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As Boeing came to appreciate all too slowly, underestimating Airbus proved to be a giant mistake. While it was true that the Airbus of the 1980s and 1990s cared mainly about supporting regional manufacturing efforts and jobs in Europe, in doing so it built a significant and defensible market position. Airbus developed a family of aircraft more diverse than any of Boeing’s previous global competitors. And its sales focus on non-US airlines, just as air travel demand shifted to the non-Western world, proved valuable.
Lessons From the Titans
Scott Davis, Carter Copeland, and Rob Wertheimer
Another problem is that customers sometimes lie or spin the truth to suit their own needs. During the upturn in commodities, one of CAT’s mining customers infamously told the company it could buy every truck CAT could make for several years. This customer was probably only 10 to 20 percent of CAT’s business; if all the other miners had the same demand, capacity needed to quintuple. As it turned out, it just wasn’t true. The customer was probably ticked off that the trucks it had ordered in prior years hadn’t come fast enough.
Lessons From the Titans
Scott Davis, Carter Copeland, and Rob Wertheimer
Once the RP was identified, the next step was to investigate the “root cause.” Dalio often cited the hypothetical example of a person who missed a train departure. The proximate reason for the error might have been that the person didn’t check the train timetables; the root cause was that the person was forgetful. Dalio had little patience for the idea that mistakes by Bridgewater staff could simply be momentary misjudgments. Each mistake was nothing less than a referendum on the person who made it.
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