The best business returns are usually achieved by companies that are doing something that is quite easy to understand. The trick is getting first to a strong market position and then exploiting the advantages that follow. What you want is a natural franchise. A company can have a perfectly marvelous product and still be in a lousy business.
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Invest Like the Best with Patrick O'Shaughnessy
Most of us intuitively feel that we are above average in a variety of ways. We think we're smarter than average, more competent than average, more ethical than average. Psychologists have documented that people's assessments of themselves are, to put it charitably, often not well-calibrated.
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As someone who has personally spent $500,000 a month plus on Google ads for years, I can tell you with certainty, this revenue growth in search is artificial and extremely unhealthy for Google's business long term.
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