Warren noticed that prices of some stocks soar far above where they had been when graham unloaded them.
these “superstars” all benefited from some kind of competitive advantage that created monopoly-like economics, allowing them either to charge more or sell more of their products.
company’s durable competitive advantage made these business investments a self-fulfilling prophecy.
Because these business economics working in their favor, there was zero chance of them ever going into bankruptcy.
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