Agreed, but also don't underestimate Coca-Cola, McDonalds, or Starbucks. McDonalds for example, is mostly a real estate company which franchises the McDonalds b

Agreed, but also don't underestimate Coca-Cola, McDonalds, or Starbucks. McDonalds for example, is mostly a real estate company which franchises the McDonalds brand, infrastructure, and IP. So, they (1) sell the world, (2) have relatively inelastic demand, (3) cannot be easily substituted due to their brand value, (4) requires minimal labor since you can ignore the employees at the franchises, (5) has low overhead, and (7) enjoys cash billings. For point (6) about the capital, an argument can be made that large amounts of capital aren't necessarily bad. They can also lead to massive moats. Many great companies boil down to being able to significantly reduce costs over time. For example, Carnegie and Frick invested heavily in capital expenditures so that they could reduce costs over time. Once this happened, they could outprice the competitors leading to more money for Carnegie and Frick which lead to them being able to reduce costs further. A similar example nowadays is TSMC. They spend 36B on CAPEX in 2022.