LESSONS FROM THE
TITANS
LESSONS FROM THE
TITANS

WHAT COMPANIES IN THE NEW ECONOMY CAN LEARN FROM THE GREAT INDUSTRIAL GIANTS TO DRIVE SUSTAINABLE SUCCESS

GET IT NOW AT

WHAT COMPANIES IN THE NEW ECONOMY CAN LEARN FROM THE GREAT INDUSTRIAL GIANTS TO DRIVE SUSTAINABLE SUCCESS

GET IT NOW AT
ABOUT THE BOOK

Filled with illuminating case studies and brilliant in-depth analysis, this invaluable book provides a multitude of insights that will help you weather market upheavals, adapt to disruptions, and optimize your resources to your best advantage. You’ll learn hard-won lessons in innovation, growth, resilience, and operational excellence, as well as the time-proven fundamentals of continuous improvement for lasting success.

“It’s always tempting to believe that the fundamentals of business have changed,
but they are timeless—and leaders will do well to apply the lessons in this book to drive success.”

—Wes Bush, former Chairman and CEO of Northrop Grumman and Director of General Motors and Cisco
ABOUT THE BOOK

Filled with illuminating case studies and brilliant in-depth analysis, this invaluable book provides a multitude of insights that will help you weather market upheavals, adapt to disruptions, and optimize your resources to your best advantage. You’ll learn hard-won lessons in innovation, growth, resilience, and operational excellence, as well as the time-proven fundamentals of continuous improvement for lasting success.

“It’s always tempting to believe that the fundamentals of business have changed,
but they are timeless—and leaders will do well to apply the lessons in this book to drive success.”

—Wes Bush, former Chairman and CEO of Northrop Grumman and Director of General Motors and Cisco
FROM THE BOOK

Because we’ve been analyzing industrials for decades, we know why GE faltered and how Honeywell saved itself, despite the odds in 2001 that suggested just the opposite; how Danaher became one of the most successful companies in history by reinventing itself over and over; and how Stanley Black & Decker used both manufacturing and excellence and focused innovation to succeed in one of the most competitive segments on the planet, hand tools. We study risk management, and few firms have experienced the prideful highs that retreated into humiliating lows like Boeing. And we dig into the power of compounding by sharing the story of two amazing value creators: Roper and TransDigm.

As veteran analysts, we’ve had a front row seat for the market’s two decade-old obsession with disruption, digital transformation, market dominance, and cultish leadership. But as the era of the “new economy” shows early signs of maturation, the question becomes, What companies will endure and continue to grow—and how? The answer comes from an unlikely place: the big industrial companies that have chugged along successfully, many of them for decades. They are the market’s original tech sector.

We spend tremendous effort looking for signs of arrogance; it’s the most common attribute of failure, even rising above complacency, and those who succeed seem to find a way to encourage humility. We describe how business systems and rigorous benchmarking can keep companies grounded so they keep doing the work to sustain the business over the long run. And we focus on how companies that continuously improve their operations generate the cash flow necessary to invest even more creatively in new products and opportunistic acquisitions. And how they are then able to use continuous improvement processes to drive higher profits and cash from those incremental investments—in a very methodical, repeatable fashion.

ABOUT THE AUTHORS
SCOTT DAVIS serves as Chairman and CEO of Melius Research, where he is also the lead research analyst covering the multi-industry sector. With 25 years of experience in industrials equity research, he has ranked in the top decile of Wall Street analysts, including being recognized as the number one multi-industry analyst by Institutional Investor six times. Davis also led elite research teams for more than two decades as Head of Global Industrials Research at both Morgan Stanley and Barclays.
CARTER COPELAND is the President of Melius Research, where he is also the lead research analyst covering the global aerospace and defense sector. He has 15 years of experience on Wall Street, is consistently ranked in Institutional Investor’s annual survey of top analysts, and was named the number one aerospace and defense analyst by Institutional Investor’s Alpha magazine. He previously served as Managing Director and senior analyst at Barclays and Lehman Brothers.
ROB WERTHEIMER is a founding partner of Melius Research, where he serves as the Director of Research and lead research analyst for the global machinery sector. He has two decades of equity research experience, and has been recognized as a top-three analyst by Institutional Investor. Prior to Melius, he led machinery coverage at Barclays, Vertical Research, and Morgan Stanley.
ENDORSEMENTS

“Highly instructive. Every business executive, investor, and student of leadership should read this book. Lessons from the Titans shows us that excellent CEOs lead organizations that win and thrive because they implement great processes around operational excellence.”

—Inge Thulin, former Chairman and CEO of 3M and Director of Merck

“An engrossing read with many lessons to mull over for senior executives and emerging managers alike. This book reminds us that sustainable success depends on operational and financial discipline.”

—Nick Santhanam, Senior Partner and Head of the Advanced Electronics and Industrials Practice at McKinsey & Company

“Few have the years of experience and insight into industrials that Scott, Carter, and Rob do. They’ve written the book on building great operating systems, disciplined capital deployment, and process capability to sustain long-term, consistent, top-quartile performance.”

—Kirk Hachigian, former Chairman and CEO of Cooper Industries and Director of NEE, PACCAR, and Allegion

“With credibility built over 60 years of collective industry experience, the authors bring a unique inside view of what it takes to succeed in business. Lessons from the Titans is a must-read about the importance of innovation, competitive edge, disciplined investment, and leadership.”

—Stephanie Link, Global Research Director and Portfolio Manager at Nuveen and CNBC contributor

“Business success still depends on keeping the organization focused on profitable growth through continuous operational improvement. Lessons from the Titans doesn’t just explain how; it shows you these principles in action.”

—Ed Breen, Executive Chairman and CEO of DuPont and Director of Comcast
IN THE NEWS
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FOR MORE DETAILS CONTACT US AT TITANS@MELIUSRESEARCH.COM

FOR MORE DETAILS CONTACT US AT TITANS@MELIUSRESEARCH.COM

GET IT NOW AT
GET IT NOW AT