"When a companys stock is overvalued, by definition managers cannot, in the absence of amazingly good luck, reliably and legally deliver performance that will justify its price. The market is setting a bar that firms cannot realistically meet.What managers do in that situation, Jensen argued, is to make decisions that will at least appear to generate the markets expected performance in the short run. In other words they start to make investments that encourage markets to believe the firm still has value-creating potential, even if they know that those investments will ultimately fall short. By doing this, managers can postpone the day of reckoning until they have left the company and can escape the consequences.Typically, they adopt one or both of two strategies: Investing in fashionable technologies...Making glamorous acquisitions."If overvalued equity were a periodic problem associated with bubbles, we would be concerned but not alarmed. But were coming to believe that this phenomenon is more commonplace and more serious than we initially suspected, and that it affects many important, capital-consuming sectors in the so-called real economy....is precisely when executives feel on top of the world that they need to consider the possibility that their strategies have run out of steam. To avoid the inevitable crash, they need to look for good reasons why their seemingly triumphant approach might fail and figure out fresher and more-realistic narratives for value creation."Trecho do artigo "The Overvaluation Trap"do Roger L. Martin e Alison Kemper Quando a cultura nao se conecta com a estrategia e a inovacao. Como trabalhar Exploitation e Exploration ao mesmo tempo. Este e o segredo da longevidade das empresasTheres lots of high-quality research that shows once companies have the right strategy, the more they can align their organization with it; that is, the more theyve got the right people, structure, metrics, and culture in place, the better they can exploit that strategy. The problem is that the alignment supporting exploitation is very different from the alignment that supports the exploration of new technologies and business models. Exploitation, which is where companies typically make money, tends to drive out exploration....But its much less ambidextrous today. I think it really does have to do with a leader thats who makes the ultimate decision about allocation of resources and people.Should every company leader seek to exploit and explore? That depends largely on the extent to which a firm is likely to be disrupted, says OReilly. If Im leading Exxon, yeah, I probably should be investing in alternative technologies. But fundamentally, at least up until now, that industry has not moved very rapidly. How worried should I be? How much effort should I be putting into exploratory ventures? Probably not a lot. _Charles OReilly, Stanford Nesta introducao do livro Competing for Customers, do Amir Hartman, separei esta parte que me chamou muito atencao, apesar de nao ser algo totalmente novo, conceitos como job-to-be-done, service-as-outcome, tao bem quanto a servitizacao (ja antigos). Como tambem o customer experience acabam fazendo parte de forma diluida em como livro e escrito.Como ja tive contato com diversos outros livros e artigos sobre