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Buffett Reflects on Great Businesses: Raising Prices

Pricing power says so much. Few companies really have it: Coke, McDonalds, Walmart, Kraft, P & G don't have it. They have a modest form of it which is if their prices are equal to the other guys, they win. That, in and of itself, is a big thing. So when you score the additional benefit of "pricing" power you really "have" something. Rare as hen's teeth--and Buffett usually gets there first!