MI241: The Acquirer’s Multiple Strategy w/ Tobias Carlisle
The Intrinsic Value Podcast - The Investor’s Podcast Network
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Is There a Competitive Advantage in a Business?
When I read this book, it made me think that we're often taught that good investments are ones that you just look for good businesses with high return on invested capital. But then your approach describes that no, mean reversion actually means that it's likely that those businesses will do better. The challenge is you have to know what game you're playing. If you are a quality investor, if you like buying those high return type businesses, if that's what you've been trained to do, then you should be spending your time thinking about competitive advantages.
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