Lords of Strategy by Walter Book Review

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The chapter "The wizards of finance declare strategy's true purpose," details how management strategy grew more technical in nature in the wake of the leveraged buyout movement (LBO), and the end of the dominance of 'mom and pop' investors in major segments of the financial industry. VBM (value-based marketing) was the prominent trend, which stressed the need to sell off unprofitable 'turkeys' rather than fattening them up at the expense of more profitable businesses divisions. Even the stalwart company Coca-Cola embraced VBM and began selling off vast swaths of its least profitable enterprises. An alphabet soup of new concepts were created within the financial industry to strategize how to invest, when to acquire new assets, and when to sell off parts of the company to improve one's bottom line. The chapter "The revolution conquers the world" details how the Internet impacted the pro-strategy movement.

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There was a growing effort to 'deconstruct' traditional strategies, in light of criticisms of existing models and changes in the market environment. Many firms, such as McKinsey, had used theory to construct their model of operations (an M-form division structure) but relationships were actually far more important in actual business dealings at the firm. At the end of the 20th century, consultants were called more often than ever to weigh in on how a firm should structure itself and position itself in the market, but the tension between academic and practical understandings of the day-to-day life of a business remained, even though new theories were being constantly developed to cut costs and maximize efficacy.

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