quarta-feira, fevereiro 08, 2017

Monopólios locais

Ontem a leitura de um texto chamou-me a atenção para o uso do termo "monopólios locais" por Warren Buffet. Desconfiado do significado fiz uma pesquisa na internet e confirmei que está em sintonia com o nosso mote:
Promotor da concorrência imperfeita, dos monopólios informais e das rendas anormais
Em "A Warren Buffett Insight: Buy Monopoly-Like Situations" encontrei:
"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price
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As it were, these wonderful companies can be seen as a kind of monopolies.
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Investing in a monopoly is thus a very attractive thing for an investor. Monopolies necessarily tend to make for wonderful businesses. Businesses which are highly protected from competition. Businesses which exhibit pricing power. Businesses whose prices are decoupled from their costs, [Moi ici: Como não pensar logo no exemplo alemão ou das PME portuguesas] and thus their margins can be as large as the market will bear. Businesses which gain from technological advancements instead of having to pass on those gains to their customers through cost arbitrage.
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[Moi ici: Recordar o que escrevemos sobre a beleza dos monopólios informais radicarem na mente dos clientes, em "Monopólios, eu gosto muito deles", "Quem é que ainda liga ao "princípio da eficiência económica"?" ou "Discriminação do preço"] For instance, broadly defined soft drinks are far from a monopoly: there are literally hundreds of different brands viying for the consumers' attention. Yet, when you sit in a bar and you ask for a Coke, you won't consider a Pepsi unless there's no Coke. You won't mind if there's RC Cola at half the price. You won't even want to know the price. Coca-Cola  thus has a monopoly in selling you those Cokes.
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I would thus go further and expand what a monopoly can include powerful brands. Powerful brands can create monopolies because only Apple can sell you an Apple product. If you want a Coke, you can only get it from Coca-Cola."

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