What Do You Think About the Competitive Landscape of a Company?

We get a lot of questions about how you think about the competitive landscape and an industry. What does a settled industry look like to jeff? I mainly what i'm looking for is the company. It's hard for someone to cause a lot of harm to a company init as. Buffet said that before, and that's kind of the test that i use. In theory, it could pay off a lot for companies that aren't these kinds of industries we just don't invest in.