This article is authored by MOI Global instructor Todd Wenning, a senior investment analyst at Ensemble Capital Management, based in Burlingame, California. Visit Ensemble’s Intrinsic Investing website for additional insights.

One of our favorite investing scenarios is finding a company with a remarkable culture taking share from incumbents that seem unwilling or unable to change.

We’ve talked about identifying companies with virtuous corporate cultures, but today we’ll discuss the other side of the equation: incumbent laziness.

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