Letters by Topic
Letters on Economic Moat
A sustainable competitive advantage that allows a company to maintain high returns on capital over long periods, protecting it from competitors.
1996·Discussion of Coca-Cola's brand as a perfect example of a wide moat
We continue to seek businesses with wide economic moats—sustainable competitive advantages that protect them from competitors.
2007·Detailed explanation of what constitutes a durable moat
A truly great business must have an enduring 'moat' that protects excellent returns on invested capital.
Explore the concept
Economic Moat is one of the ideas behind the ValueOS tools. See it applied to real companies.