Warren Buffett at 96: Why Competitive Moats Still Matter

Warren Buffett has turned 96, and one of his most enduring investing principles remains as relevant as ever: own businesses with durable competitive advantages.
Buffett often describes these advantages as economic “moats.”
A strong moat can come from brand power, network effects, cost advantages, customer loyalty, scale or other qualities that make it difficult for competitors to take market share.
The idea is simple.
A great business is not just one that earns strong profits today, but one that has a structural advantage allowing it to defend those profits for many years.
For long-term investors, identifying companies with widening moats can be more important than trying to predict short-term stock price movements.
Buffett’s approach has always emphasized business quality, durability and patience over chasing whatever is currently popular in the market.