Stratagem 20 of 36

Fishing in Troubled Waters

混水摸鱼

Stratagems of Contending · 混战计

Core Definition

核心释义

Exploit confusion and disorder. When multiple parties are in conflict, the resulting chaos creates opportunities.

乘其阴乱,利其弱而无主。随,以向晦入宴息。

Historical Origin

历史典故

The Classic Story

During the chaotic period after the fall of the Qin Dynasty, Liu Bang emerged as a relatively minor player but used the widespread confusion and infighting among larger forces to position himself advantageously, eventually founding the Han Dynasty.

秦末大乱之际,刘邦以相对弱小的力量,利用各方势力的混乱与内斗,巧妙地为自己创造了有利条件,最终建立汉朝。

Modern Applications

现代应用
  • Expanding market share during industry upheavals and competitor conflicts
  • Acquiring assets at discount during market panics or regulatory changes
  • Recruiting top talent during competitor mergers when uncertainty is high
  • Positioning as the stable alternative when the market leader is in crisis

Supplementary Case Studies

补充案例分析

Uber in Regulatory Chaos

Uber entered markets where taxi regulations were fragmented and contested. The "turbid waters" of regulatory confusion allowed Uber to operate in gray areas while incumbents fought regulators. By the time rules were clarified, Uber was entrenched.

优步进入出租车法规分散且有争议的市场。监管混乱的"浑水"让优步在灰色地带运营,而现有企业忙于与监管者对抗。规则明朗时,优步已站稳脚跟。

Hedge Funds During 2008 Crisis

While markets were in chaos during the 2008 financial crisis, some hedge funds profited enormously by "fishing in troubled waters" — buying distressed assets at rock-bottom prices from panicked sellers.

2008年金融危机市场混乱之际,一些对冲基金"浑水摸鱼"获利巨大——从恐慌卖家手中以极低价格购买不良资产。