You cannot swim against an outgoing tide

Like a rising tide lifting all ships, even mediocre companies can succeed in a growing market.

But an outgoing tide pulls everyone out to sea.

Great companies led by impressive teams will almost always fail in a shrinking market.

No matter how strong you are, if you find yourself fighting the current, your only options are to change oceans, wait for the tides to change or get out of the water before it’s too late. You just cannot swim against an outgoing tide.