Sei que é um tema que já abordo aqui no blogue há mais de 10 anos: há mais variabilidade no retorno do investimento dentro de um sector económico do que entre sectores económicos. Não esquecer os catequistas. No entanto, estes trechos vão servir de trampolim para o que aí virá em próximos postais:
"I know it is probably poor storytelling, but I am tempted to share the good news right up front. I am incredibly optimistic about the potential of most companies to create more value and substantially improve their financial performance. And no, this is not just wishful thinking. My optimism is grounded in careful analysis of the data. Select any segment of the economy, and you will see that the very best companies in that segment dramatically outperform other firms. If the average company made even modest advances, value created and profits would soar....When I meet with executives whose companies achieve less-than-stellar performance, the typical conversation quickly turns to industry dynamics. They explain that their industry is disrupted by digital technology, how they face tough import competition, and why talent is difficult to hire and retain. The executives are right. Profitability can indeed change substantially from one industry to the next. Some industries are blessed with high average returns, others decidedly less so....The difference between leading and lagging companies in the same industry is typically far greater than the variation across industries....there is more than twice as much room to grow profitability inside an industry as opposed to across industries. From the standpoint of profitability, industries are fairly similar. Companies inside an industry, however, tend to be very different."
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