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June 1, 2021

Lights Out: Pride, Delusion, and the Fall of General Electric

Thomas Gryta

In April 2000, General Electric’s (GE) market cap reached $682 B under the leadership of Jack Welch, making it the largest company in the US. By May 2020, GE’s market cap was less than $50 B. This book tells the story of how America’s most valuable company became a shadow of itself. It reveals a troubled culture, bad incentives, and poor capital allocation. GE was very adept at increasing EPS, but eventually, the lack of cash flow made it impossible to hide the issues within the company.

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