Great analysis. At the time it was published, Good to Great was amongst my favorite business books. A few years ago, I hired the former CMO of Circuit City after their bankruptcy. I guess they weren't great anymore. Point being, My stock portfolio includes Walgreens and CVS and CVS is a better performer. Which leads me to a hypothesis: success is more time relevant than we think. Consider this study by McKinsey: "A recent study by McKinsey found that the average life-span of companies listed in Standard & Poor's 500 was 61 years in 1958. Today, it is less than 18 years. McKinsey believes that, in 2027, 75% of the companies currently quoted on the S&P 500 will have disappeared." I would love to read a post-mortem study of the eleven companies, if it exists.