moat
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If Everybody Has a Moat, Nobody Does!
“Moat” is probably one of the most overused words in investing today. Every equity report has one: brand moat, distribution moat, technology moat, data moat, ecosystem moat, relationship moat, behavioural moat, runtime moat, access moat, regulatory moat – and increasingly, moats that seem to be invented specifically for the company being analysed. A moat is… Continue reading
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Your Moat Has an Expiry Date
Warren Buffet and other gurus have long argued that the best businesses have “moats” or durable competitive advantages. But moats too, have a shelf life, especially with technology disrupting every industry. In an earlier article, we saw how the powerful distribution advantages of large FMCG companies are being breached by D2C players leveraging e-commerce and… Continue reading
