How the firm thinks — and where the thinking comes from.

From Deterrence to the Strategic Sale

In 1946, Bernard Brodie reoriented military strategy with a single observation: a weapon’s value lies not in what it can do, but in what its possession changes in the calculations of a specific adversary. The strategic sale of a company presents exactly the same problem — and the sell-side M&A industry is still making the mistake Brodie corrected. On incentives, perception, and why a strategic case must be not merely true, but legible.

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