Finally, Buffett talks about the worst sort of businesses, which grow rapidly, require significant capital to engender growth and then earn little or no money. The Indian telecom sector over the past decade has been a good example of this, wherein building durable competitive advantages has proven to be elusive for all the players. The telecom industry in India has grown exponentially over the past decade (41 per cent CAGR in the number of telecom subscribers over FY02–17 from seven million subscribers in FY02 to 1200 million in FY17), industry leader Bharti Airtel has maintained its market
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