Canada

Continue the thought exercise to its logical conclusion:

• A new big player comes in and attempts to disrupt the marketplace

• A price war ensues where two or three major players try to underbid each other with loss leaders and attractive features users demand

• Everyone else is bled to death because they don't have billions of dollars in their war chests to run at a loss for five or ten years

• Either the war continues until there are is one, or the remaining parties revert to an oligarchy and start cooperating

• The new "big three" exploit their market position to raise prices and strip features so they can recoup all the money they burned to bury their competition and make the whole thing worthwhile

This was a nice vacation for consumers, but what is in it for investors? Why would they piss away all that money trying to claw market share away from Brand X when they can just buy shares of Brand X? They have been working for more than a century to create the market conditions that exist right now, they only stand to lose by disrupting it.