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#35 The 100 Bagger Hunter
Behind the Balance Sheet
Competitive Advantage as a Relative Game
Competitive advantage is not insurmountable as all companies have weaknesses or soft points. It is a relative game where some companies have strong competitive advantages leading to high returns on capital, while others face stiff competition resulting in lower returns. No company has a 100% insurmountable moat, and there are always alternatives and weak points to consider.
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