Walk through a supermarket sometime and think about who’s got pricing power, and who’s got a franchise, and who doesn’t. If you go buy Oreo cookies, and I’m going to take home Oreo cookies or something that looks like Oreo cookies for the kids, or your spouse, or whomever, you’ll buy the Oreo cookies. If the other is three cents a package cheaper, you’ll still buy the Oreo cookies…. But, if you go to buy milk, it doesn’t make any difference whether it’s Borden’s, or Sealtest, or whatever. And you will not pay a premium to buy one milk over another…. It’s the difference between having a wonderful business and not a wonderful business. The milk business is not a good business.
Premium businesses
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