Sometimes you really can build a long-term company on technical arbitrage when the established competitors are incapable of significant improvement due to misal

Sometimes you really can build a long-term company on technical arbitrage when the established competitors are incapable of significant improvement due to misaligned internal incentives. Sometimes executives will allow a company to die instead of fixing it because that outcome maximizes their own personal income or career trajectory: this is one aspect of the principal-agent problem.