David was extremely gratified when he was named businessman of the year. He felt he deserved the recognition. Many articles had portrayed him as an entrepreneur who had reframed his industry, which gave him the courage to make his boldest move yet: taking over his largest competitor.

Some analysts had said that he paid far too much for the company. Then bankers became nervous and soon reporters joined in. One wrote: “Not only was his latest takeover a mistake, but his endless side ventures—buying an upscale restaurant in London, sponsoring a football club, financing a private clinic—are too great a drain on the company’s resources.”

The damage was done. David would remain famous for sinking his own company and costing thousands of people their livelihoods.

 …