"Companies in the top one-fifth of profitability earn, in aggregate, about 70 times more economic profit (accounting profit less cost of capital) than those in the middle three-fifths combined, according to McKinsey’s database of 3,000 large, publicly listed, nonfinancial U.S. firms.[Moi ici: A importância da idiossincrasia no desempenho das empresas]É preciso olhar para a paisagem competitiva e perceber que se está a enrugar
Moreover, the economic profit of companies that were in the top fifth in 1997 (at the start of the dataset) grew by close to 50% over the subsequent 15 years, so that the gap between the most and least profitable firms in the sample increased over time.[Moi ici: O que aqui não é dito, e acho grave, é que a maioria dos que estavam no topo em 1997 já não fazem parte desse topo 15 anos depois]
Sound familiar? Even in the corporate world, the rich are getting richer.[Moi ici: Reler última nota]
[Moi ici: Segue-se algo em linha com a minha proposta da concorrência imperfeita] this phenomenon of rising competitive intensity does not, evidently, apply to all firms. An increasing number of U.S. companies have enjoyed supernormal rates of return. In 1960, only a tiny proportion of major American firms earned an ROIC of 50% or more. The proportion rose slowly and relatively steadily, reaching 5% by the mid-1990s. It then leapt suddenly to 14% by the 2005–2007 period.
So although you might expect that in a hypercompetitive environment, ambitious companies would constantly wrest market share from the leading firms, the reality is quite the opposite.
It appears that some firms have recently become rather insulated from competition and that the performance of these corporate “haves” is diverging from that of the large majority of “have-nots.”
So when billionaire Peter Thiel writes that “there is an enormous difference between perfect competition and monopoly, and most businesses are much closer to one extreme than we commonly realize,” he is onto something."
Trechos retirados de "Even for Companies, the U.S. Is Split Between Haves and Have-Nots"