O regresso ao Lugar do Senhor dos Perdões

Uma mensagem importante que deve ser sempre sublinhada, sobretudo pelos intervencionistas ingénuos:

"The takeaway is to stop thinking about whether the industry you are in is "good" or "bad" — recognizing that as the wrong question — and to focus instead on what you can do to win where you are.
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Indeed, our study shows that the biggest variations in TSR [Total Shareholder Return] are not between industries but within them. Yes, at 21%, the median annual return of tobacco, the best-performing industry between 2002 and 2012, was seven times higher than computers and peripherals, the worst-performing industry. The difference in the averages between those two industries was 18 percentage points — no small potatoes.
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But the TSR variations of companies within these industries were far greater: 44 percentage points in tobacco and 69 percentage points in computers and peripherals."

Trecho retirado de "Don't Blame Your Company's Poor Performance on Its Industry"

Recordar "Lugar do Senhor dos Perdões (parte III)" e o marcador ali abaixo.