Margin. Field notes on leadership Nº 05
Dispatch · to the desk of one working leader
You hired the person. The performance stayed behind.
Five minutes every Tuesday August 2026
The observation

A fashion house hired a design director away from the label his collections had built. Three conversations, a counter-offer matched, a start date moved twice around a show. The board approved it in one meeting.

He arrived, and the work was fine.

The collections shipped on time, they were commercially sound, and they were exactly what the brief asked for. Buyers took them. Nothing came back.

What never arrived was the thing they'd hired him for. At the last place he had pulled a whole group two weeks before it went into production, on a read he couldn't fully explain, and been right. In the interview he told that story, and everyone in the room leaned forward.

Nothing like that happened here.

The CEO started explaining it to himself. He was still settling in. This house was harder. Maybe he hadn't been quite as good as that last label made him look.

And at some point his name stopped coming up in the meetings where it used to.

He hadn't changed. He worked the way he'd always worked, with the same eye, and it produced a different result, and neither of them could have told you why.

The pattern

He didn't lose the skill. He lost the map.

Boris Groysberg spent years on this at Harvard, tracking more than a thousand star equity analysts through job moves. The finding runs against what the market believes about talent. Analysts who changed firms saw their performance fall, and it was still down five years later.

The ones who moved with their team held their level.

The system the person had been standing in was doing far more of the work than anyone had priced in, including the person.

Most of what looks like ability from the outside is knowledge of one building. Who signs off in a day and who sits on it for three weeks. Which objection is real and which is ritual. What happened the last time somebody tried this, and the reason that never got written down.

From the inside, that just feels like being good at your job.

Ask him what's different and the answer doesn't come easily, because what he's missing is something he never knew he had:

"I used to know who to call. Now I have to find out, and by the time I do the moment's gone."

Talent is portable. That's the assumption underneath every senior hire, and it's the one Groysberg's four hundred pages take apart.

What changed is the price. While skill was the expensive half, context could stay where it always sat, unwritten, in whoever had been there longest. Now that skill is cheap, the unwritten half is the half that decides things, and it hasn't moved.

AI has no building. It supplies the skill, instantly and at any scale, and it works from whatever context you hand it. Tell it that this VP would rather not be copied, that finance's deadline is soft and legal's is not, and that the last three attempts stalled for a reason living in one person's memory, and it uses every word of that.

That's the trade. The skill half arrives faster and cheaper every quarter. The context half comes from you, and it's becoming the job.

Hold this line
When someone good isn't getting the results they used to and you can't say why, don't start with them. Ask what they knew in the last place that they don't know here.
The move

Someone on your team joined in the last year. This week, give them thirty minutes and tell them what you learned the hard way.

Skip the org chart, because they already have it. Say this:

"Here are three things we tried that didn't work, and what actually stopped each one."

Give them the real cause of each, rather than the version in the post-mortem, which is almost always a tidier story than what happened.

That carries more context per minute than anything else you can hand someone. It shows them which doors open, who moves slowly, and which stated priority is the real one.

Few people hand this over, which is why it's worth so much when someone does.

It means saying out loud what didn't work, and your own part in it, to somebody who joined afterwards and who you're probably still performing for a little. That's harder than thirty minutes sounds.

Then write it down. Not the tidy version, the one you just said out loud.

That page does two jobs. The next person starts from it instead of from the org chart. And it's what AI needs from you before it's any use on your actual work. Hand it the process and you get the process back. Hand it what stalled and why, and it starts being useful on the things that take your week.

The return lands late. No number moves this quarter. It shows up as a decision they get right much later, and you'll probably never trace it back.

If you catch yourself giving the cleaned-up version, slow down. A tidy story transfers no context at all. It's just another slide.

What he was good at, he is still good at.
What he knew, he has to learn again.
Who on your team is quietly running on a map that expired? One line. I read every reply.
See you Tuesday.
Rui
P.S.  Worth your margin: Boris Groysberg, "Chasing Stars." More than a thousand star analysts, tracked through their job moves, and a five-year decline the market never priced in.
If someone came to mind while you were reading this, send it to them.
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Five minutes every Tuesday
Margin. · Nº 05
End of dispatch

Common questions

Why is a hire everybody wanted only "fine"?

He works the way he always worked, with the same eye, and it produces a different result. The system he had been standing in at the last place was doing far more of the work than anyone had priced in, including him. What never arrives is the thing he was hired for: the part where he sees what is coming before anyone describes it.

What did Boris Groysberg actually find?

He spent years at Harvard tracking more than a thousand star equity analysts through their moves between firms. Analysts who changed firms saw their performance fall, and it was still down five years later. The ones who moved with their whole team held their level. The difference traces to how much of a star's performance rested on the former firm's resources, networks and colleagues rather than on ability they could carry with them.

If it is not the skill, what is missing?

Most of what looks like ability from the outside is knowledge of one building. Who signs off in a day and who sits on it for three weeks. Which objection is real and which is ritual. What happened the last time somebody tried this, and the reason that never got written down. None of that feels like context from the inside. It just feels like being good at your job.

Where does AI fit into this?

AI has no building. It supplies the skill, instantly and at any scale, and it works from whatever context you hand it. Tell it that this VP would rather not be copied, that finance's deadline is soft and legal's is not, and that the last three attempts stalled for a reason living in one person's memory, and it uses every word of that. The skill half arrives faster and cheaper every quarter. The context half comes from you, and it is becoming the job.

What should a leader actually do about it?

Take someone who joined your team in the last year and give them thirty minutes. They already have the org chart, so hand over what it cannot show them: three things you tried that did not work, and what actually stopped each one, with the real cause rather than the tidier version in the post-mortem. Then write it down. That page does two jobs, because the next person starts from it, and it is also what AI needs from you before it is any use on your actual work.

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