This chapter deals with finding moats in various industries. Some industries have strong moat compared to others by nature. Per auther, Media has the highest moat % followed by utilities, financial services and energy. Lowest moat is in Industrial materials and hardware (mostly commodity).
Generally the fourth best player in an attractive industry would have a stronger moat than the first player in the worst industry. This is very very true. Compare textile players to FMCG in Indian scenario and we know what this author is talking about.
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