In this Livewire exclusive, Dr Philipp Hofflin, Portfolio Manager at Lazard Asset Management’s Australian Equity team, shares one of the key lessons he has learned from the markets through his career. On the subject of competition, and the hidden dangers of having a competitive advantage, he tells us: “It’s a strange effect that the more privileged the business is… the more it can suffer when it finally does get some competition, because it can lose so much of the excess profit.”  Watch below to hear the full interview:   



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