“A strong ability to defend established markets against new competitors is essential for a sound investment.” - Philip Fisher
Fisher’s quote above describes what we consider a critical factor when investing in businesses. For a business to generate above-average multi-year shareholder returns, it must possess a competitive advantage, or “moat”, to defend its proverbial castle against competition.
While much has already been written about competitive advantages, most of them come down to three types: cost advantages…
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