Economic moats - A recipe for long-term outperformance

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“In business, I look for economic castles protected by unbreachable ‘moats’.”  - Warren Buffett

The greatest investor of all time - Warren Buffett -breaks down his investment criteria into the following four areas:

1. Circle of competence

2. Great long-term prospects

3. Competent management

4. A fair price

This text deals with the second point but also touches upon the third. In order for a business to have…