Strategic Thinking provides an interpretation of strategy around an ′actor′ rather than an organization. It views strategic action as being executed in a ′milieu′ populated by power holders where the individual strategist actor holds centre stage and where pursuits are obstructed by the countervailing threats of other power holders. The authors explain that the strategic ′milieu′ is an intensely governed set-up where the relations and transactions between the power holders controlling key assets are under the governance of the current set of rules and institutions. Strategic Thinking provides an interpretation of strategy around an ′actor′ rather than an organization. It views strategic action as being executed in a ′milieu′ populated by power holders where the individual strategist actor holds centre stage and where pursuits are obstructed by the countervailing threats of other power holders. The authors explain that the strategic ′milieu′ is an intensely governed set-up where the relations and transactions between the power holders controlling key assets are under the governance of the current set of rules and institutions.