This podcast is an interview with an economist (Mushtaq Khan) about corruption and predicting the effect of governmental reforms in economic development. All the way through I was hearing Munger, "Incentives Matter" and the ability to see how each group involved and with power will act to determine the outcome:
https://80000hours.org/podcast/episodes/mushtaq-khan-institutional-economics/
All common sense but so often ignored in engaging with developing countries, but just as relevant to developed countries where he explains why the differences exist and why they are so hard to overcome.
The relevance to investing is that a company can be viewed in some way as a small country, with power groups, politics, challenges around organizational capacities and a need to improve capacity in a completive environment. Shows the power of incumbency, culture and other hard to quantify attributes that go into explaining why some companies are able to achieve a competitive advantage in an otherwise crowded and competitive industry.
Long but interesting.
Happy New Year all