面包自助局和moat1

幸福满满的...

 

价值投资系列：moat 

Moat1： Low-cost production

• Takeaway: If you’re in a commodity industry, be relentless when reducing costs—the lower you go, the deeper the moat.

If you can make it for less, you can sell it for less. Buffett, when thinking of low-cost production moats, uses GEICO (another Berkshire Hathaway acquisition) as an example. GEICO didn’t stumble upon low-cost production as its moat. It was essential for their market:

Most people will assume the service is fairly identical among [car insurance] companies, or close enough, so they’re going to do it on cost, so I gotta be the low-cost producer. That’s my moat. To the extent my costs get further lower than the other guy, I’ve thrown a couple of sharks into the moat.

When it comes to low-cost production, examples often focus on manufacturing and supply chain management. In Richard Rumelt’s Good Strategy Bad Strategy: The Difference and Why It Matters, he recounts a favorite (and recurring) discussion with his students: What makes Walmart successful? And why is it so difficult for others to compete?

Obviously, Walmart thrives as a low-cost producer. But how did it build that moat? The answer isn’t merely the reduced costs that come with scale, like buying in bulk. It is, Rumelt explains, the management of Walmart stores as a network.

The company limits costs through a management and distribution structure that serves multiple stores in a geographic area. The network of stores allows Walmart to limit its stock in any given store and share managerial expenses across the network. The moat is deep—efficiencies flow from a 5,000-store network.

Wmt, COST 的核心竞争力在：低价格

GEICO: 他的客户市场

 

COSTCO moat:

https://baskinwealth.com/an-ernest-opinion/costcos-true-moat/?

Walmart moat:

https://www.gurufocus.com/news/12081/how-wide-is-walmarts-moat

 

所有跟帖： 

• 真能吃 -五谷不分- ♂ (0 bytes) () 01/28/2023 postreply 08:32:01

• 即使低成本护城河，也需要继续挖掘原因，流程低成本是可以模仿的，不能模仿的是规模；wmt是一个平台，具有某种网络效应 -monseigneur- ♂ (0 bytes) () 01/28/2023 postreply 10:20:42

• 对上游商贩压价，对下游顾客让利，是市场鼓励的有效格局；但零售市场毕竟很大，所以wmt不会垄断市场 -monseigneur- ♂ (0 bytes) () 01/28/2023 postreply 10:21:17

• 资本发达社会的零售市场有走向多头垄断的趋势，因为这种格局是高效的 -monseigneur- ♂ (0 bytes) () 01/28/2023 postreply 10:29:50

• 但不是所有的行业都会整合为大规模，这取决于该行业的本质；目前的自媒体行业是反整合的，逐渐侵蚀原先单一的报纸，电视 -monseigneur- ♂ (0 bytes) () 01/28/2023 postreply 10:35:23

• 现在加密币行业鼓吹的就是去中心化，反垄断。所以这些大公司，不敢怠慢，正在积极尝试一些新的模式... -va168- ♀ (313 bytes) () 01/28/2023 postreply 11:43:13

• 元宇宙和NFT我是真不懂，但加密币本身需要网络效应，大家共用同一币种，才方便交易 -monseigneur- ♂ (0 bytes) () 01/28/2023 postreply 12:29:58