Durable competitive edge
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Buffett talks about “durable competitive edge” a lot.
Here is a video (scroll down the article) he used Berkshire mill, the first major company he bought in 19060s, as an example to explain this concept.
Also I watched the “Buffett goes global” show on CNBC in the weekend, I am sure CNBC will run it again just like the other two shows about Walmart and eBay.
This is a much better show than Jim Cramer’s Mad Money, in terms of education value. I watched the Mad Money mostly for entertainment, along with Fast Money, etc.
Another thing I noticed is Buffett says that “we should learn something everyday so that we will be smarter every evening compared to the morning”. Sound like “好好学习, 天天向上” we learned in elementary school? (By the way, do we still have this slogan in China these days 🙂