The difference is really between an investor and an entrepreneur. Entrepreneurs want to be the best in their industry. For that purpose, the industry has to have room for them to grow. Chasing better quality, more capital expenditure, and the next generation products are the "rooms" that fit well entrepreneur's ego. Individually this is good for the entrepreneur, but collectively it is silly for the industry. The industry is just chasing its own tail. All the profit they earned from the growth they have to spend to protect them from fierce competition because growth invites competition. Investors know about this and avoid such type of industry at the first place. Buffett likes mature industry, where the battles have already been fought and blood has already been shed many years ago. Ancient survivors accumulated rich intangible asset --- reputation --- over time. That's the most valuable economic moat an investor likes to bank on.
Read Gannon's article on this for more details.
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