I am an old man. Old men like to tell tales. So let me start with a fairytale.
Once upon a time there was a wine-grower and producer of cognac. One night, he had a dream. A fairy was advising him to drill a hole in front of his farmhouse. He would find an incredibly large cask of the finest cognac, big enough to provide him with cognac for many decades—if not centuries—at his present amount of sales.
Believe it or not, the fairy’s promise turned out to be true, and the farmer soon became number one in the cognac business, for his competitors—producing cognac in the traditional way—had to cope with much higher production costs.
However, they did not give up. They joined forces and said: “R&D will enhance process efficiency and together with mass production will lower cost. Thus, our cognac will become...