Disclaimer: This is not investment advice.
Some firms can prosper while they sell less and less of their product. Think petrol (Couche-Tard), spare parts (Autozone) or tobacco (Philipp Morris). Are lubricants (i.e. Fuchs Petrolub) the same catagory ? --> good article by Invariant on the topic --> https://invariant.substack.com/p/the-fertile-grounds-of-decay?utm_source=post-email-title&publication_id=882020&post_id=140368935&utm_campaign=email-post-title&isFreemail=true&r=2dlb5&triedRedirect=true&utm_medium=email
Thanks for the links. Indeed there are sectors where the benefit of consolidation outweighs the shrinking of the overall pie. Thanks for the link.
Some firms can prosper while they sell less and less of their product. Think petrol (Couche-Tard), spare parts (Autozone) or tobacco (Philipp Morris). Are lubricants (i.e. Fuchs Petrolub) the same catagory ? --> good article by Invariant on the topic --> https://invariant.substack.com/p/the-fertile-grounds-of-decay?utm_source=post-email-title&publication_id=882020&post_id=140368935&utm_campaign=email-post-title&isFreemail=true&r=2dlb5&triedRedirect=true&utm_medium=email
Thanks for the links. Indeed there are sectors where the benefit of consolidation outweighs the shrinking of the overall pie. Thanks for the link.