Over the long run management is nearly everything. The biggest winners have come from the most competitive industries. (Thread)
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Some businesses are really, really hard to ruin.
$CBOE owns the rights to the Vix. On that sleeve of their business execution is basically irrelevant because the entire business is just maximizing the economic rent.Show this thread
Interesting assertion. Doesn't maximizing economic rent in a sense equate to execution? an example - the NYSE was bloated and ran on old technology (not maximizing rent), so ICE bought it, removed management, and realized huge synergies in the following years.
