No. 3 -- RIM's Complacency

As Apple's iPhone and Google ( GOOG)-powered Androids ushered in a new generation of superphones, Research In Motion scoffed and proudly stood its ground saying simple email phones were more than adequate.

It's not exactly clear if co-CEOs Jim Balsillie (above) and Mike Lazaridis actually believed that at the time but being three years late to the market with smarter phones makes the company look just a little out of touch.

The company's most recent results last week added to concerns that the BlackBerry maker may have fatally missed the boat in a fast-moving market. The stock has lost more than half its value this year.

As for the co-CEOs, there's been only upbeat assessments of new phone opportunities.

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