David C. Barnett

So take advantage of your personal network because it can lead you to individuals that can really inform this background information that we keep alluding to, where you can get a better understanding of how a business works. And here's what I've learned. And maybe some of your experience mirrors this. If you see something that looks like a tremendously profitable business with little competition,

So take advantage of your personal network because it can lead you to individuals that can really inform this background information that we keep alluding to, where you can get a better understanding of how a business works. And here's what I've learned. And maybe some of your experience mirrors this. If you see something that looks like a tremendously profitable business with little competition,

So take advantage of your personal network because it can lead you to individuals that can really inform this background information that we keep alluding to, where you can get a better understanding of how a business works. And here's what I've learned. And maybe some of your experience mirrors this. If you see something that looks like a tremendously profitable business with little competition,

dann ist es wahrscheinlich etwas, das du nicht siehst. Korrekt. Denn in den normalen Operationen einer freien Marktökonomie, wenn jemand wirklich hohe Margen zahlt und wenig Wettbewerb hat, wird diese Situation neue Einflüsse in diesen Markt erzeugen.

dann ist es wahrscheinlich etwas, das du nicht siehst. Korrekt. Denn in den normalen Operationen einer freien Marktökonomie, wenn jemand wirklich hohe Margen zahlt und wenig Wettbewerb hat, wird diese Situation neue Einflüsse in diesen Markt erzeugen.

dann ist es wahrscheinlich etwas, das du nicht siehst. Korrekt. Denn in den normalen Operationen einer freien Marktökonomie, wenn jemand wirklich hohe Margen zahlt und wenig Wettbewerb hat, wird diese Situation neue Einflüsse in diesen Markt erzeugen.

Und diese Vorteile werden auslösen. Alltags wird es Wettbewerb geben, es wird Preiswettbewerb geben, die Margen werden auslösen. And eventually people end up in a position where solid players who deliver well should be sustainably competitive and profitable, but not crazy profitable.

Und diese Vorteile werden auslösen. Alltags wird es Wettbewerb geben, es wird Preiswettbewerb geben, die Margen werden auslösen. And eventually people end up in a position where solid players who deliver well should be sustainably competitive and profitable, but not crazy profitable.

Und diese Vorteile werden auslösen. Alltags wird es Wettbewerb geben, es wird Preiswettbewerb geben, die Margen werden auslösen. And eventually people end up in a position where solid players who deliver well should be sustainably competitive and profitable, but not crazy profitable.

The places where crazy profits live are where there are sort of these moats or interventions, which are often not natural. So things like patents, you know, why are drug companies so profitable? Well, they get this government protection in the form of patents, right? Why are some device or machinery manufacturers profitable to an excessive degree?

The places where crazy profits live are where there are sort of these moats or interventions, which are often not natural. So things like patents, you know, why are drug companies so profitable? Well, they get this government protection in the form of patents, right? Why are some device or machinery manufacturers profitable to an excessive degree?

The places where crazy profits live are where there are sort of these moats or interventions, which are often not natural. So things like patents, you know, why are drug companies so profitable? Well, they get this government protection in the form of patents, right? Why are some device or machinery manufacturers profitable to an excessive degree?

Because their brands are trademarked, their machines they've invented are patented, this kind of thing, right? In the world of small business, you're not often going to get into those kinds of scenarios. You could be a monopoly, like you're the only taxi company in the small town, but that's probably because the town really can't support more than one.

Because their brands are trademarked, their machines they've invented are patented, this kind of thing, right? In the world of small business, you're not often going to get into those kinds of scenarios. You could be a monopoly, like you're the only taxi company in the small town, but that's probably because the town really can't support more than one.

Because their brands are trademarked, their machines they've invented are patented, this kind of thing, right? In the world of small business, you're not often going to get into those kinds of scenarios. You could be a monopoly, like you're the only taxi company in the small town, but that's probably because the town really can't support more than one.

So you're not going to be able to charge double the rates of other taxi companies in the world. You're still going to be hemmed in by these substitution competitors. That taxi company might have a monopoly, but if you charge too much money, people are just going to ride their bicycles or ask their friends for rides or hitchhike. They're going to find ways around your excessively high prices.

So you're not going to be able to charge double the rates of other taxi companies in the world. You're still going to be hemmed in by these substitution competitors. That taxi company might have a monopoly, but if you charge too much money, people are just going to ride their bicycles or ask their friends for rides or hitchhike. They're going to find ways around your excessively high prices.

So you're not going to be able to charge double the rates of other taxi companies in the world. You're still going to be hemmed in by these substitution competitors. That taxi company might have a monopoly, but if you charge too much money, people are just going to ride their bicycles or ask their friends for rides or hitchhike. They're going to find ways around your excessively high prices.

Exactly.

Exactly.