What is a moat?

In the face of competition, some enterprises have been unable to maintain the previous high profits, and some enterprises are unmoved, still bringing sustained excess returns to shareholders. What brings about the huge difference between the two sides? The core reason is the moat.

Buffett said that the first step to look at the company is the moat; Compared with financial indicators, the moat of a company is easier to understand. For example, everyone in JD.COM knows that express delivery, Apple and high-end mobile phones are smooth and easy to use;

The core concept of moat:

Economic moat is a structural feature that an enterprise can maintain its competitive advantage all the year round, and it is a quality that competitors can hardly copy.

Common moat:

The moat sometimes collapses;

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