I think he means that when a company switches from ignoring competitors to acknowledging them by ridiculing them, then they are not as far ahead as they used to

I think he means that when a company switches from ignoring competitors to acknowledging them by ridiculing them, then they are not as far ahead as they used to be. So it does imply losing steam in this case. Phases: 1) Ignore 2) Ridicule 3) Fight 4) Lose If a company was in phase 2 last year, and phase 2 this year they are not losing steam. A company is losing steam when it moves down the above phase ladder.