Warren Buffett, the oracle of Omaha, once said: "Real good opportunities often only appear once every five or six years."

Charlie Munger's Investment Wisdom
When Charlie Munger invests, the first dimension he considers is the business model and competitive advantage. Only by having a competitive advantage can one come out on top in the end.

In terms of investment, investing in companies with competitive advantages is more beneficial in the long run.

Competitive advantages mainly fall into several categories: scale advantages, professional advantages, brand advantages, resource advantages, technological advantages, and first-mover advantages.

Charlie Munger and Warren Buffett's investments often focus on selecting companies with scale advantages, professional advantages, and brand advantages.

This is also the moat theory that Buffett frequently mentions, which considers whether these companies have operational advantages and how significant those advantages are.

The positioning theory also emphasizes competitive advantages, needing to be different and achieving first place in niche markets, or at least being first in the minds of consumers.