Background
Quite often, market conditions have the more say about business success than internalities, such as management, business model, product quality and strategy. This is why my factor-based equity scoring model incorporates a few external factors, such as competitive landscape, business environment and industry-wide stability.
Even the same model, same product and same strategy can produce different investment results when they apply to different geographic regions. The Internet sector is probably the very one filled with tons of such discrepancies. Technology companies are historically famous for their value destruction in aggregate. Below, I would like