Don’t Believe Your Lying Eyes

Law360, New York (March 4, 2011, 1:21 PM EST) -- On Oct. 6, 1997, less than a year after Steve Jobs returned to Apple Inc., Michael Dell, CEO of Dell Inc., was asked what he would do if he were Jobs.

“What would I do? I’d shut it down and give the money back to shareholders.”

The statement seems comical now, but Dell was merely articulating the conventional wisdom. Like everyone else, he thought Apple was doomed because he assumed the dominant firms would remain dominant.

What Dell could not have known was at that very...
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