Sublime

Bruce Greenwald’s book Competition Demystified was the concept of “local economies of

The first issue is selecting the arena of competition, the market in which to engage.

Constant pursuit of operational efficiency is essential for companies in markets without competitive advantages.

Without the protection of barriers to entry, the only option a company has is to run itself as efficiently and effectively as possible.

With a universe of companies seeking profitable opportunities for investment, the returns in an unprotected industry will be driven down to levels where there is no “economic profit,” that is, no returns above the costs of the invested capital. If demand conditions enable any single firm to earn unusually high returns, other companies will notice t

that competitive advantages are almost always grounded in what are essentially “local” circumstances.