But the expectation that the existing players will continue dominating is what makes them continue doing so. If firms were a bit more precarious there'd be more entrants.

I guess he didn't word it very well, because he does seem to suggest that some real businesses aren't doing much. I guess it's like his vampire-squid article, it's hyperbole.

The thing about low rates is we no longer discount the future. If rates were 10% and 2020 happened, Delta would be worth a whole lot less. This would allow new shareholders to buy into it. At the moment things are being valued like they're going to be great forever. Why should we all be tied to a really long and optimistic time horizon? It seems wrong, because there are things that you should expect to happen over 5-15 years.