I’ve been traveling a lot the past two weeks and I’m a bit behind in everything but I spent some time reading the annual Berkshire Hathaway letter from Warren Buffet this past weekend. As always, it’s chock full of great information but this description of their portfolio company FlightAware is great:
This company delivers benefits to its customers that are the equal of those delivered by any business that I know
of. It also possesses a durable competitive advantage: Going to any other flight-training provider than the
best is like taking the low bid on a surgical procedure.
Billing isn’t brain surgery, but going with the low bid can be detrimental even fatal to your business.
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