It’s perfectly possible for a company to generate rising EPS at the same time it is employing increasing amounts of capital at falling & inadequate rates of return

In laymen’s terms, a company can be busy destroying shareholder value even as it increases earnings

Terry Smith

Incumbents almost always prevail with sustaining innovation

In disruptive circumstances, the entrants are likely to beat the incumbents

H/t Clayton Christensen, The Innovator’s Solution