Ethnography is essentially about making observations in the real world. It is useful when it comes to investing as you can observe businesses to gain an understanding of how they operate.
The issue with this approach is that companies often operate globally and so it is often hard to get an understanding of the whole business from your local branches.
Warren Buffett famously used ethnography to invest in Coca-Cola. At that time, he went to his local gas station to count how many Coca-Cola bottle caps there were in the trash compared to other brands.
It is not widely used by professionals, ethnography can be very useful. For instance, observing how a company deals with customers is important in determining their long term business success.
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