I have a rule where I won’t buy into a company if another company can duplicate their product. Companies like Nike, lulu lemon, Pepsi, or Starbucks.
While some of these companies do well, I feel like you’re always one mistake away from tanking the whole thing. (Nike going online, what Gillette did to proctor and gamble).
I’m leaned heavily into companies like ISRG, CGNX, NDSN, AME, EMR, and PLTR which have high valuations (worse now than when I bought).
I really can never find wide moat companies and even reasonable valuations. I found myself trying to catch “falling knives” or looking at “zombie companies”.
Is this always the case? I’m stuck screening companies transitioning to new areas to find value and moats.