Think about your last strategy meeting. Was it full of PowerPoint slides, synergy buzzwords, and marketing goals? What if absolutely none of that is actual strategy? In today's daily briefing, we unpack Bruce Greenwald's borderline heretical claim: operational efficiency isn't strategy, it's just a race to the bottom. We reveal the one force that actually matters when building a business—Barriers to Entry. Discover why blindly chasing growth can actually destroy your company, and learn the real reason Walmart built a local fortress to crush its rivals.

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