Hamilton Helmer: evaluation

Transcript context

…Got it. Let me go in a slightly different direction. We've talked about power, we've talked about strategy. There's also, there's this word moat that comes up a lot. Everyone's always trying to build a moat. In your mind, is a moat equivalent to a power? Is there a difference when people talk about these two? Power requires a benefit and a barrier, you have to have something that you do that gives you a better outcome than your competitors, lower cost or higher price, and then something that makes it impossible for somebody else to mimic that. So moat is the second. So it's not synonymous with power because you can have a moat around a very undesirable piece of property and wouldn't get you far. But I think it is pretty synonymous with barrier. I think Warren Buffett, Charlie Munger, I admire enormously. I think I get credit for popularizing those concepts and I think the way they think about it is good. I'd say that 7 Powers is probably more systematic and comprehensive in saying that. I don't think. This is wonderful. I don't know if you've read any of the Microsoft antitrust literature that came out of their- No.…

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