Vision Eye Institute: Result 2014

Vision's profit jumped 20% but the doctors continue to take a larger slice of the pie – at the clinic and in the courts.

For a company to earn outsized profits over the long term, it needs what Warren Buffett calls a ‘moat’ – a sustainable competitive advantage. The width and depth of that moat ultimately depends on five factors: the industry’s barriers to entry; the intensity of existing competition; the threat of substitute products; and the bargaining power of customers and suppliers.     

Vision Eye Institute scores well on four of these factors but, ironically, Australia’s largest network of ophthalmology clinics has almost no control over the supply of ophthalmology services – its doctors do.

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