Notes

Chapter 1

  1.   1.  Since the 1960s, the proportion of industries in which the top player has led for more than five years has dropped from 77 percent to 44 percent. The graph shows the changing rate at which companies whose total shareholder return is in the top quartile of their industry fade to the mean of their industry. For example, companies that were in the top quartile of their industry in the five years leading to 1990 only dropped around 10 percent back toward the mean in each of the subsequent five years. Whereas companies in the top quartile of their industry in the five years leading to 2010 dropped about 90 percent back toward the mean on average in each of the subsequent five years. We analyzed companies with inflation-adjusted ...

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