There have been numerous lessons learnt from the mistakes of 2008, recovery of 2009/10 and the slowdown of 2010 onwards. The last three-plus year slowdown may well have been a blessing in disguise, in our view, as it has shaken out the industry and forced a re-think of a lot of practices (as detailed below) which, in our view, are key to the longer-term health of the business. Some of the main areas of change
which, in our view, are under-appreciated as of now are:
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