Profit Is Less About Good Management than You Think

Harvard Business Review

Benjamin Graham , the father of value investing, seldom met the managers of the companies he invested in because he felt they would tell him only what they wished him to hear and because he didn’t want to be influenced by impressions of personality. Revenue moats are usually linked to intangible assets (including brands and patents), high switching costs, and network economies. So is there something different about the managers who do succeed?