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So you've got fundamental secular shifts going on.
Margins have reached record levels as a proportion of economic output and are "weirdly high," in his opinion, "unless we're in one of those wonderful secular shifts that people talk about but almost never see".
Think about it: if secular shifts in trade patterns are responsible, in a proximate sense, for part of Spain's move into trade deficit and Germany's move into surplus since 1999, what this says is that even if you get relative wages back to 1999 levels, Spain will still be in deficit and Germany in surplus – so you need to go beyond that point.
They've built this technology platform that addresses all of those secular shifts and it's created this pipeline of independent creators".
Five-year longitudinal and secular shifts in adolescent beverage intake: findings from project EAT (Eating Among Teens -II.
The important thing to remember is that broad, secular shifts, while infrequent in occurrence, present extraordinary opportunities for those fortunate enough to capitalize on them.
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Customers' plans reflect a secular shift.
"Some think this might be an important secular shift," said Greg Smith, chief investment strategist at Prudential Securities.
This event has, I suspect, exposed the effect of a secular shift in the way cricket talent fructifies.
"Over the past 20 years, we have seen a secular shift away from defined-benefit towards defined-contribution pension schemes.
A secular shift in consumer habits and a corresponding outflow of advertising has put many papers back on their heels.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com