It is a race for advantage where focusing solely on decision quality and the ROI ceiling as ultimate drivers neglects market realities.
In China, a sudden political intervention can redefine an asset's value overnight, regardless of the initial investment quality.
An entire sector can be restructured by a simple press release, rendering the best decisions of yesterday obsolete.
For example, the decision to ban private tutoring in 2021 decimated well-managed companies, proving that the regulator can change the rules of the game.