"Not first, but best."
There are lots of histories telling us that “the first”, albeit creating revolutionary inventions and new industries, is usually not the one that changes the world most, and also not the one that realizes profits most significantly for its investors. But “the best” most likely is.
Warren Buffett: … I won’t dwell on other glamorous businesses that dramatically changed our lives but concurrently failed to deliver rewards to U.S. investors: the manufacture of radios and televisions, for example. But I will draw a lesson from these businesses: The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors.4567
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