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For longterm investing a important aspect is having a business with a strong moat. With a strong moat your invested money is going to compound. Time will be your friend. Thats one of the key take aways from Buffetts advice. Even better, it gives you a rational reason for conviction. Ask your self: "What would happen if the company/product would disappear tomorrow?"
Now speaking of Buffett, two of his best investments are Coca-Cola and Apple. People use their products everyday. Somehow, they identify with their products. But ask yourself again. "What would happen if the company/product would disappear tomorrow?" Coke would disappear and substituted with any Cola company who has the best distribution System at the time.
Same with Apple. They would easily switch to any existing good Phone an the market. It wouldn't make a huge difference for them.
I know this is not true. I myself own a Iphone and a Macbook. I don't even consider buying a different brand. However, I'm wouldn't spent my entire salary on the latest Iphone. Neither would I take loan. But many would take huge sacrifices to own a Iphone. Reasonable people. Not die hard Apple fans. I know them. If I ask them why, they don't know it. They can't explain it.
Same thing with coke. When ordering a Cola half the time the servers ask if a Pepsi is ok. Like it's a entire different beverage. I know it's the go to safe option. But why would people rather buy a normal prized Coke over discounted Pepsi (or a no name/niche cola product). It can't be taste.
And at the same time it would make no difference if those product would disappear tomorrow or would it? I can't explain it. But how am I going to get enough conviction if i can't explain it? Why is Hermes on of the best business to ever exist? What does it take to be the golden standard? How do you measure it? And how do you predict it?
To take it even further. Give me your best business model. Let AI seriously criticize it. You are going to think it's a dieing business. Then you make your due dilligence and it will be fine. But there will be always be SOME truth to critique. Therefore there will be SOME lack of conviction.