Gavin Baker
+ Your AuthorsArchive @GavinSBaker Managing Partner & CIO, Atreides Management LP. Formerly Fidelity OTC Fund. No investment advice, views my own. Jan. 01, 2021 1 min read

1) Hypothesis: Outside of Amazon’s mgmt and employees, no one did more to make Amazon the juggernaut that it is today than Eddie Lampert and a generation of activists who applied his playbook to retailers circa 2005 which kept Amazon from having any real competition until 2015.

2) Amazon management should get credit for incredible execution, customer focus & strategic vision.

Part of this was keeping their margins low to preserve the illusion that e-commerce was “unprofitable.”

Every year that this was a widespread belief was such a victory for them.

3) The combination of this absurd belief and the Lampert playbook was lethal to the long term future of many retailers.

And it could have been very different.

4) Related: “Netflixed” makes it clear that Blockbuster was on the verge of winning vs. Netflix when Icahn forced a management and strategy change. @modestproposal1

Path determinism is so powerful. The future was and is never set in stone.

5) All an offshoot of this thought:

You can follow @GavinSBaker.


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