With every company I own there is always the question of sustainability, that a transformation in its industry will leave it behind.
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Rather than focus on numerical indexes in investment decisions, the investor should focus on unique characteristics that protect the investment from competition. Thus bar to access is a critical element in the evaluation.
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Investors should seek a company that can lower the cost of production and develop an expanding market without materially reducing the return on capital invested in the business.
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The ability to create its own market is the strategic, the dominating, and the single most distinguishing characteristic of a true growth company.
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The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business to a competitor, you’re got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you’ve got a terrible business.
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Change creates opportunities to grow, but it also creates opportunities to slip.
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Buy slowly stocks of companies that will capitalize on the problems of scarcity and social need. Companies with excellent management.
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I think it is more conservative in the long run to be in a company that is really progressing and really has an edge.
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The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.
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The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.
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