We humans are drawn to anecdotes and illustrations, but looks can be deceiving. Always base your forecasts on data, not qualitative arguments

above is rule 1. I dont like it.
if competition landscape dose not change, we can apply above words. but seldom competition landscape stand still. environment changes because everyting changes and competitors changes.

there are two kind of changes . changes in competition and changes in environment. these two kind change the future of companies and stock prices. these two kinds of change affect each other.

if there is no change, we focast on the basis of data only. but if there are no change, we now still use black and white tivi set

nature of business is competition . we buy a stock mean we open a company. competition is based on strategy , which is qualitative argument. how can we not base our business on qualitative argument.

I am a person who finish one year of two year MBA and have read some books of CFA. I have many years investing in stocks