19/08/2026
I always enjoy seeing Adrian Saville’s thoughts on LinkedIn because he isn’t afraid to speak his mind, even if others disagree with him.
In May this year, he shared some thoughts about “The Three Things That Don’t Change” when it comes to strategy that we should all keep in mind.
The first is that economic context is the single biggest driver of business performance. As Saville says:
“Across the roughly 2,000 largest companies in the world, half of revenue growth and half of earnings growth is statistically explained by the economic growth rate of the country in which business is done.”
In short, your home market matters a great deal.
The second is that economic growth is driven by six things, as attested to by 60+ years of data across 160 countries. These are savings and investments above 25% of GDP; demography; policies and institutions (with policy stability especially crucial); education and health; and openness to trade, capital, information, and people.
The third constant is what separates great businesses from those that, as Saville says, got lucky. According to Saville, a study of 20,000 companies over four decades, using a Monte Carlo simulation, found that only 0.7% of businesses are truly extraordinary because of two attributes: agility and absorption.
Agility is the capacity to move, make many small bets, build innovation into everyday operations, treat capital allocation as a competitive advantage, and “run lean hierarchies that let intelligence flow from the bottom up.”
Absorption is the “foundation that makes movement possible without collapse - customer centricity, fat balance sheets, stable leadership, and a culture that behaves counter-cyclically when everyone else is panicking.
I especially love his thoughts on absorption. There will always be tough times, but there are always opportunities to be seized if you are willing to look for and implement them.
If everyone is going after the gold, make sure to be the one selling the spades.