CET1) ratio of 9.9%. Its insurance operation generated fee-oriented revenue and gave Truist a presence in commercial insurance brokerage. Read case
United Rentals: Where Should the Next Fleet Dollar Go?
United Rentals entered 2024 with a broad rental network: 1,584 locations, about 4,800 equipment classes, and 995,000 equipment units. At year-end 2023, its fleet had $20.66 billion of original equipment cost (OEC). Equipment rentals made up 84% of the company’s $14.332 billion in revenue. Read case
UnitedHealth Group: Bidding for Medicare Advantage Under a Changing Model
On Friday, June 2, UnitedHealthcare's Medicare Advantage team had one last weekend before submitting its 2024 bids to the Centers for Medicare & Medicaid Services (CMS). The deadline was Monday, June 5. The company had to decide which county offerings to retain and how to set premiums and benefits for the next contract year. Read case
Verisk Analytics: Who should own the next layer of insurance AI?
Verisk sells data, analytics, and software to insurers. Its products support decisions in underwriting, claims, catastrophe risk, and related workflows. Verisk says these products combine proprietary and contributory data, insurance expertise, statistical models, analytics, and software, often embedded in customers’ workflows. Read case
Visa: Where Should the Next Increment of Attention Go?
Visa’s card network was still growing. In the quarter ended June 30, 2026, payments volume rose 10% in constant dollars and Visa processed 71.7 billion transactions, up 10% from a year earlier. Read case
W. R. Berkley: Where should underwriting capacity go next?
In the first weeks of 2026, W. R. Berkley Corporation (Berkley) faced a question that did not appear in its group-wide premium growth number: where should the next dollar of underwriting capacity go? Read case
Wynn Resorts: How Much Confidence Belongs in the Al Marjan Strategy?
Wynn Resorts has built a business around luxury integrated resorts: hotels, casinos, restaurants, entertainment, retail and meetings operated as parts of a single destination. The company is now developing Wynn Al Marjan Island in Ras Al Khaimah, United Arab Emirates, with local partners. Read case
After the Raise: Sequencing Zura Bio’s Clinical Portfolio
On May 9, Zura Bio reported that it had closed an oversubscribed private placement for approximately $112.5 million in gross proceeds. Cash and cash equivalents had been $89.817 million at March 31. Management said the placement, together with its current plans, should support operations through 2027. Read case