Why Moat?

A moat is the competitive advantage that keeps a company’s profits intact in the face of rivals. As Buffett often says, it’s about finding businesses that have something unique, something that can’t be easily replicated. Pat Dorsey calls this a “structural advantage,” whether through brand strength, economies of scale, or network effects. The key to investing is understanding whether a company’s moat is wide and durable enough to survive over time. Without it, you're gambling, not investing. Companies with strong moats generate predictable, long-term returns—something that’s rare, and therefore, highly valuable in a world full of uncertainty.