Friday, June 16, 2017


John Huber's Thoughts on The Most Important Moat (LINK) [Some great thoughts from John, and it's a topic I've been thinking about a lot more lately, especially in regards to a few industries in particular, such as niche software companies and niche specialty chemical companies, among others. And the model of selling lower volume, higher margin products seems increasingly more at risk every day.]
In summary, I think it’s helpful to keep the following concept in mind: Value to the customer is one of the most important things to consider when analyzing companies. 
No longer can companies use a distribution advantage, a regulatory advantage, market share dominance, or some other barrier to entry that insulates them from competition. Those advantages can still be significant moats, but only if the end-customer is getting a good deal. If not, a competitor will spring up, gain scale in a shockingly quick manner, and figure out a way to meet the needs of that end-customer. Change happens more rapidly, customers have more choice (and more information), and barriers to entry are too low for big incumbents to rest on their laurels. 
Amazon buying Whole Foods Market (LINK)

Walmart to acquire Bonobos (LINK)

Amazon wants to become Walmart before Walmart can become Amazon (LINK)

Blockchain Technology Will Change Accounting [H/T Alex] (LINK)
Related book: The Business Blockchain
Exponent Podcast: Episode 118 — Podcasting and Centralization (LINK)

Actions, not words, reveal our real values - by Derek Sivers (LINK)

Which Animal Murders the Most? (video) (LINK)

What If (Almost) Every Gene Affects (Almost) Everything? - by Ed Yong (LINK)