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Given that Laube flatly states that the assertion isn't true, but--in fact--offers no actual evidence other than a bunch of calculations he prepared (none backed by any apparent real-world evidence, and I'm pretty sure the Big Six aren't releasing their per-title costs!), it's a he-says-she-says situation.

Nor did I say--anywhere--that books that don't earn out their advances can't be profitable for publishers. That would be like saying that motion pictures that never return a cent to "profit participants" aren't profitable: The accounting practices of Big Media are well-designed to hide all sorts of profits.