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The Netherlands

Land taken from the sea by committee, and the art that paid for it.

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10:57

KLM

Albert Plesman · 1919

KLM was not a private venture but a state-backed aviation instrument. Its longevity stems from institutional alignment — not market innovation.

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10:56

ABB

Charles Eugene Lancelot Brown · 1988

ABB is a post-merger industrial incumbent whose value lies in proven, regulated, physical infrastructure — not software, platforms, or scalability stories.

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AbbVie

AbbVie didn’t win the autoimmune market with science — it won with patents, pricing, and settlements.
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Aeroplan

Aeroplan isn’t a loyalty program—it’s a licensed data-and-redemption conduit owned, sold, and reacquired for CA$450 million.