“eBay may be a shark in the ocean, but I am a crocodile in the Yangtze River. If we fight in the ocean, we lose—but if we fight in the river, we win.” -Jack Ma
Link to video: Crocodile in the Yangtze - Story of Alibaba & Jack Ma
The Jack Ma quote above also reminded me of a couple of quotes from Charlie Munger about the domination of a niche leading to good economics, and that positive reinforcement then leading to advantages of scale:
Just as in an ecosystem, people who narrowly specialize can get terribly good at occupying some little niche. Just as animals flourish in niches, similarly, people who specialize in the business world—and get very good because they specialize—frequently find good economics that they wouldn't get any other way.
And once we get into microeconomics, we get into the concept of advantages of scale. Now we're getting closer to investment analysis—because in terms of which businesses succeed and which businesses fail, advantages of scale are ungodly important.