I was surprised to find that this excellent work hasn't yet been reviewed! I have used this landmark book for several years of teaching strategy at the MBA level. In it, I have discovered a true intellect at work, an intelligent yet practicable treatment of strategy, making a welcome contrast to the vague rhetoric of most management texts. His treatment of the resource-based view, for instance, is fascinating: Kay largely succeeds where others have failed, namely in translating a concept that, though much used, is difficult to operationalise (though he misses out on "culture" as a potential source of competitive advantage). Trained primarily in economics, Kay is a remarkably able, powerful, and lucid writer. Really one of the very best, and most enduring, business books around. Strongly recommended!