Or it could end up being more like cereal. Yet, in other fields—like cereals, for example—almost all the big boys make out. If you're some kind of a medium gra

Or it could end up being more like cereal. Yet, in other fields—like cereals, for example—almost all the big boys make out. If you're some kind of a medium grade cereal maker, you might make 15% on your capital. And if you're really good, you might make 40%. But why are cereals so profitable—despite the fact that it looks to me like they're competing like crazy with promotions, coupons and everything else? I don't fully understand it. http://old.ycombinator.com/munger.html http://old.ycombinator.com/munger.html