财富精英励志演讲108:艰难的抉择(9)（在线收听）

 　　And if you doubt that think about the parable of Kodak and Hewlett Packard, Kodak was a company that in 1999 set on the huge pair of profit in the traditional photography business, that's in 5 years later, that business was drifting away, because a new technology had transformed an entire industry, all of you have cell phones you all take pictures with them. And that happened in about 5 years, when Kodak finally announced... with all due respect to anyone who is here who works for Kodak, when Kodak finally announced, OK, we get it, we're going to now move to the new digital edge, we're going to deemphasize our traditional business. The market said, "Yeah, that's the right decision everybody accepted it". It was too late and Kodak brand may survive，but it's not clear the company will. On the other hand, when we undertook the merger with Compaq, very few people saw it, the fact that technology industry maybe had to consolidate was been viewed as heresy, the fact that scope and skill mattered, the fact that we could actually compete against Dell, the fact that maybe we could overcome IBM as the largest technology company in the world, by the way, these all goals all things were said way back to 2001, they seemed like hubris and naivety, and looking back now, it's clear the industry had to consolidate. It's clear that HP is competing against DeLL and IBM. At the time that we announced Compaq merger, I told the board of both companies the stock will drop, HP stock will drop 20%, and it dropped 23%. I was the close.