Think for a minute about the recent history of growth. In the early 1990s, growth occurred via diversification (à la Disney, GE). The mid-'90s gave birth to the commercialization of the Internet and with it, new distribution channels (Amazon), new technologies (Google), and new access (AOL). Companies such as Dell and Cisco really found their footing. By 2000, we were growing by vertical consolidation and by eating our own (DaimlerChrysler, HP/Compaq). Today, we've bought virtually all our competitors, and those that haven't been bought are either too expensive or too risky. We've outsourced to Mexico, China, India and Latin America. Accounting-based consultancies have shown us how to increase productivity to our highest levels ever. But, although growth continues to be a must-have, and companies are seeking it with the same zeal as their predecessors, many tapped out.