Unlike politicians who push a pre-set agenda, Trump engages business leaders by asking what their biggest problems are and what he can do to help. This listening-first approach, followed by direct action, builds powerful alliances and is a key feature of his political style.

As traditional economic-based antitrust enforcement weakens, a new gatekeeper for M&A has emerged: political cronyism. A deal's approval may now hinge less on market concentration analysis and more on a political leader’s personal sentiment towards the acquiring CEO, fundamentally changing the risk calculus for corporate strategists.

When facing government pressure for deals that border on state capitalism, a single CEO gains little by taking a principled stand. Resisting alone will likely lead to their company being punished while competitors comply. The pragmatic move is to play along to ensure long-term survival, despite potential negative effects for the broader economy.

A major political overhang on the biotech sector was removed when pharma companies like Lilly and Pfizer made drug pricing deals with the White House but didn't lower their financial guidance. This signaled to Wall Street that the political threat to profitability was manageable, contributing significantly to the market's turnaround.

While patents are important, a pharmaceutical giant's most durable competitive advantage is its ability to navigate complex global regulatory systems. This 'regulatory know-how' is a massive barrier to entry that startups cannot easily replicate, forcing them into acquisition by incumbents.

Instead of aligning with pro-police or pro-accountability factions, Axon focused on a universally accepted goal: reducing deaths involving police. This unifying message allowed the company to secure growth across different political administrations, providing a playbook for navigating and thriving in politically charged markets.

To fix the R&D funding imbalance, the CEO proposes a 'one fair price' system. A drug would have one US price with no rebates, and a price in other developed nations would be indexed to their GDP per capita.

Historically a Democratic focus, drug pricing policy has been co-opted by Republicans, making it a bipartisan political issue. This alignment creates a stable policy overhang and sustained uncertainty around pricing and innovation, deterring generalist investors regardless of which party is in power.

Trump's seemingly chaotic approach is best understood as a CEO's leadership style. He tells his staff what to do rather than asking for opinions, uses disruption as a negotiation tactic, and prioritizes long-term outcomes over short-term public opinion or procedural harmony.