Creating wealth in a changing environment

摘要

Today, the larger producers find themselves in an increasingly difficult position to maintain their comparative rate of growth. Acquisitions are more difficult and expensive, partly because of the financial options available to junior companies. Opportunities for discovery are currently unprecedented. The companies with the best base of talent and leadership will create the most wealth and outperform their peers. Those that lag will be acquired by others or will be forced to merge with similarly stressed companies to maintain size. Inasmuch as size is not a fundamental characteristic of wealth creation, even this option may disappear.