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Warren Buffett's concept of 'the moat' refers to a company's durable and intrinsic competitive advantage that protects it from competitors, much like a moat protects a castle. This competitive advantage could be a unique product, a strong brand, cost advantages, or access to scarce resources. It's not just about solving a problem or filling a need, but something that is inherent to the business and difficult or expensive for competitors to replicate. This 'moat' contributes to the company's long-term success and profitability.
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Charlie Munger's second principle of value investing is to pick a company with an intrinsic, durable competitive advantage. Buffett calls this concept the moat: the competitive advantage that makes the castle/company near-untouchable by competitors. This is not the same as the company doing a good job in solving a particular problem or filling a particular need; it has to be something that is intrinsic to the business, and durable – so difficult or expensive to overcome that no competitor is going to try.
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Do you long for the day when you can work less and travel more? Do you fear that you’ll never have enough money to be able to retire? By following War...
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