Source: seattletimes.com.
Overview
Toll-bridge-like businesses are the favorites for investors like us. The reason is quite evident as they possess the following attractions benefiting long-term shareholders who can just sit there and do nothing.
- A durable monopoly-like position due to lack of competitors/substitutes;
- A pricing power, which likely leads to consistently high ROIC;
- A predictable, reliable small-ticket "toll" stream, offering long-term visibility;
- A straightforward business model that does not requires a genius to manage.
It should not be hard to notice quite a few toll-bridge services in our daily lives. The companies of such services,