第二章 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 ...
1. FOR MOST PEOPLE, it’s common sense to pay more for something that is more durable. 2. 目标指标是ROE 3. It’s easy to get caught up in fat profit margins and fast growth, but the duration of those fat profits is what really matters. 4. the here-today-and-gone-tomorrow stocks
In my experience, the most common “mistaken moats” are great products, strong market share, great execution, and great management. These four traps can lure you into thinking that a company has a moat when the odds are good that it actually doesn’t.
Great products, great size, great execution, and great management do not create long-term competitive advantages. They’re nice to have, but they’re not enough. The four sources of structural competitive advantage are intangible assets, customer switching costs, the network effect, and cost advantages. If you can find a company with solid returns on capital and one of these characteristics, yo...
1. Always remember the four drivers of valuation: risk, return on capital, competitive advantage, and growth. 2. Smart Selling Means Better Returns. 3. competitive advantages in a wide variety of ways, and seeing what separates the great from the merely good is an endlessly fascinating intellectual exercise. 4. great resources about investing: newspapter&megazine(WSJ, Barron's, Forbes etc.)...
momo
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