Competitive strategy is a mind-set that actively “interferes with profit maximizing” in the real world

•  The more companies focused on market share and competitive strategy, the worse they did.

•  not “a single empirical study” that demonstrated that competitive strategy frameworks were helpful as decision aids

• Fama’s works suggests that Benjamin Graham’s instincts were right: The real money is to be made betting on the Davids of the world, not the Goliaths.

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