Category Archives: [ADM.L] Admiral Group

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[ADM.L – Admiral Group] Barriers to scale; moats vs. revenue models

“I have always been attracted to the low cost operator in any business and, when you can find a combination of (i) an extremely large business, (ii) a more or less homogenous product, and (iii) a very large gap in operating costs between the low cost operator and all of the other companies in the […]