In general, you can not expect to capture any value if you do not create any Getting\paid to playis an exception, but is unlikely to yield very high profits

More openness allows more value creation but less value capture More attractive for weaker players

Many markets are such that a firm needs several resources to success Resources can be brought together in several ways Self-development acquire/be acquired

较大的市场空缺提供较多的价值创造机会, 但是可抓取的价值相为较小。 这种情势对于较弱小的竞争者来说较有吸引力。 译注∶当市场空缺大时,小小的一杯羹就足以养活一家小公 司,但能获取的利润很小

较大的市场空缺提供较多的价值创造机会 但是可抓取的价值相为较小。 这种情势对于较弱小的竞争者来说较有吸引力 译注∶当市场空缺大时,小小的一杯羹就足以养活一家小公司 ,但能获取的利润很小,因为许多小公司会不计一切投入竞争 如近十年来的计算机外设产业,中小企业林立,但是其中甚 少有可获取高利润者

Not all economic forces respect industry boundaries Cartoons for all kids or All entertainment for some kids

「当一个有良好声誉的经理人进入一个恶 名昭彰的产业服务,通常他无法对这个产 业的名声有任何提升」 华伦巴菲特

「当一个有良好声誉的经理人进入一个恶名昭章的产业服务,通常他无法对这个产业的名声有任何提升华伦巴菲特

你为甚么能赚到钱? 那个资源会发生甚么变化? 你可以利用现有资源来创造可以取代 它的事物吗? 你有任何劣势吗?

When a manager with a good reputation meets an industry with a bad reputation. It is normally the industry that leaves with its reputation intact.” Attributed to Warren Buffett