The Point of No Returns
The industry explores alternative models for reducing returns. Where will it lead?
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“No one seemed to say ‘stop,’” he says of the traditional environment of escalating royalty costs, which assumes perpetual growth in a healthy economy, “and so the high cost of acquisitions has led to escalating costs right down the line, leading, of course, to higher returns. It is all very predictable. Wouldn’t the better operating philosophy be: ‘Buy cheap, sell dear’? It seems that the book business has reversed the order and is proud of buying for very dear and selling (ultimately) very cheap.”
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James Sturdivant
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