This reminds me of my favorite Warren Buffet line: "When a management team with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact."
Nice and pithy, and good advice for investors. What's the strategy for the management team themselves, though? Give up on the business with a reputation for bad economics? Let it run itself into the ground? I have to imagine there are turnaround stories, though perhaps fewer and farther between.
