Anna Tanaka

This is a fascinating observation. Indeed, when a company, our "main character" here, must navigate a market where the rules of the game constantly change, its selective follow-up strategy can turn from an asset into a burden.
Imagine a moment when repatriation clauses are suddenly revised to become more restrictive; suddenly, the ability to reinvest in promising companies erodes, regardless of the initial decision quality.

My a priori probability that a selective follow-up strategy is a stable and primary factor in all market conditions is about 40%.
I would lower this figure if we consider markets where regulatory interventions can redefine performance hierarchies.
For example, sudden changes in government policy affecting cross-border investments or capital requirements (like in China) can make a follow-up strategy less relevant.
The confidence band for the importance of this strategy is wide, reflecting the volatility of regulatory frameworks and liquidity conditions in certain jurisdictions.