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发表于 2013-7-18 09:04 AM
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rightonmoney 发表于 2013-7-17 06:18 PM
1. 银行的Loan, mortgage;
2. 建筑材料;
maybe 7. insurance (home insurance, title insurance...)
8. furniture
previous level is bubble,
so looking at last 10 years data and see that current level is much lower and rising then came up with conclusion is not enough.
1. 银行的Loan, mortgage;
2. 建筑材料;
3. 建筑机械;
4. 建筑运输;
5. 周边的快餐;
6. LV - 工人赚到钱了,老婆就有钱买LV了, Mall 也跟着旺起来;
out of these, which one has companies with sustainable competitive advantage, high return and selling at cheap price given future profitability?
which ones are not commodity business with brand name effect, customer loyalty, benefit from economics of size, don't require reinvestment into heavy/expensive machines to stay in business?
For me, 1. banks, is easier to understand,
2-4 needs more study to find if there's a brand with above requirement (benjamin moore is a good one with niche market, but already acquired by Buffett).
Don't know enough about 5 and 6...
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