W h y s o m e c o m p a n I e s m a k e t h e

Notes
18. "Up from the Ashes" Forbes, April 16, 1979, 104; "AM International The Cash Bind That Threatens a Turnaround" Business Week, August
1980, 1 18; "Ash Forced out of Two AM Posts" New York Times, February. "Why Ash Was Ousted at AM International" Business Week, March 9,
1981, 32; "Roy Ash Resigns under Fire" Fortune, March 23, 1981, 16; How Roy Ash Got Burned" Fortune, April 6, 1981, 71; "Up from the Ashes" Forbes, April 16, 1979, 104; "AM Files Chapter 11," New York Times, April
1982,
20. "When Technology Was Not Enough" Business Week, January 25,
62; "How Roy Ash Got Burned" Fortune, April 6, 1981, 71; "AM International The Cash Bind That Threatens a Turnaround" Business Week, August 18, 1980,118.
2 1. "When Technology Was Not Enough" Business January 25, 1982,
62; Brightest Years Now Dim Memories" New York Times, April
15, 1982,
22. "How Roy Ash Got Burned" Fortune, April 6, 1981, 71; "High-Tech- Dream Turns into a Nightmare" Financial Times, March
2,
17.
23. "AM International The Cash Bind That Threatens a Turnaround" Business Week, August 18, 1980, 118; "The Unflappable Roy Forbes, December 8,
24. "AM International The Cash Bind That Threatens a Turnaround" Business Week, August 18, 1980, 118; "Ash Forced Out of Two AM Posts" New York Times, February 24, 1981, When Technology Was Not Enough" Business January
25. Research Interview page 12.
26. Research Interview E, page 1 1.
27. Research Interview C, page 17.
28. Research Interview G, page 12.
29. Research Interview I, page
2 1.
30. Research Interview page 20; I, pages 21-22; page 11.
31. Winston S. Churchill, The Grand Alliance (Boston Houghton
371.
32. Churchill created this special unit and put a lot of weight on it. According to Martin Gilbert, Churchill frequently consulted his Statistical Office, which was headed by a civilian, Professor Lindemenn, before he made critical decisions. He directly and continuously asked them to "check facts" on such important topics as munitions production, imports and shipping losses, aircraft losses, and aircraft production. Martin Gilbert, The Churchill War Papers, vol. 2 (New York WW. Norton, xvii.
33. Winston S. Churchill, The Gathering Storm (Boston Houghton Mifflin,
667.
34. Research Interview, C, page 16.

Notes
271 35. "Man of Steel Correnti Hopes to Take Nucor to No. 1," Business
Journal-Charlotte, September 19, 1994, 3. I
36. Standard
Poor's Industry Survey Database, Metals Industrial, Iron and I Steel, January 18, 2001, Leo J. metals analyst.
37. Research Interview C, page 13.
38. Research Interview E, page 7; Jeffrey L. The Legend of
Nucor (Fort Lauderdale, Fla Write
45.
39. Jeffrey L. Rodengen, The of Nucor (Fort Lauderdale, Fla Write Stuff,
39.
40. Research Interview A, page 3.
41. Joseph F.
I'm
a Lucky Guy (Joseph F. d,
144; Richard Kluger, Ashes to Ashes (New York Alfred A. Knopf.
485; "Beverage Management Risky-but Straight Up Forbes, April "Coke Peppers UP and Pepsi" Advertising February. Joseph F. d, I'm a Lucky Guy (Joseph F.
147.
43. John Strohmeyer, Crisis in Bethlehem (Pittsburgh University of Pittsburgh Press,
72-73; "The Labors of Trautlein," Forbes, February
15,
36; "Bethlehem's Thin Slab Yawn" American Metal Market, November 17, 1989, 4; "Bethlehem Museum' National Public Radio transcript, July 5, 1998.
44. Safety of Oral Antidiabetic Drug Doubted in Study Firm Disputes Finding" Wall Street Journal, May 21, 1970, AA Bitter Pill for Shareholders (Drug Company Involved in Antibiotic Controversy" Financial World, January
1974,
28; The Company Presentation by RT.
Parfet, Chairman of the Board and Chief Executive Officer, and LC. Hoff, Vice President and General Manager, Pharmaceutical Division, to the Security Analysts of San Francisco, September 11, 1975," Wall Street October "Upjohn Hair-Raising Happenings at Testing a Cure for the Company Squirms at the Unwelcome April 6, 1981, 67-69; FDA Says Exaggerated Claims on Drug's Value in Treating Baldness" Wall Street Journal, June
1986, A Riptide Can Manage Its Way out of a Product Gap If Not, It Could Be Swept into the Industry Merger Wave" Financial World, September
1989,
26-28; The Corporation Strategies Will This Formula Cure What Ails As the Sharks Circle, It's Spending Big on and Marketing" Business September 18, Technology and Medicine Sleep Drug Being Investigated for Safety by FDA" Wall Street Journal, September 20, 1984, B Medicine
Halcion Takes Another Hit Tainted Data a Key Role in FDA Approval" Newsweek, February 17, 1992, 58; Medicine

