Peter lynch's quote The above quote is written in the book One up on Wall Street. This quote means that industry where there is lower growth, entire of new firms is rare because it is very to compete with existing firms and many other reasons like that. In this book he have given example of company name Philip Morris Ltd. Who is in the business of selling cigarettes. Cigarette industry have being declining in terms of volumes for many decades still they have manage to earn higher profits by increasing prices .Also the industry do not attract compitition because of government policies and the reputation of the existing companies. The above example also stands true in case of ITC Ltd. Opposite to example is the credit/loan industry and retailing which over the year's have attracted massive compitition.
