While being interviewed by the Financial Crisis committee, Buffet commented, That good management is unnecessary to a successful company. So what is important:
"The single most important decision in evaluating a business is pricing power."
While I think Buffet is overstating his comments on management, I completely agree with his sentiment about pricing power. The biggest challenge for businesses following The Great Recession is recapturing pricing power - if they ever had it.
B2B companies that don't have clear, distinct value propositions that stand out in a meaningful way DO NOT have pricing power.