There are some readers here who are only interested in the nitty-gritty of individual companies. They study the accounting and the competitive advantages of their companies. That is good. Those readers will become good investors. Later today, I will post the world’s greatest analysis of a company. And we will begin our study of franchises and competitive advantage.
I think we all need to see the mountain top to know what to strive for. I will put the cart before the house by posting 5 franchise companies with a short description of their alleged competitive advantages. Within four months we will have about 100 companies in our data base.
We will also begin discussing the case studies in Bruce Greenwald’s excellent book, Demystifying Competition. Please go to the Value Vault (just email firstname.lastname@example.org with VALUE VAULT in the subject line, and I will email you a key–please use the materials for your own use) and read this book a few times, take notes and think about the cases.
Now, there may be other readers who are actually interested in Austrian economics and are also value investors. For you I pose a question, “Why is it NO SURPRISE to see the markets higher this morning and what is the ECB actually doing? Answer to be posted this afternoon.