Who's seaworthy in a perfect storm?

In this report we examine firms' valuation through seven financial crises occurring since 1980, and in particular how firms' characteristics and management actions affected value. Our conclusion is that business model dominates. In a storm such as the one now raging, the ship you set to sea in matters more than how you sail it. There are nevertheless important messages for ships of all types that will help increase chances of survival and for those few who have emerged unscathed, will allow them to dominate in the new financial landscape that is emerging.