The best proxy that a company knows the loops of it and its market is whether they've ever done a full transition of their primary source of profit
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I'm not saying people shouldn't stay in their market. But that that doesn't actually give strong signal on their understanding of their loops. If you hit huge goldmine you never *need* to learn it well. Just stay put. But those that transition well demonstrate understanding
I don't know what a loop is. To me, the profit transition is an indicator of skill, not necessarily market understanding. Those things are highly correlated, but not perfectly. Bezos didn't make money on AWS because he understood retail. He's just nasty.