Competition is the lifeblood of capitalism. Companies that can't keep up with the competition will inevitably fail. But those that can find a way to create a competitive advantage can enjoy long-term success.
Episode Outline
(00:00) Introduction
(01:42) How can I do better than the competition?
(02:32) What is a Competitive Advantage?
(04:36) What do you do to protect against that erosion from other things?
(06:40) Different Types of Competitive Advantage
(16:56) Network Effects
(26:07) Regulatory Component
(27:30) Intellectual Property
(34:31) Moats
(40:11) Conclusion
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