【巴菲特的睿智】
真正厲害的公司必須要有一道耐久的護城河，保護自己的豐厚利潤。據資本主義的運作，競爭對手會一再攻擊你高獲利的城堡，因此要將成功延續下去的話，一定得構築一道巨大的障礙，例如不斷的努力降低製造成本(蓋可保險、好市多)，或是致力在打造強大的全球性品牌(可口可樂、吉列、美國運通)。商業史充斥著“煙花筒”，亦就是護城河只是幻覺、很快的被攻破的公司
2008年2月，致波克夏股東的年信
Business Moats
A truly great business must have an enduring“moat”that protects excellent returns on invested capital. The dynamics of capitalism guarantee that competitors will repeatedly assault any busines “castle”that is earning high returns. Therefore a formidable barrier such as a company's being the low-cost producer(GEICO, Costco) or possessing a powerful world-wide brand (Coca-Cola, Gillette, American Express) is essential for sustained success. Business history is filled with “Roman Candles,”companies whose moats proved illusory and were soon crossed.
Letter to shareholders, February 2008
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