BTW, this source:

Jeffrey Skilling, a top graduate at Harvard Business School, had succeeded as a partner of McKinsey before becoming CEO at Enron. David Campbell, a principal in McKinsey’s Dallas office, and Ron Hulme, a director in the firm’s Houston office that worked on the Enron account, wrote in "The McKinsey Quarterly, 2001":

Enron has built a reputation as one of the world’s most innovative companies by attacking and atomizing traditional industry structures – first in natural gas and later in such diverse businesses as electric power, Internet bandwidth, and pulp and paper. In each case, Enron focused on the business sliver of intermediation, while avoiding the incumbency problems created by a large asset base and vertical integration. Enron no longer produces oil and gas in the United States, no longer owns an electric utility, and has never held a large investment in telecom networks. Yet it is a leading value creator in each of these industries.

This article appeared only months before Enron entered into what was, at the time, the largest bankruptcy in American history. Asset-lite, as suggested by McKinsey executives, meant “avoiding the incumbency problems created by a large asset base and vertical integration”. However, as Enron was soon to demonstrate, those who benefited from this apparent efficiency were not the company’s employees, suppliers, creditors, or long-term investors, but rather its managers. Enron became an archetypical example of the dead falls that line the asset-lite trail.

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