Loved the piece, Jitha.

Interesting paths emerge with market leadership. You talk of one where leadership leads to hubris leads to complacency. Nokia and Kodak are poster children. Andy Grove cautions against that. But is there another path that's as common. When Jim Collins found some of the companies covered in Good to Great had spiralled into irreversible decline, he investigated them and came up with a theory that sometimes market leadership leads to hubris leads to the 'undiciplinsd pursuit of more'. Circuit City is one such example. More covered in the book How the Mighty Fall.

It's a fascinating insight. Overconfidence doesn't only lead to complacency. It also leads to taking big risks that you don't have a hedge for. For every Nokia there's a Circuit City.

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