Michel Pireu Columnist

In a 1999 interview with Fortune magazine, Warren Buffett coined the term “economic moats” to sum up the main pillar of his investing strategy.

“The key to investing,” said Buffett, “is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage. The products or services that have wide, sustainable moats around them are the ones that deliver rewards to investors”

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