According to a study by two economics professors at the University of California, Davis,6 another example of an athlete who lost significant “brand value” is Tiger Woods, who destroyed an estimated $12 billion in stock market value of the firms sponsoring him—Accenture, Gillette, Nike, PepsiCo (Gatorade), and Electronic Arts (EA). As a manager, what lessons about celebrity endorse- ments can you draw from the examples of Phelps and Woods? What are some general take-aways that a strategist should keep in mind?