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Rick Hess of Creative Artists Agency explains it a little differently: "As the studios become bought and subsumed into conglomerates — which all of them have except M.G.M. — there's been downward pressure from the corporate parent to offload production costs.
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The game then becomes buying work that will go up in value.
"Since 1987, people have found that every time the market sells off, it becomes a buying opportunity," Mr. Bernstein said.
Some have seized on recent pension freedoms to set up new businesses or become buy-to-let landlords.
Two million social homes are lost to right-to-buy, a third become buy-to-lets rented out at high cost to the housing benefit bill.
Professor Pedersen says these people probably would have lost much less had they never tried to become buy-and-hold investors and instead remained short-term traders.
Hence stocks hit by it become buys.
For some, the words became "buy low, buy low," while others heard "boatman, boatman".
Carney showed that as a result, human organs have become commodities, bought and sold every day.
Big Pharma too has become bigger, buying niche laboratories.
But he eventually became convinced, bought Adion in 1995, and pursued the Internet strategy with a vengeance.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com