The passage discusses various aspects of the Steinway pianos and their competitive advantage. It highlights the testimonials from renowned pianists who describe the unique qualities of Steinway pianos. It also mentions the relative advantage of Steinway compared to Yamaha based on cost and customer ratings.
The passage further mentions Steinway’s valuation, including its market capitalization, normalized free cash flow, and liquidation value of its assets. It suggests that while Steinway may not be considered cheap at present, it has had a history of being affordable and is expected to be in the future. Additionally, the passage states that Steinway has enduring advantages in certain segments.
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