It's been a real lesson for me. I've never owned this one as I always thought it was too expensive. And each time they achieved a result that justified the price, the price then rose further.
But my major reason for not ever owning it, beside the price, was because there was no real moat, no real advantage as they're simply a wholesaler of imported products.
So what was the lesson?
Being the very best at what you do (by a large margin) is a moat.
Ann: AGM Presentation, page-8
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