classical MBA says that a firm can compete on price OR branding, unfair advantages (moat) notwithstanding. Competition in commodities is difficult but not impos

classical MBA says that a firm can compete on price OR branding, unfair advantages (moat) notwithstanding. Competition in commodities is difficult but not impossible given a rational economic environment. Some would say that the modern expectation of returns on investment are irrational, and warp the economics around them too.