Ron Baron: We invest in people . . . not just buildings
"Since virtually all businesses over time will be vulnerable to competitive threats, one of our principal research efforts is to identify not only growth opportunities but what we believe to be businesses’ “sustainable competitive advantages”. We’re trying to find businesses that have natural or man made barriers that prevent others from doing what they’re doing over an extended period. This is in order to prevent others from competing away those businesses’ profits."
"Moats filled with alligators surrounding our businesses’ castles with no bridges to cross, are as important to us as they are to that legendary investor who requires only wide moats."
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