Ep 365. Finding Moats: Market Power, Customer Behavior, Substitution, Distribution, and Margin Protection
Focused Compounding
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The Problems of Scale
The problem that you run into is there's not a lot of independence. So for instance, walmar and target, if they want to actually have supply across their stores, can only deal with a very small number of companies. And like a lot of the others i mentioned, it also has the matching up of a large customer with a large supplytha.
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