Moats and Knights

With the highly acclaimed television series “Game of Thrones” beginning their seventh season in July, we are reminded of the above lesser-known Buffett quote. While there are plenty of investment firms suggesting investment in “moats”, there has been little explanation on how a company establishes a moat or, more importantly, defends one. Perhaps there are some with dragons, like Daenerys Targaryen, but we’ve not come across one.

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