*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.***
*** ***—*** ***Warren Buffet, *Fortune*, 1999
Lately it feels like we’re debating whether an industry is the future (it probably is) instead of whether a specific company can defend returns for 10+ years.
Even if the industry grows like crazy, competition can still crush returns. Growth isn’t rare durable advantage is.