Value Quotes

“In general, advantages that rise from brand and quality on the price side, and scalability on the cost side, tend to have more staying power than those rising from more temporal sources of advantage, like innovation (which tends to be surpassed by newer innovations). Also, we have to add the factor of product life cycle into our thinking; although Cheerios isn't as exciting as some innovative, new technology, the likelihood of obsolescence for the culturally-engrained, branded cereal is low. After a new technology is obsolete or replaced, Cheerios will remain a stalwart brand.”
― Tim Koller, Value: The Four Cornerstones of Corporate Finance