I find this point interesting. Anyone have any theories? Here's a model that we've had trouble with. Maybe you'll be able to figure it out better. Many markets

I find this point interesting. Anyone have any theories? Here's a model that we've had trouble with. Maybe you'll be able to figure it out better. Many markets get down to two or three big competitors—or five or six. And in some of those markets, nobody makes any money to speak of. But in others, everybody does very well. Over the years, we've tried to figure out why the competition in some markets gets sort of rational from the investor's point of view so that the shareholders do well, and in other markets, there's destructive competition that destroys shareholder wealth.