【文章內容簡介】 ket 1917 to 1987. Samp。P 500 from 1957 to 1997: 74 members of the Class of ‘57 were alive in ‘97。 12 (%) of 500 outperformed the market from 1957 to 1997. Source: Dick Foster amp。 Sarah Kaplan, Creative Destruction: Why Companies That Are Built to Last Underperform the Market ―Mr. Foster and his McKinsey colleagues collected detailed performance data stretching back 40 years for 1,000 . panies. They found that none of the longterm survivors managed to outperform the market. Worse, the longer panies had been in the database, the worse they did.”—Financial Times/ “Good management was the most powerful reason [leading firms] failed to stay atop their industries. Precisely because these firms listened to their customers, invested aggressively in technologies that would provide their customers more and better products of the sort they wanted, and because they carefully studied market trends and systematically allocated investment capital to innovations that promised the best returns, they lost their positions of leadership.‖ Clayton Christensen, The Innovator?s Dilemma Fet―Learn‖ ―The problem is never how to get new, innovative thoughts into your mind, but how to get the old ones out.” Dee Hock Success Kills! ―The more successful a pany, the flatter its fetting curve.‖ — Gary Hamel and . Prahalad “Conglomerates don?t work.” —James Surowiecki, The New Yorker () ―MERGERS: Why Most Big Deals Don‘t Pay Off. A BusinessWeek analysis shows that 61% of buyers destroyed shareholder wealth.‖ —BusinessWeek/ ―When asked to name just one big merger that had lived up to expectations, Leon Cooperman, former cochairman of Goldman Sachs‘ Investment Policy Committee, answered: I?m sure there are success stories out there, but at this moment I draw a blank.” Mark Sirower, The Synergy Trap ―Acquisitions are about buying market share. Our challenge is to create markets. There is a big difference.‖ Peter Job, CEO, Reuters Market Share, Anyone? — 240 industries。 marketshare leader is ROA leader 29% of the time — Profit / ROA leaders: ―aggressively weed out customers who generate low returns‖ Source: Donald V. Potter, Wall Street Journal ―The $58B hostile bid by SanofiSynthelabo for Aventis has been greeted skeptically, as has the news that Novartis may counterbid. Few investors believe that Big Pharma can pensate for a deficit of new drugs by getting bigger. Some suspect the converse is true: that size has made them sluggish. … That has led to some thinking the unthinkable: that pharmaceutical panies should leave drug discovery to biotech panies and focus their efforts on development and marketing.” —Financial Times/ Winning the Merger Game Is Possible Lots of deals Little deals Friendly deals Stay close to core petence Strategy is easy to understand Source: ―The Megamerger Mouse Trap‖/Wall Street Journal/, Bain amp。 Co./re ComcastDisney TP on Acquisitions 1. Big + Big = Disaster. (Statistically.) (There are exceptions。 ., Citigroup.) 2. Big (GE, Cisco, Omni) acquires small/specialist = Good … if you can retain Top Talent. 3. Odds on achieving ―projected synergies‖ among Mixed Big ―cultures‖: 10%. 4. Max Scale Advantages are achieved at a smaller size than imagined. 5. Attacked by Big, Mediocre Medium marries Mediocre Medium to ―bulk up.‖ Result: Big Mediocrity … or worse. 6. Any size—if Great amp。 Focused—can win, locally or globally. 7. Increasingly, Alliances deliver more value than mergers —and clearly abet flexibility. No Wiggle Room! ―Incrementalism is innovation‘s worst enemy.‖ Nicholas Negroponte Just Say No … ―I don‘t intend to be known as the ?King of the Tinkerers.‘ ‖ CEO, large financial services pany ―Beware of the tyranny of making Small Changes to Small Things. Rather, make Big Changes to Big Things.‖ —Roger Enrico, former Chairman, PepsiCo ―Perfection is achieved only by institutions on the point of collapse.‖ — C. Northcote Parkinson 2A. Yo, Jim . Or: The Case for … Technicolor! “intrepid, unprincipled, reckless, predatory, with boundless ambition, civilized in externals but a savage at heart.” Herman Melville on JPJ: “intrepid, unprincipled, reckless, predatory, with boundless ambition, civilized in externals but a savage at heart.” —from Evan Thomas, John Paul Jones: Sailor, Hero, Father of the American Navy Huh? ―Humility: The Surprise Factor in Leadership … bosses with Gung ho Qualities and Charisma May Be Out of Fashion‖ —Headline/FT/ re JCollins/ Jim amp。 Tom. Joined at the hip. Not. I. Good to Great II. Built to Last III. Quiet, Humble Leaders I. Good to Great II. Built to Last III. Quiet, Humble Leaders Good to Great: Fannie Mae … Kroger … Walgreens … Philip Morris … Pitney Bowes … Abbott … Kimberly Clark … Wells Fargo Great Companies … SET THE AGENDA. (Period.) AGENDA SETTERS: ―Set the Table‖/ Pioneers/ Questors/ Adventurers US Steel … Ford … Macy‘s … Sears … Litton Industries … ITT … The Gap … Limited … Wal*Mart … Pamp。G … 3M … Intel … IBM … Apple … Nokia … Cisco … Dell … MCI … Sun … Oracle … Microsoft … Enron … Schwab … GE … Southwest … Laker …People Express … Ogilvy … Chiat/Day … Virgin … eBay … Amazon … Sony … BMW … CNN … I. Good to Great II. Built to Last III. Quiet, Humble Leaders Built to Last v. Built to Flip ―The problem with Built to Last is that it‘s a romantic notion. Large panies are incapable of ongoing innovation, of ongoing flexibility.‖ ―Increasingly, successful businesses will be ep