Thomas,
So, would you be prepared to take a position in BEAS without having looked at the competition?
I'd be more than willing to take a position in any company without looking at the competition insofar as understanding the competitive advantages of the various products are concerned. As a matter of fact, even if I wanted to look at those factors, no carpetologist would have the slightest idea how appreciate the various strengths and weaknesses of each, much less compare them.
When I began a rather exhaustive study of the front office software industry nearly five years ago, I never made any attempt to understand the products being offered because I knew that would be an exercise in futility. Instead, I focused on growth, marketshare, market segment, resources, financial health and stock valuation. Awhile later, along came a book called Gorilla Game that helped me refine most of that (except valuation) by focusing on one primary concept: understanding how markets develop and at the same time produce a sustainable, competitive advantage.
To this day, I don't have the slightest idea about how Siebel's competitors' products compare to Siebel's products. And I don't care. Really. Truly.
--Mike Buckley |
