AXIOM 4Embrace Chaos

Learn and profit from adverse institutional environments.

If you have something at risk, you think differently.

HENRY KRAVIS

Chaos is a friend of mine.

BOB DYLAN

ONCE UPON A TIME, WAY BACK IN THE TWENTIETH CENtury, there were safe markets and there were risky ones. Safe markets offered predictability, minimal government interference, and a good infrastructure for doing business. Risky markets were mostly in the developing world, where governments often made capricious decisions, placed myriad obstacles for entrepreneurs, and lacked the minimal legal, financial, transportation, and telecommunications infrastructure for firms to operate.

Welcome to the twenty-first century. In multiple arenas of the global economy, the line ...

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