Abstract
Lately, quality as an investment factor has received significant attention. In our earlier papers on this topic, we have discussed a key element in the process of identification of quality businesses is the presence of competitive advantages. However, not all competitive advantages are created equal. The strength of the competitive advantage and the risks that the business needs to protect itself against are largely dictated by the type of competitive advantage that the business possesses. This paper provides a summary overview of the various types of competitive advantages that we have identified over the years.
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