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The recent cohort of retail investors who piled into growth stocks during the pandemic may be shocked to learn that the term “moat” wasn’t conceptualised by venture capitalists over a cup of kombucha in a San Francisco coffee shop. Instead, the original gangster of investing, Warren Buffett himself, can be credited with this concept.

Buffett isn’t one to mince his words, which is why he is the most frequently quoted figure in investing. He uses colourful language, like at a shareholder meeting in 1995, during which he talked about a “wide and long-lasting moat” that protects a “terrific economic castle with an honest lord in charge” — a comment about management that is often overlooked...

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