第15页 Mistaken Moats
- 章节名：Mistaken Moats
- 页码：第15页 2018-03-07 18:06:41
1. In my experience, the most common “mistaken moats” are great products, strong market share, great execution, and great management.
2. The four sources of structural competitive advantage are intangible assets, customer switching costs, the network effect, and cost advantages.
1) A company can have intangible assets, like brands, patents, or regulatory licenses that allow it to sell products or services that can’t be matched by competitors.
2) The products or services that a company sells may be hard for customers to give up, which creates customer switching costs that give the firm pricing power.
3) Some lucky companies benefit from network economics, which is a very powerful type of economic moat that can lock out competitors for a long time.
4) Finally, some companies have cost advantages, stemming from process, location, scale, or access to a unique asset, which allow them to offer goods or services at a lower cost than competitors.
If a company can charge more for the same product than its peers just by selling it under a brand, that brand very likely constitutes a formidable economic moat.
The only time patents constitute a truly sustainable competitive advantage is when the firm has a demonstrated track record of innovation that you’re confident can continue, as well as a wide variety of patented products.
5. Regulatory liscenses:
if you can find a company that can price like a monopoly without being regulated like one, you’ve probably found a company with a wide economic moat.
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