In 2000, a couple of days after the AOL/Time Warner merger, I was scheduled to guest-lecture in a Rotman School class on the “New Economy.” In the class, I blasted the newly-announced merger as idiotic for Time Warner and doomed to failure. But I struggled to explain why to the MBA students, even though I was absolutely positive that I was right. The fact that I turned out to be right is not the point, though it is more fun to be right than wrong. The intriguing question is why I was so sure. I couldn’t figure it out for ten years — and only just did.