I take your point about Buffett. I could have said that it is...

I take your point about Buffett. I could have said that it is unwise to have multiple focusses.

Having observed lawyers, it’s clear they play it as a game like chess or ping pong.

You have misread my comments. I wondered how Shine can extract excess profits above those of competitors and posited it could be due to outsourcing. You attacked me for wondering but offered nothing on the subject matter. The point is that if Shine’s advantage comes from outsourcing and given that a problem with roll-ups is that their performance fades over time, will competitors close the profit gap by doing the same? That would make the moat narrower still.

I don’t follow why a back office in India would be “impractical”. Indian lawyers are $25 an hour and can knock a file into shape very well.

Regarding circle of competence, both Legalfund and Hillcrest were smack on their centroid of capability and both bombed out ingloriously.