巴菲特對於 MOAT (公司競爭優勢) 的看法

[Question from audience: Wwhat was it about Gillette that appealed to you?]

I can understand (garbled) and shaving, the price flexibility, what I call the moat around the business. The most important thing with me in evaluating businesses is figuring out how big the moat is around the business. I want to know how big the capital is on the inside and then I want to know how big the moat is around it. What you love is big capital and a big moat. Obviously. World Book has a real moat. Kirby has a real moat. You can figure that out if you [studied] the distribution process and everything.......

The second question is whether there are any special industries we favor. The only thing we favor is industries we can understand. And then, we like businesses with what I call “moats” around them. We like businesses that are protected in some way from competition. If you go in the drugstore and say “I want to buy a Hershey bar” and the guy says “I’ve got an unmarked chocolate bar that’s a nickel cheaper,” you’ll buy the Hershey bar or you’ll go across the street.

什麼是 moat

Yes. 護城河

如果公司是一座城堡，我們希望該城堡的護城河是極具優勢

護城河可以強大到敵人不管用什麼方式都

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