Part 4/9:
The second lesson highlighted is the importance of recognizing opportunities in a crowded market—if you can't join them, beat them. In the mid-1980s, as Key West gained popularity as a tourist destination, Buffett noticed a growing market of knockoff merchandise featuring misspelled representations of his name. Rather than lament his lack of control, he launched a t-shirt shop in Key West, which quickly became one of the most profitable endeavors in the area.