1/ "There are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more money in a business that’s still going to be lousy. All of the advantages from great improvements flow through to the customers.” Charlie Munger
2/ What innovations and inventions can you think that reduced the profits and revenues of the businesses in that market since all or most of the benefits of the technology went to consumers? 
3/ How about 4G wireless innovations? How much did 4G technology increase mobile operator profits and ROI (not just revenue) versus the higher benefits that consumers received (consumer surplus)?
4/ What did MP3 (formally MPEG-1 Audio Layer III or MPEG-2 Audio Layer III) do to the profits and return on investment of the businesses in the music industry? And how much did consumers benefit from the innovation relative to producers?
