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[REPLAY] Paul Black - Gratitude, Fun, and Growth Stocks (Capital Allocators, EP.51)
Capital Allocators – Inside the Institutional Investment Industry
Focus on the direction of competitive advantage
Defining high quality businesses goes beyond financial metrics; it involves considering the sustainability of a business's competitive advantage. The case of Nokia in 2007, initially perceived as high quality, demonstrated that a deteriorating economic moat can lead to underperformance. Understanding the direction of a company's competitive advantage is crucial, as businesses are either strengthening or weakening relative to their competitors.
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