Imagine this: the hierarchy of performance factors is not universal; it dances to the rhythm of market conditions and local cultures.
The character here, the quality of decisions, must adapt.
In India, for example, if the market is flooded with new retail capital, the impact of a high return ceiling can be amplified, but also made more volatile by herd behaviors.
The preeminence of these factors is conditional, not absolute, like a play that changes scenes.