What Is Ubiquiti Networks' Competitive Advantage?

In describing his and Warren Buffett's investing philosophy, Charlie Munger once said, "We have to have a business with some inherent characteristics that give it a durable competitive advantage."

In their search for winning investments, Buffett and Munger generally shy away from tech companies (although that appears to be changing), but one company that I believe possesses a competitive advantage they would like is Ubiquiti Networks (NASDAQ: UBNT). Ubiquiti sells Wi-Fi hardware to both internet service providers and enterprises -- a business typically thought of as a commodity. Here's how Ubiquiti cracks the code.

On the company's recent earnings call, CEO Robert Pera gave investors a broader view of what he sees as giving the company an advantage:

Source: Fool.com