Looking like a disaster, page-4

I looked at this earlier...Imran makes a good point about management and how hubris can affect future ventures. Pat Dorsey's book on understanding competitive advantages talks about how management is not really the key to success and how the industry dynamics and structure have more to do with success. This is an important point he makes. Buffet made the point crudely when he said I try to buy stock in businesses that are so wonderful that an idiot can run them. Because sooner or later, one will.'