For a business to succeed over a long period, it must have some kind of competitive advantage. This becomes even more important in the case of businesses that have commodity characteristics. As commodity cycles are brutal if not timed correctly, we investors need to be very careful while assessing such businesses as potential investment candidates. This is where we can separate the wheat from the chaff by finding the cyclical business with some kind of competitive advantage that makes them stand tall in their industry and take the brunt of cold harsh weather once it comes knocking. It provides them with enough safety to bear downturns and rise again once the cycle resumes.

Intro + Book Recommendation

Commodity King: Business Segments

P2P Analysis 

Sources of Competitive Advantages 

Thesis and Antithesis Pointers