How To Think About Moats in The 21st Century?

In today's economy, slight competitive advantages can function like giant moats in some cases. These are where the the most asymmetric opportunities exist.

I think it’s now been very well known to many investors that the key to consistently generating above-average returns can be reduced to a three-pronged strategy:

• Buy companies with durable competitive advantages, i.e, moats.

• Don’t overpay for anything, regardless of the quality.

• Do nothing; wait for the strategy to play out.

Warren Buffett and Charlie Munge…