Lessons from the Titans: What Companies in the New Economy Can Learn from the Great Industrial Giants to Drive Sustainable Success Hardcover – August 11, 2020

As background, I was a financial regulator and risk manager for 30+ years. I've seen good firms and bad.I initially picked up this book thinking it was another 'management consultant' book; I was very happy to find that instead it was written by articulate former sell-side analysts with a unique take.THIS BOOK IS ABOUT RISK MANAGEMENT.It pervades each chapter. It discusses with some nuance the effect of corporate culture (and changes that occur either because of leadership change, mergers, or external financial pressure). It discusses incentive, and the effect that misaligned and/or unbalanced incentives can have on a firm. It emphasizes the need for process discipline and for rewarding 'continuous improvement' rather than 'heroics.'If you are a CRO or a CFO, or aspire to these leadership positions, this is a terrific book with lessons to internalize.

Exceptional depth of knowledge and insights. Relevant for public and private markets investors alike. Combines decades of research into a highly-digestible compendium, with each chapter focusing on a single company’s chronology.

This book contains many good stories and lessons. However I have one objection to it.The authors refer to General Electric as having been, at one point, the largest company in the world, which was never the case.General Electric was at that point the most valuable company in the world, which is a different thing from "largest."The largest companies, as defined for at least the last 80-90 years, are those with the largest sales (revenues). The Fortune 500 is the key list of largest companies and has been since the mid-1950s. This and other lists rank size based on sales, which is the best measure of the total economic activity of a company.Most valuable is a very different thing, and often temporary.I do not think any good analyst would say that Tesla is bigger than General Motors, Toyota, or Volkswagen, despite Tesla having a larger market capitalization (value). GM, Toyota, and VW make far more cars than Tesla, employ more people, and are far bigger in revenues.Jeff Bezos is quick to point out that Walmart is a larger company than Amazon, in recent years about twice as big. Walmart is the first company on earth to reach a half trillion dollars in annual sales. Yet Amazon has a higher market capitalization. That market capitalization reflects the perceived future of the company, not its present size. Of course Amazon is gaining on Walmart and may in fact become larger, but not yet.I realize I sound like a curmudgeon on this, but it is not helpful to understanding to use inaccurate or confusing language, or to abdicate the norms of company analysis and metrics.

Outstanding analyses of what drives success across a number of very successful industrial companies - GE (during Welch), Danaher, Honeywell, Roper, UTX, Transdigm,... The authors - amongst the most respected analysts in the Industrial sector, bring to life the key ingredients for sustainable success at these companies - great leadership; culture of operational excellence; differentiated business models that not just focus on topline growth and costs, but also on often-ignored cash flows; portfolio evolution toward better markets; and power of incentives.While the case studies are from the Industrial world, the lessons can easily be applied to any other industry. It is also a reminder for those in modern day, fast growing tech companies still in early part of the s-curve, who think that the world has changed, that it is only a matter of time before many of the same principles of business will kick in and will define if their success is sustainable or ephemeral.The story of Brian Jellison from Roper is particularly inspiring. What a high bar he leaves behind for others to emulate!

Don't dismiss this examination of "industrials" in favor of yet another book on the new economy or disruption. Rarely does so well-considered an argument surface in favor of more traditional ways of doing things – hard work, humility, great systems, constant improvements, and a well-incentivized workforce. Here, the authors provide a compelling case for the fundamentals based on firms they have intimate knowledge of. The lessons –from avoiding arrogance and complacency, to always seeking the highest returns on invested capital – make sense whether you run a software shop or build aircraft.

Incredible business lessons packed into wildly entertaining narratives of some of our most iconic companies. Great takeaways. I strongly recommend this book!

10 / 10. I would recommend this book to any investor and anyone who works at a company that they care about.Valuable lessons and context on what drives sustainable success and what can lead to the pitfalls of failure, the lessons are applicable to just about any industry. The case studies in the book (GE, Boeing, Danaher, Honeywell, United Technologies, Caterpillar, Roper, Transdigm, Stanley Black & Decker and United Rentals) were very well researched and give a fascinating behind the scenes look, from the factory floor to the boardroom, at how and why some of these companies found success and others found failure.

The detail provided made the case studies in the book among the best I have read. I highly recommend this book for anyone who is genuinely interested in maximizing company performance and value over the medium to longer-term. With all of the superfluous material being pushed on business and by business this book provides a refreshing and enlightening look at real business stuff.

An exceptional set of case studies on industrials that gleans highly relevant lessons for any student of business. The authors do a tremendous job of tying the operations with relevant financial metrics and sharing insights around the firm's culture.The reader will gain an eye for characteristics such as lean manufacturing that drive margin expansion as well as external expansion through acquisition. There are also numerous signs when a company maybe faltering, such as by failing to adapt its choice of KPI to the current business context.

Very well articulated book on key elements of business.Nice if there were also some case studies of government organisations and perhaps retail.

This is one of the most insightful and thoughtful collection of business case studies I have come across, I cannot recommend this book enough for any student of business or investing! The case study format is excellent and the writing style is enjoyable and easy to read. One of the best books I’ve read in years!