Value Investing World

Value Investing World

Share this post

Value Investing World
Value Investing World
Links - 8/22/2021

Links - 8/22/2021

Joe Koster's avatar
Joe Koster
Aug 22, 2021
∙ Paid

Share this post

Value Investing World
Value Investing World
Links - 8/22/2021
Share

“If a company is earning far in excess of its cost of capital, it is likely to attract competition. Competitive forces chip away at economic margins in a capitalist system so that participants generally end up earning their cost of capital. The exceptions to this dynamic are companies with unique competitive positions. The competitively advantaged compa…

Keep reading with a 7-day free trial

Subscribe to Value Investing World to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Joe Koster
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share