Highly moativated

摘要

HOW CAN you identify the hotspots in the economy where competition might be a problem? The Economist has tried to answer this question with a series of filters which we have applied to the top 500 firms in America. The process is designed to narrow down where trustbusters may want to look more closely. Existing competition doctrine is not helpful in this exercise, since it lacks any clear sense of what competition is. Instead the inspiration is Warren Buffett, an investor. He argues that some firms have "moats" that protect them from competition. Often these are deserved, being the result of investment, innovation or excellence. In some cases they are not.