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the company’s core business of coated

paper and invest instead in the

consumer-paper-products industry,

which he believed had better economics

and a brighter future. Everyone said

this was a huge mistake, and Wall

Street downgraded Kimberly-Clark’s

stock. But Smith, unmoved by the

crowd, did what he thought was right.

As a result, the company grew stronger

and soon outpaced its rivals. Asked

later about his strategy, Smith replied

that he never stopped trying to become

qualified for the job.

Collins hadn’t set out to make a point

about quiet leadership. When he started

his research, all he wanted to know was

what characteristics made a company

outperform its competition. He selected

eleven standout companies to research

in depth. Initially he ignored the question

of leadership altogether, because

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