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Strategy is, at some level, the ability to predict what's going to happen, but it's also about understanding the context in which it is being formulated. And then you have to be open-minded to the fact that you're not going to get it right at the very beginning.

Finally, strategy must have continuity. It can't be constantly reinvented.

The essence of strategy is choosing what not to do.

The essence of strategy is that you must set limits on what you're trying to accomplish.

Sometimes you have to subordinate strategic considerations to tactical needs.

There's a fundamental distinction between strategy and operational effectiveness.

My view is that, as management, the focus has to be on having a strategy and executing it. As you do the strategy and execution, it is important to communicate it consistently.

Strategy is about making choices, trade-offs; it's about deliberately choosing to be different.