The Importance of Forecasting in the Future

Do you think people almost give too much credit to businesses having some sort of competitive advantage? It's just opportunity cost versus what you would get in this, he says. A moat would mean it's 5% or less of the companies out there probably. But unless you're think that it's that far out in terms of being an outlier, I don't know that I'd spend a lot of time worrying about the competitive advantage stuff.