That there's no profit is something I've seen repeatedly, including written by Warren Buffet. So my question is where does the capital they burn through each year come from ? What kind of magic business is this where companies are eternally taking losses yet still around ?
Unfortunately, explaining this will take more than a sentence and it's 00:30 where I am and I need to sleep. But in a nutshell, the whole industry relies on a heady mix of stupid investors, money launderers and state backing. The only people that make money are the brokers (as in most industries...).
Is someone giving them money to burn ?