Mike,
You make a very valid point indeed.
I know lots of people in this business that have carved out very good niche markets that provide them with a very stable and profitable business.
One guy works for a small group of hotels, some of them national companies but they use him as opposed to contracting out the work because he offers them a bespoke personal service they can't get anywhere else. He even rights out his own order!!!!
Another guy does exceptionally well in the insurance market cleaning up after fires and floods and his business is almost recession proof and very lucrative indeed.
As you mentioned Dave Liahona has developed his niche market and I know Nigel Woodhead has been very successful in picking out specific corners of the market in which to work.
Again this all points to researching your market and making sure you have the tools to get you where you want to be.
Simon