A moat is whatever stops a competitor from doing the same thing cheaper: a brand people trust, a network that gets better with each user, switching costs, patents, scale. Ask it out loud about anything you consider owning. If there is no honest answer, the profits will attract company.
Check yourself
A moat is best described as…
A large cash pile
The reason competitors can't easily copy the business correct
A rising share price
Cash is a result. The moat is the mechanism that keeps producing it.
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