This could have done with a definition of “moat”. Here’s one I found:-
The engineer’s claim ties back to Buffett’s idea that, like medieval castles, successful businesses must protect their cash cows with moats that keep competitors from making a credible challenge. Those moats can come in the form of a size advantage that helps reduce costs, patents that protect key technological innovations, a high cost to entry for competitors, or even brand recognition. The billionaire detailed his economic moat theory in a 1999 Fortune article:
“The key to investing 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.”
This could have done with a definition of “moat”. Here’s one I found:-