Buying优质 enterprises is equivalent to acquiring the scale advantage of their惯性 growth effect
In the long run, a stock's return is unlikely to exceed the average annual earnings of the company that issued it by mu…
For consumer brands, only those with a competitive moat can convert brand strength into pricing power—and only with pricing power can they sustain high net profit margins. A brand doesn't guarantee high margins. However, another hallmark of a well-established brand is that it's harder to lose money; what worries most people often becomes an opportunity for them to buy in.