Competitive Advantage

“Inflation can only arise if labor or business, or both, have pricing power.”

“Patience is a competitive advantage.”

“A sustainable competitive advantage allows a firm to earn excess returns for longer.”

“Moats are dynamic, not static”

“Patience is a competitive advantage”

“Businesses that share scale benefits widen their moat over time.”

“Inactivity is a competitive advantage.”

“Early on I adopted a philosophy I call the Eleventh Commandment, “Thou shalt not take thyself too seriously,” and it became a governing principle in my life. Big investment deals can get heady at times, and it can be easy to start thinking your brand is bigger than your performance.”

“The single most important decision in evaluating a business is pricing power. If you’ve got the power to raise prices without losing business to a competitor, you’re got a very good business. And if you have to have a prayer session before raising the price by a tenth of a cent, then you’ve got a terrible business.”

“The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.”

“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage.”