Of the fifty most important stocks on the NYSE in 1911, today only one, General Electric, remains in business. That’s how powerful the forces of competitive destruction are.
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company’s owners are slim at best.
There is no such thing as a permanent moat.
There is no such thing as a permanent moat.
Even such invincible businesses today like eBay, Google, Microsoft, Toyota, and American Express will all eventually decline and disappear.
Some moats are more durable than others.
Wells Fargo and American Express were founded over 150 years ago, and amazingly both their moats are as robust as ever today.
Amazingly, as an aside, both American Express and Wells Fargo were founded by the same person, Henry Wells.
Wells Fargo and American Express were founded over 150 years ago, and amazingly both their moats are as robust as ever today.
Amazingly, as an aside, both American Express and Wells Fargo were founded by the same person, Henry Wells.
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