Commodity cycles. We have all seen them. High returns and low barriers to entry suck in lots of players, profits fall, no one exits, companies bleed to death. Of course, sometimes one or two participants gain a competitive advantage (for instance technology, or financial backing) to ensure survival. For the rest it is carnage.
大宗商品周期。我们都见过它们。回报高，进入障碍较低，吸引了很多参与者，随后利润下降，谁也不愿退出，企业“失血过多”致死。当然，有时一、两个参与者获得某种竞争优势（比如技术或资金支持）以确保生存。对其他参与者来说，整个过程像是一场大屠杀。
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