To understand how this works, let us imagine that Apple (NASDAQ:AAPL) develops a perfectly fragmented and disintegrated Web TV-supply chain: Every activity from the new TV-concept development, to design, manufacturing, marketing, and so on can be performed by independent subcontractors.

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However, the results of the study reinforce the concept that any consistent physical activity can produce long term benefits.

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More directly, there is a well-established valuation concept that present value of an activity is increased by anticipated future benefits.

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