In any industry’s winter season, products become commodities where companies compete on price. This is where Lords shine, weathering the peaks and troughs of their industry pricing by the unassailable position they have built by being in their flow. Andrew Carnegie, Jean Paul Getty, John D Rockefeller and, more recently, Lakshmi Mittal and Sergey Brin, dominated their markets by the yield-per-dollar they could generate from their scale and efficiencies.