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• Case | HBS Case Collection | April 2019 (Revised July 2019)

  Aperture Investors

  Krishna G. Palepu, George Serafeim and David Lane

  Aperture Investors is a startup investment firm that seeks to disrupt the asset management industry through competitive differentiation by charging investors primarily when its portfolio managers outperform the marketplace. Headed by Wall Street veteran Peter Kraus and backed with substantial and patient seed capital, Aperture seeks to attract both star portfolio managers and assets from mutual funds and hedge funds. Kraus believes that his innovative business model addresses the current dysfunctional fee and incentive structures in the industry, which have led to long-term market underperformance, and that Aperture will address the reasons that are motivating investors to shift to cheaper, passively-managed index and exchange-traded funds.

  Keywords: Business Model; Talent and Talent Management; Investment; Investment Funds; Asset Management; Recruitment; Selection and Staffing; Marketing Channels; Emerging Markets; Partners and Partnerships; Motivation and Incentives; Financial Services Industry;

  Citation:

  Palepu, Krishna G., George Serafeim, and David Lane. "Aperture Investors." Harvard Business School Case 119-053, April 2019. (Revised July 2019.)  View Details

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• Teaching Note | HBS Case Collection | October 2013 (Revised June 2019)

  Amazon in 2019

  Sunil Gupta

  By 2018, Amazon had become one of the world’s largest e-commerce players with over $233 billion in annual sales. Although its profitability had been uneven even after 23 years of its inception, its stock price had risen almost 130,000% since the company went public. During this time Amazon has spread its business across a variety of products and services that some saw as unrelated. Was Amazon spreading itself too thin or were its investments positioning the company for the future?

  Keywords: Online Technology; Marketing Strategy; Competitive Advantage; Business Model; Retail Industry;

  Citation:

  Gupta, Sunil. "Amazon in 2019." Harvard Business School Teaching Note 514-056, October 2013. (Revised June 2019.)  View Details

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• Case | HBS Case Collection | September 2018 (Revised June 2019)

  Apple Pay and Mobile Payments in Australia (A)

  Feng Zhu, Susan Athey and David Lane

  In summer 2016, four of Australia’s top five banks petitioned regulators for permission to bargain collectively with Apple over the terms under which they would support its digital wallet, Apple Pay. They argued that doing so would force concessions from Apple that would improve market competitiveness, consumer choice, price transparency, and transaction security for all mobile payments in Australia. The banks stood to benefit as well. If they succeeded in their primary aim of opening the contactless payment functionality of Apple’s devices to their own digital wallets—something Apple had thus far refused in any market it had entered—the banks could retain customer relationships that Apple Pay threatened to usurp and limit Apple’s free-riding on the contactless payment infrastructure the banks had just spent several years building.

  Keywords: payment methods; mobile payment; digital platforms; Apple; Banks and Banking; Cooperation; Problems and Challenges; Policy; Banking Industry; Australia;

  Citation:

  Zhu, Feng, Susan Athey, and David Lane. "Apple Pay and Mobile Payments in Australia (A)." Harvard Business School Case 619-010, September 2018. (Revised June 2019.)  View Details

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