Pretty interesting. The five stages are something I find myself thinking about often, but what stuck most was Bill Gore's "waterline" principle for decision-making and risk-taking: imagine being on a ship where a bad decision blows a hole in the hull. Above the waterline you can patch it, learn, and sail on, but below the waterline you risk gouging the ship and letting water rush in, the kind of catastrophic bets that sank financial firms in 2008. Great enterprises still make bold bets, but avoid the ones that sink the ship.