Friday, February 27, 2015

Charlie Munger on buying "moats"

"We buy barriers. Building them is tough… Our great brands aren’t anything we’ve created. We’ve bought them. If you’re buying something at a huge discount to its replacement value and it is hard to replace, you have a big advantage. One competitor is enough to ruin a business running on small margins." -Charlie Munger 

[H/T 25iq]