EP 344. Superinvestor 13-Fs, Cyclical Stocks, and Is Boston Beer Co Cheap?
Focused Compounding
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The Scale Advantages of Wine
In terms of the order of the businessis business quality, wine is the worst. Beer and spirits are the best. One of the big reasons for that is economies of scale. You have to be quite a bit bigger to enjoy all the economies of scale beer. And then there's also just the commodity aspect of it.
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