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Creative Destruction: Why Companies That Are Built to Last Underperform the Market--And How to Successfully Transform Them
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Creative Destruction: Why Companies That Are Built to Last Underperform the Market--And How to Successfully Transform Them
By
Richard Foster
It is well known that if you compare a list of the top 500 companies 50 years ago with a list of today’s top performers, there will be very few names that appear on both lists. Those companies that have stood the test of time are held up as paragons of corporate performance – blue-chip businesses that are "built to last".
What is less well known, however, is that companies that are built to last are also built to under-perform. Excellent new research by the authors of Creative Destruction shows that very few companies are able to deliver above-average shareholder returns over the long term. General Electric and Johnson & Johnson are the only companies to beat the market average over the long term and then only by a small amount.
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