"“The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.”Retirando os abomináveis casos dos monopólios formais, estatais ou protegidos pelos estados, só os monopólios informais, baseados na concorrência imperfeita, permitem "pricing power" genuíno: o Evangelho do Valor!
“If you have a really dominant position you can survive for quite a long time with bad management but eventually it will catch up to you,” [Moi ici: Como não pensar logo na PT ou no BES] said Hermalin. “In the short run I would agree with Buffett but in the longer-run perspective there is something to be said for having a good manager.”
Trechos retirados de "Buffett Says Pricing Power More Important Than Good Management"