All telecoms companies have seen their market capitalisation more than halve during the past year. But BT has significantly underperformed the market, while its arch rival Vodafone grows at breakneck pace. Same markets, same products, but diametrically opposite results. Old-fashioned as the idea might seem, I believe it is lack of execution, not 'the depreciating euro' or 'market difficulties', that makes the difference. Equally, when an industry tanks, market forces are uncompromising and everyone suffers, but not all equally.
Good companies gain market share while the bad ones blame the market.
I know, I bought a tri-band and dread to use it. On the other hand, Nokia clearly read the consumer-driven handset trends and its GSM phones are intuitive and appealing. Mine rarely leaves my side. At the time, Motorola was the envy of the global semiconductor world and the creator of many of today's successful world-class strategies. Today it is ST calling the shots, having achieved world-class status and shaken off its domestic and political dependence.