How Do CEOs Make Strategy?

Do high-performing firms win because they choose better strategies, or because they have better processes for making strategy in the first place?

If strategy is ultimately about managerial judgment under uncertainty, what role should structure and formal processes really play?

These questions were prompted by my reading of a new paper in Management Science by Mu-Jeung Yang, Michael Christensen, Nicholas Bloom, Raffaella Sadun and Jan Rivkin.

Milei’s Monetary Mistake

Argentina is better than it was before Milei’s victory. Argentina is better than it would be if either of the other two options had triumphed. The public spending cuts at the beginning of the Milei administration were larger than any other in history under similar circumstances. A crisis of unknowable magnitude was averted. Argentina is now on a path of growth.

Precious Metals Work

Over the last year, the precious metal markets have seen historic increases and then decreases in price. This, of course, is the result of the workings of supply and demand, but there have also been cries of market manipulation.

I have laid out the supply and demand conditions both in the pure free market and under current conditions in the real world on this podcast and in several interviews reproduced here.

Blockading The Blockade?

President Trump was presented with a great opportunity on Saturday to take the off-ramp from his war on Iran. After threatening Iran that “a whole civilization will die tonight,” Trump managed to get a two week pause in the war with the intervention of the Pakistani government.

A window opened to end this illegal war. Vice President Vance traveled to Pakistan to negotiate with a high-level Iranian delegation and from press reporting progress was made on many issues.