@sama "your margin is my opportunity" - bezos

@sama basis for all competition, either low cost (thus drive low margins) or highly differentiated (and can maintain high). Both very rare

@sama generally, but not necessarily, inversely related to scale of transactions

@sama it is all barriers to entry. U get to keep high margins if u do what others can't. No one wants low so they are free for the taking.

@sama Easier to think of extremes but not accurate

@sama Hmm. Apart from that, do you think that larger companies tend to have a bigger profit margin than small ones?

@sama maybe because investors have a bias towards high margin or high volume businesses

@sama @alexshye yes, either extreme is a competitive advantage. In the middle is ripe for competition and not consolidation.