John Burns - 6/8/2022 09:20
Not much different than when farmers produce grain below the cost of production. Eventually it weeds out the most inefficient and poorly capitalized producers, but it takes a while. In the mean time everyone else suffers along till things change.
Pretty much standard business proceedings. No matter what business a person is in.
typical business cycle, when there is money to be made you get a lot of players, when the margins disappear there is a race to the bottom eliminating under capitalized players and in the end it's controlled by a few higher capitalized players where they can control rates.