When learning to recognize a good business, you quickly realize that the sheer amount of money coming in the door is only the beginning of the analysis. What also matters is who you have to share the money with—employees, lenders, vendors, etc.—before it gets paid to you the shareholder. Very often, being forced to share […]

Another example of a paradox of modern business: as an industry expands and globalizes, there end up being fewer rather than more players in it, less competition rather than more, because the costs to play the game go up.