Looking For Toll Bridges
I'm often attracted to companies that retain a conceptual "toll bridge." A "toll bridge" business is one of the two exceptional types of businesses often discussed by Warren Buffett as being able to deliver superior long term returns. A "toll bridge" business is one that individuals or companies must use in order get where they are going.
Companies of this type can come in many shapes and sizes. They could be the exchanges on which companies are listed, like the NYSE, CME or the Nasdaq. If you are involved in the buying or selling of securities, you are paying a toll to the exchange whenever you make a transaction. Another example of a "toll bridge" in...
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