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And don't miss Alex Webb on WPP's bad communication: "That the ad industry is facing difficulties was no secret. But WPP has, for much of the past 18 months, been adamant that the troubles were cyclical and therefore temporary, with macroeconomic trends squeezing spending. The cut to its annual growth guidance was tacit admission that those headwinds are more structural and therefore permanent."
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
To contact the editor responsible for this story: Mark Gongloff at mgongloff1@bloomberg.net.
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