20 years ago, Aero was definitely not in balance from an investment to revenue standpoint. Nobody liked it, but costs were out of control. The "playbook" was actually appropriate for the time. But like anything, there is a proper balance of investment leading to growth while maintaining good margins. I've always contended that the balance point was crossed about 4 years ago, and that margins were over-prioritized to the detriment of growth. You can see this in the relative stock price of Honeywell vs her competitors over the last few years. For example, Honeywell's market cap was over double GE and significantly higher than Boeing. Look now- both have caught up to Honeywell.
This is purely due to a lack of vision of the future to meet a single master- margin. Just one dude's opinion.
^^^^^
Nothing to add to this, absolutely straight to the point, @4xxj+1n8JrCg0