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Ramesh Karnani explains the importance of approaching strategy from a shareholder value perspective and considers some of the problems that can result when strategy is not supported by insightful financial analysis. He also explains how return on investment derives from a combination of industry economics and competitive position.  Ramesh’s insights draw from his decades of experience helping build the strategy consulting firm Marakon, as the leader of a strategic finance group in Credit Suisse’s investment banking unit, and as a Managing Director and Partner at the Boston Consulting Group.