2 (cont'd) - look at oil and gas. Used to be pretty concentrated. No longer. Retail has gone through huge swings, from zero concentration to the Sears catalog to distributed to Walmart to big-box and now back to highly concentrated with Amazon.
This graph and quote are like an onion. Lots of layers to peel. 1. It's more important to choose the right product than industry. The graph is misleading in some ways. For example, what's Tech, Hardware, Storage, Peripherals ex-Apple? 2. Margins & concentration are dynamic.
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3. I just think there are too many intricacies in this stuff to generalize. It's too complex. The graph is over 5 years also, hardly enough time. Anyways, my 2 cents.
End of conversation
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