"we can explain 40 percent of a company’s economic profit by the industry in which it competes
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The industry’s contribution is smaller in the top and bottom quintiles - idiosyncratic factors explain more of the performance differences here.[Moi ici: Boas estratégias e boa execução, empurram uma empresa para desempenhos bem acima da média e vice-versa]
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The remaining 60 percent (the company effect) represents other drivers of value. These could be attributable, first, to a company’s more granular choices about market selection—not just broad industries, but subsegments and geographies too.
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After those are accounted for, there will be a gap representing a company’s unique proprietary advantage, encapsulated in privileged assets and special capabilities. It takes real work to isolate these factors, but the payoff can be worthwhile"
Imagem e trecho retirados de "The strategic yardstick you can’t afford to ignore"
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