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EP 316. Judging Moats: Customer Behavior, Price Sensitivity, Retention, Power of Suppliers, Distribution Process, and Much More

Focused Compounding

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Buying a Commodity or Selling a Brand

What worries me is there's a lot of times when someone looks at business and just looks at the financial results. The margins are totally accidental. A, you're selling a product that's a substitute for oil, using an imput that has to do with food things,. And so if you have prices of any of those things move, which have nothing to do with you, right? You're selling, you'r buying a commodity, and youre selling a commodity. So it's just this strange trade that you're making that way.

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