It's not far from reality and it only applies during bull markets. During bear markets being exceptional/connected might not be enough. As an anecdote, in 2009

It's not far from reality and it only applies during bull markets. During bear markets being exceptional/connected might not be enough. As an anecdote, in 2009 when construction plummeted - downturn is a bit delayed, investors finish ongoing buildings but don't start new ones - the company where I was working downsized from 75 to 10 employees in a few months. In small offices (with smallish projects) was even worse.