2 Does it have a sustainable competitive advantage (moat)?
"That gets rid of a very significant percentage of things. We can tell, in the middle of the first sentence usually, whether those two factors exist."
"If we can’t understand it, we can’t make a decision as to whether it has a sustainable edge.
And if we can understand it, very often we come to the conclusion that it’s not the kind of business that will have a sustainable edge."
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