When Ruth Handler watched her daughter Barbara playing with paper dolls in 1959, she saw possibility. While other toy companies were focused on helping little girls practice being mothers, Handler noticed Barbara gave her dolls adult roles, imagining their careers and futures. That insight led to what we know today as ‘Barbie’ and would eventually help transform Mattel from a picture frame company into a $9 billion entertainment empire.

But Mattel's true superpower isn't just making toys - it's turning intellectual property into perpetual money machines. While everyone talks about Disney's mastery of IP, Mattel has quietly built one of the most valuable IP portfolios in entertainment. They've done it by understanding a fundamental truth: when you build worlds, you build wealth.