Matt Maloney saw DoorDash coming. He predicted the losses, questioned the subsidies, and called the unit economics broken — years before the market proved him right. So why did Grubhub finish last?

In this episode, we unpack one of the most underappreciated traps in business strategy: the difference between being analytically correct and being competitively correct. Being right about the market and winning the market are not the same thing — and the gap between them has killed more companies than bad strategy ever did.

If you run a business, lead a team, or make decisions under competitive pressure, this one is worth your full attention.