James Lileks says something incredibly insightful on his blog, the Bleat, today:
Every established medium is ruled by people tied to the existing models, and the bitterclingers imagine the short-term models will prevail long enough so they can amass sufficient capital to buy a nice place in Florida.
He’s talking about media, but it really goes for anything. Insurance, software, auto workers — you name it. Self-delusion: even if you can see it, you really don’t.