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The below I found on the internet... may be worth reading
Boring Businesses.....
Both value and long term investors talk about how much they like boring businesses. We like these businesses so much because, if run correctly, they are able to reliably generate a
consistent source of long term revenue. Consistency and reliability are the key terms here as these businesses can be trusted to year in and year out be steady bedrock stocks to hold.
Boring companies are described by professional investors as being “unsexy†but often no further definition is provided; let me present my own definition in the hopes of leading you to sustainable long term returns in your portfolio.
A definition of a Boring Company/business
A boring company is a company with a deep moat that provides a limited time use staple product or service at a
healthy margin that fits consumer’s needs now, and will do so in the future. I’ve crammed a lot into that description so lets look at the parts in isolation.
Deep Moat
Much has been written about this in the past; if the business exists in a market with limited or no competition and the barrier to entry is significant enough to keep others out, or it offers something so unique that others would never be able to replicate it, then it has a moat.
There are lots of examples of businesses without moats, Viacom, owner of paramount movies being just one. The consumer simply does not care who produces or delivers the story about their favorite character. This erodes Viacom’s moat making it only as strong as the last movie it produced.
Deep moat companies are boring, they recognize their status and are happy to continue dominating their turf for long periods of time. The common example raised of a deep moat business is Geico insurance who’s direct to consumer insurance options differentiate it from its competition who are forced to use expensive secondary agents to sell their products.
Limited time use
If a company produces a product that is so good that it never breaks down or needs upgrading they will soon find themselves out of business- unless they have tremendous margin. This is why long term investors like boring companies-consumers line up to buy the same product over and over again. Think of Proctor and Gamble as a limited time use company, the majority of its products are designed to be entirely consumable in a short period of time.
Staple Product
A staple product is simply one that consumers always need or consistently desire. The Oakley Sunglasses company for example does not produce staple products. While they do produce a well branded product there is simply no reason that a consumer would have to purchase the product if times were tight. As easily as an economy can grow so to can it shrink, crushing non-staple businesses along the way.
Think of any grocery store as an example of a boring company that exemplifies this criteria. They sell products to consumers who must return again to purchase the same product. Ten years from now the business will inmost respects be exactly the same as it is today.
This is not to influence any one's investment decisions
Source: http://buyingvalue.com/
Boring Businesses.....
Both value and long term investors talk about how much they like boring businesses. We like these businesses so much because, if run correctly, they are able to reliably generate a
consistent source of long term revenue. Consistency and reliability are the key terms here as these businesses can be trusted to year in and year out be steady bedrock stocks to hold.
Boring companies are described by professional investors as being “unsexy†but often no further definition is provided; let me present my own definition in the hopes of leading you to sustainable long term returns in your portfolio.
A definition of a Boring Company/business
A boring company is a company with a deep moat that provides a limited time use staple product or service at a
healthy margin that fits consumer’s needs now, and will do so in the future. I’ve crammed a lot into that description so lets look at the parts in isolation.
Deep Moat
Much has been written about this in the past; if the business exists in a market with limited or no competition and the barrier to entry is significant enough to keep others out, or it offers something so unique that others would never be able to replicate it, then it has a moat.
There are lots of examples of businesses without moats, Viacom, owner of paramount movies being just one. The consumer simply does not care who produces or delivers the story about their favorite character. This erodes Viacom’s moat making it only as strong as the last movie it produced.
Deep moat companies are boring, they recognize their status and are happy to continue dominating their turf for long periods of time. The common example raised of a deep moat business is Geico insurance who’s direct to consumer insurance options differentiate it from its competition who are forced to use expensive secondary agents to sell their products.
Limited time use
If a company produces a product that is so good that it never breaks down or needs upgrading they will soon find themselves out of business- unless they have tremendous margin. This is why long term investors like boring companies-consumers line up to buy the same product over and over again. Think of Proctor and Gamble as a limited time use company, the majority of its products are designed to be entirely consumable in a short period of time.
Staple Product
A staple product is simply one that consumers always need or consistently desire. The Oakley Sunglasses company for example does not produce staple products. While they do produce a well branded product there is simply no reason that a consumer would have to purchase the product if times were tight. As easily as an economy can grow so to can it shrink, crushing non-staple businesses along the way.
Think of any grocery store as an example of a boring company that exemplifies this criteria. They sell products to consumers who must return again to purchase the same product. Ten years from now the business will inmost respects be exactly the same as it is today.
This is not to influence any one's investment decisions
Source: http://buyingvalue.com/
