*Investing Wisdom* Ideally, a good business should have three things: • A product/service that is desired. Unless this is the case the business will not see demand, and a business not wanted by consumers can never profit in the long-run. • ⁠A product/service that has no or very few close substitutes. This allows a business greater sustainability and longer profitable life because competition is less or non-existent. • ⁠It is not subject to price regulation. A business that cannot freely set the price of its product/service to a reasonable extent will find it tough to generate good margins. If a business has these qualities, it means that it can, by itself, sustain and grow by generating handsome rates of return. This also reduces the dependency on the management. Errors on the management’s part will only affect the business temporarily and not deal long-lasting damage.