Three-phase empire cycle: ascent (building advantage), top (sustaining but planting seeds of decline), decline (losing advantages). The top phase is most dangerous to investors — it looks like strength but is structurally fragile.
Three-phase empire cycle: ascent (building advantage), top (sustaining but planting seeds of decline), decline (losing advantages). The top phase is most dangerous to investors — it looks like strength but is structurally fragile.