These quotes are from the book The Investment Checklist by Michael Shearn.
"Competitive advantages are less sustainable when they are affected by changes in technology or if they are in rapidly emerging industries. Changes in technology threaten a competitive advantage when they expand customer choice, whether by offering the same product for less or by offering greater benefits for the same price or less."
"The greatest gains in a stock are usually made as a business is developing its competitive advantage rather than after it already has developed one."
"Do not confuse a competitive strength or a business that is successful because it is in the right place at the right time with having a competitive advantage."
