Letters by Topic
Letters on Competitive Advantage Period
The length of time a company can defend excess returns before competition erodes them.
2007·The link between moat durability and returns on capital (2007 letter)
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.
2007·Why a long competitive advantage period requires a self-sustaining moat (2007 letter)
A moat that must be continuously rebuilt will eventually be no moat at all.
Explore the concept
Competitive Advantage Period is one of the ideas behind the ValueOS tools. See it applied to real companies.