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Thriving Despite Terrible Ownership
The company Navisco survived and thrived despite terrible management and ownership stewardship, due to the powerful wave it was running and amazing management under questionable ownership. The company managed to realize its true potential without anything disastrous happening, leveraging huge innovations and a successful affiliate fee business model. This success contrasts with studies showing that two thirds of acquisitions destroy value, making the company's ability to acquire companies with confidence a significant accomplishment.