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U.S. managers appear to have an inordinate faith in the portfolio law of large numbers that is, by amassing enough product lines, technologies, and businesses, one will be cushioned against the random setbacks that occur in life.
Businesses, however, are subject not only to random setbacks such as strikes and shortages but also to carefully orchestrated attacks by competitors, who focus all their resources and energies on one set of activities.
This might be true for portfolios of stocks and bonds, where there is considerable evidence that setbacks are random.
But it just seems like setback after setback after setback".
This setback was surprising.
He had a setback.
Random birds.
Totally random.
Very random.
It was a discouraging setback.
It was a terrible setback.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com