- the healthy consumer monopoly type business and
- the sick commodity type business.
A consumer monopoly is a type of business that sells a brand name product or has a unique position that allows it to act like a monopoly.
A commodity type business is the kind that manufactures a generic product or service that a lot of companies produce and sell.
Warren Buffett believes that if you can't identify these two different types of businesses, you will be unable to exploit the pricing mistakes of a short-sighted stock market.
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