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Investing in businesses with a moat can protect against competition from "summary" of Warren Buffett's Ground Rules by Jeremy C. Miller
Warren Buffett has a simple yet powerful concept when it comes to investing in businesses – he looks for companies with a "moat." This moat is not a physical barrier, but rather a metaphorical one that protects a company from competition. Think of it as a competitive advantage that sets a company apart from others in the same industry. When a company has a moat, it means that it has something special or unique that makes it difficult for other businesses to enter the market and steal customers. This could be anything from a strong brand name to a patented technology or a loyal customer base. Whatever the source of the moat, the key is that it provides a lasting advantage that competitors can't easily replicate. By investing in businesses with a moat, Buffett can be confident that his investment is protected from the threat of competition. Even if a new player enters t...
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