In this widely acclaimed work, Edward Luttwak unveils the peculiar logic of strategy that governs all forms of war and the adversarial dealings of nations even in peace. The book explains a universal logic of strategy through two dimensions: the vertical dimension, which includes five levels—technical, tactical, operational, theater, and grand strategic—and the horizontal dimension, which involves the dynamic contest of wills between belligerents. Luttwak argues that strategy is characterized by paradoxical, ironic, and contradictory logic, where outcomes often evolve into their opposites. The book provides examples from ancient Rome to modern conflicts, illustrating how ordinary linear logic is overthrown in the crucible of conflict. It is a seminal work used in war colleges around the world and has been translated into several languages.
In this Allocator’s Edge episode of the Value Perspective, we’re joined by Andrew Brenton, founding Partner of Turtle Creek Asset Management. Back in the 1990s Andrew and his two partners made a bold move, applying a private equity lens to public markets. The result is a standout long-term track record from their base in Canada. In the episode we discuss the art and limits of forecasting, including embedded probabilities; how to integrate the private equity approach to public markets; and finally, how the asset management business has changed. Enjoy!
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