What is an Attractive Industry?
质疑高利润或高增长的行业对任何企业都有吸引力的观点，提出高利润行业可能让低效企业受损，而高增长行业则可能让高效企业获益减少，并用多元化企业的数据支持这一观点。
Business Portfolio Planning techniques often suggest that firms should invest in industries with high profitability, high growth, or other attractive characteristics. Critiquing this view, we suggest that the same factors which lead to high profitability in an industry may cause its inefficient participants to earn lower profits. Higher growth, on the other hand, may benefit inefficient firms while reducing the gains of efficient competitors. The paper offers theory and evidence to support this view of performance dependencies for the special case of diversified firms.