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How to Assess a Moat of an Enduring Moat
A lot of the risk in these small companies is even if they have a good business, they're going up against competitors that have much more resources than they are. It's just very, very hard to disrupt. I like to invest in pain relievers, call it pain relievers,. Like subset. And so there's a couple other kind of more general frameworks I try to apply to the companies on a qualitative level.