272 Notes ing the Fire over Halcion: Own Staff Has Raised Safety Concerns" Newsweek, May 25, Top of the News Successions At a Grim Changing of the Guard Ley Smith Inherits the
Problem-Plagued Drugmaker at a Critical Juncture" Business Week, May 3, 1993, 36.
45. Research Interview page 7.
46. "No-Longer-So-Great Scott" Forbes, August 1, 1972, 25.
47. "Scott Paper Back on Its Feet" Forbes, December 15,
48. "Scott Isn't Lumbering Anymore" Fortune, September 30,
49. "Scott Paper Back on the Attack" Financial World, August "A Paper Tiger Grows Claws" Business Week, August 23, 1969, 100-102; Outlook for 1970 -Year-End Statement" Paper Trade Journal, December "Profits Peak for Scott Paper" Financial World, April 22,
1970, 13, 28; "No-Longer-So-Great Scott" Forbes, August 1, 1972, 25.
50. Research Interview F, page 2.
5 1. Research Interview E, page 22.
52. Research Interview A, page 19.
53. Ann Kaiser Stearns, Coming Back Rebuilding Lives after Crisis and Loss New York Ballantine,
294. In her work, describes the findings of these studies, which we believe provide a scientific basis for understanding the effectiveness of the Stockdale Paradox. We were also influenced by the work of Mihaly Csikszentmihalyi. In his comprehensive investigation into the nature of happiness in the book Flow, Mihaly
Csikszentmihalyi discusses the transformational potential of apparent tragedy, using as an example the studies of Professor
Massimini of the University of Milan. In these studies, some paraplegics and other severely handicapped people asserted that their personal tragedies had actually resulted in a positive experience that led them to live fuller lives.
(Mihaly Csikszentmihalyi, Flow New York
192-193.) For another viewpoint on this subject, also seethe work of Dr.
Siebert, who wrote The Survivor Personality-How Life's Best Survivors Thrive in Situations and Convert Misfortune into Good Luck.
54. Fannie Mae got 9.3 percent for its mortgage portfolio but had to pay
14.63 percent for the short-term debt it issued. "David Maxwell Takes Over Troubled Fannie Mae" Washington Post, May 21, 1981; "Fannie Mae Searches for Higher Ground" Fortune,
13, 1981, 110.
5 5. "Fannie Mae Searches for Higher Ground" Fortune, July 13, 198 1, 1 10.
56. "Fannie Mae Searches for Higher Ground" Fortune, July 13, 1981, 110.
57. Conversation with David Maxwell, November 14, 1997.
58. Tim Brooks and Earle Marsh, The Complete Directory of Primetime Networks and Cable Shows (New York Ballantine,
929.
59. Jim and Sybil Stockdale, In Love and War (Maryland Naval Institute Press, 1990); Stockdale Triumphs, video presentation-
1994 Stanford Alumni Association (Stanford, Calif.

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