In this episode of Invest Like the Best, Patrick O'Shaughnessy interviews Hamilton Helmer, author of "7 Powers," about business strategy and competitive advantage. Helmer explains the concept of "power" as a combination of benefits and barriers that create durable success, using Intel as an example. The discussion covers counter-positioning, cornered resources, network economies, scale economies, switching costs, process power, and branding, emphasizing the importance of barriers to entry and the rarity of true competitive advantages. They also discuss the role of technology, the time lag between strategy and cash flow, and whether power is inherently bad for customers, concluding that creativity and leadership are essential for creating and maintaining power in business.
